11. Article

Costs Payment Statement As soon as possible after the end of each calendar year, and in any case no later than 31st March of the following calendar year, EIF shall communicate to the Project Steering Committee the Costs Payment Statement, providing for the Annual Costs incurred in the relevant calendar year and the detail of the calculation, substantially in the form attached hereto as Annex 2. Within 30 days from receipt of the Costs Payment Statement, the Project Steering Committee shall have the right to approve, or to make comments and objections on the content of, the Costs Payment Statement, provided that any objections shall have to be adequately justified. The following shall apply: (i) should EIF receive the approval from the Project Steering Committee, the Costs Payment Statement shall be considered as approved on the date EIF received the approval from the Project Steering Committee; (ii) should EIF receive neither approval nor objections from the Project Steering Committee, the Costs Payment Statement shall be considered as approved at the end of the thirtieth day after receipt of the Costs Payment Statement by the Project Steering Committee; (iii) should EIF receive any objections from the Project Steering Committee, EIF shall, within fifteen days from receipt, take into account such objections in good faith, taking any actions it deems appropriate to this purpose, including discussing the objections with the Project Steering Committee, and communicate a second draft of the Costs Payment Statement, amended as EIF deems appropriate, to the Project Steering Committee. The second draft of the Costs Payment Statement shall be deemed to be adopted five Business Days after receipt. On the date in which the Costs Payment Statement has been approved, or adopted, as per above, the same shall become final and effective and all the payments provided therein shall become automatically payable.