Article 5 Objectives and Description of the Dedicated Window[s]F1

As further specified in Annex 1, the Dedicated Window[s] shall cover the risk of:

1. (i)

   portfolios of New Debt Finance through uncapped guarantees providing capital relief subject to relevant rules on capital requirements covering up to 80 % of each and every loan in the relevant portfolios (‘Option 1’) OR

2. (ii)

   [existing portfolios of loans, leasing or guarantees to SMEs and other enterprises with less than 500 employees] OR [portfolios of New Debt Finance] through securitisation, as defined in point (61) of Article 4(1) of Regulation (EU) No 575/2013 (‘Option 2’) [with pooling of the MS Contribution with contributions from other Member States (‘Option 3’)].