Common use of INTEREST, COSTS AND EXPENSES Clause in Contracts

INTEREST, COSTS AND EXPENSES. (1) In respect of the Financial Assistance, interest shall accrue on the Financial Assistance Amount at a rate equal to the Interest Rate during each Interest Period. (2) On each Interest Payment Date the Beneficiary Member shall pay in cleared funds to the Common Paying Agent to the account designated by it in writing to EFSF and the Beneficiary Member State (or to such other person or account as the Parties may agree from time to time for the purpose of this Agreement) an amount equal to the interest due and payable on such Interest Payment Date and the Common Paying Agent shall pay such amount to the account designated to it by EFSF. (3) Without prejudice to the terms of Clause 8, if the Beneficiary Member State fails to pay any sum payable under this Agreement on its due date, the Beneficiary Member State shall pay in addition default interest on such sum (or, as the case may be, the amount thereof for the time being due and unpaid) to EFSF from the due date to the date of actual payment in full, calculated by reference to successive interest periods (each of such length as EFSF may from time to time select, the first period beginning on the relevant due date and, wherever possible, the length of such period shall be that of one week) at a rate per annum on such overdue amount which is equal to the rate which is 200 basis points over the higher of (a) the EURIBOR rate applicable to the relevant period selected by EFSF and (b) the Interest Rate which would have been payable if the overdue amount had, during the period of non-payment, constituted Financial Assistance. So long as the failure to pay continues, such rate shall be refixed in accordance with the provisions of this Clause 5(3) on the last day of each such interest period and unpaid interest under this Clause concerning previous interest periods shall be added to the amount of interest due at the end of each such interest period. The default interest is immediately due and payable. (4) EFSF shall provide, where reasonably requested by the Beneficiary Member State, a detailed description of all costs borne by the Beneficiary Member State, in particular, fees and other expenses, including the proportion borne by the Beneficiary Member State. (5) The Negative Carry, Loss of Interest, Issuance Costs and all other commissions, fees and costs incurred by EFSF in respect of the EFSF Debt Securities, Pre-Funding Operations, Interim Financings or Definitive Financings shall be promptly paid by the Beneficiary Member State within five (5) Business Days following the receipt of invoices which EFSF will periodically provide (such periodicity being no longer than quarterly) such payment to be made to the account designated by EFSF for this purpose. (6) EFSF shall be entitled to, where possible, deduct the Negative Carry together with all other commissions, fees and costs related to such Pre-Funding Operations when calculating the amount to be made available in relation to a Financial Assistance Amount. (7) The Beneficiary Member State undertakes to pay to EFSF all additional interest and all costs and expenses, including legal fees, incurred and payable by EFSF as a result of a breach of any obligation under this Agreement by the Beneficiary Member State. (8) In the event that any hedging instrument in relation to a Funding Instrument which is financing any Financial Assistance is terminated early for any reason (including early termination by EFSF in accordance with the hedging instrument documentation) then the Beneficiary Member State shall indemnify EFSF in respect of the cost of servicing the relevant Funding Instrument on a non-hedged basis and any costs incurred as a consequence of such early termination (to the extent such costs are not already included in the EFSF Cost of Funding). (9) The Beneficiary Member State shall bear all costs, charges and expenses, including legal, professional, banking or exchange charges incurred in connection with the preparation, execution, implementation and termination of this Agreement or any related document, any amendment, supplement or waiver in respect of this Agreement or any related document including the costs and expenses payable by EFSF in relation to the preparation and issuance of Funding Instruments to finance the Financial Assistance provided hereunder. These costs and expenses to be borne by the Beneficiary Member State include legal costs (such as costs incurred to obtain legal opinions and drafting documentation), rating agency costs, listing costs, travel costs (if applicable), commissions related to the Funding Instruments, fees of service providers and clearance systems, taxes, registration fees and publication costs. (10) If the circumstances set out in the definition of Disincentive Payment apply, such Disincentive Payment shall accrue and shall be paid by the Beneficiary Member State to EFSF on the last day of the calendar quarter in respect of which the Disincentive Fee is applicable. The Disincentive Payment will be refunded in full by EFSF, together with any accrued interest earned by the investment of such Disincentive Payment when disbursement(s) of financial assistance by EFSF to the Beneficiary Member State recommence(s).

