Dette krav udelukker ikke værdipapirer af asset-backed-typen, såfremt udstedelsesstrukturen omfatter to special purpose vehicles, og betingelsen om »egentligt salg« er opfyldt vedrørende disse special-purpose vehicles således, at de gældsinstrumenter, der er udstedt af det andet special-purpose vehicle, direkte eller indirekte har sikkerhed i den oprindelige pulje af aktiver, og alle betalingsstrømme fra de aktiver, der genererer pengestrømme, overføres fra det første til det andet special-purpose vehicle.
This requirement does not exclude asset-backed securities where the issuance structure includes two special-purpose vehicles and the “true sale” requirement is met in respect of those special-purpose vehicles so that the debt instruments issued by the second special-purpose vehicle are directly or indirectly backed by the original pool of assets and all cash flows from the cash flow generating assets are transferred from the first to the second special-purpose vehicle.