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Version status: Entered into force | Document consolidation status: No known changes
Version date: 10 April 2014 - onwards
Version 2 of 2

Article 1 Definitions

For the purposes of this Regulation the following definition shall apply:

"guarantee" means an explicitly documented legal obligation by a guarantor to cover payments of the amounts due or that may become due pursuant to the OTC derivative contracts covered by that guarantee and entered into by the guaranteed entity to the beneficiary where there is a default as defined in the guarantee or where no payment has been effected by the guaranteed entity.