S.L. 386.16 Art. 12Liabilityofcellular assets.

(1) Where any liability arises which is attributable to a particular cell of a securitisation cell company -

(a) only the cellular assets attributable to that cell shall be used to satisfy the liability; and

(b) any cellular assets not attributable to the relevant cell shall not be used to satisfy the liability.

(2) Any liability not attributable to a particular cell of a securitisation cell company shall be the liability solely of the company’s non-cellular assets, provided that apportionments may be made out of the assets attributable to the individual cells towards the costs of the day-to-day administration of the securitisation cell company.