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Vantage Data Centers Jersey Borrower SPV Limited: 30 May 2024

The principal source of payment of interest on the Notes and repayment of principal on the Notes will be amounts received by the Issuer from the PropCo pursuant to the Intercompany Transfer Arrangements. The PropCo will fund payments of amounts to the Issuer pursuant to the Intercompany Transfer Arrangements from its net operating income from the Data Centres and the related Tenant Leases.

As of the Cut-Off Date, the PropCo owns two Data Centres in Newport, near Cardiff, the United Kingdom. The Data Centres have an aggregate of approximately 1,032,000 gross square feet of data centre space and approximately 112 megawatts of critical load power.

EU & UK Risk Retention: Vantage Valkyrie BidCo Sàrl (the Retention Holder) will undertake to retain a material net economic interest of not less than 5% in the securitisation for the purposes of Article 6 of the EU Securitisation Regulation and Article 6 of the UK Securitisation Regulation. As at the Closing Date, the material net economic interest in the securitised exposures held by the Retention Holder will not be less than an amount equal to 5% of the net present value of the Qualifying Leases.

US Risk Retention: Vantage Valkyrie BidCo Sàrl (the US Risk Retention Sponsor) will retain an economic interest in the credit risk of the securitised assets for purposes of compliance with the US Risk Retention Rules through an eligible horizontal residual interest.