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      "text": "Ineligibles*, Excess Spread**, Initial Hard Credit Enhancement***, 9.50%, 9.50%, 9.50%, 9.50%",
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      "text": "Upon each monthly receivables purchase, credit enhancement levels are established based upon the compliance of various composition and net losses tests",
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      "text": "* If the pool of receivables fails to satisfy all of the pool composition tests, the servicer will identify receivables in the pool to be deemed \"ineligible receivables\" so that the remaining receivables in the pool will satisfy all of the pool composition tests\n** Minimum annual excess spread including yield supplement (the discount rate will be set at a level necessary to produce an amount of excess spread sufficient to obtain the required ratings on the notes)\n*** Initial hard credit enhancement (overcollateralization + subordination that is collateralized on an adjusted pool basis + reserve) as a % of adjusted pool balance\n**** Three-month rolling average annualized net losses as a percentage of aggregate principal balance of receivables exceeds 2.50%",
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