# Reading the AI financing terms data

Version: 2026-09-22 · AI Infra Credit

The JSON contains four selected tests across three financing arrangements. Read a row as a contract-specific instruction, not as one observation in a leverage ranking. Each row identifies its original SEC document and clause.

## Use the fields together

- `ratio` is a decimal fraction; 0.70 means 70%.
- `test_stage` separates a credit event, tranche origination, monthly outstanding-balance test, and equipment advance.
- `numerator` identifies which funding sources count. `customer_upfront_in_numerator` applies only to that selected test, not the issuer's entire funding structure.
- `denominator` and `qualification` preserve the basis, exclusions and additional limits.
- `comparison_operator` distinguishes a funding ceiling from an event triggered by exceeding a threshold.
- `dates` contains only extracted dates. Empty is not evidence of unlimited time.
- `funded_amount_usd: null` means no actual funding amount was established; do not turn it into zero.
- `sources.type` distinguishes an executed agreement from an issuer's filing summary.

For example, select a monthly stock test before comparing its balance with its contractual basis:

```javascript
const data = await fetch('/downloads/selected-financing-terms.json').then(r => r.json());
const monthly = data.records.filter(r => r.test_stage === 'monthly_stock_test');
console.log(monthly.map(r => ({id:r.id,ratio:r.ratio,basis:r.denominator.en})));
```

This identifies one IREN test. It does not calculate its present headroom. The current loan balance, dated eligible asset base, adjustments, amendments and applicable remedies would still be needed.

## Scope and citation

This is a selected-document snapshot, not a complete facility register, current covenant certificate, credit rating or list of cash already raised. The JSON supports source checking and further work; the underlying documents control.

Suggested citation: AI Infra Credit, *Selected AI financing terms*, 2026-09-22, record ID and original document URL. Linked third-party documents retain their own terms.

Questions or corrections: research@aiinfracredit.com