(1) Each designated credit institution is required to pay to the NTMA with respect to the functions imposed on the NTMA by this Part such annual commitment fee as is, and at such times or within such periods as are, determined by the NTMA. The amount of the fee is subject to the approval of the Authority.

(2) A commitment fee is payable under subsection (1) irrespective of whether the NTMA has performed, or the Authority has requested the NTMA to perform, any of the functions imposed on the NTMA by this Part.

(3) If a designated credit institution fails to pay a commitment fee on time, the NTMA may, by proceedings brought in a court of competent jurisdiction, recover the fee from the institution as a debt.

(4) The NTMA shall use -

(a) any money that it receives under subsection (1) or recovers under subsection (3), and

(b) any money that it receives as a result of having been appointed as a manager under this Act,