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Repo accounts enable Participants to distinguish repurchase transactions or other types of financing transactions processed through the mechanism of the Collateral Loan Program from pledges of collateral. A Participant engaging in a repurchase transaction or other type of financing transaction is able to transfer securities to a Repo account of the receiving party instead of a pledgee account of the receiving party. Whenever a Participant instructs DTC to transfer securities to a Repo account, the Participant will be deemed to instruct DTC to transfer to the receiving party the entire interest in the securities, not a security interest or other limited interest.

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