What the filed contracts say
| Contract | What the filed wording says |
|---|---|
| CoreWeave springing guaranty | CoreWeave posts a standby letter of credit, amount redacted, and keeps it for the whole term. |
| CoreWeave springing guaranty | The landlord may draw without notice on a lease default, non-renewal, a downgraded issuer or CoreWeave’s insolvency. |
| CoreWeave springing guaranty | A draw must be restored within 30 days of notice. |
| CoreWeave springing guaranty | The issuer must be a US bank or US branch rated at least A- (S&P or Fitch) or A3 (Moody’s); JPMorgan is deemed acceptable. |
| CoreWeave springing guaranty | The credit must be evergreen, transferable without consent, and allow partial and multiple draws on a sight draft. |
The filed wording
A. Delivery and Amount of Lease L/C. On or prior to the date that is [***] after the date hereof, Guarantor shall, at Guarantor’s sole cost and expense, obtain and deliver to Landlord one Lease L/C to be issued for the benefit of Landlord, in an aggregate amount equal to [***] (the “Required L/C Amount”). Guarantor shall maintain the Lease L/C in the Required L/C Amount at all times during the Term. … B. Draw Rights. Landlord is hereby authorized to draw on any Lease L/C, in whole or in part, at any time and from time to time, without notice to Guarantor, if any of the following occurs: (1) an Event of Default by Tenant (as defined in the Lease) beyond any applicable notice or cure period; (2) any Lease L/C is not renewed or replaced at least [***] days prior to its stated expiration date; (3) the issuer of any Lease L/C ceases to be an Acceptable Issuer and a replacement Lease L/C has not been obtained from an Acceptable Issuer within the earlier of (x) [***] days after such issuer ceases to be an Acceptable Issuer and (y) ten [***] days prior to the stated expiration date of such Lease L/C; (4) the issuer of any Lease L/C notifies the Landlord that it will not renew such Lease L/C and a replacement Lease L/C has not been obtained from an Acceptable Issuer on or prior to the date that is [***] days prior to the stated expiration date of such Lease L/C; or (5) the occurrence of any Insolvency Event with respect to Guarantor. … C. Replenishment. If Landlord draws on any Lease L/C for any reason, Guarantor shall, within thirty (30) days after receipt of written notice from Landlord, deliver to Landlord a replacement Lease L/C or an amendment to the existing Lease L/C restoring the aggregate face amount of all Lease L/C to the Required L/C Amount.
Redacted in the filed copy: [***] or [*] marks text the filer left out.
