Article 6
United Kingdom
The Commission shall administer the contributions.
Subject to paragraph 2, the annual contribution shall be paid in instalments as follows:
a first advance payment of 40 % shall be made after the Commission has received an undertaking, signed by the Chairman of the Fund’s Board, to the effect that the Fund will comply with the conditions for the grant of the contribution set out in this Regulation;
a second advance payment of 40 % shall be made six months later;
a final payment of 20 % shall be made after the Commission has received and accepted the Fund’s annual activity report and audited accounts for the year in question.
Before paying out an instalment the Commission shall carry out an assessment of the Fund’s financial needs on the basis of the Fund’s cash balance at the time scheduled for each payment. If, following that assessment, the Fund’s financial needs do not justify payment of one of those instalments, the payment concerned shall be suspended. The Commission shall review that decision on the basis of new information provided by the Fund and shall continue payments as soon as they are considered justified.