GPU borrowing bases: what actually supports availability
From contract eligibility to concentration limits, valuation and a funding shortfall.
A GPU borrowing base translates defined eligible assets or cash flows into permitted debt after applying agreed advance rates, limits and deductions. Availability is constrained by that calculation as well as by the facility commitment and draw conditions.
- 01Documented assets
- 02Eligibility & limits
- 03Permitted borrowing
- 04Draws & cure liquidity
Start with the exact eligible unit
The unit may be accepted hardware, customer-contract cash flows, receivables or a defined combination. Identify the asset owner, location, configuration and required documentation. In a cash-flow calculation, reconcile billing, service credits, payment dates and remaining contract life. Equipment cost and discounted contract value are different starting points.
Apply deductions in the correct order
Exclude ineligible items, apply the documented value basis, then apply advance rates and concentration adjustments in the contractual order. Do not haircut a value twice for the same assumed risk. Track customer and site concentrations explicitly, because losing one eligible contract can affect several financed clusters at once.
Connect the certificate to cash
Calculate permitted borrowing, actual drawings and remaining availability at each reporting date. Read any cure period, prepayment requirement or replacement mechanism for a deficiency. A base can shrink while the loan balance stays constant. Budget the equity or cash needed to cure rather than assuming that undrawn commitment fills the gap.
Use a sensitivity table with declared assumptions
For internal analysis, vary eligible value, advance rate and concentration independently before combining stresses. Label these as scenarios, not observed deal terms. CoreWeave and Nscale facility records are entry points for document-level work; a facility announcement alone does not establish an entire borrowing-base formula or a standard market advance rate.
Questions to take to the documents
- What precisely is eligible and who certifies it?
- How do acceptance delays or customer downgrades alter availability?
- What liquid source funds a deficiency cure?
Explore the disclosed examples
Open a register record for its dated amount, classification and source limitations. A link is not certification of all terms.
For in-house counsel
Take it to the documents
The filed wording behind this piece, for the lender’s or the borrower’s side. Previews are open; the full text is free with InfraCompute Weekly.
- GPU loan summariesFiled GPU credit agreements side by side: advance rates, covenants and the collateral package.
- Financing clause libraryCash traps, coverage ratios, cures, step-in and GPU security, quoted from credit agreements and indentures.
- Issues list: GPU credit agreementBuild it from the lender’s or the borrower’s side, with where filed deals land.
- The legal desk for in-house counselContract library, issues lists, checklists and English law notes.
Sources for the examples
Selected public sources support the examples. The analytical framework is InfraCompute editorial work; source links do not imply a complete agreement or legal review.
- CoreWeave closes $2.6bn DDTL5.5 ↗Disclosure date: 2026-08-10
- Nscale GPU credit agreement — initial commitment and margin ↗Disclosure date: 2026-02-11
