What the filed contracts say
| Contract | What the filed wording says |
|---|---|
| CoreWeave springing guaranty | CoreWeave guarantees the SPV's rent only after a springing event: a debt rating of the equipment financing (level redacted), the end of or a material adverse change to the SPV's colocation agreement, a default under it, and other listed events. |
| IREN parent guarantee | For a tranche Microsoft has terminated, IREN guarantees the debt prepayment left after remarketing proceeds (if the RVG trigger has occurred), and any upfront amount owed back to Microsoft. |
| IREN parent guarantee | The guarantee ends at the earliest of discharge of the debt, acceptance of the fourth tranche, or release of every tranche. |
The filed wording
Guarantor hereby agrees that upon, and from and after, the occurrence of any one or more of the Springing Events (defined below) (the date of such occurrence, the “Springing Event Trigger Date”), Guarantor absolutely, unconditionally and irrevocably guarantees, as a primary obligor and not merely as a surety: … (i) the full and prompt payment of all Base Rent, Additional Rent and all other sums and charges of every type and nature payable by SPV Tenant under the SPV Lease … As used herein, the term “Springing Events” shall include the following: (i) the receipt by the Equipment Financing of a debt rating that is [***]; (ii) the occurrence of (a) the expiration or earlier termination (for any or no reason) of the Colocation Agreement by and between SPV Tenant and its Colocation Customer, (b) any modification, amendment, waiver, restatement or restructuring of the Colocation Agreement which is material and adverse to the interests of the Landlord or (c) any event, with the giving of notice or passage of time or both, would constitute a breach or event of default under the Colocation Agreement
Redacted in the filed copy: [***] or [*] marks text the filer left out.
