However the funds will only be released in favour of the paying agent when the bank guarantee has been reconstituted. 

(text modified on 1.10.09). 

2.15.106 Any creditor having called-up the bank guarantee shall keep the UCI informed of all bis follow- up action and proceedings initiated before the competent decision-making body. If the creditor fails to provide the UCI with information regarding the status of proceedings before the competent decision-making body during a period of three years as from blocking of the funds by the UCI or as from the last notification from the creditor, the UCI shall release the funds in favour of the paying agent after having deducted any amounts due to the UCI in accordance with article 2.15.104 and article 2.15.108, if applicable. 

In the event that at the time of release of the funds, the paying agent has undergone dissolution or the UCI is not reasonably capable of returning the funds to paying agent, the UCI may use the funds for projects related to the development of cycling, which must be agreed upon by the Professional Cycling Council. 

(article introduced on 1.01.18). 

2.15.107 Should the debt claimed exceed the amount corresponding to three months' contractual benefits, only a sum equal to three months' contractual benefits may be paid in the first instance, provided that the conditions for payment are fulfilled. The acknowledged balance of the debt may be paid from the global guarantee on condition that the latter would not be exhausted at the end of its period of validity. In the event that there are several creditors, the available balance of the guarantee will be allocated proportionally between them. 

2.15.108 The UCI may call up the bank guarantee in the event of non-payment of fees, expenses, indemnities, fines and penalties or sentences imposed by or in virtue of the regulations of the UCI or related to their application provided that the guarantee is not exhausted at the end of its period of validity, where applicable after application of article 2.15.107. 

2.15.109 In the event of payment to a creditor or to the UCI from funds obtained from the bank guarantee, the UCI WorldTeam shall automatically be suspended if the guarantee is not fully reconstituted within one month of the request from the UCI to do so. 

In the event of persistent default, the UCI may refer the case to the licence commission in accordance with article 2.15.040. 

The part of the blocked funds which, under the agreement reached between the parties or according to the final judicial or arbitral decision, does not accrue to the creditor, will be released in favour of the paying agent under deduction of the sums due to the UCI according to article 2.15.104 and, where applicable, to article 2.15.108 and solely after full reconstitution of the bank guarantee. 

(text modified on 1.10.09; 1.01.15; 1.11.15). 

2.15.109 Whenever a competent authority pronounces the opening of liquidation or bankruptcy bis proceedings against a paying agent, the UCI may release the bank guarantee in favour of the liquidation or bankruptcy administration, upon request from the competent authority. 

(article introduced on 1.01.18). 

