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

(i) 90 per cent. of the sum of the value set forth in the Control Valuation for each related Property (net
of any prior security interest but including all reserves or similar amount which may be applied
toward payments on the Libra Whole Loan) above
(ii) the sum of:
(A) to the extent that interest has not been advanced pursuant to a P&I Advance by the Advance
Provider or, as the case may be, the Backup Advance Provider, all unpaid interest on the Libra
Whole Loan;
(B) all unreimbursed Advances that are related to the Libra Whole Loan;
(C) any other unpaid fees, expenses and other amounts of the Servicer, the Special Servicer or the
Security Agent (or any of their agents) that are payable prior to the Notes that are related to
the Libra Whole Loan; and
(D) all currently due and unpaid ground rents, insurance premia and taxes due on the related
Properties and all other amounts due and unpaid with respect to the Libra Whole Loan.
Rights of the Controlling Party
The Servicer or the Special Servicer, as applicable, will be required to consult with the related Controlling
Party with respect to proposals for it to take any significant action (as determined by the Servicer or Special
Servicer, as applicable) with respect to the Libra Whole Loan or its Related Security and to consider alternative
actions recommended by such Controlling Party. The Servicer or Special Servicer, as applicable, shall also, as
soon as reasonably practicable, inform the Note Trustee of the result of any consultation with a Controlling
Party; provided, however, that neither the Servicer nor the Special Servicer will be bound by any advice,
direction, instruction or objection of the Controlling Party with respect to such proposed action.
The Controlling Party (or majority holder thereof) may appoint a representative for the purpose of
exercising, on its behalf, the rights of the Controlling Party under the Servicing Agreement. Such appointment
will become effective upon notice being provided in writing to the Note Trustee, the Servicer and the Special
Servicer.
In addition, the Special Servicer or the Servicer, prior to taking or consenting to any of the following
actions with respect to the Libra Whole Loan, as applicable, will be required, among other things, to receive the
written approval of the related Controlling Party (a copy of which approval the Servicer or the Special Servicer
shall promptly forward to the Note Trustee):
(a) any modification of, or waiver with respect to the Libra Whole Loan that would result in the extension
or shortening of its Loan Maturity Date (other than extensions provided for in the Loan Documents);
(b) a reduction in the Libra Whole Loan’s, the Libra Loan’s or any B Loan’s interest rate or its quarterly
payment;
(c) a forgiveness of interest on or principal of the Libra Whole Loan;
(d) a modification or waiver of any other monetary term relating to the timing or amount of any payment
of principal or interest or any other material sum due under any Loan Document;
(e) a substitution of a Property (to the extent any Finance Party has any discretion to approve or disapprove
of such substitution under the Credit Agreement);
(f) the replacement of a property manager (to the extent any Finance Party has any discretion to approve or
disapprove such replacement under the Credit Agreement);
(g) any determination to grant any consent or waiver under any Loan Document in connection with: (i) the
sale or other transfer of an interest in a Property; (ii) the assumption of all or part of the rights and
obligations under and in respect of the Libra Whole Loan by an entity other than the Borrower; (iii) the
creation of any lien or other encumbrance on a Property; or (iv) any similar provision (unless the
failure to grant the consent or waiver would not be permissible under applicable law or such failure
would reasonably be likely to result in successful legal action by the Borrower);
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