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

(xv) fifteenth, to pay all principal due and payable on the Class E 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;
(xvi) sixteenth, to pay that portion of the Class E Notes that represents any NAI Amounts previously
allocated to such class;
(xvii) seventeenth, to pay to the Advance Provider or, as the case may be, the Backup Advance Provider,
any Subordinated Advance Amounts with respect to the Libra Whole Loan; and
(xviii) eighteenth, to pay any surplus to the Issuer and, if the directors of the Issuer so resolve, and the
Issuer may lawfully do so, to pay dividends to shareholders in the Issuer.
On any Payment Date, including post-enforcement, on which principal amounts are due and payable on the
Class X Notes or the Class V Notes, the Cash Manager will instruct the Operating Bank to pay such amounts
from the Class X Account and the Class V Account, respectively, in accordance with the Conditions and the
Note Trust Deed. See “Terms and Conditions of the Notes—Condition 6”. On any Payment Date, including
post-enforcement, on which interest is due and payable on the Class V Notes, such interest will be paid from the
Class V Account in accordance with the Conditions and the Note Trust Deed. See “—Class V Account” and
“Terms and Conditions of the Notes—Condition 5(c)”.
To the extent that Available Funds on any Payment Date, after paying any interest then due and payable on
the most senior class of Notes then outstanding (other than the Class V Notes), are insufficient to pay in full
interest due on any outstanding class or classes of more junior-ranking Notes (other than the Class V Notes), the
shortfall in the interest amount then due and payable will be paid, in accordance with the Sequential Priority of
Payments, on one or more subsequent Payment Dates if Available Funds on such Payment Date or Payment
Dates are sufficient to pay such amounts.
Distribution of the Pro Rata Principal Prepayment Amount: On each Payment Date prior to a Sequential
Prepayment Trigger in respect of which the Principal Prepayment Amount is greater than zero, the Cash
Manager will allocate and distribute Pro Rata Principal Prepayment Amounts from Available Funds in the
Collection Account pro rata to each class of Notes then outstanding (other than the Class X Notes and the Class
V Notes) based upon the respective Principal Amount Outstanding of each such class of Notes and the aggregate
Principal Amount Outstanding of the Notes (other than the Class X Notes and the Class V Notes) on such
Payment Date, in each case after taking into account application of (i) the Principal Amortisation Amount and
(ii) the Pre-Trigger Sequential Principal Prepayment Amount for such Payment Date in accordance with the
Sequential Priority of Payments.
Class V Account: The Issuer will deposit £50,000 on the Closing Date into the Class V Account, which
amount will be available to pay principal only on the Class V Notes as and when such principal becomes due in
accordance with the Conditions and the Note Trust Deed to the extent that such principal has not been
previously redeemed (as such balance may be reduced, the “Class V Deposit”). The Class V Deposit will be
segregated from all other amounts deposited in the Class V Account and will not be available to pay interest on
the Class V Notes at any time. Amounts allocated to the Class V Account, as described above under “—Certain
Calculations”, if any, will be available to pay interest on the Class V Notes. The amount of interest due with
respect to any Payment Date on the Class V Notes is equal to the interest accrued during the Interest Accrual
Period expiring immediately before such Payment Date at the Class V Interest Rate on the principal amount
outstanding of the Class V Notes. The Rate of Interest applicable to the Class V Notes for any Interest Accrual
Period will be the Class V Interest Rate as calculated on the Interest Determination Date in respect of the
Interest Accrual Period for which the rate will apply. The “Class V Interest Rate” for any Payment Date will
be a per annum rate, expressed as a percentage, equal to the product of: (a) the fraction obtained by dividing: (i)
the Class V Amounts Factor for the Class V Notes, by (ii) the actual number of days in the relevant Interest
Accrual Period expiring immediately before such Payment Date; and (b) 365. The “Class V Amounts Factor”
is, as of any Payment Date, equal to the amount expressed as a percentage obtained by dividing: (i) the Class V
Amounts for the Interest Accrual Period expiring immediately before such Payment Date by (ii) the Principal
Amount Outstanding of the Class V Notes as at the beginning of such period. The “Class V Amounts” in
respect of the Payment Date immediately following the expiry of an Interest Accrual Period means the sum of:
(i) all Prepayment Charges and Yield Maintenance Premia with respect to the Libra Loan received
during the Collection Period immediately preceding such Payment Date; and
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