Common use of Guarantee Fund Clause in Contracts

Guarantee Fund. 1. The financial responsibility of each beneficiary shall be limited to its own debt, subject to the following paragraphs. 2. In accordance with Article 6, beneficiaries shall contribute, to the Guarantee Fund (hereinafter the Fund) established in order to manage the risk associated with non- recovery of sums due to the Union by beneficiaries of grant agreements under FP7. That contribution to be transferred by the REA on their behalf may not be offset against any pending debt they may have towards the Union. 3. The Fund is the property of the beneficiaries of on-going grant agreements under FP7. The Union represented by the Commission shall manage it, as executive agent, on their behalf. The Fund shall be deposited in a bank (hereinafter the Bank) chosen by the Union represented by the Commission, in its quality of executive agent. 4. Interest generated by the Fund shall be added to it and shall be used by the Commission for transfers from or recoveries from the Fund referred to in paragraph 1 and 2 of Article II.20 (hereinafter the Operations). Operations may be undertaken from the day of entry into force of the first grant agreement under FP7 until the day of the final payment of the last one. At the end of that period, any remaining interests shall become the property of the Union. Where interest is insufficient to cover Operations, contributions to the Fund may be used within a limit not exceeding 1% of the financial contribution of the Union due to beneficiaries other than those referred to in paragraph 5, at the end of the period referred to in the above paragraph. Beyond these limits or after that period, the REA or the Commission shall recover directly from beneficiaries any amount owed. 5. At the final payment made after the end of the project, the amount contributed to the Fund under this grant agreement shall be returned to the beneficiaries via the coordinator. The amount to be returned shall be equal to: “contribution to the Fund under this grant agreement” x “Fund index” The “Fund index” is established at the end of each month by the Bank to be applied during the following month, and shall equal the following ratio reduced to 1 when superior: Fund index = (C + I + B)/C where: C= contributions to the Fund of all on-going projects when establishing the index I = cumulated interests generated by the Fund since the start of the period B= (recoveries to the profit of the Fund) - (transfers from & recoveries on the Fund) Where following this calculation the amount to be returned to the beneficiaries, is lower than the amount contributed to the Fund under this grant agreement, that deduction shall not exceed 1% of the financial contribution of the Union and shall not apply to amounts due to public bodies or legal entities whose participation in the grant agreement is guaranteed by a Member State or an Associated country, and higher and secondary education establishments. Each beneficiary hereby accepts that the amount to be returned to it, is assigned to the payment of any debt due by the said beneficiary to the Union or to Euratom under this grant agreement or under any other obligation irrespective of its origin, without any further formality.

Guarantee Fund. ‌ 1. The financial responsibility of each beneficiary shall be limited to its own debt, subject to the following paragraphs. 2. In accordance with Article 6, beneficiaries shall contribute, contribute to the Guarantee Fund (hereinafter the Fund) established in order to manage the risk associated with non- recovery of sums due to [the Union Union] [Euratom] by beneficiaries of grant agreements under FP7. That contribution to be transferred by the REA Commission on their behalf may not be offset against any pending debt they may have towards [the Union] [Euratom]. 3. The Fund is the property of the beneficiaries of on-going grant agreements under FP7. [The Union Union] [Euratom] represented by the Commission shall manage it, as executive agent, on their behalf. The Fund shall be deposited in a bank (hereinafter the Bank) chosen by [the Union Union] [Euratom] represented by the Commission, in its quality of executive agent. 4. Interest generated by the Fund shall be added to it and shall be used by the Commission for transfers from or recoveries from the Fund referred to in paragraph 1 and 2 of Article II.20 II.21 (hereinafter the Operations). Operations may be undertaken from the day of entry into force of the first grant agreement under FP7 until the day of the final payment of the last one. At the end of that period, any remaining interests interest shall become the property of [the Union] [Euratom]. Where interest is insufficient to cover Operations, contributions to the Fund may be used within a limit not exceeding 1% of the financial contribution of [the Union Union] [Euratom] due to beneficiaries other than those referred to in paragraph 5, at the end of the period referred to in the above paragraph. Beyond these limits or after that period, the REA or the Commission shall recover directly from beneficiaries any amount owed. 5. At the final payment made after the end of the project, the amount contributed to the Fund under this grant agreement shall be returned to the beneficiaries via the coordinator. The amount to be returned shall be equal to: “contribution to the Fund under this grant agreement” x “Fund index” The “Fund index” is established at the end of each month by the Bank to be applied during the following month, and shall equal the following ratio reduced to 1 when superior: Fund index = (C + I + B)/C where: C= contributions to the Fund of all on-going projects when establishing the index I = cumulated interests interest generated by the Fund since the start of the period B= (recoveries to the profit of the Fund) - (transfers from & recoveries on the Fund) Where Where, following this calculation calculation, the amount to be returned to the beneficiaries, beneficiaries is lower than the amount contributed to the Fund under this grant agreement, that deduction shall not exceed 1% of the financial contribution of [the Union Union] [Euratom] and shall not apply to amounts due to public bodies or legal entities whose participation in the grant agreement is guaranteed by a Member State or an Associated country, and higher and secondary education establishments. Each beneficiary hereby accepts that the amount to be returned to it, is assigned to the payment of any debt due by the said beneficiary to the Union or to Euratom under this grant agreement or under any other obligation irrespective of its origin, without any further formality.

