403Interpretation

1. In this subpart, unless the context otherwise requires,—

   cover pool, in relation to a covered bond programme, means property that—

   1. is owned by the relevant covered bond SPV; and
   2. secures the obligations of that SPV under the covered bond programme

   cover pool monitor means a person that meets the requirements of section 419(1)

   covered bond means a bond, note, or other debt security that has the following features:

   1. it represents an unsecured obligation of the issuer; and
   2. the principal and interest owing under the bond, note, or other debt security are guaranteed by a covered bond SPV; and
   3. the obligations under that guarantee are secured by property that is owned by that SPV

   covered bond programme means any programme of covered bonds under which, on the security of a single cover pool, covered bonds may be issued

   covered bond SPV has the meaning given to it by section 404

   issuer has the meaning given to it by section 405

   own includes to hold a beneficial, or legal, interest or entitlement

   registered covered bond programme means a covered bond programme that has been registered under section 412.