Tools / Check a clause
InfraCompute Tools · Check a clause
Paste a clause. See the filed precedents.
Reviewing a draft? Paste the clause and the checker finds the closest filed wording in the contract and clause libraries, what is market on the point, the rules and checklists that bear on it, and the defined terms and counterparties it uses. It works on GPU loans, customer contracts, leases, colocation, power and bond terms.
Worked example
A cash trap with an equity cure
If on any Calculation Date the Debt Service Coverage Ratio for the most recently ended Calculation Period is less than 1.10:1.00, all amounts standing to the credit of the Collection Account after payment of items (a) to (f) of the Payment Waterfall shall be transferred to the Cash Trap Account and shall not be distributed to the Borrower until the Debt Service Coverage Ratio has been at least 1.10:1.00 for two consecutive Calculation Periods. The Borrower may cure a shortfall by an Equity Cure Contribution, which may not be made in more than two consecutive Calculation Periods.
Written for this page, not taken from any filed document. This is what the checker returns for it:
Terms recognised: Debt service coverage ratio (DSCR)Payment waterfallCash trap
Closest filed wording
- Clause libraryCash trap in data centre ABS
In a data centre securitisation the issuer keeps excess cash flow while the debt service coverage ratio stays above a set level. If it falls below that level, cash that would have gone to the sponsor is held in a reserve…
- Clause libraryMinimum DSCR covenant
The financial covenant sits below the cash trap. Missing it is an event of default, usually subject to an equity cure. In the filed GPU deals the covenant is either a thin 1.05x on historical contracted cash flow (Nscale…
- Clause libraryEquity cure and contract cure
Sponsors can fix a covenant breach by injecting equity. The filed deals allow unlimited cures in the early months and then cap them. Nscale caps cures at six in total and two in a row; CoreWeave DDTL 5.5 allows three in …
- Clause libraryCustomer contract cash trap and contract value ratio
CoreWeave's facilities key the cash trap to the customer contract, not just the ratio. A material breach of the master services agreement that gives a termination right traps cash. DDTL 5.5 adds a projected contract valu…
- Clause libraryDSCR cash trap in GPU loans
GPU-backed loans borrow the ABS idea and test the historical DSCR of the customer contract cash flows. Below the trap level, cash stays in the structure. If the trap runs for six months (or four quarterly tests in Nscale…
What is market
- What's marketHow a data centre ABS cash trap ends
Two consecutive months above the level, three in one trust
- What's marketWhen a GPU loan cash trap turns into prepayment
Six consecutive months, or four quarterly tests
- What's marketCash trap level in data centre ABS
1.30x to 1.35x on a three-month average, tested by class in one trust
- What's marketEquity cure limits in GPU loans
Unlimited at first, then six in total or three in any four months
- What's marketCash trap level in GPU loans
1.10x in three filed facilities, 1.15x in one
Method
The checker compares the words of your clause, weighted by how rare they are, with the contract library, the clause library, the bond protections, the What's market cards, the regulatory tracker and the checklists, as they stand today. Matches in a title count most, and a defined term also finds its other names (loan to value and advance rate). It reads words, not meaning, so it points you to the precedents rather than judging your drafting: to set your wording against one filed extract word for word, use Clause compare. The matching runs in your browser against the site's own index; your text is not sent to InfraCompute or anyone else. 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.
