(c)

Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast) (Text with EEA relevance) · European Union

the credit protection contract shall not contain any clause, the fulfilment of which is outside the direct control of the lender, that: would allow the protection provider unilaterally to cancel the protection; would increase the effective cost of protection as a result of deteriorating credit quality of the protected exposure; could prevent the protection provider from being obliged to pay out in a timely manner in the event that the original obligor fails to make any payments due; or could allow the maturity of the credit protection to be reduced by the protection provider; and

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Source: EUR-Lex (Cellar) · retrieved 2026-10-09 · Text as adopted (Official Journal); later amendments are not incorporated in this text.