The guarantees issued by the EIF on behalf of the Commi
ssion under the (a) debt financing, (b) microcredit, and (c) equity or quasi-equity windows of the SMEG Facility shall cover a part of the risk taken by the financial intermediary in a financing portfolio of individual transactions. The fourth window of the SMEG Facility, (d) securitisation, shall involve sharing the risk of certain securitised
tranches which are senior to the first loss piece or leaving the risk of a significant part of the first loss piece t
...[+++]o the originator and sharing the risk of the remaining part.