LCP Proudreed PLC - Irish Stock Exchange

(e) the making of an arrangement, composition, reorganisation with or conveyance to or assignment for
the creditors of such company generally or the making of an application to a court of competent
jurisdiction for protection from the creditors of such company generally; or
(f) the passing by such company of an effective resolution or the making of an order by a court of
competent jurisdiction for the winding up or dissolution of such company (except, in the case of the
Issuer, a winding up for the purpose of a merger, reorganisation or amalgamation the terms of which
have previously been approved either in writing by the Note Trustee or by an Extraordinary
Resolution); or
(g) the appointment of an Insolvency Official in relation to such company or in relation to the whole or
any substantial part of the undertaking or assets of such company (excluding, in relation to the
Issuer, an administrative receiver or other receiver or manager appointed by the Issuer Security
Trustee pursuant to the Issuer Deed of Charge);
Insolvency Official means a liquidator, provisional liquidator, administrator (whether appointed by the
court or otherwise), administrative receiver, receiver or manager, nominee, supervisor, trustee in
bankruptcy, conservator, guardian or other similar official in respect of a company or partnership or in
respect of all (or substantially all) of the company’s or partnership’s assets or in respect of any
arrangement or composition with creditors;
Insolvency Proceedings means the winding-up, dissolution, company voluntary arrangement or administration
of a company or corporation and shall be construed so as to include any equivalent or analogous
proceedings under the law of the jurisdiction in which such company or corporation is incorporated or of
any jurisdiction in which such company or corporation carries on business including the seeking of
liquidation, winding-up, reorganisation, dissolution, administration, arrangement, adjustment, protection
or relief from creditors or the appointment of an Insolvency Official;
Insolvency Regulation means Council Regulation (EC) No. 1346/2000 of 29 May 2000;
Insurance Policy means, in respect of any Borrower, each of the policies of insurance set out in the
Borrower Deed of Charge relating to the relevant Commercial Mortgage Loan Agreement and any
policies of insurance (other than the policies of life assurance or life insurance) taken out by or on behalf
of any Borrower (including any insurances taken out by landlords or Occupational Tenants) and any
replacement policies thereof, in which any Borrower may now or hereafter have an interest;
Insurance Proceeds Account means the deposit account held with the Account Bank in the name of the
relevant Borrower with account number 59426381 (in the case of LCP Real Estate) or account number
59427023 (in the case of Proudreed Real Estate);
Insurer Rating Criteria means a rating of ‘‘A’’ or its equivalent (or better) for long term debt obligations
from both Fitch and S&P;
Intellectual Property means all rights to patents, trademarks, business names, know-how and other
intellectual property rights whether arising through ownership, licence or use and whether registered,
subject to registration or otherwise;
Interest Amount has the meaning given to it in Condition 5(d) (Interest – Determination of Rates of Interest
and Calculation of Interest Amounts);
Interest Determination Date means the day on which each Interest Period commences or in the case of the
first Interest Period, the Closing Date;
Interest Payment Date means the 25th day of February, May, August and November in each year, except
if such day is not a Business Day, in which case it shall be the next succeeding Business Day unless such
day falls in the next month, in which case it shall be the preceding Business Day, on which interest will
be paid in respect of the Notes;
Interest Period means each period from (and including) an Interest Payment Date and ending on (but
excluding) the next Interest Payment Date provided that the first Interest Period shall be the period from
(and including) the Closing Date and ending on (but excluding) the Interest Payment Date falling in
February 2006 and the last Interest Period shall be the period from (and including) the Interest Payment
Date falling in May 2016 and ending on (but excluding) the Final Maturity Date;
Investment Value means the Market Value of the applicable property subject to the terms of the relevant
Occupational Leases (which are assumed to exist when valuing an Incoming Property);
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