art_13__para_5__text_1
At the time of issuance of the securitisation, the borrowers (or, where applicable, the guarantors) shall have made at least one payment except where the securitisation is backed by credit facilities referred to in point (g)(v)of paragraph 2.
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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.