Guarantee Fund. 1. The financial responsibility of each beneficiary shall be limited to its own debt, subject to the following paragraphs. 2. In accordance with Article 6, beneficiaries shall contribute, contribute to the Guarantee Fund (hereinafter the Fund) established in order to manage the risk associated with non- recovery of sums due to the Union by beneficiaries of grant agreements under FP7. That contribution to be transferred by the REA Agency on their behalf may not be offset against any pending debt they may have towards the Union. 3. The Fund is the property of the beneficiaries of on-going grant agreements under FP7. The Union represented by the Commission shall manage it, as executive agent, on their behalf. The Fund shall be deposited in a bank (hereinafter the Bank) chosen by the Union represented by the Commission, in its quality of executive agent. 4. Interest generated by the Fund shall be added to it and shall be used by the Commission for transfers from or recoveries from the Fund referred to in paragraph 1 and 2 of Article II.20 II.21 (hereinafter the Operations). Operations may be undertaken from the day of entry into force of the first grant agreement under FP7 until the day of the final payment of the last one. At the end of that period, any remaining interests interest shall become the property of the Union. Where interest is insufficient to cover Operations, contributions to the Fund may be used within a limit not exceeding 1% of the financial contribution of the Union due to beneficiaries other than those referred to in paragraph 5, at the end of the period referred to in the above paragraph. Beyond these limits or after that period, the REA Agency or the Commission shall recover directly from beneficiaries any amount owed. 5. At the final payment made after the end of the project, the amount contributed to the Fund under this grant agreement shall be returned to the beneficiaries via the coordinator. The amount to be returned shall be equal to: “contribution to the Fund under this grant agreement” x “Fund index” The “Fund index” is established at the end of each month by the Bank to be applied during the following month, and shall equal the following ratio reduced to 1 when superior: Fund index = (C + I + B)/C where: C= contributions to the Fund of all on-going projects when establishing the index I = cumulated interests interest generated by the Fund since the start of the period B= (recoveries to the profit of the Fund) - (transfers from & recoveries on the Fund) Where Where, following this calculation calculation, the amount to be returned to the beneficiaries, beneficiaries is lower than the amount contributed to the Fund under this grant agreement, that deduction shall not exceed 1% of the financial contribution of the Union and shall not apply to amounts due to public bodies or legal entities whose participation in the grant agreement is guaranteed by a Member State or an Associated country, and higher and secondary education establishments. Each beneficiary hereby accepts that the amount to be returned to it, is assigned to the payment of any debt due by the said beneficiary to the Union or to Euratom under this grant agreement or under any other obligation irrespective of its origin, without any further formality.

