Title, storage and supplier consents

What makes equipment count as delivered collateral, and what do the supplier and warehouse sign?

Under the Fermi loan, equipment counts as delivered only when the borrower group has full title on the purchase contract’s terms, it sits at an approved third-party storage site, and the warehouse operator has signed a consent. The consents include consents to collateral assignment of the purchase contracts, bailee letters, warehouse lien agreements and direct agreements. Siemens Energy has also signed a subordination agreement with the lenders’ agent. Fermi’s high voltage loan lets equipment wait in the vendor’s yard, provided the vendor signs a collateral access agreement and a supplier consent.

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
Fermi turbine warehouse loan	Delivered equipment needs full title, an approved storage site and a signed consent from the warehouse operator.
Fermi turbine warehouse loan	Storage must be at a named third-party facility or another one the agent accepts.
Fermi turbine warehouse loan	Consents cover collateral assignment, bailee letters, warehouse lien agreements and direct agreements.
Fermi turbine warehouse loan	Siemens Energy signed a subordination agreement with the lenders’ agent.
Fermi high voltage equipment loan	Each supplier acknowledges the assignment to the borrower and the collateral assignment of its progress payments and equipment to the lenders.
Fermi high voltage equipment loan	Equipment may stay in the vendor’s yard before delivery if the vendor gives a collateral access agreement and supplier consent, so the lenders can reach it after a default.

The filed wording

“Delivered Equipment” means Equipment (i) for which a Loan Party has acquired all right, title and interest in and to such Equipment on terms and conditions consistent with the applicable Equipment Purchase Agreement, (ii) that is located at an Eligible Location, and (iii) (subject to the timing set forth in Section 3.3(b)) that is subject to a Consent with the applicable Warehouse Provider.

Fermi turbine warehouse equipment supply loan (Siemens and GE gas turbines), MUFG as agent, Exhibit A, “Delivered Equipment” · Fermi 8-K, Exhibit 10.1

Lending against long-lead equipment Who owns the generation, and who can take it The GPU supplier contract inside the loan 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
Fermi 5.00% convertible senior notes due 2031	Fermi Inc.	15 July 2026	US$375m

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.