the structure of Bonds where these are based on various elements including: 1. Bondholders’ right of recourse (directly or indirectly) on the Bonds assets, as the case may be. 2. the Bond Assets are ring-fenced or securitised in a manner which protects them from claims from other creditors. 3. Bondholders’ reliance on the assets of those Bonds as the principal source for servicing periodic distributions and redemption. 4. Bondholders’ bearing the risk of losses in the value of the Bond assets.