; (C) third, to pay— (i) accrued and unpaid claims under the covered bonds and the related transaction documents according to their terms; and (ii) accrued and unpaid pari passu claims under paragraph (2)(B)(ii); and (D) fourth, to pay accrued and unpaid subordinated claims under paragraph (2)(B)(i). (4) Distributions on residual interest After all other claims against and interests in an estate have been fully and irrevocably paid or defeased, the trustee shall or shall cause a servicer or administrator to distribute the remainder of the estate to or at the direction of the owner of the residual interest. No interim distribution on the residual interest may be made before that time, unless the applicable covered bond regulator— (A) approves the distribution after determining that all other claims against and interests in the estate will be fully, timely, and irrevocably paid according to their terms