S.L. 386.16 Art. 11Position of creditors.

Cellular assets attributable to a cell of a securitisation cell company shall -

(a) only be available to the creditors of the company who are creditors in respect of that cell and who are thereby entitled, in conformity with these regulations, to have recourse to the cellular assets attributable to that cell;

(b) be absolutely protected from the creditors of the company who are not creditors in respect of that cell and who accordingly are not entitled to have recourse to the cellular assets attributable to that cell.