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

(b) in the event the related Property is the subject of an internal valuation, equal to the greater of (i) the
amount calculated in accordance with paragraph (a) above, and (ii) 25 per cent. of the then outstanding
principal balance of the Libra Loan.
An Appraisal Reduction will be reduced to zero as at the date that the Libra Loan is brought current under
the then current terms of the Credit Agreement for at least three consecutive months, paid in full, liquidated,
repurchased or otherwise disposed of.
Annual Review Procedure
The Servicer or, in the case of any Specially Serviced Loan, the Special Servicer is required to undertake, at
the expense of the Issuer, an annual review in respect of the Borrower and the Libra Whole Loan in accordance
with the Servicing Standard. The Servicer or, as the case may be, the Special Servicer, is authorised to conduct
this review process more frequently, at the expense of the Issuer, if the Servicer or, as the case may be, the
Special Servicer, acting in accordance with the Servicing Standard, has cause for concern as to the ability of the
Borrower to meet its financial obligations under the Credit Agreement. Such a review (annual or otherwise)
may include an inspection of the Properties and will include consideration of the quality of the cash flow arising
from the Properties and a compliance check of the Borrower’s covenants under the Credit Agreement.
Quarterly Reporting
Subject to any constraints imposed by local law or any confidentiality agreement, the Servicer has agreed to
deliver to the Issuer, the Cash Manager, the Special Servicer, the Advance Provider, the Backup Advance
Provider, the Note Trustee, the Rating Agencies and, on the fifth Business Day immediately following each
Payment Date (provided that, with respect to the CMSA E-IRP Loan Setup File, the Servicer will, in addition,
provide such information prior to the first Payment Date), the following reports with respect to the Libra Loan,
each of which shall provide the required information in respect of the Loan Interest Accrual Period immediately
preceding the immediately ended Loan Interest Accrual Period (in the case of items (a) to (d) below and
information fields based on Borrower reporting) or in respect of the immediately ended Loan Interest Accrual
Period (in the case of the other items listed below) in each case based on information provided by the Special
Servicer with respect to any Specially Serviced Loan the following reports:
(a) “CMSA E-IRP Loan Setup File” setting forth, among other things, the majority of loan-level
information including, cut-off balance, original mortgage rate, maturity date and general payment
information, as well as financial data;
(b) “CMSA E-IRP Loan Periodic Update File” setting forth, among other things, quarterly remittances
on the Libra Whole Loan as well as the tracking of both scheduled and unscheduled payments on the
Libra Whole Loan;
(c) “CMSA E-IRP Property File” setting forth, among other things, information regarding the Properties
including, property name, address and identification number; and
(d) “Deal Summary Report” setting forth, among other things, the outstanding collateral balance as at the
Closing Date and for each quarter, principal prepayments, the number of Properties as at the Closing
Date and each quarter and the open market value of the portfolio as at the Closing Date and each
quarter. The Deal Summary Report will be produced substantially in the form as described above
subject to amendment from time to time in accordance with market demands.
The reports identified above (together, the “CMSA European Investor Reporting Package”) will be in
the form prescribed in the standard CMSA European investor reporting package (or as modified to take into
account any changes for properties located in England, Northern Ireland, Scotland and Wales).
On each Payment Date, the Servicer will provide to the Cash Manager, the Special Servicer, the Issuer and
the Note Trustee, the following information fields contained in the CMSA E-IRP Loan Periodic Update File on
the Libra Whole Loan and the Properties in the CMSA E-IRP Loan Periodic Update File format:
(a) the principal balance for the Libra Loan at the beginning of the related Loan Interest Accrual Period;
(b) the principal balance for the Libra Loan at the end of the related Loan Interest Accrual Period;
(c) principal repayment amounts actually received and made from the surplus of the Rent Account;
127