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204 within Bond and the interest thereon, free from taxes and restrictions as therein provided, prior notice to, demand upon or action against the obligor on said Bond or the undersigned being waived.

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by ........................

Authorized Representative

Dated ...............................................................

LOAN AGREEMENT (PACASMAYO CEMENT PROJECT)

AGREEMENT, dated April 19, 1955, between

(hereinafter called the Bank) and (hereinafter called the Borrower), a Sociedad Anóníma organized and existing under the laws of the Republic of Perú.

Article I

Section 1.01. The parties to this Loan Agreement accept all the provisions of Loan Regulations No. 4 of the Bank dated February 15, 1955, subject, however, to the modifications thereof set forth in Schedule 3 to this Agreement (said Loan Regulations No. 4 as so modified being hereinafter called the Loan Regulations), with the same force and effect as if they were fully set forth herein.

Section 1.02. Except where the context otherwise requires, the following terms have the following meanings wherever used in this Agreement or any Schedule to this Agreement:

(a) The term "Mortgage and Pledge " means collectively the first mortgage (Hipoteca) and the Prenda Mercantil and Minera created pursuant to Section 5.05 (a) of this Agreement.

(b) The term "Notes" means notes executed and delivered by the Borrower pursuant to the Loan Agreement; and such term includes any such notes issued in exchange for, or on transfer of, Notes as herein defined.

Article II

Section 2.01. The Bank agrees to lend to the Borrower, on the terms and conditions in this Agreement set forth or referred to, an amount in various currencies equivalent to two million five hundred thousand dollars ($2,500,000). No. 3007