Document and irrevocable credit, by means of which a financial institution duly authorized by the Financial Superintendence, undertakes directly or through a correspondent bank to the payment of the obligations indicated in these Regulations, upon the presentation of the Standby Letter of Credit. The form and execution of the Standby Letter of Credit shall be governed by the applicable rules of the Code of Commerce and other applicable provisions. (Source: R. CREG-094-2007; Art. 2)