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(a) the exercise of the Clean-Up Call must not be mandatory, in form or substance;

(b) the Clean-Up Call must not be structured to avoid allocating losses to Credit Enhancements, or positions held by investors or in any way structured to provide Credit Enhancement; and

(c) the Clean-Up Call must only be exercisable when 10% or less of the original underlying Exposures or Securities issued in that securitisation remains, or in the case of a Synthetic Securitisation, when 10% or less of the original reference portfolio value remains.

(a) for a Traditional Securitisation the underlying Exposures must be treated as if they had not been securitised;

(b) Authorised Firms must not include any gain-on-sale in any element or component of their Capital Resources;

(c) for Synthetic Securitisations, the Authorised Firm must hold capital against the entire amount of securitised Exposures; and

(d) where a Synthetic Securitisation incorporates a call that is not a Clean-Up Call, the Authorised Firm must treat the transaction in accordance with the relevant Credit Risk mitigation techniques in PIB section 4.13.