(c)

the credit protection contract does not contain any clause, the fulfilment of which is outside the direct control of the lender, that: would allow the protection provider to cancel the protection unilaterally; would increase the effective cost of protection as a result of a deterioration in the 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 when the leasing contract has expired for the purposes of recognising guaranteed residual value under Articles 134(7) and 166(4); could allow the maturity of the credit protection to be reduced by the protection provider;

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Source: EUR-Lex (Cellar) · retrieved 2026-09-25 · Text as adopted (Official Journal); later amendments are not incorporated in this text.