Artikel 12 Vermögenstrennung von Deckungswerten

all cover assets are identifiable by the credit institution issuing the covered bonds at all times;

all cover assets are subject to legally binding and enforceable segregation by the credit institution issuing the covered bonds;

all cover assets are protected from any third party claims and no cover asset forms part of the insolvency estate of the credit institution issuing the covered bonds until the priority claim referred to in point (b) of Article 4(1) has been satisfied.