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

there will be nothing to prevent the Lenders of the Libra Whole Loan from enforcing against any other security
for the Libra Whole Loan, including the related Mortgages.
Cure Rights of PIK Facility Lender: Pursuant to the terms of the PIK Facility Intercreditor Deed, the PIK
Facility Lenders will have the right to cure a non-payment by the Borrower under the Libra Whole Loan within
a period of five Business Days of notification of the non-payment by paying an amount equal to the relevant
deficiency. In addition, the PIK Facility Lenders will have the right to cure any other Loan Event of Default
within the time periods set forth in the related Loan Documents, with an allowance for additional time if such
additional time would not, among other things, result in an additional material impairment to the use or
operations of the Properties.
For as long as any cure is being exercised with respect to the Libra Whole Loan: (i) payments allocable to
the PIK Facility Loan will be allocated as if no event of default had occurred; and (ii) the Libra Whole Loan will
not be deemed to be a Specially Serviced Loan or accelerated, nor will any enforcement action in relation to the
Libra Whole Loan be commenced.
In no event will any PIK Facility Lender’s cure rights limit the rights of the Servicer or the Special Servicer
to send default notices to, and seek payment from, the related Borrower and any other obligor under the Libra
Whole Loan or prevent the lender from collecting default interest or late charges from the related Borrower or
sending a notice of default to such Borrower.
Purchase Right of PIK Facility Lenders: If a PIK Facility Purchase Event of Default occurs with respect to
the Libra Whole Loan, the relevant PIK Facility Lender may, at its sole discretion, purchase the Libra Whole
Loan for an amount equal to the principal amount thereof, plus accrued interest and outstanding expenses,
unpaid interest on any Servicing Advances made with respect to the Libra Loan, the amount of any swap
termination costs or swap credit charges arising in respect of the Swap Transactions (to the extent that any Swap
Transaction may be terminable upon such purchase of the Libra Whole Loan) and all accrued and unpaid
Servicing Fees or Special Servicing Fees allocable to the Libra Whole Loan. For these purposes, a “PIK
Facility Purchase Event of Default” means the acceleration of the Libra Whole Loan.
Rights of the PIK Facility Lender: The lenders of the Libra Whole Loan and the PIK Facility Loan have
agreed not to make certain material modifications, waivers or consents to their respective loans without the
consent of the other. Such modifications, waivers and consents include, but are not limited to:
• any change (including a change in the rate of interest) in the amount of any payment under the Loan
Documents that is not contemplated by the original terms thereof;
• changing the timing of any payment under the Loan Documents (other than in connection with an
enforcement of the related loan); or
• any change related to any representation, warranty, undertaking or event of default, howsoever
described or defined, under the related loan documents imposing an additional material obligation on
any obligor or becoming more onerous in any material respect for an obligor.
Notwithstanding the limitations above, the above restrictions will not prevent any such modification, waiver
or consent in connection with a work-out or other surrender, compromise, release, renewal, or indulgence
relating to the related loan during the existence of a default for which there is no longer a cure period.
Transfer of PIK Facility Loan: The related PIK Facility Lender may not transfer its interest in the relevant
PIK Facility Loan (or any part thereof) to any person unless the transferee accedes to the related PIK Facility
Intercreditor Deed and the transferee is a qualifying lender under the related PIK Facility Intercreditor Deed.
The Libra Properties
Overview of the Properties: The portfolio of Properties comprises 294 freehold, part freehold and part
leasehold and long leasehold healthcare properties and three staff accommodation properties located in England,
Wales, Scotland and Northern Ireland. The interest held in 288 of the Properties, representing 96.5 per cent. of
the Cut-Off Date Securitised Loan Principal Balance based upon the aggregate Cut-Off Date Allocated Loan
Amount, are freehold. 234 of the freehold Properties, representing 77.2 per cent. of the Cut-Off Date
Securitised Loan Principal Balance based upon the aggregate Cut-Off Date Allocated Loan Amount, are the
subject of overriding leases which have been granted by and to members of the Borrower Group. The interest
95