Spreadsheet: richard_sanders__31751__Ice Drilling Default Int
Sheet: Interest Inc

ICE DRILLING
Interest Income Calculation - Based on Default 2/99
Advance Date: |  |  |  | 1998-07-02 00:00:00
Initial Funding (in Canadian $): |  |  |  | 6321000
Interest Rate: |  |  |  | Interest on the Aggregate Principal Amount under the Credit Facility and the Term Loan shall accrue and be calculated daily be payable
 |  |  |  | monthly in arrears on the last business day of each month for the immidiately preceding Month. Interest shall
 |  |  |  | be calculated on the basis of the actual number of days in each month divided by 365.
Structure Fee: |  |  |  | 194081.63
Wiring Instructions: |  |  |  | Address for Toronto Dominion:
ERMS |  |  |  | Commercial Banking Center
TORONTO DOMINION |  |  |  | 2 Calgary Place
Account [PHONE] |  |  |  | 340 Fifth Avenue SW
TRANSIT 80609 |  |  |  | Calgary Alberta, T2P2P6
BANK NUMBER  004
SWIFT CODE TDOMCATTCAL |  |  | Date
 |  |  |  |  |  |  | Interest on Outstanding | US Dollar | 10% Withholding | US Dollar | 90% Interest | US Dollar | Principal | Interest | US Dollar | Accrued | US Dollar | Overdue Interest | Outstanding Principal |  | US Dollar
 |  | Rate | of Rate |  | Applicable | Total | Principal and | Application | Tax | Application | Due | Application | [NAME] | Received | Application | Interest | Application | (Repayment) | and Overdue Interest | Outstanding | Application
Month | Days | Type | Used | Rate | Margin | Rate* | Overdue Interest | /1.47 |  | /1.47 |  | /1.47 | (Repayment) |  | /1.47 | Receivable | /1.47 |  | (not capitalized) | Principal | /1.47
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (/1.504 for final pay) |  |  |  |  |  | (/1.504 for final pay)
Initial funding 07/02/98 |  |  |  |  |  |  |  |  |  |  |  |  | 6321000 |  |  |  |  |  |  | 6321000
07/02/98-07/22/98 | 21 | ER | 1998-03-19 00:00:00 | 0.099 | 0.0625
07/23/98-07/31/98 | 9 |  |  | 0.099 |  |  |  |  |  |  |  |  | 1000000
July interest
08/01/98-08/11/98 | 11 |  |  | 0.099
08/12/98-08/31/98 | 20 |  |  | 0.099 |  |  |  |  |  |  |  |  | 1000000
August interest
9/1/98-9/17/98 | 17 |  |  | 0.099
9/18/98-9/30/98 | 13 |  |  | 0.099 |  |  |  |  |  |  |  |  | 2649000
September interest
10/1/98-10/27/98 | 27 |  |  | 0.099
10/28/98-10/31/98 | 4 |  |  | 0.099 |  |  |  |  |  |  |  |  | 1000000
October interest
11/1/98-11/30/98 | 30 |  |  | 0.099
November interest | 30
12/1/98-12/3/98 | 3 |  |  | 0.099
12/4/98-12/20/98 | 17 |  |  | 0.099 |  |  |  |  |  |  |  |  | 1700000
12/21/98-12/31/98 | 11 |  |  | 0.099 |  |  |  |  |  |  |  |  | 1000000
December interest
1/1/99-1/31/99 | 31 |  |  | 0.099
January interest
2/1/99-2/28/99 | 28 |  |  | 0.099
February interest |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
3/1/99-3/31/99 | 31 |  |  | 0.099
March interest |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
4/1/99-4/30/99 | 30 |  |  | 0.099
April interest |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
5/1/99-5/31/99 | 31 |  |  | 0.099
May Interest | 31 |  |  |  |  |  |  |  |  |  |  |  |  | 0
6/1/99-6/30/99 | 30 |  |  | 0.099
June Interest |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
7/1/99-7/31/99 | 31 |  |  | 0.099
July interest | 31 |  |  |  |  |  |  |  |  |  |  |  |  | 0
8/1/99-8/8/99 | 8 |  |  | 0.099
8/9/99 Payment |  |  |  |  |  |  |  |  |  |  |  |  | -14005547.11 | 0
8/9/99-8/31/99 | 23 |  |  | 0.099
August interest |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 | 0
Remaining AIR and principal balance
Principal received 9/99. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 |  |  |  | -271646.85
Balance written off per gain/loss calc.
 |  |  |  | Total Interest Income- 1177
 |  |  |  | Total Interest Income- 2373
 |  |  |  | Total Interest Income 1999
 |  |  |  | Add to AIR @ 90%
 |  |  |  | Withhold Tax @ 10%
 |  |  |  | Total Interest Paid 1999
 |  |  |  | Withhold Tax @ 10%
For |  |  |  | Withhold Tax w/o
Financial |  |  |  | Int w/o 1177
Statements |  |  |  | Int w/o 2373