Protection of financial interests of the Trust Fund Sample Clauses

Protection of financial interests of the Trust Fund. The Manager shall take appropriate measures to ensure that, when Actions financed under the Trust Fund are implemented, the financial interests of the European Union and the Donors are protected by the application of preventive measures against irregularities, fraud, corruption and any other illegal activities, by effective detective controls and, if irregularities, fraud, corruption or any other illegal activities are detected, by the recovery of the amounts wrongly paid. The contracts and agreements signed with third parties shall provide the possibility for the Commission to carry out controls on the spot of the beneficiary, to suspend payments and implementation of actions in case issues of irregularities, fraud or corruption arise during implementation, to recover amounts wrongly paid and to apply, where appropriate, effective, proportionate and deterrent contractual penalties. OLAF shall exercise the same powers over the Trust Fund in its entirety, which includes its governance bodies and the representatives of Donors and Observers participating in such bodies, as it does in respect of the other actions carried out by the Commission.
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Related to Protection of financial interests of the Trust Fund

  • Distribution of Financial Contribution The financial contribution of the Funding Authority to the Project shall be distributed by the Coordinator according to: - the Consortium Plan - the approval of reports by the Funding Authority, and - the provisions of payment in Section 7.3. A Party shall be funded only for its tasks carried out in accordance with the Consortium Plan.

  • Interest Accrual Each Class of Notes will accrue interest on its Note Balance for each Interest Period until the Note Balance has been paid in full at a rate per annum equal to its Note Interest Rate for that Interest Period. Interest on the Class A-1 and Class A-2b Notes will be calculated for each Interest Period on the basis of the actual number of days in the Interest Period and a 360-day year. Interest on the Notes (other than the Class A-1 and Class A-2b Notes) for each Interest Period will be calculated on the basis of a 360-day year consisting of twelve 30-day months. Interest on each Note for each Interest Period will be due and payable on the related Payment Date.

  • Special Accounts 1. For the purposes of this Schedule:

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