translate English to French: Where a Participant experiences a Margin Decline in a Program Year, the Administration shall cause to be paid to the Participant, from the Participant’s Fund 1, an amount calculated according to the following rules, which shall be applied in the order in which they appear.
100 de la partie de la baisse de la marge correspondant à un ratio de baisse de la marge inférieur à 15 p. 100 mais supérieur à la différence entre le niveau maximal de protection et 100 p.