Annex PARTICIPANT GUARANTEE FUNDF1

United Kingdom Repealed

1. 1The Fund is managed by the Community represented by the Commission acting as executive agent on behalf of the participants, under conditions established by the model grant agreement.
2. 2Division 2
3. 3Where amounts are due to the Community by a participant, the Commission may, without prejudice to penalties which may be imposed on the defaulting participant in accordance with the Financial Regulation either:
4. 4The amounts recovered from the Fund during the Framework Programme (2012-2013) will constitute revenue assigned to it within the meaning of Article 18(2) of the Financial Regulation.