INTEREST, COSTS AND EXPENSES. (1) In respect of each outstanding Instalment, the Financial Assistance, interest Borrower shall accrue on the Financial Assistance Amount at a rate equal to the Interest Rate during each Interest Period. (2) On each Interest Payment Date the Beneficiary Member shall pay in cleared funds to the Common Paying Agent transfer to the account designated by it referred to in writing to EFSF and the Beneficiary Member State (or to such other person or account as the Parties may agree from time to time for the purpose of this AgreementClause 8(3) on each Transfer Date an amount equal to the interest which by the end of the Interest Period will have accrued on the principal amount outstanding of that Instalment, and such amount shall be applied to discharge the interest due and payable on under such Instalment in respect of such Interest Payment Period on the Due Date. The Interest Rate will be, for each Instalment, defined in the Borrowing Contracts for that Instalment. The Due Dates for payment of interest shall be the same as those determined in the corresponding Borrowing Contracts. Interest on an Instalment shall accrue for any Interest Period from the Disbursement Date and (for the Common Paying Agent shall pay such amount to First Interest Period; including any interest accrued until the account designated to it by EFSF. Disbursement Date under the corresponding Borrowing Contracts) or the Due Date of the previous interest payment (3for the subsequent Interest Periods) until the date immediately preceding the next Due Date. Without prejudice to the terms of Clause 89, if the Beneficiary Member State Borrower fails to pay any sum payable under this Agreement on its due dateTransfer Date, the Beneficiary Member State Borrower shall pay in addition default interest on such sum (or, as the case may be, the amount thereof for the time being due and unpaid) to EFSF the Lender from the due date Transfer Date to the date of actual payment in full, calculated by reference to successive interest periods (each of such length as EFSF the Lender may from time to time select, the first period beginning on the relevant due date Transfer Date and, wherever possible, the length of such period shall be that of one week) on such overdue sum at the higher of a rate per annum on such overdue amount which is equal to being the rate which is aggregate of: 200 basis points over the higher of (a) points, and the EURIBOR rate applicable to for the relevant period selected by EFSF and (b) the Lender, or 200 basis points over the Interest Rate which would have been payable if the overdue amount had, during the period of non-payment, constituted Financial Assistancean Instalment. So long as the failure to pay continues, such rate shall be refixed re-fixed in accordance with the provisions of this Clause 5(36(3) on the last day of each such interest period and unpaid interest under this Clause concerning previous interest periods shall be added to the amount of interest due at the end of each such interest period. The default interest is immediately due and payable. (4) EFSF shall provide, where reasonably requested . The Borrower undertakes to pay all costs and expenses incurred and payable by the Beneficiary Member State, a detailed description Lender in relation to the preparation and implementation of all the Borrowing Contracts and any other costs and expenses incurred and payable by the Lender in relation to such Borrowing Contracts and any related costs and expenses during the life of the Borrowing Contracts. These costs and expenses to be borne by the Beneficiary Member StateBorrower may include, in particularinter alia, legal costs (such as the costs incurred for legal opinions), rating costs, travelling costs, if applicable, and commissions related to the financial service of the Borrowing Contracts, taxes, registration fees and other expenses, including the proportion borne by the Beneficiary Member State. (5) publication costs. The Negative Carry, Loss of Interest, Issuance Costs and all other commissions, fees and costs incurred by EFSF in respect of the EFSF Debt Securities, Pre-Funding Operations, Interim Financings or Definitive Financings shall be promptly paid by the Beneficiary Member State within five (5) Business Days following the receipt of invoices which EFSF will periodically provide (such periodicity being no longer than quarterly) such payment to be made to the account designated by EFSF for this purpose. (6) EFSF shall be entitled to, where possible, deduct the Negative Carry together with all other commissions, fees and costs related to such Pre-Funding Operations when calculating the amount to be made available in relation to a Financial Assistance Amount. (7) The Beneficiary Member State Borrower undertakes to pay to EFSF the Lender all additional interest and all costs and expenses, including legal fees, incurred and payable by EFSF the Lender as a result of a breach of any obligation under this Agreement by the Beneficiary Member State. (8) In Borrower. If the event that Lender due to prevailing market conditions at the time of launching a bond issue or any hedging instrument other Financial Transaction is not able to obtain a funding at or below the maximum Interest Rate referred to in relation the relevant Acceptance Notice, then the Lender is under no obligation to a Funding Instrument which is financing any Financial Assistance is terminated early for any reason (including early termination by EFSF in accordance make the Net Disbursement Amount of the Instalment available to the Borrower. However, upon request from the Borrower, the Lender may after consultation with the hedging instrument documentation) then Borrower propose to the Beneficiary Member State shall indemnify EFSF Borrower new maximum Interest Rate in respect the light of the cost of servicing the relevant Funding Instrument on a non-hedged basis and any costs incurred as a consequence of such early termination (to the extent such costs are not already included in the EFSF Cost of Funding)then prevailing market conditions. (9) The Beneficiary Member State shall bear all costs, charges and expenses, including legal, professional, banking or exchange charges incurred in connection with the preparation, execution, implementation and termination of this Agreement or any related document, any amendment, supplement or waiver in respect of this Agreement or any related document including the costs and expenses payable by EFSF in relation to the preparation and issuance of Funding Instruments to finance the Financial Assistance provided hereunder. These costs and expenses to be borne by the Beneficiary Member State include legal costs (such as costs incurred to obtain legal opinions and drafting documentation), rating agency costs, listing costs, travel costs (if applicable), commissions related to the Funding Instruments, fees of service providers and clearance systems, taxes, registration fees and publication costs. (10) If the circumstances set out in the definition of Disincentive Payment apply, such Disincentive Payment shall accrue and shall be paid by the Beneficiary Member State to EFSF on the last day of the calendar quarter in respect of which the Disincentive Fee is applicable. The Disincentive Payment will be refunded in full by EFSF, together with any accrued interest earned by the investment of such Disincentive Payment when disbursement(s) of financial assistance by EFSF to the Beneficiary Member State recommence(s).

