Coupon amount. The ORANEs will accrue an annual coupon in arrears (hereinafter referred to as the "COUPON") calculated pursuant to the following indications and which can under no circumstances be less than 0.82% of the ORANE Nominal Value on the calculation date (hereinafter referred to as the "MINIMUM COUPON"). Any Coupon amount relating to a period of less than one entire year will be calculated on the basis of the annual Coupon calculated in compliance with the above provisions, in proportion to the number of days in the period in consideration and on the basis of a year of 365 days (or 366 days for a leap year). The Coupon will be revised every three (3) years as of the period which begins on 1st September 2004. The Coupon will be calculated as follows:
Coupon amount. The amount of interest payable on each Interest Payment Date shall be U.S.$325 in respect of each Note of U.S.$10,000 denomination. If interest is required to be paid in respect of a Note on any other date, it shall be calculated by applying the Rate of Interest to the principal amount of such Note, multiplying the product by the relevant Day Count Fraction and rounding the resulting figure to the nearest cent (half a cent being rounded upwards), where “Day Count Fraction” means, in respect of any period, the number of days in the relevant period divided by 360 (the number of days to be calculated on the basis of a year of 360 days with twelve 30-day months).
