(1) Subject to regulation 29, if -

(a) any asset comprised in the asset pool is charged as security for claims in priority to any charge over that asset granted to secure the claims of relevant persons; and

(b) the charge which has priority is realised at any time when the owner is not in the course of being wound up;

the proceeds of the realisation of that charge must, after payment of the expenses referred to in regulation 29 and any other expenses relating to that charge, be first applied to satisfy the claims of relevant persons at such time as those claims fall due for payment.

(2) Subject to regulation 29, if -

(a) any asset comprised in the asset pool is charged as security for several claims;

(b) any agreement between the creditors of that charge gives priority to the claims of any person above the claims of the relevant persons; and

(c) that charge is realised at any time when the owner is not in the course of being wound up;