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

Swap Agreements...................................... Prior to the Closing Date, the Swap Provider entered into a swap
agreement with the Borrower in the form of the International
Swaps and Derivatives Association Inc. (“ISDA”) 1992 Master
Agreement (Multicurrency-Cross Border) (a “Swap Agreement”).
In relation to the Swap Agreement, the Swap Provider has also
entered into two separate swap confirmations, each evidencing the
terms of a swap transaction, with the Borrower in respect of the
Credit Agreement for the period (a) from the date of origination of
the Libra Whole Loan up to 15 January 2010 (the “Spot Swap”),
and (b) from 15 January 2010 up to 15 January 2017 (the
“Forward Swap” and each of the Spot Swap and the Forward
Swap, a “Swap Transaction” and collectively, the “Swap
Transactions”) (the notional balance of each being equal to the
principal balance of the Libra Whole Loan). The Libra Whole
Loan matures on 15 January 2009, or, upon extension, 15 January
2010.
Pursuant to each Swap Transaction, the Borrower has agreed to
make fixed rate payments against a notional balance which equals
the principal balance of the Libra Whole Loan in exchange for
three-month LIBOR. Save for the payment of any Swap
Subordinated Amount, payments on the Spot Swap will be paid in
priority to amounts payable on the Libra Whole Loan; payments on
the Forward Swap relating to the Libra Whole Loan will be paid
subordinate to payments of principal and interest on the Class A
Notes and the Class X Notes (as to interest only).
In addition, on or before the Closing Date, the Issuer will enter into
a swap agreement with the Swap Provider in the form of the ISDA
1992 Master Agreement (Multicurrency-Cross Border) (the “Basis
Swap Agreement”). In relation to the Basis Swap Agreement, the
Swap Provider has entered into a swap confirmation with respect to
the Libra Loan (the “Basis Swap Confirmation”) evidencing the
terms of such swap transaction (the “Basis Swap Transaction”),
pursuant to which the Issuer will swap LIBOR as calculated on the
reset date for amounts payable under the Libra Loan for LIBOR as
calculated on the reset date for amounts payable in respect of the
Notes. The Basis Swap Confirmation has an effective date of 15
April 2007 and a termination date of 20 January 2010.
See further “Description of the Swap Transactions” below.
Advances ................................................... Subject to the limitations described below, the Advance Provider
and the Backup Advance Provider will make, as to the Libra Loan
and the Properties, in each case in accordance with the terms of the
Servicing Agreement:
(a) advances (“P&I Advances”) in respect of the aggregate of all
amounts to be received by the Issuer on the Libra Loan during
any Loan Interest Accrual Period (other than the Balloon
Payment and any amounts received or receivable under the
Libra Loan due to any voluntary or mandatory prepayments
thereunder) and any Assumed Scheduled Payments, net of
related Special Servicing Fees due or deemed due, as the case
may be, in respect of the Libra Loan, on their respective Due
Dates during (or deemed to be due during) the related
Collection Period to the extent such amounts were not paid by
or on behalf of the related Borrower or otherwise collected
(including as net income from MIP Properties) as of the close
of business on the last day of the related Loan Interest Accrual
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