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

themselves. Both before and after enforcement of the Issuer Security, the Class X Notes, with
respect to payments of principal, are entitled to the benefit of additional security (which may not
be used to pay principal or interest on any other Notes) and, therefore, the Class X Notes do not
rank against any other Notes with respect to such principal amounts. Both before and after the
service of a Note Enforcement Notice, the Class V Notes, with respect to payments of principal
and interest, are also entitled to the benefit of additional security (which may not be used to pay
principal or interest on any other Notes) and, therefore, the Class V Notes do not rank against any
other Notes with respect to such principal and interest amounts.
(iii) The Note Trust Deed contains provisions requiring the Note Trustee to have regard to the interests
of the holders of Class A Notes, Class X Notes, Class B Notes, Class C Notes, Class D Notes,
Class E Notes and Class V Notes equally as regards all powers, trusts, authorities, duties and
discretions of the Note Trustee (except where expressly provided otherwise), provided that:
(A) if, in the Note Trustee’s opinion, there is a conflict between the interests of:
(1) the Class A Noteholders and the Class X Noteholders (for so long as the Class A Notes
and Class X Notes are outstanding); and
(2) the Class B Noteholders and/or the Class C Noteholders and/or the Class D Noteholders
and/or the Class E Noteholders,
then the Note Trustee shall have regard only to the interests of the Class A Noteholders and
the Class X Noteholders (and in the event of a conflict arising between the Class A
Noteholders and the Class X Noteholders then the Note Trustee shall have regard only to the
interests of the Class A Noteholders);
(B) if, in the Note Trustee’s opinion, there is a conflict between the interests of:
(1) the Class B Noteholders (for so long as the Class B Notes are outstanding); and
(2) the Class C Noteholders and/or the Class D Noteholders and/or the Class E Noteholders,
then the Note Trustee shall, subject to (A) above, have regard only to the interests of the Class
B Noteholders;
(C) if, in the Note Trustee’s opinion, there is a conflict between the interests of:
(1) the Class C Noteholders (for so long as the Class C Notes are outstanding); and
(2) the Class D Noteholders and/or the Class E Noteholders,
then the Note Trustee shall, subject to (A) and (B) above, have regard only to the interests of
the Class C Noteholders;
(D) if in the Note Trustee’s opinion, there is a conflict between the interests of:
(1) the Class D Noteholders (for so long as there are any Class D Notes outstanding); and
(2) the Class E Noteholders,
then the Note Trustee shall, subject to (A), (B) and (C) above, have regard only to the interests
of the Class D Noteholders; and
(E) if in the Note Trustee’s opinion, there is a conflict between the interests of:
(1) the Class V Noteholders (for so long as there are any Class V Notes outstanding); and
(2) the Noteholders of any other class of Notes,
then the Note Trustee shall have regard only to the interests of such other class or classes of
Notes,
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