Before leased chips go into a data centre, what must the site owner, operator and their lenders sign?
Leased pods may only sit at a qualifying delivery location. That needs Google’s site requirements and Broadcom’s additional requirements met, and a full set of documents in force: an access agreement, recognition agreements with every landlord, lender and operator with an interest in the site, colocation and services agreements, lien waivers from the site’s existing lenders, credit support, a data centre lease and, where needed, a parent guarantee of that lease. Each data centre lease may cover one building only, and only approved operators may run the equipment. For a data centre developer, this is the document list to expect when an AI lab brings leased chips to its campus.
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What the filed contracts say
Contract
What the filed wording says
Broadcom TPU lease to Anthropic
A site qualifies only with an access agreement, recognition agreements, colocation agreements, lien waivers from existing site lenders, credit support and a data centre lease in force.
Broadcom TPU lease to Anthropic
No delivery location may be subject to a lease unless the landlord has signed a recognition agreement.
Broadcom TPU lease to Anthropic
Each data centre lease covers one, and only one, data centre building.
Broadcom TPU lease to Anthropic
Only approved operators may run the equipment, and Google and its affiliates cannot be one.
The filed wording
“Qualifying Delivery Location” means, with respect to an applicable Delivery Location, (a) the applicable Site Requirements have been, and continue to be, met as determined by Enso, (b) the applicable Additional Site Requirements have been, and continue to be, met as determined by Lessor and (c) each of the following has been entered into and remains in full force and effect: (i) an Access Agreement; (ii) one or more Recognition Agreements; (iii) one or more Colocation and Services Agreements; (iv) if applicable, Lien Waiver Agreements with each existing lender for any fee or leasehold financing provided with respect to such Delivery Location; (v) Required Credit Support for such Delivery Location (provided that, if Tenant is a Lessee Tenant and such Lessee Tenant or its Affiliate is Investment Grade, Required Credit Support is deemed to be in place); (vi) a Data Center Lease; and (vii) if a Lessee Tenant is the Tenant with respect to the applicable Delivery Location, Guarantor or one of its Affiliates is Investment Grade and such Lessee Tenant is not Investment Grade, a Data Center Lease Parent Guarantee.
Broadcom master equipment lease of Google TPU8i pods to an Anthropic subsidiary, section 1, “Qualifying Delivery Location” · Anthropic S-1/A, Exhibit 10.11
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.
InfraCompute Weekly
The week in compute finance, read from the filings.
Deals, terms and the clauses behind them, for the people financing data centres, GPU clouds and the power behind them. By Randeep Bubbra.
