9. Article

Payment of EIF Direct Costs The EIF Direct Costs for any given calendar year shall be payable to EIF in the form of an EIF Direct Costs Advance and an EIF Direct Costs Balance Payment, as set out in this Clause 19. (a) EIF Direct Costs Advance The EIF Direct Costs Advance shall be payable in the manner set out in the table below: Table -Costs Advance payment structure First quarterly advance (Q1) Debit the EIF Direct Costs Bank Account of a quarter of the EIF Direct Costs Advance and credit such amount in favour of EIF, due 1st January Second quarterly advance (Q2) Debit the EIF Direct Costs Bank Account of a quarter of the EIF Direct Costs Advance and credit such amount in favour of EIF, due 1st May Third quarterly advance (Q3) Debit the EIF Direct Costs Bank Account of a quarter of the EIF Direct Costs Advance and credit such amount in favour of EIF, due 1st July Fourth quarterly advance (Q4) Debit the EIF Direct Costs Bank Account of a quarter of the EIF Direct Costs Advance and credit such amount in favour of EIF, due 1st October Each payment mentioned in the table above will be due the day indicated in the table above. Should that day not be a Business Day, the payment shall be due on the first successive Business Day. Should the Funding Agreement be signed in the course of a calendar quarter, the first quarterly instalment of the EIF Direct Costs Advance shall be payable pro rata on the number of days from the date of the execution of the Funding Agreement until the end of the relevant quarter (basis : 1 quarter = 90 days). (b) EIF Direct Costs Balance Payment After the end of any relevant calendar year, EIF shall calculate the EIF Direct Costs actually incurred during the relevant calendar year and shall calculate the amount of the EIF Direct Costs Balance Payment as follows: EIF Direct Costs Balance Payment actual EIF Direct Costs- EIF Direct Costs Advance The annual calculation shall be made within the relevant Costs Payment Statement as provided in accordance with Clause 11 below. The payment of the EIF Direct Costs Balance Payment for any given calendar year shall be due on the 1st of May of the relevant calendar year or, should that day not be a Business Day, on the first successive Business Day. At that time, as the case may be: (i) should the actual EIF Direct Costs exceed the EIF Direct Costs Advance, EIF shall be entitled to debit the EIF Direct Costs Bank Account for the amount of the EIF Direct Costs Balance Payment prescribed in the Costs Payment Statement and to credit this amount in favour of EIF, or (ii) should the EIF Direct Costs Advance exceed the actual EIF Direct Costs, EIF shall be obliged to set-off the amount of the EIF Direct Costs Balance Payment against the quarterly amount of EIF Direct Costs Advance due on that date. Should the amount of the relevant quarterly instalment of EIF Direct Costs Advance be not sufficient for the purposes of the offset provided for above, EIF shall pay the difference into the EIF Direct Costs Bank Account on the same date. The Parties agree that, in both cases provided for under (i) and (ii) above, no interest shall be due in relation to the EIF Direct Costs Balance Payment from time to time due to either Party.