SamG: there are just 2 kinds of plays, running plays and loose ball plays. A legal forward pass is a loose ball play. Since the hold took place during action prior to a loose ball (the pass), it is a loose ball play, and the basic spot is the previous spot.
Almost all live-ball fouls are subject to "all-but-one," including the hold under discussion. The exceptions are things like roughing the passer and unsportsmanlike.
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