We continue to expect remedial works at the Kent accommodation to be carried out in the current academic year. The works aim to solve construction defects found at the properties--particularly fire safety defects related to the use of unsafe cladding. While UPP has made a claim against the original contractor, Balfour Beatty, it will use asset revenues to continue the works. This will depress the asset-level DSCR calculations, which we forecast will drop to 0.84x, sustaining the current monitoring trigger event. Any failure to achieve the remediation plan objectives would not trigger an event of default, meaning lenders would not be able to exercise their enforcement rights. Furthermore, the works will not affect students, or room availability and we expect
