Commission Delegated Regulation (EU) No 285/2014 Article 1

Definitions

Article 1

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.