(1) The cover prescribed in section 21, first sentence may also be effected
1. by promissory notes or acknowledgements of debt within the meaning of sections 780 and 781 of the German Civil Code that are secured by ship mortgages, provided they are based on loan claims that satisfy the requirements named in sections 22 to 24; insofar as the loan claims satisfy the aforementioned requirements only in part, they may be used for cover only to that extent; section 21, second sentence applies accordingly;
2. by the cover assets named in section 19(1), first sentence, no. 1, under the conditions and limits named there, with the proviso that the total amount of outstanding ship Pfandbriefe takes the place of the total amount of outstanding mortgage Pfandbriefe;
3. by the cover assets named in section 19(1), first sentence, no. 2, under the conditions and limits named there, with the proviso that the total amount of outstanding ship Pfandbriefe takes the place of the total amount of outstanding mortgage Pfandbriefe;
4. by the cover assets named in section 19(1), first sentence, no. 3, under the conditions and limits named there, with the proviso that the total amount of outstanding ship Pfandbriefe takes the place of the total amount of outstanding mortgage Pfandbriefe;
5. by the cover assets named in section 19(1), first sentence, no. 4, under the conditions and limits named there, with the proviso that the total amount of outstanding ship Pfandbriefe takes the place of the total amount of outstanding mortgage Pfandbriefe. For the cover under the first sentence, no. 3, the cover assets named in the first sentence, no. 2 must be counted. For the cover under the first sentence, no. 4, the cover assets named in the first sentence, nos. 2 and 3 must be counted. For the cover under the first sentence, no. 5, the cover assets named in the first sentence, nos. 2 to 4 must be counted. Section 19(1), fifth sentence applies with the proviso that the total amount of outstanding ship Pfandbriefe takes the place of the total amount of outstanding mortgage Pfandbriefe. Section 19(1), sixth sentence and section 20(3) apply accordingly.
(2) In the case of section 2(3), BaFin may permit exceptions from the limits of subsection (1), first sentence, nos. 4 and 5, applying section 19(2) accordingly.
Subdivision 4
Aircraft Pfandbriefe