Automatic correction of the Faroe Islands’ operational contribution Sample Clauses

Automatic correction of the Faroe Islands’ operational contribution. For the calculation of the automatic correction as referred to in Article 8 of this Agreement and Article 5 of this Protocol, the following modalities shall apply: ‘competitive grants’ means grants awarded through calls for proposals where the final beneficiaries can be identified at the time of the calculation of the automatic correction. Financial support to third parties as defined in Article 204 of the Financial Regulation is excluded; where a legal commitment is signed with a consortium, the amounts used to establish the initial amounts of the legal commitment shall be the cumulative amounts allocated to beneficiaries that are the Faroe Islands entities in accordance with the indicative budget breakdown of the grant agreement; all amounts of legal commitments corresponding to competitive grants shall be established using the European Commission electronic system eCorda and be extracted on the second Wednesday of February of year N+2; ‘non-intervention costs’ means costs of the Programme other than competitive grants, including support expenditure, programme-specific administration, other actions10; amounts allocated to international organisations as legal entities being the final beneficiary11 shall be considered as non-intervention costs. The mechanism shall be applied as follows: Automatic corrections for year N in relation to the execution of commitment appropriations for year N, increased in accordance with Article 6(5) of this Agreement, shall be applied based on data on year N and year N+1 from e-Corda referred to in point c) of paragraph (1) of point (II) of this Annex in year N+2 after any adjustments in accordance with Article 7 of this Agreement have been applied to the contribution of the Faroe Islands to the Horizon Europe Programme. The amount considered will be the amount of competitive grants for which data is available, at the time of the calculation of the correction. Starting in year N+2 and up until 2029, the amount of the automatic correction shall be calculated for year N by taking the difference between:
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Automatic correction of the Faroe Islands’ operational contribution. 1. For the calculation of the automatic correction as referred to in Article 8 of this Agreement and in Article 5 of this Protocol, the following detailed arrangements shall apply:
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Related to Automatic correction of the Faroe Islands’ operational contribution

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