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What's market
- Cash trap level in GPU loans
- When a GPU loan cash trap turns into prepayment
- Minimum DSCR covenant in GPU loans
- What goes into the DSCR in GPU loans
- Advance rate in GPU loans
- Sizing DSCR in GPU loans
- Contract value ratio and customer breach triggers
- Equity cure limits in GPU loans
- Customer direct agreement in GPU financings
- Customer step-in to the supplier's financing
- Hyperscaler lease backstop (recognition agreement)
- Data centre access and step-in letters for GPU lenders
- GPU serial number and location reporting
- GPU spares requirement
- GPU useful life in loan documents
- Remarketing and RVG when a customer rejects GPUs
- Casualty event threshold for GPUs
- Cash trap level in data centre ABS
- Rapid amortisation trigger in data centre ABS
- How a data centre ABS cash trap ends
- Security package when GPUs sit in several countries
- What's market in GPU and data centre finance
Contract library
- Customer termination rights
- Late delivery: delay credits and the long-stop
- Acceptance testing and when fees start
- Customer default: fees for the rest of the term
- Customer step-in on provider insolvency
- Assignment to lenders and change of control
- Liability caps
- Service levels, hardware failure and fee abatement
- Lease delivery dates and late delivery credits
- Tenant early termination and the termination fee
- Power: pass-through and the utility contract
- Mortgages, SNDAs and collateral assignment
- Hyperscaler recognition agreements
- Springing and limited parent guarantees
- GPU lenders in a colocation facility
- Getting the servers out at the end
- Power: the commitment, the pass-through and the threshold
- Outages: credits, chronic failure and termination
- Suspension and the provider’s default remedies
- Sublicensing the space to a GPU cloud
- A licence, not a lease: the facility lender comes first
- Casualty, force majeure and relocation
- Minimum bills for data centre load
- Exit fees and collateral for a grid connection
- Behind-the-meter generation
- Performance of on-site generation
- Term, escalation and early termination of rented generation
- Who owns the generation, and who can take it
- Lender protections over the power contracts
- Supplying power to the tenant without becoming a utility
- Buying a data centre campus next to a power plant
- Late chips: allocation, component constraints and delay relief
- Next-generation chips and server substitution
- Export controls and sanctions in GPU capacity contracts
- Customer contracts conditional on the provider’s financing
- Funding the GPU purchase
- The GPU supplier contract inside the loan
- Export control covenants in a GPU loan
- Delay damages in a data centre build
- Tariffs, logistics and change orders
- Owner-furnished equipment
- Substantial completion, retainage and lien waivers
- Lender rights in the construction contract
- Lending against long-lead equipment
- Title, storage and supplier consents
- Selling equipment and value tests
- Late or faulty equipment
- A chip lease that is really a loan
- Hell or high water rent on chips
- What a chip lessor needs from the data centre
- If the data centre’s landlord or tenant fails
- Loss, damage and insurance of leased chips
- Default and repossession of leased chips
- Buying out leased chips to cure a default
- Returning leased chips
- Selling down a chip lease
- Vendor financing of GPU servers, and the bank loan that takes it out
- A GPU supplier guarantees the rent
- The anchor customer steps into the lease
- Leasehold mortgages and lender cure rights
- How data centre rent is set: per kW, or a share of value
- Decommissioning, sinking funds and credit support
- Change of control and assignment of a data centre lease
- The default trigger and the deadlines
- Where the termination fee goes, and what the hyperscaler gets for it
- The hyperscaler pays the rent while it decides
- When the hyperscaler takes over the lease
- The hyperscaler’s own equipment in the hall
- Why the parent guarantee springs, and what makes it spring
- A letter of credit behind the guarantee
- The guarantee in the SPV’s bankruptcy
- The remarketing guarantee when the customer walks
- The lease-signing deadline
- Repaid when the lease is signed or the equity arrives
- The minimum return: a multiple on invested capital
- Rolling the loan to the next site
- Defaults tied to the project documents
- Compute SPVs: ring-fencing the lab’s compute deals
- Parent guarantees and security for compute deals
- Cross-default: compute debt left out
- The liquidity covenant and the springing maturity
- Borrowing against the lab’s own customer contracts
- Security falls away at investment grade
- Non-cancellable orders, tied to the customer contract
- Delivery by phase, and the delays the supplier is excused for
- When title passes, and the quarter-end shipping rule
- Warranty: repair, replace or a depreciated refund
- Cloud use, assignment and payment default
- Financing cooperation, estoppels and payment directions
- Pay without set-off: the hell or high water clause
- A licence, not a lease: title and no customer liens
- Insolvency termination, and the lender carve-out
- GPU project SPVs outside the guarantor group
- Parent guarantees of GPU project debt
- Moving customer contracts and GPUs into SPVs, and curing SPV defaults
- The leverage covenant and run-rate EBITDA from signed contracts
- Cross-default from GPU project loans, and notice of their amendments
- Funding building by building
- New projects and the conditions to each funding
- Emergency funding and the sponsor’s pipeline loan
- Investor consents and the transfer lock-up
- Drag-along and tag-along
- Exclusivity and the investor’s termination fee
- Warranty insurance, survival and the indemnity cap
- Exclusivity over the sites and a 30 mile radius
- Who pays the pursuit costs
- Pre-development: power, leasing and financing
- The go or no-go decision
- Forming the JV, or going it alone
- Termination, change of control and survival
- Contract library: GPU contracts, data centre leases, power, equity and JVs
