Common use of Payments from the NA to the coordinator and interest on late payment Clause in Contracts

Payments from the NA to the coordinator and interest on late payment. The NA must make payments to the coordinator. If the NA does not pay within the time limits for payment, the beneficiary is entitled to late- payment interest at the rate applied by the European Central Bank for its main refinancing operations in euros (‘the reference rate’), plus three and a half points. The reference rate is the rate in force on the first day of the month in which the time limit for payment expires, as published in the C series of the Official Journal of the European Union. Late-payment interest is not due if the beneficiary is a Member State of the Union (including regional and local government authorities and other public bodies acting in the name of and on behalf of the Member State for the purpose of the Agreement). If the NA suspends the time limit for payment as provided for in Article II.24.2 or if it suspends an actual payment as provided for in Article II.24.1, these actions cannot be considered as cases of late payment.

Payments from the NA to the coordinator and interest on late payment. The NA must make payments to the coordinator. If the NA does not pay within the time limits for payment, the beneficiary is entitled to late- payment interest at the rate applied by the European Central Bank for its main refinancing operations in euros Euro (‘the reference rate’), plus three and a half points. The reference rate is the rate in force on the first day of the month in which the time limit for payment expires, as published in the C series of the Official Journal of the European Union. Late-payment interest is not due if the beneficiary is a Member State of the Union (including regional and local government authorities and other public bodies acting in the name of and on behalf of the Member State for the purpose of the Agreement). If the NA suspends the time limit for payment as provided for in Article II.24.2 or if it suspends an actual payment as provided for in Article II.24.1, these actions cannot be considered as cases of late payment.