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

Principal Distribution Amounts and Pro Rata Principal
Prepayment Amounts).
Description of the Libra Whole Loan
Libra Whole Loan...................................... The Libra Loan, which represents 100.0 per cent. of the Initial
Loan Balance, is the senior tranche of a whole loan to the Borrower
(and together with the subordinate tranches, the “Libra Whole
Loan”).
The subordinate tranches of the Libra Whole Loan, the “B0-1
Loan”, the “B0-2 Loan”, the “B1 Loan”, the “B2 Loan”, the “B3
Loan” and the “B4 Loan” (each a “Subordinate Tranche”, and,
collectively the “Subordinate Debt”) will not be held by the
Issuer, but will instead be held by the Loan Arranger and/or certain
third parties (each of the latter a “Subordinate Lender” and
collectively, the “Subordinate Lenders”). Pursuant to the terms of
an intercreditor deed (the “Senior Intercreditor Deed”) entered
into in relation to the Libra Whole Loan with the Subordinate
Lenders, the Libra Whole Loan has been tranched, each tranche
being subordinate in priority of payment to the Libra Loan.
The parent company of the Borrower (the “Shareholder”) is the
borrower under a separate, subordinated £70,000,000 loan (the
“PIK Facility Loan”). The PIK Facility Loan is not held by the
Issuer and will instead be held by third parties. The PIK Facility
Loan is secured by a first fixed charge over the shares of the
Borrower, and is guaranteed and subordinated pursuant to a
guarantee and subordination deed. The guarantee under the
guarantee and subordination deed is secured by the same security
as that for the Libra Whole Loan, and each Guarantor also
guarantees the Senior Debt (the “Guarantee and Subordination
Deed”). See “Risk Factors—Other Indebtedness, Liabilities and
Financing” and “The Libra Loan and Properties—PIK Facility
Intercreditor Deed”.
The Libra Loan and Related Properties
The Libra Loan .......................................... The Issuer’s assets will consist primarily of the senior tranche (the
“Libra Loan”) under the Libra Whole Loan, which is secured by,
inter alia, mortgages or (in the case of Scottish properties) standard
securities (each, a “Mortgage”) over: (a) the freeholds and
overriding leases of 285 healthcare properties, which represent 96.5
per cent. of the Cut-Off Date Securitised Loan Principal Balance
based upon the aggregate Cut-Off Date Allocated Loan Amount;
(b) the long leaseholds of seven healthcare properties, which
represent 2.6 per cent. of the Cut-Off Date Securitised Loan
Principal Balance based upon the aggregate Cut-Off Date
Allocated Loan Amount; (c) the part freehold and part leasehold of
two healthcare properties which represent 0.9 per cent. of the Cut-
Off Date Securitised Loan Principal Balance based upon the
aggregate Cut-Off Date Allocated Loan Amount; and (d) the
freeholds of three staff accommodation properties, which represent
less than 1.0 per cent. of the Cut-Off Date Securitised Loan
Principal Balance based upon the aggregate Cut-Off Date
Allocated Loan Amount (collectively, the “Properties”). In
addition, the Libra Loan is secured by: (a) charges over 241
overriding leases which have been granted by the relevant
freeholder, part freehold and part leasehold or long leasehold
owner in the Borrower Group (the “Superior Landlord”) of the
294 healthcare properties to other members of the Borrower Group;
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