11. pants

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.