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

outstanding is redeemed in full pursuant to the foregoing, any remaining Principal Distribution
Amounts shall be applied in mandatory redemption in full or in part of the next most senior class of
Notes (other than the Class X Notes or the Class V Notes) then outstanding.
The Sequential Principal Distribution Amounts shall be applied, on the immediately following Payment
Date, first in paying principal on the Class A Notes until all the Class A Notes have been redeemed in
full; secondly, in paying principal on the Class B Notes until all the Class B Notes have been redeemed
in full; thirdly, in paying principal on the Class C Notes until all the Class C Notes have been redeemed
in full; fourthly, in paying principal on the Class D Notes until all the Class D Notes have been
redeemed in full; fifthly, in paying principal on the Class E Notes until all the Class E Notes have been
redeemed in full.
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.
Subject to Condition 21 (Limited Recourse), payments of Principal Distribution Amounts, Sequential
Principal Distribution Amounts, Pro Rata Principal Prepayment Amounts and Pre-Trigger Sequential
Principal Prepayment Amounts shall be applied, as appropriate, on each Payment Date, commencing
on the first Payment Date.
Upon payment in full of the Principal Amount Outstanding of all the Notes (other than the Class X
Notes and the Class V Notes) by redemption pursuant to any provision under this Condition 6
(Redemption and Cancellation), any amount that is held in a separate account of the Issuer as security
for the Class V Notes only, shall be paid in full as a repayment of principal to the holders of the Class
V Notes.
Upon payment in full of the Principal Amounts Outstanding of all the Notes (other than the Class X
Notes and the Class V Notes) by redemption pursuant to any provision under this Condition 6
(Redemption and Cancellation) or in the event that the aggregate outstanding principal balance of the
Libra Loan has been reduced to zero, any amount that is held in a separate account of the Issuer as
security for the Class X Notes only, shall be paid in full as a payment of principal to the holders of the
Class X Notes.
For the purposes of this Condition, “Principal Distribution Amount” means the amount of any
Principal Distribution Amount which has actually been allocated as principal by the Cash Manager for
the redemption of any of the Notes (other than the Class X Notes and the Class V Notes) pursuant to
the Cash Management Agreement.
For the purposes of this Condition, “Pro Rata Principal Prepayment Amount” means the amount of
any Pro Rata Principal Prepayment Amount which has actually been allocated by the Cash Manager for
the redemption of any of the Notes (other than the Class X Notes and the Class V Notes) pursuant to
the Cash Management Agreement.
For the purposes of these Conditions, “Principal Amortisation Amount” means for any Payment Date
the Principal Distribution Amount for such Payment Date less the Principal Prepayment Amount for
such Payment Date.
For the purposes of these Conditions, “Principal Prepayment Amount” means for any Payment Date
the sum, without duplication, of any voluntary or mandatory principal prepayments (including any
premium received in connection with any property release) or Balloon Payment but excluding, in each
case, amortisation actually received under the Libra Loan during the Collection Period related to such
Payment Date.
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