Which of the Following About a P-Note Issue Program Is

Which of the following about a P-note issue program is incorrect?

A) A P-note issue program is a rollover facility whereby as P-notes mature, new notes are issued and discounted.
B) A P-note program generally will have a lead manager.
C) When members of the dealer panel bid for the paper, bids are generally quoted to a margin over a specified benchmark.
D) The typical P-note issue program is a revolving facility with the dealer having the right to cancel, subject to providing the issuer with the required notice.

Correct Answer:

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