{
  "checked_on": "2026-09-16",
  "scope": "Selected public executed versions, not a certification of all subsequent amendments or current covenant compliance.",
  "documents": [
    {
      "id": "CW55-20260807",
      "issuer": "CoreWeave Financing DDTL V-V, LLC",
      "document_date": "2026-08-07",
      "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000357/ex101creditagreement.htm",
      "locators": ["Section 1.01", "Section 4.02(j)", "Section 2.20(b)(vi)", "Section 2.09(b)(i)(A)", "Section 2.09(b)(iii)"],
      "observations": {
        "funding_date_cost_fraction": 0.70,
        "pcvr_cash_trap_below": 2.40,
        "other_trap_trigger": "qualifying unwaived MSA breach",
        "consecutive_monthly_payment_dates_before_sweep": 3,
        "sweep_business_days": 5,
        "sweep_cash_scope": "collateral-account cash, cash-limited",
        "renewal_deadline_interval_public": false
      }
    },
    {
      "id": "IREN-CTA-20260529",
      "issuer": "IE US Hardware 3, LLC",
      "document_date": "2026-05-29",
      "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/a1037commontermsagreemen.htm",
      "locators": ["Section 3.3(b)", "Schedule I: Advance Rate", "Schedule I: LTC Event", "Schedule I: GPU Depreciated Amount", "Schedule I: Cash Trap Event and Cash Trap Prepayment Event", "Section 9.2(g)", "Section 9.7"],
      "observations": {
        "origination_limit_type": "monetary ceiling, also subject to sizing DSCR",
        "project_cost_component_fraction": 0.95,
        "origination_counted_components": ["DDTL", "notes", "customer upfront amounts"],
        "monthly_stock_test_fraction": 0.65,
        "monthly_stock_test_base": "positive capex less contractual depreciation",
        "contractual_straight_line_years": 6,
        "cash_trap_dscr_below": 1.10,
        "trap_prepayment_after_consecutive_months": 6
      }
    },
    {
      "id": "IREN-CREDIT-20260529",
      "issuer": "IE US Hardware 3, LLC",
      "document_date": "2026-05-29",
      "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/a1035creditagreement.htm",
      "locators": ["Section 2.09(b)(v)", "Section 2.09(b)(vi)"],
      "observations": {
        "trap_prepayment_business_days": 3,
        "trap_prepayment_limit": "lesser of trap-reserve cash and amount needed for the 1.10 DSCR target",
        "loan_action": "prepayment",
        "note_action": "mandatory redemption offer, not proof of completed redemption",
        "ltc_action_date": "next monthly payment date",
        "ltc_cash_scope": "remaining collection-account cash after specified senior waterfall steps"
      }
    }
  ],
  "not_established": [
    "Either issuer has suffered a current covenant breach",
    "Either issuer grants a blanket grandfathering of all legacy assets",
    "The independent 80-to-60 percent experiment represents either company's loan terms",
    "A contractual depreciation proxy equals a realizable market price",
    "A trapped-cash release is automatically a permitted distribution to shareholders"
  ]
}