1. The retention of the first loss tranche in accordance with point (d) of the second subparagraph of Article 405(1) of Regulation (EU) No 575/2013 shall be fulfilled by either on-balance sheet or off-balance sheet positions and may also be fulfilled by any of the following:
(a) provision of a contingent form of retention as referred to in Article 1(1)(c) or of a liquidity facility in the context of an ABCP programme, which fulfils the following criteria:
(i) it covers at least 5 % of the nominal value of the securitised exposures;
(ii) it constitutes a first loss position in relation to the securitisation;
(iii) it covers the credit risk for the entire duration of the retention commitment;
(iv) it is provided by the originator, sponsor or original lender in the securitisation;
(v) the institution becoming exposed to such securitisation has been given access to appropriate information to enable it to verify that points (i), (ii), (iii) and (iv) are complied with;
(b) overcollate