1. The Retail Investor AIF shall not use the word "guaranteed" in the name of a Retail Investor AIF unless there is, as per paragraph 2, a specific legally enforceable guarantee between the Retail Investor AIF and a legally independent third party of substance, for the benefit of the unitholders, the material provisions of which the Retail Investor AIF shall clearly disclose in its prospectus.

Legal agreement

2. The guarantee shall, at a minimum, satisfy the following:

(a) it must be evidenced in a contract e.g. a deed of guarantee or an irrevocable letter of credit, which is legally enforceable under Irish law [The Central Bank may permit non-Irish law and/or non-exclusive foreign jurisdiction to be applied where this is shown to be best market practice and does not prejudice the interests of unit-holders.];

(b) the guarantor must have the legal authority to enter into the contract;

(c) the contract must not contain onerous provisions in respect of the Retail Investor AIF which would permit the guarantor to invalidate the guarantee;

(d) the Retail Investor AIF shall, in advance of using "guaranteed" in its name, provide to the Central Bank a letter from its legal advisers to confirm that the guarantee conforms to these criteria;