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In the context of a securitization deal, where the overcollateralization account is used as a credit enhancement mechanism to protect investors from defaults, consider the following scenario: If there are 8 defaults recorded in the second year of the deal, what is the remaining balance in the overcollateralization account at the end of the second year?
A
EUR600,000
B
EUR1,056,000
C
EUR 2,544,000
D
EUR3,600,000