Regulatory tracker
- US export controls on advanced AI chips
- AI Diffusion rule (rescinded)
- Data Center Validated End User authorisation
- UAE moved to Country Group A:5
- Section 232 tariff on advanced chips
- US outbound investment rules (31 CFR part 850)
- DOJ bulk sensitive data rule (28 CFR part 202)
- Executive Order 14318: federal permitting of data centres
- Ratepayer Protection Pledge
- Executive Order 14421: foreign bulk-power system equipment
- Texas SB 6: large loads on the ERCOT grid
- National Security and Investment Act 2021
- Cyber Security and Resilience Bill
- Data centres designated critical national infrastructure
- AI Growth Zones
- Grid connections for strategic demand
- National Planning Policy Framework (September 2026)
- NIS2 Directive
- Critical Entities Resilience Directive
- EU data centre energy reporting and rating scheme
- EU Foreign Investment Screening Regulation
- Energy Efficiency Act: data centre duties
- CRU connection policy for data centres
- Strategic Trade Permit for US-origin AI chips
- Security of Critical Infrastructure Act 2018: data storage and processing
- Connections reform: Gate 2 and the reordered queue
- Demand connections reform: Ofgem call for input
- FERC rules for connecting large loads
- Priority rules for grid capacity in congestion areas
- AgNes: reform of electricity network charges
- Regulatory tracker: data centres and GPUs
Counterparty profile
- Microsoft: what it has signed
- Google: what it has signed
- Meta: what it has signed
- OpenAI: what it has signed
- Anthropic: what it has signed
- Broadcom: what it has signed
- NVIDIA: what it has signed
- CoreWeave: what it has signed
- Fluidstack: what it has signed
- Lambda: what it has signed
- Nscale: what it has signed
- Supermicro: what it has signed
- WhiteFiber: what it has signed
- Applied Digital: what it has signed
- IREN: what it has signed
- TeraWulf: what it has signed
- Cipher Digital: what it has signed
- Core Scientific: what it has signed
- Sharon AI: what it has signed
- Amazon: what it has signed
- Talen Energy: what it has signed
- Galaxy Digital: what it has signed
- Fermi: what it has signed
- Ionic Digital: what it has signed
- Solaris Energy Infrastructure: what it has signed
- Macquarie: what it has signed
- Morgan Stanley: what it has signed
- JPMorgan: what it has signed
- Dell: what it has signed
- Boost Run: what it has signed
- Cohere: what it has signed
- MARA: what it has signed
- Starwood Capital: what it has signed
- Counterparty profiles: what hyperscalers, GPU clouds and data centre developers have signed
Checklist
- Checklist: GPU delayed draw term loan, conditions precedent
- Checklist: taking and perfecting security over GPUs
- Checklist: financing-ready customer contract
- Checklist: colocation and landlord direct agreement
- Checklist: lender due diligence request list for a GPU cloud
- Checklist: export control diligence for a GPU financing
- Checklist: data centre construction loan conditions precedent
- Checklist: hyperscaler lease review from the landlord's side
- Checklist: converting a mining site to AI and HPC
- Checklist: power supply and PPA diligence for a data centre
- Checklist: English law points in a GPU or data centre financing
- Checklist: enforcement readiness in a GPU or data centre financing
- Checklist: reviewing a TPU or GPU equipment lease
- Checklists for GPU and data centre financings
Precedent pack
- Precedent pack: GPU delayed draw term loans
- Precedent pack: Data centre securitisation and project bonds
- Precedent pack: Customer contracts, leases and backstops
- Precedent packs: filed GPU and data centre finance documents
Term sheet
- Annotated term sheet: GPU delayed draw term loan
- Annotated term sheet: Data centre construction loan
- Annotated term sheets for GPU and data centre loans
Amendment redline
- Redline: CoreWeave DDTL 2.0, Fifth Amendment
- Redline: CoreWeave DDTL 2.0, Limited Waiver and Second Amendment
- Redline: CoreWeave DDTL 2.0, First Amendment
- Redline: CoreWeave DDTL 1.0, First Amendment
- Redline: Nscale Europe GPU facility, Amendment No. 1
- Redline: Centersquare Phoenix revolver, third amendment
- Redline: Centersquare master indenture, amendment
- Redline: Centersquare master indenture, second amendment
- Redline: Compass Datacenters master indenture, amendment
- Amendment redlines: GPU and data centre facilities
Tool
- Clause compare: GPU and data centre finance wording
- Financeability check for a GPU customer contract or data centre lease
- Board paper and memo builder for GPU and data centre finance
- Lender protections in neocloud and data centre bonds
- CoreWeave DDTL 1.0 credit agreement, summarised
- CoreWeave DDTL 2.0 credit agreement, summarised
- CoreWeave DDTL 3.0 credit agreement, summarised
- CoreWeave DDTL 4.0 credit agreement, summarised
- CoreWeave DDTL 5.0 credit agreement, summarised
- CoreWeave DDTL 5.5 credit agreement, summarised
- Nscale Europe DDTL credit agreement, summarised
- Nscale Iceland facility credit agreement, summarised
- Nscale North Carolina DDTL credit agreement, summarised
- Nscale Ward County DDTL credit agreement, summarised
- IREN Hardware 3 DDTL credit agreement, summarised
- Sharon AI Project Dolomites credit agreement, summarised
- GPU credit agreements, summarised: CoreWeave, Nscale, IREN and Sharon AI
- Issues list builder for GPU and data centre financings
- Check a clause against the filed deals
Planning decision
Power and grid
Chips and export controls
M&A and JV terms
Legal calendar
Ask the editor
For in-house counsel
- Your first GPU financing: a guide for neocloud general counsel
- GPU and data centre financing under English law
- When a GPU or data centre borrower fails: the enforcement playbook
- Legal desk for in-house counsel: GPU and data centre finance
Chip lease or loan
How it works
The index is rebuilt with the site, so it covers whatever the tools hold today. Results are ranked by where the words appear: titles first, then summaries, then the wording beneath. 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.
