What the filed contracts say
| Contract | What the filed wording says |
|---|---|
| Nscale corporate revolver | The parent may guarantee SPV debt that existed at signing, or that meets the tests when the guarantee is given. |
| Nscale corporate revolver | Data centre project debt can be guaranteed up to 90% loan to value with investment grade contracted revenue, otherwise 75%. |
| Nscale corporate revolver | GPU equipment debt can be guaranteed up to 100% of cost. |
| Nscale corporate revolver | Equipment debt above the GPU value cap uses the non-guarantor debt basket instead. |
| Nscale corporate revolver | The cap is 110% of the fair market value of the SPV group’s GPU servers, valued by the borrower in good faith. |
| Nscale corporate revolver | Other guaranteed SPV debt must mature at least 91 days after the revolver. |
| Nscale corporate revolver | No default may exist or result. |
The filed wording
(aa) Indebtedness constituting a Guarantee of Indebtedness of any SPV Entity and any Refinancing Indebtedness in respect thereof, provided that such Indebtedness existed (I) on the Effective Date, or (II) at the time such Guarantee is incurred (or refinanced) (1) (A) with respect to Indebtedness of a SPV Entity, other than Equipment Indebtedness or Indebtedness with respect to a Data Center Project, such Indebtedness being Guaranteed shall have an LTV Ratio of no greater than (i) ninety percent (90%), if a material portion of the contracts of such Subsidiary (including any SPV Entity) shall consist of contracts with (or contracted revenue from) entities which have an Investment Grade Rating or (ii) seventy-five percent (75%), if clause (1)(A)(i) does not apply, (B) the Indebtedness guaranteed under this clause (aa) shall not mature prior to the date that is at least ninety-one (91) days after the Maturity Date in effect on the date such Indebtedness is incurred (or, in the case of any customary bridge facility with a maturity date of no longer than one year, so long as the Indebtedness into which such customary bridge facility is to be converted, or is to be exchanged for or otherwise replaced by, complies with such requirement), (2) with respect to any Indebtedness (other than Equipment Indebtedness) of a Data Center Project, such Indebtedness being Guaranteed shall have an LTV Ratio of no greater than (i) ninety percent (90%), if a material portion of the contracts of such Subsidiary (including any SPV Entity) shall consist of contracts with (or contracted revenue from) Tenants which have an Investment Grade Rating or (ii) seventy-five percent (75%), if clause (2)(i) does not apply, (3) with respect to any Equipment Indebtedness, an LTC Ratio of no greater than 100%; provided that, if the aggregate principal amount of all Equipment Indebtedness of any Applicable SPV Group exceeds the GPU Value Cap with respect to such Applicable SPV Group at the time any Equipment Indebtedness is … incurred, the amount by which such Equipment Indebtedness exceeds the GPU Value Cap shall be deemed to constitute Indebtedness incurred under the Non-Guarantor Debt Basket and shall only be permitted to the extent capacity is available under the Non-Guarantor Debt Basket at the time of incurrence of such Equipment Indebtedness; and (4) in each case, no Default or Event of Default shall exist or result therefrom (the “Eligible SPV Indebtedness”);
GPU project SPVs outside the guarantor groupCross-default from GPU project loans, and notice of their amendmentsParent guarantees and security for compute dealsThe remarketing guarantee when the customer walksThe Ward County and North Carolina SPV loans, term by termPut it on an issues listAll contract clauses
