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

Outstanding and Note Factor), and each such determination or calculation shall be conclusive and shall
be deemed to have been made by the Issuer or the Cash Manager, as the case may be.
(f) Notice of Redemption: Any such notice as is referred to in Conditions 6(c) (Mandatory Redemption for
Tax Reasons) and 6(d) (Mandatory Redemption Upon Exercise of Call Option) above shall be
irrevocable and, upon the expiration of such notice, the Issuer shall be bound to redeem the Notes of
the relevant class in the amounts specified in these Conditions.
(g) Cancellation: All Notes redeemed in full pursuant to the foregoing provisions will be cancelled
forthwith and may not be resold or re-issued.
(h) Mandatory Redemption in Part of the Class X Notes and Class V Notes: The Class X Notes will be
subject to mandatory redemption in part from amounts standing to the credit of the Class X Account on
the first Payment Date in the amount of £45,000 per Note. The Class V Notes will be subject to
mandatory redemption in part from amounts standing to the credit of the Class V Account on the first
Payment Date in the amount of £45,000 per Note.
(i) No Purchase by Issuer: The Issuer may not purchase any of the Notes.
7. Payments
(a) Global Notes: Payments of principal and interest in respect of any Global Note will be made only
against presentation (and in the case of final redemption of a Global Note or in circumstances where
the unpaid principal amount of the relevant Global Note would be reduced to zero (including as a result
of any other payment of principal due in respect of such Global Note), surrender) of such Global Note
at the specified office of any Paying Agent. A record of each payment so made, distinguishing
between payments of principal and payments of interest and, in the case of partial payments, of the
amount of each partial payment, will be endorsed on the schedule to the relevant Global Note by or on
behalf of the relevant Paying Agent, which endorsement shall be prima facie evidence that such
payment has been made.
Payments in respect of the Rule 144A Global Notes will be paid in sterling to holders of interests in
such Notes who hold such interests through Euroclear and/or Clearstream, Luxembourg (the “Rule
144A Euroclear/Clearstream Holders”). Payments in respect of the Regulation S Global Notes will
be paid in sterling to holders of interests in such Notes (such holders being, together with the Rule
144A Euroclear/Clearstream Holders, the “Euroclear/Clearstream Holders”).
A Euroclear/Clearstream Holder shall receive payments in respect of its interest in any Global Notes in
accordance with Euroclear’s or, as the case may be, Clearstream, Luxembourg’s rules and procedures.
None of the persons from time to time shown in the records of Euroclear or Clearstream Luxembourg
as the holder of a Note of the relevant Class shall have any claim directly against the Issuer or the Note
Trustee in respect of payments due on such Note whilst such Note is represented by a Global Note and
the Issuer or the Note Trustee, as the case may be, shall be discharged by payment of the relevant
amount to the registered holder of the relevant Global Note.
(b) Definitive Notes: Payments of principal and interest (except where, after such payment, the unpaid
principal amount of the relevant Note would be reduced to zero (including as a result of any other
payment of principal due in respect of such Note), in which case the relevant payment of principal or
interest, as the case may be, will be made only against surrender of such Note) in respect of Definitive
Notes will be made by sterling cheque drawn on a branch of, or by transfer to a sterling account held
with a bank in London posted to the holder (or to the first-named of joint holders) of such Definitive
Note at the address shown in the register maintained by the Registrar listing all holders of Definitive
Notes (the “Register”) not later than the due date for such payment. If any payment due in respect of
any Definitive Note is not paid in full, the Registrar will annotate the Register with a record of the
amount, if any, so paid.
Upon application by the holder of a Definitive Note to the specified office of the Registrar not later
than the Record Date for payment in respect of such Definitive Note, such payment may be made by
transfer to a sterling account maintained by the payee with a branch of a bank in London, United
Kingdom. Any such application for transfer to such account shall be deemed to relate to all future
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