Guarantee Fund. ‌ 1. The financial responsibility of each beneficiary shall be limited to its own debt, subject to the following paragraphs. 2. In accordance with Article 6, beneficiaries shall contribute, contribute to the Guarantee Fund (hereinafter the Fund) established in order to manage the risk associated with non- recovery of sums due to the Union Community by beneficiaries of grant agreements under FP7. That contribution to be transferred by the REA Commission on their behalf may not be offset against any pending debt they may have towards the UnionCommunity. 3. The Fund is the property of the beneficiaries of on-going grant agreements under FP7. The Union Community represented by the Commission shall manage it, as executive agent, on their behalf. The Fund shall be deposited in a bank (hereinafter the Bank) chosen by the Union Community represented by the Commission, in its quality of executive agent. 4. Interest generated by the Fund shall be added to it and shall be used by the Commission for transfers from or recoveries from the Fund referred to in paragraph 1 and 2 of Article II.20 II.21 (hereinafter the Operations). Operations may be undertaken from the day of entry into force of the first grant agreement under FP7 until the day of the final payment of the last one. At the end of that period, any remaining interests interest shall become the property of the UnionCommunity. Where interest is insufficient to cover Operations, contributions to the Fund may be used within a limit not exceeding 1% of the Community financial contribution of the Union due to beneficiaries other than those referred to in paragraph 5, at the end of the period referred to in the above paragraph. Beyond these limits or after that period, the REA or the Commission shall recover directly from beneficiaries any amount owed. 5. At the final payment made after the end of the project, the amount contributed to the Fund under this grant agreement shall be returned to the beneficiaries via the coordinator. The amount to be returned shall be equal to: “contribution to the Fund under this grant agreement” x “Fund index” The “Fund index” is established at the end of each month by the Bank to be applied during the following month, and shall equal the following ratio reduced to 1 when superior: Fund index = (C + I + B)/C where: C= contributions to the Fund of all on-going projects when establishing the index I = cumulated interests interest generated by the Fund since the start of the period B= (recoveries to the profit of the Fund) - (transfers from & recoveries on the Fund) Where Where, following this calculation calculation, the amount to be returned to the beneficiaries, beneficiaries is lower than the amount contributed to the Fund under this grant agreement, that deduction shall not exceed 1% of the Community financial contribution of the Union and shall not apply to amounts due to public bodies or legal entities whose participation in the grant agreement is guaranteed by a Member State or an Associated country, and higher and secondary education establishments. Each beneficiary hereby accepts that the amount to be returned to it, is assigned to the payment of any debt due by the said beneficiary to the Union or to Euratom Community under this grant agreement or under any other obligation irrespective of its origin, without any further formality.

Guarantee Fund. 1. The financial responsibility of each beneficiary shall be limited to its own debt, subject to the following paragraphs. 2. In accordance with Article 6, beneficiaries shall contribute, to the Guarantee Fund (hereinafter the Fund) established in order to manage the risk associated with non- non-recovery of sums due to the Union by beneficiaries of grant agreements under FP7. That contribution to be transferred by the REA on their behalf may not be offset against any pending debt they may have towards the Union. 3. The Fund is the property of the beneficiaries of on-going grant agreements under FP7. The Union represented by the Commission shall manage it, as executive agent, on their behalf. The Fund shall be deposited in a bank (hereinafter the Bank) chosen by the Union represented by the Commission, in its quality of executive agent. 4. Interest generated by the Fund shall be added to it and shall be used by the Commission for transfers from or recoveries from the Fund referred to in paragraph 1 and 2 of Article II.20 (hereinafter the Operations). Operations may be undertaken from the day of entry into force of the first grant agreement under FP7 until the day of the final payment of the last one. At the end of that period, any remaining interests shall become the property of the Union. Where interest is insufficient to cover Operations, contributions to the Fund may be used within a limit not exceeding 1% of the financial contribution of the Union due to beneficiaries other than those referred to in paragraph 5, at the end of the period referred to in the above paragraph. Beyond these limits or after that period, the REA or the Commission shall recover directly from beneficiaries any amount owed. 5. At the final payment made after the end of the project, the amount contributed to the Fund under this grant agreement shall be returned to the beneficiaries via the coordinator. The amount to be returned shall be equal to: “contribution to the Fund under this grant agreement” x “Fund index” The “Fund index” is established at the end of each month by the Bank to be applied during the following month, and shall equal the following ratio reduced to 1 when superior: Fund index = (C + I + B)/C where: C= contributions to the Fund of all on-going projects when establishing the index I = cumulated interests generated by the Fund since the start of the period B= (recoveries to the profit of the Fund) - (transfers from & recoveries on the Fund) Where following this calculation the amount to be returned to the beneficiaries, is lower than the amount contributed to the Fund under this grant agreement, that deduction shall not exceed 1% of the financial contribution of the Union and shall not apply to amounts due to public bodies or legal entities whose participation in the grant agreement is guaranteed by a Member State or an Associated country, and higher and secondary education establishments. Each beneficiary hereby accepts that the amount to be returned to it, is assigned to the payment of any debt due by the said beneficiary to the Union or to Euratom under this grant agreement or under any other obligation irrespective of its origin, without any further formality.

