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

Period (such amounts, collectively, the “P&I Required
Amounts”); and/or
(b) certain other advances (“Servicing Advances” and,
collectively with P&I Advances, “Advances”, and each, an
“Advance”) with respect to any Property to the extent
necessary to pay ground rents, taxes and insurance premia that
the related Borrower failed to pay, for certain other property
related expenses and for a shortfall in the amount of funds
available to the Issuer to pay expenses due to third parties
(including, to the extent such expenses were unanticipated, the
amounts set forth under paragraphs (a) and (b) of the definition
of “Revenue Priority Amounts”), and, to the extent a Loan
Event of Default has occurred and is continuing, amounts set
forth in paragraph (c) of the definition of “Revenue Priority
Amounts”).
Neither the Advance Provider nor the Backup Advance Provider
will be required to make any P&I Advance with respect to any
Subordinate Debt. In the case of any Advance with respect to the
Libra Loan that is subject to an Appraisal Reduction, the P&I
Advances due in respect of the Libra Loan will be reduced in the
manner described under “Servicing—Appraisals and Valuations”
below.
To the extent that the Advance Provider fails to make any Advance
required of it, the Backup Advance Provider will be obliged to
make such required Advance.
Notwithstanding the foregoing, neither the Advance Provider nor
the Backup Advance Provider will be obliged to make Advances to
the extent that such Advances would, if made, in the sole judgment
of the Advance Provider or the Backup Advance Provider (based
on advice received by the Servicer or the Special Servicer, as the
case may be, acting in accordance with the Servicing Standard), not
be ultimately recoverable from Late Collections or any other
recovery on or in respect of the Libra Loan (whether or not it is a
MIP Loan) or, in connection with any Advance made with respect
to amounts set forth under paragraphs (a), (b) or (c) of the
definition of “Revenue Priority Amounts”, would not be
ultimately recoverable from collections on the Libra Loan (in each
case, a “Nonrecoverable Advance”). The Advance Provider and
the Backup Advance Provider, as applicable, will be entitled to rely
conclusively upon any such determinations of recoverability made
by the Servicer or the Special Servicer.
Each of the Advance Provider and the Backup Advance Provider,
as the case may be, to the extent of any Advance that has been
made, will be entitled to reimbursement for such Advance from the
Collection Account upon receipt from the Borrower of the related
Late Collections or amount for which such Advance was made. In
addition, the Advance Provider or the Backup Advance Provider,
as applicable, is entitled to recover, from general funds on deposit
in the Collection Account any Advance made that the Servicer or
the Special Servicer, as applicable, determines (in accordance with
the Servicing Standard) to be a Nonrecoverable Advance, plus
interest at the Reimbursement Rate.
All Advances will bear interest on the outstanding amount thereof
for the period during which the advance is outstanding at a rate
equal to the Reimbursement Rate.
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