Last Mile Logistics CMBS 2023-1 UK DAC: 09 August 2023

The Issuer will make payments on the Notes, the Class A Loan and the Issuer VRR Loan from payments of principal and interest received by the Issuer under loans advanced by the Loan Seller to the Borrowers pursuant to the Facility Agreement. On the Closing Date, the Issuer will acquire a 100% Interest in the Loan pursuant to the Loan Sale Documents. For the avoidance of doubt, the Loan Seller will retain no interest in the Loan as from the Closing Date.

The Loan will be secured by, among other things, a portfolio of 37 logistics properties located throughout England.

UK, EU & US Risk Retention: For the purposes of satisfying US, EU and UK risk retention requirements, Citibank, N.A. London Branch (the Issuer VRR Lender), pursuant to a £15,415,000 issuer VRR loan agreement dated on or about the Closing Date between, among others, the Issuer and the Issuer VRR Lender, will advance a sterling loan to the Issuer on the Closing Date.

Compare/contrast: Last Mile Logistics Pan Euro Finance DAC, Taurus 2021-4 UK DAC