4.

The structure of the securitisation transaction shall comply with the following requirements: where the securitisation has been set up without a revolving period or the revolving period has terminated and where an enforcement or an acceleration notice has been delivered, principal receipts from the underlying exposures are passed to the holders of the securitisation positions via sequential amortisation of the securitisation positions and no substantial amount of cash is trapped in the SSPE on each payment date; where the securitisation has been set up with a revolving period, the transaction documentation provides for appropriate early amortisation events, which shall include at a minimum all of the following: a deterioration in the credit quality of the underlying exposures; a failure to generate sufficient new underlying exposures of at least similar credit quality; the occurrence of an insolvency-related event with regard to the originator or the servicer;

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Source: EUR-Lex (Cellar) · retrieved 2026-11-06 · Text as adopted (Official Journal); later amendments are not incorporated in this text.