{
  "schema_version": "1.0",
  "dataset_id": "selected-ai-financing-terms",
  "checked_on": "2026-09-22",
  "publisher": "AI Infra Credit",
  "title": {
    "en": "Selected AI financing terms",
    "zh": "AI 融资条款选录"
  },
  "scope": {
    "en": "Three selected document versions, four ratio tests. These are not comparable leverage ratios or a review of subsequent amendments.",
    "zh": "三份选定文件版本、四项比例测试。各比例不等同于可直接比较的杠杆率，也不代表已检查后续修订。"
  },
  "citation": "AI Infra Credit, Selected AI financing terms, 2026-09-22. Cite the record ID and original document.",
  "sources": [
    {
      "id": "CW55-20260807",
      "document_date": "2026-08-07",
      "type": "executed_credit_agreement",
      "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000357/ex101creditagreement.htm"
    },
    {
      "id": "IREN-CTA-20260529",
      "document_date": "2026-05-29",
      "type": "executed_common_terms_agreement",
      "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/a1037commontermsagreemen.htm"
    },
    {
      "id": "DOCN-8K-20260910",
      "document_date": "2026-09-10",
      "type": "issuer_8k_summary",
      "url": "https://www.sec.gov/Archives/edgar/data/1582961/000110465926106704/tm2625205d1_8k.htm"
    }
  ],
  "records": [
    {
      "id": "cw55-funding-date-cost",
      "arrangement_id": "coreweave-ddtl-5-5",
      "name": "CoreWeave DDTL 5.5",
      "source_id": "CW55-20260807",
      "locators": [
        "Section 1.01: Funding Date Capital Expenditures; Funding Date GPU Amount",
        "Section 4.02(j)"
      ],
      "ratio": 0.7,
      "comparison_operator": "<=",
      "test_stage": "credit_event",
      "label": {
        "en": "Credit-event funding condition",
        "zh": "信用事件提款条件"
      },
      "numerator": {
        "en": "Loans incurred for the relevant credit event.",
        "zh": "该信用事件产生的贷款额。"
      },
      "denominator": {
        "en": "Eligible acquired/transferred infrastructure, installation and permitted expected capex; uncontracted GPU capacity is excluded.",
        "zh": "合格已购置／转入设备、安装成本及允许计入的预计资本开支；不计未签约GPU产能。"
      },
      "customer_upfront_in_numerator": false,
      "qualification": {
        "en": "Some ancillary-cost limits are redacted. Other draw conditions remain.",
        "zh": "部分附属成本上限被删节；仍须满足其他提款条件。"
      },
      "dates": [],
      "funded_amount_usd": null
    },
    {
      "id": "iren-tranche-origination",
      "arrangement_id": "iren-ie-us-hardware-3",
      "name": "IREN / IE US Hardware 3",
      "source_id": "IREN-CTA-20260529",
      "locators": [
        "Section 3.3(b)",
        "Schedule I: Advance Rate"
      ],
      "ratio": 0.95,
      "comparison_operator": "<=",
      "test_stage": "tranche_origination",
      "label": {
        "en": "Tranche funding ceiling",
        "zh": "分批融资上限"
      },
      "numerator": {
        "en": "Tranche loans + notes + customer upfront amounts incurred or received.",
        "zh": "该批贷款＋票据＋已产生或收到的客户预付金额。"
      },
      "denominator": {
        "en": "Related tranche Project Costs.",
        "zh": "该批次对应项目成本。"
      },
      "customer_upfront_in_numerator": true,
      "qualification": {
        "en": "The monetary ceiling is the lower of the 95% cost component and DSCR sizing.",
        "zh": "金额上限取95%成本项与DSCR测算上限中的较低者。"
      },
      "dates": [],
      "funded_amount_usd": null
    },
    {
      "id": "iren-monthly-ltc",
      "arrangement_id": "iren-ie-us-hardware-3",
      "name": "IREN / IE US Hardware 3",
      "source_id": "IREN-CTA-20260529",
      "locators": [
        "Schedule I: LTC Event; LTC Threshold Amount"
      ],
      "ratio": 0.65,
      "comparison_operator": ">",
      "test_stage": "monthly_stock_test",
      "label": {
        "en": "Monthly LTC event trigger",
        "zh": "月度LTC事件触发测试"
      },
      "numerator": {
        "en": "Outstanding delayed-draw loans + notes.",
        "zh": "尚未偿还的延迟提款贷款＋票据。"
      },
      "denominator": {
        "en": "Positive capex balance after contractual depreciation.",
        "zh": "资本开支减合同折旧后的正余额。"
      },
      "customer_upfront_in_numerator": false,
      "qualification": {
        "en": "An excess triggers an LTC event, not automatic liquidation or a 30-point haircut.",
        "zh": "超过阈值触发LTC事件，不等于立即处置，也不是统一下降30个百分点。"
      },
      "dates": [],
      "funded_amount_usd": null
    },
    {
      "id": "docn-equipment-advance",
      "arrangement_id": "digitalocean-equipment-20260910",
      "name": "DigitalOcean equipment finance",
      "source_id": "DOCN-8K-20260910",
      "locators": [
        "Item 1.01: advances and Equipment Leases"
      ],
      "ratio": 0.9,
      "comparison_operator": "<=",
      "test_stage": "equipment_advance",
      "label": {
        "en": "Equipment advance cap",
        "zh": "设备垫款上限"
      },
      "numerator": {
        "en": "Lessor advance for an equipment acquisition.",
        "zh": "出租人为购置设备提供的垫款。"
      },
      "denominator": {
        "en": "Cost of the equipment being acquired.",
        "zh": "本次购置设备的成本。"
      },
      "customer_upfront_in_numerator": false,
      "qualification": {
        "en": "The lessee supplies the balance as prepaid rent. Source is a filing summary, not the full leases.",
        "zh": "承租人以预付租金提供余额；来源为8-K摘要，非完整租约。"
      },
      "dates": [
        {
          "kind": "advance_request_deadline",
          "date": "2027-09-10"
        },
        {
          "kind": "full_amortization_deadline",
          "date": "2030-09-10"
        }
      ],
      "funded_amount_usd": null
    }
  ],
  "field_notes": {
    "ratio": {
      "en": "Decimal fraction applied to the stated basis; never compare without stage, numerator and qualification.",
      "zh": "适用于所述计算基础的小数比例；比较时须同时读取阶段、分子和限定条件。"
    },
    "comparison_operator": {
      "en": "Relation in the selected funding condition or event trigger, not a portfolio ranking.",
      "zh": "该项提款条件或事件触发标准中的关系符，不是组合排名。"
    },
    "dates": {
      "en": "Only explicitly extracted dates are listed. An empty list does not mean the arrangement has no deadlines.",
      "zh": "仅列出本次提取的明确日期；空列表不代表该安排没有期限。"
    },
    "funded_amount_usd": {
      "en": "Null means actual funded cash was not established in this selection, not zero.",
      "zh": "null表示本次未确认实际放款金额，不代表零。"
    },
    "sources": {
      "en": "Document dates and types are preserved; later amendments and current compliance are outside this selection.",
      "zh": "保留文件日期与类型；本选录不确认后续修订或当前合规状态。"
    }
  }
}