satisfies the charge-off policies of the sponsor (or applicable bank regulatory agencies) or if it would be considered a charged-off asset under the terms of the applicable transaction documents.

:* Exceptions to the "Discrete Pool" Requirement. The new rules generally codify the SEC staff's position that a security must be backed by a discrete pool of assets in order to be considered an ABS. However, the new rules establish the following exceptions to address market practices.

::(1) Any security issued in a master trust

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