Lender rights in the construction contract

Can the owner’s lenders and tenant take over the construction contract?

The Ward County owner may assign or pledge the contract to its tenant or any lender without the contractor’s consent, and may share confidential information with lenders, rating agencies and anyone else in the project financing. It may also end the contract for convenience at any time. It then pays for work done and direct close-out costs, with no overhead, contingency or lost profit, and may take over the subcontracts. Both sides waive consequential losses, but not delay damages or third-party indemnities.

Randeep Bubbra | Lawyer | Making the next generation of infrastructure financeable · Firm profile · Updated 29 October 2026

What the filed contracts say

Contract	What the filed wording says
Nscale Ward County design-build	The owner may assign or pledge the contract to its tenant or any lender without consent.
Nscale Ward County design-build	Confidential information may go to lenders, rating agencies and others in the project financing.
Nscale Ward County design-build	The owner may terminate for convenience, paying for work done and direct close-out costs but no overhead, contingency or lost profit.
Nscale Ward County design-build	Both sides waive consequential damages, except delay damages, third-party indemnities and the fallback if delay damages fail.

The filed wording

Furthermore, Owner may assign, pledge and/or grant a security interest in this Agreement to Tenant or any Lender without Contractor’s consent.

Nscale Ward County data centre design-build agreement (AIA A141, four buildings near Odessa, Texas), section 16.2 · KiNRG S-1/A, Exhibit 10.13

Substantial completion, retainage and lien waivers Mortgages, SNDAs and collateral assignment Put it on an issues list All contract clauses

On the deal pages

Financings by the parties to these contracts

The latest debt raised by the companies that signed them, with the terms and the sources on each deal page.

Financing	Borrower or issuer	Date	Amount
Pre-IPO convertible loan-note subscription (initial minimum)	Nscale	15 September 2026	US$2.1bn
Dell short-term equipment lease payment schedules (aggregate)	Nscale	4 September 2026	US$2.54bn
North Carolina GPU DDTL	Nscale	31 August 2026	US$1.2bn
Ward County GPU DDTL	Nscale	31 August 2026	US$1.85bn
Macquarie Iceland GPU facility	Nscale	29 July 2026	US$331.9m

Method

Each extract is quoted from the contract as filed with the SEC, checked against the filed text when it was added; “…” marks words left out. Filers redact commercial terms, so a [***] or [*] is the filer's, not ours. The summaries describe the wording, not how a court would read it, and each contract's defined terms and other clauses can change the effect. 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.