NEWGATE FUNDING PLC - Irish Stock Exchange

Level: 8 – From: 8 – Wednesday, December 19, 2007 – 9:31 pm – mac8 – 3894 Section 03 : 3894 Section 03
euro amounts received pursuant to exchange in the spot market under (a) and (b) above are to
be applied in payment of interest due in respect of the Class Cb Notes);
(ii)
to (a) the holders of the Class Cb Notes in respect of principal of the Class Cb Notes; and (b)
the Series Currency Swap Provider in respect of principal under the terms of the Class Cb Euro
Note Currency Swap Agreement (except for any relevant Currency Swap Provider Default
Payment) or, in the case of (b) above, if there is no Class Cb Euro Note Currency Swap
Agreement then in place, to exchange for euro in the spot exchange market. All such Class Cb
Euro Redemption Amounts shall be applied in redemption of the Class Cb Notes as provided
in Condition 9 (Redemption and Series Post-Enforcement Call Option) until the Class Cb
Notes are redeemed in full;
(j)
tenth, to pay, pro rata and pari passu:
(i)
(ii)
amounts (other than in respect of principal) payable in respect of the Class D Notes (such
amounts to be paid pro rata according to the respective interest entitlements of the Class D
Noteholders);
to the holders of the Class D Notes in respect of principal of the Class D Notes;
(k)
eleventh, to pay, pro rata and pari passu:
(i)
(ii)
amounts (other than in respect of principal) payable in respect of the Class E Notes (such
amounts to be paid pro rata according to the respective interest entitlements of the Class E
Noteholders); and
to the holders of the Class E Notes in respect of principal of the Class E Notes;
(l)
(m)
(n)
(o)
(p)
twelfth, to pay pari passu and pro rata an amount, if any, equal to the portion of Valued Added Tax
owing in respect of any fee due and payable to the Series Cash Manager, the Series Mortgage
Administrator, the Series Servicer or the Series Standby Mortgage Administrator (as applicable) under
the Series Cash Management Agreement, the Series Mortgage Administration Agreement, the Series
Servicing Agreement or the Series Standby Mortgage Administration Agreement (as applicable) that
exceeds 17.5%;
thirteenth, in or towards pari passu and pro rata payment of any Currency Swap Provider Default
Payment or Interest Rate Swap Provider Default Payment payable to any Series Currency Swap
Provider or Series Interest Rate Swap Provider, as applicable, under the terms of the Series Currency
Swap Agreements or Series Interest Rate Swap Agreement, as applicable;
fourteenth, prior to a Programme Insolvency Event and/or service of a Programme Enforcement
Notice, in or towards satisfaction of all other amounts due and payable to any other Series Secured
Creditors that are not otherwise provided for in this priority of payments;
fifteenth, prior to a Programme Insolvency Event and/or service of a Programme Enforcement Notice,
to credit to the Programme Account in respect of the Parent’s Profit Ledger an amount equal to 0.01%
of the revenue amounts applied under this priority of payments less any liability for tax on such
amount as has been provided for in accordance with subparagraph (c)(i) above on such date;
sixteenth, to pay to the Series Interest Rate Cap Certificate Holders the lower of (A) any remaining
moneys received or recovered by the Security Trustee after paying or providing for amounts under
paragraphs (a) to (o) above and (B) the sum of (i) amounts paid under the Series Interest Rate Cap
Agreement pursuant to the Series Interest Rate Cap Agreement during the relevant Interest Period
(other than any cap termination payments received from the Series Interest Rate Cap Provider to be
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