When labelling a transaction as Secured Borrowing vs. Sale Treatment: IFRS 9

Can you put the 3 criteria (the stuff in bold) in plain English? The jargon confuses me.

We check if the goods are transferred contractual rights to receive cash flows. if not, then the 3 criteria must be met to be considered a sale:

The entity has an obligation to pay cash flows to one or more parties (eventual recipients)? and

1. Entity has no obligation to pay amounts to eventual recipient unless collect equivalent from original receivable? and

2. Entity is prohibited from selling/pledging original asset (other than as security to eventual recipients)? and

3. Entity has obligation to remit any cash flows collected on behalf of eventual recipients (and without significant delay)?