Commission Implementing Decision of 11 September 2014 on the model of funding agreement for the contribution of the European Regional Development Fund and the European Agricultural Fund for Rural Development to joint uncapped guarantee and securitisation financial instruments in favour of small and medium-sized enterprises (2014/660/EU) (c. 660)

ANNEX [MANAGING AUTHORITY OF MEMBER STATE PARTICIPATING IN THE SME INITIATIVE]and[EUROPEAN INVESTMENT FUND]/[EUROPEAN INVESTMENT BANK]MODEL FUNDING AGREEMENT

Article 23 Liability

23.1.

The EIF shall be liable to the Managing Authority for the performance of its duties and obligations under this Funding Agreement with a professional degree of care and diligence and for any loss resulting from its wilful misconduct or gross negligence.

[23.2.

With regard to the implementation of this Funding Agreement, the Managing Authority and the EIF shall negotiate contractual remedies with regard to losses, damages or injuries sustained by the EIF.]

23.3.

A Party faced with Force Majeure shall not be held to be in breach of its obligations under this Funding Agreement if it has been prevented from fulfilling them by Force Majeure.