LCP Proudreed PLC - Irish Stock Exchange

Interest Payment Date falling in February 2006. The final Interest Period will commence on (and include)
the Interest Payment Date falling in May 2016 and end on (but exclude) the Final Maturity Date.
Interest on the Notes will accrue at an annual rate of LIBOR for three-month Sterling deposits, plus a
margin of 0.26 per cent. per annum (in the case of the Class A Notes), 0.35 per cent. per annum (in the
case of the Class B Notes), 0.60 per cent. per annum (in the case of the Class C Notes), or 0.85 per cent.
per annum (in the case of the Class D Notes). In the case of the first Interest Period only, each Class of
Notes will bear interest at the equivalent rate for four month sterling deposits in the market plus the
margin applicable to the relevant Class of Notes as described above.
The Noteholders will be entitled to receive payment of interest on their respective Notes on each Interest
Payment Date as provided in the Conditions and provided that such amounts are paid after payment of
any liabilities ranking in priority thereto in accordance with the Issuer Pre-Enforcement Priority of
Payments or Issuer Post-Enforcement Priority of Payments, as applicable (see further the section entitled
‘‘Resources Available to the Borrowers and the Issuer’’ below).
A failure by the Issuer to make quarterly payments of amounts of interest due under any Class of Notes
will constitute a default under the Notes unless such interest arises on the portion of that Class of Notes
to which a Principal Loss has been allocated and such interest has been deferred in accordance with
Condition 5(h).
Withholding Tax
All payments of principal and interest in respect of the Notes will be made without withholding or
deduction for or on account of tax unless such withholding or deduction is required by law. If any such
withholding or deduction is required to be made from payments due in respect of the Notes, neither the
Issuer nor any Paying Agent nor any other person will be obliged to pay any additional amounts to
Noteholders or, if definitive Notes are issued, Couponholders or to otherwise compensate Noteholders or
Couponholders for the reduction in the amounts they will receive as a result of such withholding or
deduction. In such circumstances, and in certain other circumstances resulting from a withholding or
deduction for or on account of tax in the context of the transaction, the Issuer will have the option (but
not the obligation) to redeem all of the Notes at their Principal Amount Outstanding, as more particularly
set out in Condition 6(c) (Redemption, Purchase and Cancellation – Optional Redemption for Tax
Reasons).
Expected and Final Redemption
Unless previously redeemed in full or purchased and cancelled, the Notes are expected to mature at their
respective Principal Amount Outstanding, together with accrued interest thereon, on the Interest
Payment Date falling in August 2014, and, at the latest, will mature on the Final Maturity Date.
Mandatory and Optional Redemption
In the event of a mandatory or optional repayment or prepayment by a Borrower of all or part of its
Commercial Mortgage Loan, for whatever reason, before the Final Maturity Date (see further ‘‘Summary
of Principal Documents – The Commercial Mortgage Loan Agreements – Prepayment of the Commercial
Mortgage Loans’’), the Issuer shall be required to apply any proceeds of such repayment or prepayment
in redeeming all or part of the Notes on the next following Interest Payment Date (see further Condition
(b) (Redemption, Purchase and Cancellation – Mandatory Redemption following prepayment of a
Commercial Mortgage Loan)).
In addition to the required repayment of the Notes on the Final Maturity Date and any mandatory
redemption following prepayment of a Commercial Mortgage Loan, the Notes will be subject to optional
redemption in whole before the Final Maturity Date in certain circumstances as described in Condition
(d) (Redemption, Purchase and Cancellation – Optional Redemption).
Security for the Notes
The Notes will be secured pursuant to the Issuer Deed of Charge (see further the section entitled
‘‘Summary of Principal Documents – The Issuer Deed of Charge’’ for a further description of the Issuer
Security).
The Note Trustee (and any receiver appointed by the Note Trustee), the Account Bank, the Agent Bank,
the Paying Agents, the Issuer Corporate Services Provider, the Hedging Providers, the Liquidity Facility
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