Common use of INTEREST, COSTS, FEES AND EXPENSES Clause in Contracts

INTEREST, COSTS, FEES AND EXPENSES. (1) In respect of each Financial Assistance under a Facility, interest shall accrue on the Financial Assistance Amounts at a rate equal to the applicable Interest Rate during each Interest Period. (a) On each Payment Date under a Facility, the Beneficiary Member State shall pay in cleared funds to the account designated to it in writing by EFSF for this purpose (or to such other 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 under the relevant Facility on such Payment Date. (b) For the purpose of calculating the Commitment Fee component of the interest due and payable by the Beneficiary Member State, the payment of the annual allocation to the Beneficiary Member State of a portion of EFSF's aggregate Commitment Fee shall be made either (i) following the receipt of an invoice or