contingent liability
as defined in Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the…, Article 2, point (15) (Definitions)
a potential financial obligation that could be incurred depending on the outcome of a future event
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Also defined in
- Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for… 02014L0017-20231230, Article 4, point (24)
(24) ‘Contingent liability or guarantee’ means a credit agreement which acts as a guarantee to another separate but ancillary transaction, and where the capital secured against an immovable property is only drawn down if an event or events specified in the contract occur.