56 annual report 2012  kAThMANdu 17 INTEREST BEARING LIABILITIES the bank loan is part of a multi option facility agreement with  Commonwealth Bank of australia and aSB Bank limited and  a facility agreement with Bank of new Zealand and national  Bank of australia, both dated 19 december 2011. the loans  are repayable in full on final maturity date of the facilities being  21 december 2014. Interest is payable based on the BKBM  rate ($nZ borrowings), the BBSy rate ($a borrowings), or the  applicable short term rate for interest periods less than 30  days, plus a margin of up to 1.15%. the bank loans are secured  against the assets of the company and its subsidiaries. the covenants entered into by the Group require specified  calculations of Group earnings before interest, tax, depreciation  and amortisation (eBItda) plus lease rental costs to exceed  total fixed charges (net interest expense and lease rental  costs) at the end of each half during the financial year. Similarly  eBItda must be no less than a specified proportion of total  net debt at the end of each half. the calculations of these  covenants are specified in the bank facility agreements of 19  december 2011 and have been complied with at 31 July 2012. the current interest rates, prior to hedging, on the term loans  ranged between 3.59% - 4.47% (2011: 3.65% - 5.99%). Group pArent 2012 nZ$’000 2011 nZ$’000 2012 nZ$’000 2011 nZ$’000 The maturity analysis of interest bearing liabilities is: Payable within 1 year - - - - Payable 1 to 2 years - 46,480 - - Payable 2 to 3 years 53,737 - - - Payable 3 to 4 years - - - - 53,737 46,480 - - Group pArent 2012 nZ$’000 2011 nZ$’000 2012 nZ$’000 2011 nZ$’000 Non-current portion 53,737 46,480 - - Total term loans 53,737 46,480 - -