LCP Proudreed PLC - Irish Stock Exchange

(d) fourth, in or towards satisfaction, pro rata and pari passu according to the respective amounts due in
respect of:
(i) any amounts payable by the Borrower in respect of operating expenses incurred by the
Borrower in the course of the Borrower’s business (other than as provided elsewhere in this
priority of payments), including to the Property Manager in respect of fees (up to a maximum
of 4 per cent. of the then-current Estimated Rental Value of the relevant Property Portfolio for
the period in respect of which such fees are payable) and other amounts payable to the
Property Manager pursuant to the Property Management Agreement;
(ii) any amounts payable by or on behalf of 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 (b) to (e) and sub-paragraph (j) of the definition of On-going Facility Fees after
deducting from such On going Facility Fee an amount equal to any interest standing to the
credit of the Issuer Transaction Account on the relevant Loan Interest Payment Date to the
extent not already deducted in respect of item (b) above;
(iii) any amounts payable by or on behalf of the Borrower to the Account Bank and the Cash
Manager under the terms of the Account Bank and Cash Management Agreement, respectively,
in respect of the Fees and Expenses of the Account Bank and the Cash Manager; and
(iv) any amounts payable by or on behalf of the Borrower to the Approved Valuers in respect of
any Valuation Report, as prepared from time to time in respect of its Property Portfolio in
accordance with the Commercial Mortgage Loan Agreement.
(e) fifth, in or towards satisfaction of any amount due and payable by the Borrower to the Issuer by way
of On-going Facility Fee under the relevant Commercial Mortgage Loan Agreement in respect of the
amount described in sub paragraphs (f) and (k) of the definition of On-going Facility Fee;
(f) sixth, in or towards satisfaction of all amounts of interest due and payable to the Issuer in respect of
the Commercial Mortgage Loan;
(g) seventh, in or towards satisfaction of 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-paragraph (g) of the definition of On-going Facility Fee;
(h) eighth, in or towards provision for any amounts to become due prior to the immediately following
Loan Interest Period in respect of operating expenses incurred by the Borrower in the course of
Borrower’s business (other than as provided elsewhere in this priority of payments) and payable by
the Borrower;
(i) ninth, if, on the immediately preceding Loan Calculation Date:
(i) either the Historical ICR or the Projected ICR is less than 1.3:1; or
(ii) if the relevant Loan Calculation Date falls in the LTV Reference Period, the LTV Ratio is
above 70 per cent;
all remaining sums standing to the credit of the Borrower Transaction Account, to be deposited into
the Cash Trap Account provided that if both the Historical ICR and the Projected ICR are equal to
or above 1.3:1, the amount required to be so deposited shall be limited to the amount required to
maintain the balance of sums credited to the ‘‘LTV reserve ledger’’ at the applicable LTV Required
Amount;
(j) tenth,in or towards satisfaction of any amounts due and 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-paragraph (h) of the definition of On-going Facility Fee;
(k) eleventh, in or towards satisfaction of any amounts due and 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-paragraph (i) of the definition of On-going Facility Fee;
(l) twelfth, in or towards satisfaction of amounts payable by the Borrower to the Property Manager in
respect of fees and other amounts payable to the Property Manager pursuant to the Property
Management Agreement, to the extent not covered by item (d)(i) above;
(m) thirteenth, in payment of any excess to the Borrower by way of a deposit into the Borrower
Distribution Account.
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