c) 1. An undertaking to provide, in case the application is approved, a bank guarantee drawn in favor of the Central Bank issued by a bank licensed in the UAE, provided that the guarantee value at any point of time shall not be less than the higher of the following:

1. 100% of the minimum paid-up capital required as specified in Paragraph (a) of Article (4.2) of these Regulations, or
    
2. 5% of the monthly remittance average value of the previous financial year, with a maximum of AED 75,000,000 (Seventy Five Million).

2. In the case of carrying on payment of wages activity, the value of payments using WPS shall be restricted to the bank guarantee drawn in favor of the Central Bank according to the Standards issued as indicated in Article (11) bis of these Regulations.