Home / For in-house counsel
Legal desk · for in-house counsel
The legal desk for AI infrastructure finance.
For general counsel, heads of legal and legal counsel at GPU clouds, data centre developers and operators, and the lenders and investors behind them. What the filed deals show, what is market on your side of the table, and what to check before you sign.
- Filed documents
- 448
- What's market positions
- 21
- Filed contracts
- 43
- Regulations tracked
- 30
- Countries, GPU security
- 17
Your side of the table
Which side are you on?
The same filed deals read for each side. Your choice is remembered on this device, and the what's market cards lead with your side's position.
Sponsor and borrower side
GPU clouds and neoclouds, data centre developers and operators, and the sponsors behind them.
Start in five minutes
- Read the first GPU financing guideWhat lenders lend against, the documents and the legal workstreams, with the filed timelines.
- Build the borrower's issues list on the lender draftGPU loan, customer contract, lease, chip lease, colocation, power, construction or bond: your points, their likely answer, the filed deals.
- Run the financeability check on your customer contract or leaseThirteen questions; your answers stay in your browser.
- See what your customer has signed beforeMicrosoft, OpenAI, Meta, Google and NVIDIA in the filed contracts, clause by clause.
Where lenders will push
At a GPU cloud or neocloud
What the filed GPU loans say, one page each →
Your colocation contract: lender access, power, outages →
Financing-ready customer contract →
Lender due diligence request list →
Chips: late allocations, next-generation options, export controls →
Leasing chips instead of borrowing: the lease and the loans compared →
Your data centre lease: supplier guaranties and customer step-in →
Springing parent guarantees: what your parent will be asked to sign →
Your AI lab customer’s own loan: what it lets the lab guarantee →
Your own revolver and your GPU SPVs: parent guarantees and cross-default →
Buying the servers: non-cancellable orders and the customer contract →
Buying servers on vendor finance: the Dell Financial terms and the bank loan that takes them out →
A customer contract built for your lenders: estoppels and payment directions →
Borrowing in England: the English law desk →
If the business gets into trouble: the enforcement playbook →
At a data centre developer or operator
Hyperscaler lease review, landlord side →
The filed colocation contracts, clause by clause →
Power contracts: minimum bills, exit fees, on-site generation →
Building the campus: delay damages, tariffs, owner-furnished equipment →
When a tenant brings leased chips: what you will be asked to sign →
Land and rent: per kW rent, ground leases and decommissioning funds →
Borrowing before the lease is signed: development loans →
Raising platform equity: staged funding, investor consents and the drag-along →
Partnering on your sites: exclusivity, pursuit costs and the go or no-go decision →
Leasing to an AI lab: compute SPVs and parent support in its revolver →
If your tenant fails: the hyperscaler backstop, fee or takeover →
Lender and investor side
Banks, credit funds, insurers and ABS investors, and the equity investors in data centre platforms.
Start in five minutes
- Check the conditions precedent to the first drawWhat the filed GPU delayed draw loans require before money moves.
- Build the lender's issues list on the borrower mark-upEach point with the lender position, the borrower's likely push-back and where the filed deals land.
- Take security over GPUs wherever they sitThe usual security, the register and the deadline in each country.
- See what borrowers asked for after signingThe filed waivers and amendments, change by change, from the filers' own redlines.
Where borrowers will push
At a bank or credit fund
The filed GPU loans, term by term →
Lender due diligence request list →
Taking and perfecting security over GPUs →
Getting the servers out of a colocation facility →
Data centre construction loan CPs →
Lending before the lease: lease deadlines and minimum returns →
Credit risk on an AI lab: its liquidity covenant and cross-default →
Lending to a neocloud parent: run-rate EBITDA and the leverage covenant →
When a GPU project loan defaults: cross-default into the parent revolver →
Lending against turbines and transformers in storage →
Lender protections over the power contracts →
Export control covenants in a GPU loan →
When the borrower owns the servers: title, transit and the supply contract →
Hell or high water in a GPU customer contract →
Financing a chip lease: repossession and the stipulated loss value →
Chip lease or GPU loan: the two structures compared →
Leasehold mortgages and lender cure rights in a ground lease →
Hyperscaler backstops: where the termination fee goes →
A parent guarantee for a GPU tranche the customer cancels →
At an investor or fund
Protections in neocloud and data centre bonds →
M&A and JV terms in the filed agreements →
Preferred equity in a data centre platform: the conditions to each funding →
Exiting a platform investment: the lock-up, drag and tag →
Development JVs with a landowner: pursuit costs and the right to go alone →
This month on the desk
New in the record, and what comes next
Latest filed and published
- Official document · GOV.UKAccelerating electricity network connections for strategic demandGrid connections for strategic demand
- Official document · Federal RegisterOutbound Investment Security Program RegulationsUS outbound investment rules (31 CFR part 850)
- Official document · UK ParliamentCyber Security and Resilience (Network and Information Systems) Bill: Lords report stageCyber Security and Resilience Bill
- Official document · GOV.UKNotices of final orders under the National Security and Investment Act 2021National Security and Investment Act 2021
- Filed agreementGPU secured loanDolomites – Syndicated Facility Agreement, Guarantee
- Official document · GOV.UKNational Planning Policy FrameworkNational Planning Policy Framework (September 2026)
- Filed agreementCleanSpark Sandersville (Meta) senior secured notes7.875% Senior Secured Notes due 2031
- Filed agreementHut 8 corporate revolver8-K (Credit Agreement Ex 10.1)
Coming up
- Cyber Security and Resilience BillLords third reading (scheduled)
- US outbound investment rules (31 CFR part 850)Comments on the proposed rule due
- EU data centre energy reporting and rating schemeMinimum standards consultation closes
- Energy Efficiency Act: data centre duties100% renewable electricity
- Energy Efficiency Act: data centre dutiesExisting sites PUE 1.5
The tools
Pick the job in hand
Every tool is built from the filed documents and primary sources, and each one says where its figures come from.
Negotiate a term
- What's market21 positions, by side
- Issues list builderYour side's points on five documents
- Check a clausePaste a clause, see the filed precedents
- Clause library33 filed extracts
- Clause compareYour draft against the filed wording
- Amendment redlines9 filed amendments
- GPU loan summaries12 filed facilities, one page each
- Bond protections9 filed indentures compared
- Annotated term sheetsGPU delayed draw and construction loan, line by line
Get a deal financing-ready
Track the rules
Ask Randeep
Four ways to get a view
Randeep Bubbra advises lenders, sponsors and operators on GPU-backed loans, data centre financings and securitisations, and the customer contracts behind them. A first conversation is free.
A market check
Send the public terms or the point in dispute. Randeep will tell you how they compare with the filed deals.
Ask for a market checkA precedent search
Tell Randeep the structure you are working on and he will point you to the closest public precedents.
Ask about precedentsA session for your team
A 45-minute session for your legal team on GPU loans, data centre ABS or customer contracts, using public deals.
Ask for a team sessionA question for the Weekly
Ask a question about the market. Answers are published in InfraCompute Weekly without naming you.
Send a questionRandeep replies within two working days. Conflicts are checked before any detail is discussed, so please share public information only and no confidential documents. Getting in touch does not create a lawyer-client relationship.
Also free · Q3 2026
Annotated term sheets
A GPU delayed draw loan and a data centre construction loan, line by line, with the filed range and the lender and borrower positions. See the term sheets →
About this site
InfraCompute is public-source research on AI infrastructure finance, edited by Randeep Bubbra. General information drawn from public filings. It is not legal advice on any transaction, and using this page does not create a lawyer-client relationship. Views are personal.
