1996-10-11

In the event that the Swedish Interest Act of 1975(SFS 1975:625 as amended) (“Interest Act”) or any other national legislation providing for a rate of interest on late payments is applicable to payment between the Club and the Assured, it is agreed that, notwithstanding any thing to the contrary in Interest Act or any other national legislation, the relevant interest rate shall be calculated by reference to the ruling LBOR rate plus 1.5 percentage points for the currency stated in the policy.

LIBOR shall mean the interest rate appearing at 11.00 a.m. London Time on Telerate on the day that the payment fall due or the first day thereafter when such rate is offered for three months’deposits the currency of the insurance policy. If no such rate appears on Telerate, LIBOR shall the be the equivalent interest rate offered by Barclays’Band, London, at 11.00 a.m London time, for three months’s deposits in that currency or, if no such rate is offered, the three months’s LIBOR Interbank Fixing Rate (USD).