Guarantee Fund. 1. The financial responsibility of each the beneficiary shall be limited to its own debt, subject to the following paragraphs. 2. In accordance with Article 65, beneficiaries the beneficiary shall contribute, to the Guarantee Fund (hereinafter the Fund) established in order to manage the risk associated with non- recovery of sums due to the Union by beneficiaries of grant agreements under FP7. That contribution to be transferred by the REA on their its behalf may not be offset against any pending debt they it may have towards the Union. 3. The Fund is the property of the beneficiaries of on-going grant agreements under FP7. The Union represented by the Commission shall manage it, as executive agent, on their behalf. The Fund shall be deposited in a bank (hereinafter the Bank) chosen by the Union represented by the Commission, in its quality of executive agent. 4. Interest generated by the Fund shall be added to it and shall be used by the Commission for transfers from or recoveries from the Fund referred to in paragraph 1 and 2 of Article II.20 II.19 (hereinafter the Operations). Operations may be undertaken from the day of entry into force of the first grant agreement under FP7 until the day of the final payment of the last one. At the end of that period, any remaining interests shall become the property of the Union. Where interest is insufficient to cover Operationsoperations, contributions to the Fund may be used within a limit not exceeding 1% of the financial contribution of the Union due to beneficiaries other than those referred to in paragraph 55 , at the end of the period referred to in the above paragraph. Beyond these limits or after that period, the REA or the Commission shall recover directly from beneficiaries any amount owed. 5. At the final payment made after the end of the project, the amount contributed to the Fund under this grant agreement shall be returned to the beneficiaries via the coordinatorbeneficiary. The amount to be returned shall be equal to: “contribution to the Fund under this grant agreement” x “Fund index” The “Fund index” is established at the end of each month by the Bank to be applied during the following month, and shall equal the following ratio reduced to 1 when superior: Fund index = (C + I + B)/C where: C= contributions to the Fund of all on-going projects when establishing the index I = cumulated interests generated by the Fund since the start of the period B= (recoveries to the profit of the Fund) - (transfers from & recoveries on the Fund) Where following this calculation the amount to be returned to the beneficiaries, beneficiary is lower than the amount contributed to the Fund under this grant agreement, that deduction shall not exceed 1% of the financial contribution of the Union and shall not apply to amounts due to public bodies or legal entities whose participation in the grant agreement is guaranteed by a Member State or an Associated country, and higher and secondary education establishments. Each The beneficiary hereby accepts that the amount to be returned to it, is assigned to the payment of any debt due by the said beneficiary to the Union or to Euratom under this grant agreement or under any other obligation irrespective of its origin, without any further formality.

Guarantee Fund. ‌ 1. The financial responsibility of each the beneficiary shall be limited to its own debt, subject to the following paragraphs. 2. In accordance with Article 65, beneficiaries the beneficiary shall contribute, to the Guarantee Fund (hereinafter the Fund) established in order to manage the risk associated with non- recovery of sums due to the Union Community by beneficiaries of grant agreements under FP7. That contribution to be transferred by the REA Commission on their its behalf may not be offset against any pending debt they it may have towards the UnionCommunity. 3. The Fund is the property of the beneficiaries of on-going grant agreements under FP7. The Union Community represented by the Commission shall manage it, as executive agent, on their behalf. The Fund shall be deposited in a bank (hereinafter the Bank) chosen by the Union Community represented by the Commission, in its quality of executive agent. 4. Interest generated by the Fund shall be added to it and shall be used by the Commission for transfers from or recoveries from the Fund referred to in paragraph 1 and 2 of Article II.20 II.19 (hereinafter the Operations). Operations may be undertaken from the day of entry into force of the first grant agreement under FP7 until the day of the final payment of the last one. At the end of that period, any remaining interests shall become the property of the UnionCommunity. Where interest is insufficient to cover Operationsoperations, contributions to the Fund may be used within a limit not exceeding 1% of the Community financial contribution of the Union due to beneficiaries other than those referred to in paragraph 55 , at the end of the period referred to in the above paragraph. Beyond these limits or after that period, the REA or the Commission shall recover directly from beneficiaries any amount owed. 5. At the final payment made after the end of the project, the amount contributed to the Fund under this grant agreement shall be returned to the beneficiaries via the coordinatorbeneficiary. The amount to be returned shall be equal to: “contribution to the Fund under this grant agreement” x “Fund index” The “Fund index” is established at the end of each month by the Bank to be applied during the following month, and shall equal the following ratio reduced to 1 when superior: Fund index = (C + I + B)/C where: C= contributions to the Fund of all on-going projects when establishing the index I = cumulated interests generated by the Fund since the start of the period B= (recoveries to the profit of the Fund) - (transfers from & recoveries on the Fund) Where following this calculation the amount to be returned to the beneficiaries, beneficiary is lower than the amount contributed to the Fund under this grant agreement, that deduction shall not exceed 1% of the Community financial contribution of the Union and shall not apply to amounts due to public bodies or legal entities whose participation in the grant agreement is guaranteed by a Member State or an Associated country, and higher and secondary education establishments. Each The beneficiary hereby accepts that the amount to be returned to it, is assigned to the payment of any debt due by the said beneficiary to the Union or to Euratom Community under this grant agreement or under any other obligation irrespective of its origin, without any further formality.

