Paragraph
The following provisions shall be deemed to be included in the agreement for any government loan to a district council or joint committee established by two or more such councils—
the borrower will comply—
with any statutory provision which applies to the expenditure of the money advanced under the loan; and
with any statutory provision which applies to the purposes for which the loan has been made; and
with any directions given by the appropriate Government department in pursuance of any statutory provision which applies as mentioned in sub-paragraph (i) or (ii);
the borrower will pay to the Department interest on the loan at the following rates—
if the loan is made by means of a single advance, at such rate as, under Article 9(5), is in forceF1 when the application for the advance is received by the Department; and
if the loan is made by means of several advances issued to the borrower on different dates, at such rate in respect of each advance as is in force under Article 9(5) on the date when the application for that advance is received by the DepartmentF2 subject, if the loan is a variable interest loan, to any subsequent variation in the rate of interest.