LCP Proudreed PLC - Irish Stock Exchange

Preliminary Offering Circular means the offering circular dated 26 September 2005, issued by the Issuer
in connection with the Notes;
Prepayment Amount has the meaning set out in the section entitled ‘‘Summary of Principal Documents –
the Commercial Mortgage Loan Agreements’’;
Principal Amount Outstanding means, on any date in relation to a Note, the principal amount outstanding
of that Note as at the Closing Date (in the case of an Original Note) or Further Issue Date (in the case
of a Further Note and/or a New Note and/or a Replacement Note) less the aggregate of all Note Principal
Payments that have been made by the Issuer in respect of that Note on or prior to that date;
Principal Loss means, on any Calculation Date, the amount determined by the Cash Manager to be the
amount that has not been recovered on all the Commercial Mortgage Loans following the default by a
Borrower and the completion of the enforcement of the security for the relevant Commercial Mortgage
Loans;
Principal Paying Agent means HSBC Bank plc acting through its office at 8 Canada Square, London,
E14 5HQ;
Projected ICR means, in respect of any Forward-Looking Calculation Period, the ratio of the Projected
Net Rental Income to the Projected Interest Charges each in respect of such Forward-Looking
Calculation Period;
Projected Interest Charges means, in relation to a Forward-Looking Calculation Period, without
double-counting, the projected accrued cost of interest due and payable by the relevant Borrower under
the relevant Commercial Mortgage Loan Agreement during such Forward-Looking Calculation Period
calculated on an accruals basis and using an estimate provided by the Agent Bank on or before the
relevant Loan Calculation Date of the interest rate(s) applicable to the relevant Commercial Mortgage
Loan in respect of the Loan Interest Period commencing on the immediately following Loan Interest
Payment Date;
Projected Net Rental Income means, in respect of any Forward-Looking Calculation Period, the sum of:
(a) the aggregate amount of Gross Rental Income (excluding any amounts attributable to VAT)
contracted to be due and payable to the relevant Borrower during the relevant Forward-Looking
Calculation Period, adjusted in accordance with the then-current Applicable Accounting Principles
(including as to the treatment of premium or other consideration payable to the Borrower in
connection with the surrender of an Occupational Lease and any sum payable under any policy of
insurance in respect of loss of rent or interest on rent);
(b) minus any amounts under items (h) to (j) of the definition of Gross Rental Income in respect of the
relevant Forward-Looking Calculation Period; and
(c) minus any amounts of Gross Rental Income (excluding for these purposes any items already
excluded by (b) above) relating to (i) such part of such Forward-Looking Calculation Period after
which any Occupational Leases will either terminate during such period (where notice of
termination has already been served by the relevant Borrower or by the relevant Occupational
Tenants) or for which the relevant Occupational Tenant has an option to terminate during such
period upon notice that may take effect during that period, (ii) any Occupational Tenant that is
subject to any Insolvency Proceedings and (iii) any Occupational Tenant that is more than three
months in arrears on its payment obligations under any Occupational Lease at the start of such
Forward-Looking Calculation Period;
less the sum of:
(i) fees payable to the Property Manager (or its agents), to the extent not recoverable from
Occupational Tenants;
(ii) any fees and expenses payable by the Borrower to the Borrower Security Trustee and its
appointees (if any) under the provisions of any Obligor Transaction Document;
(iii) any amounts payable by the Borrower to the Issuer by way of On-going Facility Fee under the
Commercial Mortgage Loan Agreement in respect of amounts described in sub-paragraphs
(a) to (f) and sub-paragraphs (j) and (k) of the definition of On-going Facility Fee;
(iv) any amount payable by or on behalf of the Borrower to the Account Bank and the Cash
Manager under the terms of the relevant Account Bank and Cash Management Agreement in
respect of the Fees and Expenses of the Account Bank and the Cash Manager, respectively;
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