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1. Each joint undertaking shall be jointly funded by the Union, the members other than the Union and the contributing partners through financial contributions and in-kind contributions to operational activities.

2. The members other than the Union shall agree on how to share their collective contribution among them in accordance with the applicable financial rules.

3. The operational costs of a joint undertaking shall be covered by means of the:

(a) financial contribution by the Union;

(b) financial contributions by the private members or their constituent or affiliated entities, by contributing partners or by an international organisation that is a member of a joint undertaking;

(c) where applicable, financial contributions by the participating states;

(d) in-kind contributions defined in Article 2, point (8).

4. In accordance with Articles 10 and 11, the resources of a joint undertaking entered in its budget shall be composed of the following contributions:

(a) members’ financial contributions to the joint undertaking for the administrative costs, divided equally on an annual basis between the Union and the members other than the Union, unless specified otherwise in Part Two due to the specific membership nature of a joint undertaking;

(b) members’ or contributing partners’ financial contributions to the joint undertaking for the operational costs;

(c) any revenue generated by the joint undertaking;

(d) any other financial contributions, resources and revenues. Any interest yielded by the contributions referred to in this paragraph shall be considered to be its revenue.

5. Any unused part of the contribution for administrative costs may be made available to cover the operational costs of the joint undertaking concerned.

6. Should a member other than the Union of the joint undertaking be in default of its commitment concerning its contribution, the executive director shall inform it in writing and shall set a reasonable period within which such default should be remedied. Where, on the expiry of that period, the member other than the Union concerned is still in default, the executive director shall inform the Commission and the participating states, where applicable, in view of potential measures pursuant to Article 11(8) and inform the member concerned that it is disqualified from voting in the governing board in line with that Article.

7. The resources of the joint undertaking and its activities shall be used for the fulfilment of its objectives and tasks.

8. The joint undertaking shall own all assets generated by it or transferred to it for the fulfilment of its objectives and tasks.

9. Except where the joint undertaking is wound up, any excess revenue over expenditure shall not be paid to the members of that joint undertaking, unless decided otherwise by the governing board.