bauddha āha na dṛṣṭo yatretyādi sambandhānubhavakṣaṇa iti / saṅketapratipattivelāyām ity arthaḥ //
The Buddhist says "[Because] the [word 'cow'] was not seen [to apply]" etc., "at the moment of experiencing the relation," meaning "at the time of understanding the convention."