3. AEGON N. V. shall be entitled to distribution of earnings by virtue of its
earnings rights as stated and in the manner discribed - under f. of
paragraph 2 of this article, until the full amount of its earnings rights as
calculated in the manner set forth in paragraph 4 of this article - h as been
paid.
4. The earnings rights of AEGON N. V. will be equal to the result obtained
from the formula (RP+RD) GU in which the terms are defined as follows:
RP is NLG 47,100,000. This amount will be increased by 8% at the end of
each calendar year, beginning December 31, 1986, which increase will be
added to to said amount as per the date of increase so that in subsequent
years the increase will be calculated on the thus increased amount.
Contrary to the provisions in the preceding clause, the increase as per
December 31, 1986, will not amount to 8% but a fraction of 8%, the
numerator of which is equal to the number of days elapsing between June 5,
1986, up to and including December 31, 1986, and the denominator is equal
to 365. In calculating the increase, a month shall be taken as having the
correct number of days and the yei.r as having 365 days;
RD is compensation due to AEGON N. V. and to Postbank N. V. (which
assigned this compensation to AEGON N. V.for loss of interest of a loan,
the principal of which shall not exceed NLG 410,000,000, which AEGON
N. V and Postbank N. V.established in Amsterdam, each granted to
Transveer B. V.a private limited liability company established in Utrecht.
The compensation for AEGON N. V. and Postbank N. V. (which assigned
this compensation to AEGON N. V.will amount to 3 1/2 each per
annum on the outstanding amount of each party’s loan. The compensation
will be calculated at the end of each calendar year, beginning December 31,
1986, and will be aggregated with the amounts of compensation calculated
in respect of preceding years. The balance at the end of each calendar year,
beginning December 31, 1987, will be increased by 8% and this increase will
be added to the balance so that in subsequent years the increase will be
calculated on the thus increased balances. In the calculations as referred to
above, a month shall be taken as having the correct number of days and the
year as having 365 days;
GU is the total of the amounts made payable to AEGON N. V. in accor
dance with its aforementioned earnings rights. Commencing at the end of
the first calendar year in which such distribution of earnings is made payable,
these amounts will be increased by 8% at the end of each calendar year,
which increase as per the date of increase will be added to the amounts on
which the increase has been calculated, so that in subsequent years the
increase will be calculated on the thus increased amounts.
At the end of a calendar year in which a distribution of earnings is made
payable, the increase in relation to the amount of said distribution of
earnings will not amount to 8% but a fraction of 8%, the numerator of
which is equal to the number of days elapsing between the date on which the
distribution of earnings concerned is made payable at the end of the calendar
year and the denominator is equal to 365. In this calculation, a month shall
be taken as having the correct number of days and the year as having 365
days.
