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You have it right.
However in that very short amount of time between catching a snap and placing it for a hold it would be very hard to fumble it. I'm not saying it can't be done especially at the high school level but that it would be rare. A holder may lose possession of the ball while placing it on the ground but then it wouldn't roll far away. However now he has lost his exception and while trying to pick the ball up he had better get that knee off of the ground before he grabs the ball or the play is over.
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