The first day a security becomes guaranteed by the guarantor.

The FCA defines a guarantee with regard to a securitised derivative product as

“(1) (in relation to securitised derivatives), either: (a) a guarantee given in accordance with LR 19.2.2 R (3) (if any); or (b) any other guarantee of the issue of securitised derivatives.”

“(2) (as defined in the PD Regulation) any arrangement intended to ensure that any obligation material to the issue will be duly serviced, whether in the form of guarantee, surety, keep well agreement, mono-line insurance policy or other equivalent commitment.”