If the parties have specified in Annex I that this paragraph 14 shall apply, if all or any part of any sum due and payable by a Party (the "Paying Party") under the terms of this Agreement is not paid to the other Party (the “Affected Party") on the due date (the "Due Date”), a late payment amount (the “Late Payment Amount") shall be payable on such amount as calculated in accordance with sub-paragraph (b) below.

(i) For the purposes of sub-paragraph (b) below, the unpaid amount due from the Paying Party shall be called the “Unpaid Sum”; and

(ii) the period beginning on (and including) the Due Date and ending on (but excluding) the date upon which the obligation of the Paying Party to pay the Unpaid Sum is discharged in full shall be called the “Applicable Period".

(i) The Late Payment Amount shall be:

(x) an amount equal to the Unpaid Sum multiplied by the Applicable Rate, multiplied further by the number of days in such Applicable Period and divided by 360 or 365 in accordance with the applicable market convention (or as otherwise agreed between the parties); or

(y) such other amount as may be agreed between the parties at the relevant time.

(ii) If the Applicable Period exceeds one week it shall be deemed to be divided into successive sub-periods, each of which (other than the first, which shall be for a period of seven (7) days commencing on the Due Date) shall start on (and include) the last day of the preceding such period and the duration of which shall be selected by the Affected Party (acting reasonably). The Late Payment Amount shall be calculated for each such sub-period as if the references to Applicable Period above were references to such sub-period and shall be payable at the end of each such sub-period.

Any Late Payment Amount received by the Affected Party shall be used to pay any actual costs (not to include any opportunity cost) incurred by it as a result of the late payment of the Unpaid Sum and the remaining amount (if any) shall be donated by the Affected Party (on behalf of the Paying Party) to such registered charitable foundations as the Affected Party may select under the supervision of its Shari'ah board. The Affected Party shall, as soon as reasonably practicable following the request of the Paying Party, provide the Paying Party with documentation evidencing any such donation.