Titan Europe 2007-1 (NHP) Limited - Irish Stock Exchange

“Sequential Prepayment Trigger” means, on any Determination Date, the existence of any of the
following:
(a) a Material Loan Event of Default under the Credit Agreement relating to the Libra Loan; or
(b) NAI Amounts have been allocated to any class of Notes since the Closing Date due to realised losses
on the Libra Loan, or there has been a failure to pay interest when due on any Note; or
(c) the aggregate Principal Amount Outstanding of the Notes (other than the Class X Notes and the Class
V Notes) is less than or equal to 50 per cent. of the aggregate Principal Amount Outstanding of the
Notes (other than the Class X Notes and the Class V Notes) as at the Closing Date; or
(d) a Note Event of Default has been declared and is outstanding.
“Material Loan Event of Default” means any Loan Event of Default deemed by the Servicer or, with
respect to a Specially Serviced Loan, the Special Servicer to be material on the basis of the Credit Agreement,
which Loan Events of Default shall include, but not be limited to, any monetary event of default, insolvency (of
a member of the Borrower Group or of the Principal Tenant), cross-default with other indebtedness, or certain
breaches of representation. Upon the occurrence of a Material Loan Event of Default, the Servicer or the
Special Servicer, as applicable, will be required to promptly notify the Cash Manager.
Payment of Expenses: After allocating the amounts described above to the Issuer Accounts, the Cash
Manager shall instruct the Operating Bank to make the following payments from amounts allocated to the
Collection Account (as provided above) in priority to all other payments required to be made by the Issuer and
on any day such payments are due:
(a) any amounts of expenses due and payable by the Issuer in the ordinary course of its business properly
payable to third parties (and not payable to a Periodic Fee Party or the Special Servicer) including its
liability, if any, to corporation tax and/or value added tax;
(b) any amounts on account of interest that accrued prior to the assignment of the Libra Loan to the Issuer
and that are payable to the Loan Seller pursuant to the Loan Sale Agreement;
(c) on any date that such amounts are due, and to the extent not paid by: (i) the Issuer, any amounts or
expenses due and payable to the Swap Provider as periodic payments or Swap Termination Payments
on the Basis Swap Agreement; and (ii) the Borrower, any amounts or expenses due and payable to the
Swap Provider as periodic payments or Swap Termination Payments on the Swap Agreement, but
excluding any Forward Swap Subordinated Amounts;
(d) to the Advance Provider or the Backup Advance Provider, in the event that there is an outstanding
Advance (other than any Nonrecoverable Advance) in relation to the Libra Whole Loan, Property or
MIP Property, the lesser of:
(i) any Late Collections received or recovered in respect of the Libra Whole Loan, Property or MIP
Property for which an Advance had been made; and
(ii) the amount of the Advance made with respect to the Libra Whole Loan (together with all accrued
interest thereon at the Reimbursement Rate and all Additional Interest),
each of such amounts described in paragraphs (a), (b), (c) or (d) above being, a “Revenue Priority
Amount”.
“Additional Interest” means, with respect to any Advance, the amount (if any) of Late Collections in
respect of such Advance which represent default interest to the extent the same is not applied toward the
recovery of Advances pursuant to the Servicing Agreement.
“Reimbursement Rate” means the rate per annum applicable to the accrual of interest on Servicing
Advances and P&I Advances in accordance with the terms of the Servicing Agreement which rate per annum
will equal the sum of the base lending rate, from time to time, of SONIA and 1.25 per cent. per annum.
“SONIA” or “Sterling Overnight Interbank Average” is the effective overnight reference rate for
Sterling as calculated by the Wholesale Markets Brokers’ Association set forth for that day on
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