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undertakes and hereby promises to pay the principal of the Loan and the interest on the Loan on the due dates fixed therefor.
If at any time the earnings of the Railway together with funds available from the proceeds of the Loan are not sufficient to meet the interest on the Bonds and the repayment of capital in accordance with the amortisation schedule hereto attached, the Viceroy shall devise means for supplying the deficiency, and should his inability to do so appear probable he shall memorialise the Government to take measures to make up the deficiency from other sources, and thus be ready to pay off the indebtedness, so that the required amount may be placed in each case at least fourteen days previous to the due date of such payments in the hands of the Hongkong and Shanghai Banking Corporation in Hongkong.
Article 15.
The Corporation may, subject to all its obligations, transfer or delegate all or any of its rights, powers and discretions to its successors or assigns, but the Corporation which is a Corporation formed under English law shall not transfer its rights under this agreement to any other nation, or people of any other nationality except British or Chinese. Similarly the Chinese Government's rights and authority under this agreement shall not be transferred to persons of other nationality.
It is further agreed that without the express consent in writing of the Viceroy and of the Corporation no other rival railway detrimental to the business of the Railway shall be constructed and no line parallel to the railway is to be allowed to the injury of the latter's interests within the area served by the Railway.
Article 16.
The term of the Loan, as stated in Article 1, shall be fifty years. Repayment of principal shall commence after the expiry of 10 years from the date of the Loan
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