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

Distributions on the Notes: On each Payment Date, including post-enforcement, the Cash Manager will be
required to make payments from amounts remaining in the Collection Account after the payment of all Revenue
Priority Amounts and Expenses Priority Amounts (such remaining amounts, the “Available Funds”), as set
forth under “—Priority of Payments” and “—Distribution of the Pro Rata Principal Prepayment Amount”
below.
Priority of Payments: On each Payment Date, including post-enforcement (except as otherwise provided
below), payments from Available Funds in the Collection Account (excluding any Pro Rata Principal
Prepayment Amount, which shall be distributed as described under “—Distribution of the Pro Rata Principal
Prepayment Amount”), will be made by the Cash Manager in the following order of priority after payment of
Revenue Priority Amounts and Expenses Priority Amounts (in each case only if and to the extent that payments
or provisions of higher priority have been made in full) (the “Sequential Priority of Payments”):
(i) first, to pay, pro rata, all interest due or overdue and payable on the Class A Notes and the Class X
Notes together with any interest thereon, in accordance with the provisions of the Conditions and
the Note Trust Deed;
(ii) second, to pay all principal due and payable on the Class A Notes in an amount up to the lesser of:
(a) their Principal Amount Outstanding; and (b) the Sequential Principal Distribution Amount in
accordance with the provisions of the Conditions and the Note Trust Deed;
(iii) third, to pay that portion of the Class A Notes that represents any NAI Amounts previously
allocated to such class;
(iv) fourth, to pay the Forward Swap Subordinated Amounts to the Swap Provider;
(v) fifth, to pay all interest due or overdue and payable on the Class B Notes together with any interest
thereon, in accordance with the provisions of the Conditions and the Note Trust Deed;
(vi) sixth, to pay all principal due and payable on the Class B Notes in an amount up to the lesser of:
(a) their Principal Amount Outstanding; and (b) the Sequential Principal Distribution Amount, less
the portion of the Sequential Principal Distribution Amount distributed pursuant to all prior
clauses, in accordance with the provisions of the Conditions and the Note Trust Deed;
(vii) seventh, to pay that portion of the Class B Notes that represents any NAI Amounts previously
allocated to such class;
(viii) eighth, to pay all interest due or overdue and payable on the Class C Notes together with any
interest thereon, in accordance with the provisions of the Conditions and the Note Trust Deed;
(ix) ninth, to pay all principal due and payable on the Class C Notes in an amount up to the lesser of:
(a) their Principal Amount Outstanding; and (b) the Sequential Principal Distribution Amount, less
the portion of the Sequential Principal Distribution Amount distributed pursuant to all prior
clauses, in accordance with the provisions of the Conditions and the Note Trust Deed;
(x) tenth, to pay that portion of the Class C Notes that represents any NAI Amounts previously
allocated to such class;
(xi) eleventh, to pay all interest due or overdue and payable on the Class D Notes together with any
interest thereon, in accordance with the provisions of the Conditions and the Note Trust Deed;
(xii) twelfth, to pay all principal due and payable on the Class D Notes in an amount up to the lesser of:
(a) their Principal Amount Outstanding; and (b) the Sequential Principal Distribution Amount, less
the portion of the Sequential Principal Distribution Amount distributed pursuant to all prior
clauses, in accordance with the provisions of the Conditions and the Note Trust Deed;
(xiii) thirteenth, to pay that portion of the Class D Notes that represents any NAI Amounts previously
allocated to such class;
(xiv) fourteenth, to pay all interest due or overdue and payable on the Class E Notes together with any
interest thereon, in accordance with the provisions of the Conditions and the Note Trust Deed;
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