Last Mile Securities - PE 2021 DAC: 10 April 2021
On the Closing Date the Issuer will use the proceeds of the issuance of the Notes, together with the amount borrowed by the Issuer under the Issuer Loan, to acquire a 100% interest in the Senior Loan. Key terms of the Senior Loan can be found in the prospectus (available via www.euroabs.com).
The Property Portfolio comprises 49 properties in industrial, office and other uses situated throughout Germany and the Netherlands. The Property Portfolio is well diversified across 10 urban agglomerations in the Netherlands and Germany, with the majority located in the Randstad region in the Netherlands. The properties offer approximately 642,138 sq. m of total lettable area, which is currently let to 459 tenants (699 leases) at a level of approximately 91.2 %.
EU, UK & US Risk Retention: For the purpose of satisfying US, EU and UK risk retention requirements, inter alia, Morgan Stanley Principal Funding, Inc. will, pursuant to the Issuer Loan Agreement, advance a euro loan to the Issuer on the Closing Date. As at the Closing Date, the principal amount of the Issuer Loan will be equal to €19,652,631.58, being equal to no less than 5% of the sum of (i) the aggregate principal amount outstanding of the Notes and (ii) the principal amount of the Issuer Loan on the Closing Date.
Morgan Stanley Principal Funding, Inc., as original lender, will retain a material net economic interest of not less than 5% in the securitisation in accordance with the text of: (i) Article 6(1) of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December and (ii) Article 6 of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 as it forms part of domestic law of the United Kingdom. As at the Closing Date, such retained material net economic interest will comprise not less than 5% of the nominal value of each of the tranches sold or transferred to investors.
Compare/contrast: Pearl Finance 2020 DAC, Taurus 2020-1 NL DAC