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Would ABS be eligible collateral if the ABS issuance provides for prefunding or the retention of issuance proceeds in anticipation of application thereof to the purchase of additional receivables?

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Would ABS be eligible collateral if the ABS issuance provides for prefunding or the retention of issuance proceeds in anticipation of application thereof to the purchase of additional receivables?

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No, except as permitted in connection with refinancing of maturing ABS issued by a master trust as described in the FAQs.

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