Which of the following characteristics does not usually exist for a special purpose entity (SPE) that is used in a securitization transaction?

a) The SPE is usually legally distinct from the sponsoring company that formed to securitize accounts receivable, then the SPE and is bankruptcy remote

b) If the SPE is formed to securitize accounts receivable, then the sPEs security holders are only repaid if the securitized accounts receivable are collected

c) The SPE is expected to seek strategic business opportunities that maximize returns to the SPEs equity investors

d) All of the above