{
  "model": "aic.early-funding-pricing/1",
  "date_singapore": "2026-10-06",
  "evidence_class": "hypothetical",
  "calibrated_to_an_issuer": false,
  "question": "How much is earlier project-loan access worth when the operating schedule stays fixed?",
  "base_inputs": {
    "project_cost_day": 0,
    "project_cost_usd": 120000000,
    "opening_sponsor_cash_usd": 40000000,
    "gross_project_loan_usd": 96000000,
    "retained_reserve_usd": 12000000,
    "financing_milestone_day": 10,
    "operating_ready_day": 30,
    "comparison_horizon_day": 90,
    "operating_cash_per_ready_day_before_financing_usd": 45000,
    "bridge_commitment_usd": 80000000,
    "bridge_annual_rate": 0.12,
    "flat_bridge_commitment_fee": 0.01,
    "later_project_loan_annual_rate": 0.06
  },
  "cash_and_pricing_conventions": [
    "One aggregate deployment pool, not three separately calculated projects.",
    "Operating cash is after cash operating expenses but before ALL financing costs; it is held until day 90.",
    "This differs from the earlier installation-sequencing model's surplus AFTER project-debt carry; results must not be mechanically spliced together.",
    "All draw conditions and reimbursement/pooling permissions are expressly assumed in the funded examples, not inferred from the financing milestone alone.",
    "The access fee is withheld from gross loan proceeds when drawn. The reserve also remains outside unrestricted cash.",
    "Project interest applies to gross principal. Bridge interest applies to the actual modeled bridge-principal exposure.",
    "Interest is simple ACT/365, rounded up once per loan at the horizon. The one-time bridge fee is on the selected committed limit, not only the amount used.",
    "Both loans' interest and the bridge commitment fee are paid at day 90. The bridge is fully repaid then in funded cases.",
    "Project principal and the retained reserve remain outstanding at the horizon; no project-loan amortization is modeled.",
    "Same-day loan receipts precede construction payments by default. An alternative ordering is explicit in the verifier.",
    "The 8%-to-6% case assumes a pre-agreed coupon transition at the operating milestone with no separate transition fee. It is a proposed scenario, not an identified IREN or CoreWeave term.",
    "If the coupon transition is not effective, the initial coupon continues. An unknown relevant transition produces no single funded cash result.",
    "A constant 8% early loan does not silently refinance to 6% on day 30.",
    "The fee ceiling is a conditional borrower cash budget. It does not establish a lender's required price, willingness to lend or market availability."
  ],
  "excluded": ["issuer calibration", "complete contract eligibility", "probabilities", "tax", "cash and reserve investment income", "negative operating cash flow before the horizon", "other refinancing transactions", "project-loan principal repayment", "post-horizon cash flows", "NPV", "measured GPU output"],
  "source_context": [
    {
      "url": "https://aiinfracredit.com/en/research/financing-before-customer-acceptance",
      "use": "Documentary motivation for separating financing and operating milestones; supplies no numerical model inputs."
    },
    {
      "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/a1037commontermsagreemen.htm",
      "use": "Selected historical financing conditions motivate distinct gates. The model does not implement the agreement or extract an actual coupon step-down from it."
    }
  ]
}