  We outline a proof of factorization in exclusive processes, taking into
account the presence of soft and collinear modes of arbitrarily low energy,
which arise when the external lines of the process are taken on shell.
Specifically, we examine the process of e^+e^- annihilation through a virtual
photon into two light mesons. In an intermediate step, we establish a
factorized form that contains a soft function that is free of collinear
divergences. In contrast, in soft-collinear effective theory, the low-energy
collinear modes factor most straightforwardly into the soft function. We point
out that the cancellation of the soft function, which relies on the
color-singlet nature of the external hadrons, fails when the soft function
contains low-energy collinear modes.
