ely affect

the business, properties or condition (financial or otherwise) of the borrower.

section 5.9. taxes

the borrower is permitted to make all payments hereunder or under the note as

provided in the agreement and the note, all such payments to the bank shall be

free and clear of any taxes and such payments when received by the bank will not

be subject to taxes. the borrower is permitted to pay all taxes as provided in

this agreement.

section 5.10. documentary tax

neither this agreement, the note nor the guaranty is subject to any stamp or

documentary tax or other similar charge, including but not limited to any

registration tax of [name of country] or any political sub-division or taxing

authority thereof or therein, except stamp duty under the [name of country]

revenue code.

section 5.ll. immunity

the borrower is subject to suit with respect to its obligations hereunder and

the borrowings by the borrower hereunder and the execution, delivery and

performance of this agreement and the note by the borrower constitute private

and commercial acts rather than governmental and public acts. neither the

borrower nor any of its assets enjoys any right of immunity on the grounds of

sovereignty or otherwise from setoff, suit, judgment or execution in respect of

its obligations under this agreement.

section 5. 12.title.the borrower has good and marketable title to its properties

and assets reflected in the balance sheet and related notes of the borrower as

at ____, referred to in section 5. 6 and all properties and assets acquired by

the borrower thereafter and prior to the date hereof; and none of such

properties or assets are subject to any lien (including any encumbrance or

security interest), except as disclosed in the most recent balance sheet

referred to in section 5. 6 and the related notes.

section 5.13. taxes

the borrower has filed or caused to be filed all tax returns which are required

to be filed by it pursuant to the laws, regulations or orders of each

governmental entity or taxing authority with taxing power over the borrower or

its assets. the borrower has paid, or made provision for the payment of, all

taxes, assessments, fees and other governmental charges which have or may have

become due pursuant to said returns, or otherwise, or pursuant to any assessment

re

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