56 ANNUAL REPORT  2013  KATHMANDU 17 INTEREST BEARING LIABILITIES GROUP PARENT 2013 2012 2013 2012 NZ$’000 NZ$’000 NZ$’000 NZ$’000 Current portion 223 - - - Non-current portion 42,580 53,737 - - Total term loans 42,803 53,737 - - 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 2015. Interest is payable based on the BKBM rate  (NZD borrowings), the BBSY rate (AUD 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. 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 2013. The current interest rates, prior to hedging, on the term loans  ranged between 3.53% - 3.73% (2012: 3.59% - 4.47%). During the year the Group entered into a 36 month loan to  finance software licenses. For accounting purposes, an interest  rate has been imputed on the loan. The imputed rate is within  the range shown above for current interest rates on external  borrowings. The loan balance at 31 July 2013 is $493,894.  The loan is not repayable on demand. The covenants entered into by the Group require specified  calculations of Group earnings before interest, tax, depreciation  and amortisation (EBITDA) plus lease rental costs to exceed total  fixed charges (net interest expense and lease rental costs) at the  GROUP PARENT 2013 2012 2013 2012 NZ$’000 NZ$’000 NZ$’000 NZ$’000 The principal of interest bearing liabilities is: Payable within 1 year 223 - - - Payable 1 to 2 years - - - - Payable 2 to 3 years 42,580 53,737 - - Payable 3 to 4 years - - - - 42,803 53,737 - -