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

Principal and interest on the Class V Notes are paid solely from
amounts standing to the credit of the Class V Account and such
amounts are not otherwise payable or available to the other classes
of Notes. Principal amounts of the Class X Notes will be paid
solely from amounts on deposit in the Class X Account and such
amounts are not otherwise payable or available to the other classes
of Notes.
See “—Application of Payments by the Issuer—Priority of
Payments” below.
B. Interest ................................................. Each Note will bear interest on its Principal Amount Outstanding
from, and including, the Closing Date. Interest will be payable in
respect of the Notes in sterling quarterly in arrear on the 20 th
calendar day of each January, April, July and October in each year
or, if such day is not a Business Day, the next succeeding Business
Day (each such day being, a “Payment Date”). The first Payment
Date in respect of each class of Notes will be the Payment Date
falling in July 2007.
Interest payments will be made subject to applicable withholding or
deduction for or on account of tax (if any), without the Issuer being
obliged to pay additional amounts in respect of any such
withholding or deduction.
The interest rate applicable to each class of Notes from time to time
(each, a “Rate of Interest”) will be calculated in accordance with
Condition 5 (Interest). See “Terms and Conditions of the Notes”.
The Rate of Interest applicable to the Notes (other than the Class X
Notes and the Class V Notes) will be a per annum rate equal to the
sum of (A) LIBOR (as determined in accordance with Condition
5(c) (Rate of Interest)) for three-month sterling deposits (or, in the
case of the first Interest Accrual Period, will be determined by a
linear interpolation of the rate for one-month and two-month
sterling deposits), plus (B) the Relevant Margin.
The “Relevant Margin” in respect of each class of Notes (other
than the Class X Notes and the Class V Notes) will be:
Class
A
B
C
D
E
Relevant Margin
0.25 per cent. per annum
0.35 per cent. per annum
0.50 per cent. per annum
0.60 per cent. per annum
0.90 per cent. per annum
The Rate of Interest applicable to the Class X Notes from time to
time will be the Class X Interest Rate. The “Class X Interest
Rate” for any Payment Date is a per annum rate expressed as a
percentage calculated as follows: (a) the product of: (i) the
outstanding principal balance of the Libra Loan as at the beginning
of the related Interest Accrual Period expiring immediately before
such Payment Date and (ii) the Class X Net Weighted Average
Strip Rate, divided by (b) the Principal Amount Outstanding on the
Class X Notes immediately before such Payment Date.
The “Class X Net Weighted Average Strip Rate” with respect to
any Payment Date will be a per annum rate equal to the excess, if
any, of (x) the Net Mortgage Rate for the related Interest Accrual
Period over (y) the weighted average of the Rates of Interest of the
Notes (other than the Class X Notes and the Class V Notes)
(weighted on the basis of the respective Principal Amount
25