The monitoring fee is equal to forty percent (40%) of the First-Year Fee per proposal
no. TR. 609/2014 Dated 16 June 2014 TRIS Rating hereby reserves its right to adjust the monitoring fee in accordance with the change of the first-year fee at the time of the renewal of the Credit Rating Service Agreement (the “Agreement”). CGIF agrees to pay the monitoring fee within fifteen (15) days from the date specified on the invoice of TRIS Rating.