The fact that a designated or formerly designated credit institution, or its parent entity or any company related to the institution, has become insolvent or potentially insolvent does not affect -

(a) the claims and rights of holders of asset covered securities issued by the institution,

(b) the claims and rights of persons referred to in paragraph (b) of the definition of "preferred creditor" in section 3,

(c) the claims and rights that the other contracting party has under any cover assets hedge contract entered into by the institution,

(d) the appointment of a cover-assets monitor in respect of the institution under Part 5 and the claims and rights of the monitor in so far as those claims or rights relate to the appointment or arise under this Act,

(e) the appointment of a manager in respect of the institution under Part 6 and the claims and rights of the manager in so far as those claims or rights relate to the appointment or arise under this Act, or