Anticipated repayment date (ARD)
The date on which a securitisation expects principal repayment, often before final legal maturity.
How it works
The anticipated repayment date (ARD) is the date by which the issuer expects to repay a class of securitisation notes, usually by refinancing them. It is earlier than the legal final maturity. Missing the ARD is not a default, but it triggers higher interest and a sweep of cash to repay the notes.
In GPU and data centre deals
Data centre ABS typically has ARDs five to seven years after issue, with legal final maturity decades later. This gives the sponsor a strong incentive to refinance on time while protecting investors if it cannot. The ARD therefore creates a refinancing calendar that lenders and investors watch closely.
What gets negotiated
- Length to the ARD and to legal final maturity
- Step-up interest after the ARD
- Cash sweep after the ARD
- Refinancing assumptions in the rating
Why the distinction matters
Read the consequences of missing the ARD: additional interest, cash trapping or faster principal payments may apply. Missing an ARD is not automatically the same event as missing legal maturity.
Read the structure
A practical reading of securitised data-centre cash flows, triggers and expected repayment.
Data centre ABS: follow the pool and the waterfall ↗In the filed deals
STACK's Series 2021-1 Class A-2 notes had an ARD in March 2026 and a rated final payment date in March 2046.
For in-house counsel
Take it to the documents
The filed wording behind GPU and data centre financings, for either side of the table. Previews are open; the full text is free with InfraCompute Weekly.
- Financing clause libraryCash traps, coverage ratios, cures and step-in, from the filed deals.
- Contract libraryGPU contracts, leases, power, equity and JVs, quoted from filed contracts.
- Issues list builderBuild an issues list from the lender’s or the borrower’s side.
- The legal desk for in-house counselContract library, issues lists, checklists and English law notes.
Related terms
Explanatory definition, not a statement that a particular transaction contains this term or a substitute for its contractual definition.
← Browse all definitions