INTEREST, COSTS AND EXPENSES. (1) In respect of the Financial Assistance, interest shall accrue on the Financial Assistance Amount at a rate equal to the Interest Rate during each Interest Period. (2) On each Interest Payment Date the Beneficiary Member shall pay in cleared funds to the Common Paying Agent to the account designated by it in writing to EFSF and the Beneficiary Member State (or to such other person or account as the Parties may agree from time to time for the purpose of this Agreement) an amount equal to the interest due and payable on such Interest Payment Date and the Common Paying Agent shall pay such amount to the account designated to it by EFSFDate. (3) Without prejudice to the terms of Clause 8, if the Beneficiary Member State fails to pay any sum payable under this Agreement on its due date, the Beneficiary Member State shall pay in addition default interest on such sum (or, as the case may be, the amount thereof for the time being due and unpaid) to EFSF from the due date to the date of actual payment in full, calculated by reference to successive interest periods (each of such length as EFSF may from time to time select, the first period beginning on the relevant due date and, wherever possible, the length of such period shall be that of one week) at a rate per annum on such overdue amount which is equal to the rate which is 200 basis points over the higher of (a) the EURIBOR rate applicable to the relevant period selected by EFSF and (b) the Interest Rate which would have been payable if the overdue amount had, during the period of non-payment, constituted Financial Assistance. So long as the failure to pay continues, such rate shall be refixed in accordance with the provisions of this Clause 5(3) on the last day of each such interest period and unpaid interest under this Clause concerning previous interest periods shall be added to the amount of interest due at the end of each such interest period. The default interest is immediately due and payable. (4) EFSF shall provide, where reasonably requested by the Beneficiary Member State, a detailed description of all costs borne by the Beneficiary Member State, in particular, fees and other expenses, including the proportion borne by the Beneficiary Member State. (5) The Negative Carry, Loss of Interest, Issuance Costs and all other commissions, fees and costs incurred by EFSF in respect of the EFSF Debt Securities, Pre-Funding Operations, Interim Financings or Definitive Financings shall be promptly paid by the Beneficiary Member State at the earlier within five (5) 5 Business Days following the receipt of invoices which EFSF will periodically provide (such periodicity being no longer than quarterly) such payment to be made to the account designated by EFSF for this purpose. (6) EFSF shall be entitled to, where possible, deduct the Negative Carry together with all other commissions, fees and costs related to such Pre-Funding Operations when calculating the amount to be made available in relation to a Financial Assistance Amount. (7) The Beneficiary Member State undertakes to pay to EFSF all additional interest and all costs and expenses, including legal fees, incurred and payable by EFSF as a result of a breach of any obligation under this Agreement by the Beneficiary Member State. (8) In the event that any hedging instrument in relation to a Funding Instrument which is financing any Financial Assistance is terminated early for any reason (including early termination by EFSF in accordance with the hedging instrument documentation) then the Beneficiary Member State shall indemnify EFSF in respect of the cost of servicing the relevant Funding Instrument on a non-hedged basis and any costs incurred as a consequence of such early termination (to the extent such costs are not already included in the EFSF Cost of Funding). (9) The Beneficiary Member State shall bear all costs, charges and expenses, including legal, professional, banking or exchange charges incurred in connection with the preparation, execution, implementation and termination of this Agreement or any related document, any amendment, supplement or waiver in respect of this Agreement or any related document including the costs and expenses payable by EFSF in relation to the preparation and issuance of Funding Instruments to finance the Financial Assistance provided hereunder. These costs and expenses to be borne by the Beneficiary Member State include legal costs (such as costs incurred to obtain legal opinions and drafting documentation), rating agency costs, listing costs, travel costs (if applicable), commissions related to the Funding Instruments, fees of service providers and clearance systems, taxes, registration fees and publication costs. (10) If the circumstances set out in the definition of Disincentive Payment apply, such Disincentive Payment shall accrue and shall be paid by the Beneficiary Member State to EFSF on the last day of the calendar quarter in respect of which the Disincentive Fee is applicable. The Disincentive Payment will be refunded in full by EFSF, together with any accrued interest earned by the investment of such Disincentive Payment when disbursement(s) of financial assistance by EFSF to the Beneficiary Member State recommence(s).