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The Regulated Covered Bonds Regulations 2008, Section 29 is up to date with all changes known to be in force on or before 19 April 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[F129.—(1) Disbursements made by a liquidator, provisional liquidator, administrator, administrative receiver, receiver or manager of the owner in respect of costs which–
(a)are incurred after the commencement of any winding up, administration, administrative receivership or receivership; and
(b)relate to any of the persons mentioned in paragraph (2);
shall be expenses of the winding up, administration, administrative receivership or receivership, as the case may be, and shall rank equally among themselves in priority to all other expenses.
(2) The persons referred to in paragraph (1)(b) are–
(a)persons providing services for the benefit of regulated covered bond holders;
(b)the counter-parties to hedging instruments which are incidental to the maintenance and administration of the asset pool or to the terms of the regulated covered bonds; and
(c)persons (other than the issuer) providing a loan to the owner to enable it to meet the claims of regulated covered bond holders or pay costs which relate to persons falling within sub-paragraph (a) or (b).]
Textual Amendments
F1Reg. 29 substituted (22.7.2008) by The Regulated Covered Bonds (Amendment) Regulations 2008 (S.I. 2008/1714), regs. 1, 2(6)
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