Instrument by means of which a financial institution duly authorized by the Financial Superintendence unconditionally and irrevocably guarantees the payment of the obligations indicated in these Regulations. The guarantee shall be payable at sight and upon the first written demand in which XM S.A. E.S.P., as Commercial Exchanges System Administrator, informs that the Agent or Interested Legal Entity has not complied with the obligations subject of the guarantee. The form and execution of this guarantee shall be governed by the applicable rules of the Code of Commerce and by the other applicable provisions. (Source: R. CREG-094-2007; Article 2)