repo被排除在破产程序之外是什么意思？

问题如下：

Which of the following statements is incorrect?

选项：

A.In unsecured commercial paper financing, short-term debt is issued but is not backed by any specific assets.
B.

Repos are included in the bankruptcy process.

C.In a repo, a haircut is intended to protect the lender from recovering less than the full value of the loan amount in the event it needs to sell the collateral after a default. D.Asset-backed commercial paper is a special case of CP where the issuer finances the purchase of the assets by issuing CP, with the assets serving as collateral

解释：

B

Repos are in fact excluded in the bankruptcy process.

Repos实际上被排除在破产程序之外。