Guarantee Fund. 1. The financial responsibility of each beneficiary shall be limited to its own debt, subject to the following paragraphs. 2. In accordance with Article 6, beneficiaries shall contribute, contribute to the Guarantee Fund (hereinafter the Fund) established in order to manage the risk associated with non- recovery of sums due to [the Union Union] [Euratom] by beneficiaries of grant agreements under FP7. That contribution to be transferred by the REA Commission on their behalf may not be offset against any pending debt they may have towards [the Union] [Euratom]. 3. The Fund is the property of the beneficiaries of on-going grant agreements under FP7. [The Union Union] [Euratom] represented by the Commission shall manage it, as executive agent, on their behalf. The Fund shall be deposited in a bank (hereinafter the Bank) chosen by [the Union Union] [Euratom] represented by the Commission, in its quality of executive agent. 4. Interest generated by the Fund shall be added to it and shall be used by the Commission for transfers from or recoveries from the Fund referred to in paragraph 1 and 2 of Article II.20 II.21 (hereinafter the Operations). Operations may be undertaken from the day of entry into force of the first grant agreement under FP7 until the day of the final payment of the last one. At the end of that period, any remaining interests interest shall become the property of [the Union] [Euratom]. Where interest is insufficient to cover Operations, contributions to the Fund may be used within a limit not exceeding 1% of the financial contribution of [the Union Union] [Euratom] due to beneficiaries other than those referred to in paragraph 5, at the end of the period referred to in the above paragraph. Beyond these limits or after that period, the REA or the Commission shall recover directly from beneficiaries any amount owed. 5. At the final payment made after the end of the project, the amount contributed to the Fund under this grant agreement shall be returned to the beneficiaries via the coordinator. The amount to be returned shall be equal to: “contribution to the Fund under this grant agreement” x “Fund index” The “Fund index” is established at the end of each month by the Bank to be applied during the following month, and shall equal the following ratio reduced to 1 when superior: Fund index = (C + I + B)/C where: C= contributions to the Fund of all on-going projects when establishing the index I = cumulated interests interest generated by the Fund since the start of the period B= (recoveries to the profit of the Fund) - (transfers from & recoveries on the Fund) Where Where, following this calculation calculation, the amount to be returned to the beneficiaries, beneficiaries is lower than the amount contributed to the Fund under this grant agreement, that deduction shall not exceed 1% of the financial contribution of [the Union Union] [Euratom] and shall not apply to amounts due to public bodies or legal entities whose participation in the grant agreement is guaranteed by a Member State or an Associated country, and higher and secondary education establishments. Each beneficiary hereby accepts that the amount to be returned to it, is assigned to the payment of any debt due by the said beneficiary to the Union or to Euratom under this grant agreement or under any other obligation irrespective of its origin, without any further formality.

