Test

(a) 1. payment of taxes owed by the Issuer; (b) 2. payment of the fees and expenses of the Trustee (or if relevant, its appointees) under the Trust Deed (including any taxes, legal fees and the Trustee’s remuneration); (c) 3. pari passu, payment of amounts owing to: (a) (i) the EUA Custodian for (i) payments it has properly made under the EUA Custody Agreement in relation to the Mortgaged Property and for (ii) its fees under the EUA Custody Agreement; (b) (ii) the Issuing and Paying Agent for payments it has properly made under the Agency Agreement in relation to discharge of a Secured Payment Obligation; (iii) (c) the Settlement Agent under the terms of the Agency Agreement; (d) (iv) the Agents and Corporate Services Provider (other than the Disposal Agent, Calculation Agent and Collateral Manager fees, if any) under the Agency Agreement and Corporate Services Agreement, and (e) (v) to auditors, legal advisers, regulatory authorities, exchanges, account providers or brokers in respect of any regulatory, administrative or operational expenses, pecuniary sanctions, claims or charges owed by the Issuer (including the Issuer’s winding-up costs). (d) 4. pari passu, payment of any Disposal Agent, Calculation Agent and/or Collateral Manager fees. (e) 5. pari passu, payment of any Early Redemption Amount due and payable, Final Redemption Amount due and payable and/or interest due and payable on the Maturity Date; any interest payable thereon (including Default Interest) to the NoteholderNoteholders. (f) 6. payment of the residual amount to the NoteholderNoteholders. (g) 7. payment of any balance to the Issuer.