Guarantee Fund. ‌ 1. The financial responsibility of each beneficiary shall be limited to its own debt, subject to the following paragraphs. 2. In accordance with Article 6, beneficiaries shall contribute, contribute to the Guarantee Fund (hereinafter the Fund) established in order to manage the risk associated with non- recovery of sums due to [the Union Union] [Euratom] by beneficiaries of grant agreements under FP7. That contribution to be transferred by the REA Commission on their behalf may not be offset against any pending debt they may have towards [the Union] [Euratom]. 3. The Fund is the property of the beneficiaries of on-going grant agreements under FP7. [The Union Union] [Xxxxxxx] represented by the Commission shall manage it, as executive agent, on their behalf. The Fund shall be deposited in a bank (hereinafter the Bank) chosen by [the Union Union] [Euratom] represented by the Commission, in its quality of executive agent. 4. Interest generated by the Fund shall be added to it and shall be used by the Commission for transfers from or recoveries from the Fund referred to in paragraph 1 and 2 of Article II.20 II.21 (hereinafter the Operations). Operations may be undertaken from the day of entry into force of the first grant agreement under FP7 until the day of the final payment of the last one. At the end of that period, any remaining interests interest shall become the property of [the Union] [Euratom]. Where interest is insufficient to cover Operations, contributions to the Fund may be used within a limit not exceeding 1% of the financial contribution of [the Union Union] [Euratom] due to beneficiaries other than those referred to in paragraph 5, at the end of the period referred to in the above paragraph. Beyond these limits or after that period, the REA or the Commission shall recover directly from beneficiaries any amount owed. 5. At the final payment made after the end of the project, the amount contributed to the Fund under this grant agreement shall be returned to the beneficiaries via the coordinator. The amount to be returned shall be equal to: “contribution to the Fund under this grant agreement” x “Fund index” The “Fund index” is established at the end of each month by the Bank to be applied during the following month, and shall equal the following ratio reduced to 1 when superior: Fund index = (C + I + B)/C where: C= contributions to the Fund of all on-going projects when establishing the index I = cumulated interests interest generated by the Fund since the start of the period B= (recoveries to the profit of the Fund) - (transfers from & recoveries on the Fund) Where Where, following this calculation calculation, the amount to be returned to the beneficiaries, beneficiaries is lower than the amount contributed to the Fund under this grant agreement, that deduction shall not exceed 1% of the financial contribution of [the Union Union] [Euratom] and shall not apply to amounts due to public bodies or legal entities whose participation in the grant agreement is guaranteed by a Member State or an Associated country, and higher and secondary education establishments. Each beneficiary hereby accepts that the amount to be returned to it, is assigned to the payment of any debt due by the said beneficiary to the Union or to Euratom under this grant agreement or under any other obligation irrespective of its origin, without any further formality.

Guarantee Fund. ‌ 1. The financial responsibility of each beneficiary shall be limited to its own debt, subject to the following paragraphs. 2. In accordance with Article 6, beneficiaries shall contribute, to the Guarantee Fund (hereinafter the Fund) established in order to manage the risk associated with non- recovery of sums due to the Union Community by beneficiaries of grant agreements under FP7. That contribution to be transferred by the REA Commission on their behalf may not be offset against any pending debt they may have towards the UnionCommunity. 3. The Fund is the property of the beneficiaries of on-going grant agreements under FP7. The Union Community represented by the Commission shall manage it, as executive agent, on their behalf. The Fund shall be deposited in a bank (hereinafter the Bank) chosen by the Union Community represented by the Commission, in its quality of executive agent. 4. Interest generated by the Fund shall be added to it and shall be used by the Commission for transfers from or recoveries from the Fund referred to in paragraph 1 and 2 of Article II.20 (hereinafter the Operations). Operations may be undertaken from the day of entry into force of the first grant agreement under FP7 until the day of the final payment of the last one. At the end of that period, any remaining interests shall become the property of the UnionCommunity. Where interest is insufficient to cover Operations, contributions to the Fund may be used within a limit not exceeding 1% of the Community financial contribution of the Union due to beneficiaries other than those referred to in paragraph 5, at the end of the period referred to in the above paragraph. Beyond these limits or after that period, the REA or the Commission shall recover directly from beneficiaries any amount owed. 5. At the final payment made after the end of the project, the amount contributed to the Fund under this grant agreement shall be returned to the beneficiaries via the coordinator. The amount to be returned shall be equal to: “contribution to the Fund under this grant agreement” x “Fund index” The “Fund index” is established at the end of each month by the Bank to be applied during the following month, and shall equal the following ratio reduced to 1 when superior: Fund index = (C + I + B)/C where: C= contributions to the Fund of all on-going projects when establishing the index I = cumulated interests generated by the Fund since the start of the period B= (recoveries to the profit of the Fund) - (transfers from & recoveries on the Fund) Where following this calculation the amount to be returned to the beneficiaries, is lower than the amount contributed to the Fund under this grant agreement, that deduction shall not exceed 1% of the Community financial contribution of the Union and shall not apply to amounts due to public bodies or legal entities whose participation in the grant agreement is guaranteed by a Member State or an Associated country, and higher and secondary education establishments. Each beneficiary hereby accepts that the amount to be returned to it, is assigned to the payment of any debt due by the said beneficiary to the Union or to Euratom Community under this grant agreement or under any other obligation irrespective of its origin, without any further formality.