[sheet: CP Checklist]

[sheet: CP Checklist]
CP No. | Category | Description of Condition Precedent | Credit Agreement Section Reference | Responsible Party | Status | Delivery Date | Document Name / Reference | Notes
1 | Corporate / Organizational | Certified copy of Certificate of Formation of Ironhaven Data Centers LLC (Delaware) | §4.01(a)(i) | Calderwood & Harkness LLP | Satisfied | 2024-05-15 | Organizational Documents Package | Delaware SOS certified copy dated May 10, 2024
2 | Corporate / Organizational | Certified copy of Amended and Restated Operating Agreement of Ironhaven Data Centers LLC | §4.01(a)(i) | Calderwood & Harkness LLP | Satisfied | 2024-05-15 | Organizational Documents Package | Certified by Jonathan Pryce-Williams, General Counsel & Secretary
3 | Corporate / Organizational | Certified copy of Certificate of Incorporation of Ironhaven Holdings Inc. (Delaware) | §4.01(a)(i) | Calderwood & Harkness LLP | Satisfied | 2024-05-15 | Organizational Documents Package | Delaware SOS certified copy dated May 10, 2024
4 | Corporate / Organizational | Certified copy of Bylaws of Ironhaven Holdings Inc. | §4.01(a)(i) | Calderwood & Harkness LLP | Satisfied | 2024-05-15 | Organizational Documents Package | Certified by officer of Holdings
5 | Corporate / Organizational | Handelsregisterauszug (Commercial Register excerpt) for Ironhaven Frankfurt GmbH — Amtsgericht Frankfurt am Main, HRB 129457 | §4.01(a)(i) | Wendt Falkenberg PartG mbB | Satisfied | 2024-05-13 | Organizational Documents Package | Current excerpt dated May 13, 2024; Dr. Lukas Wendt confirmed
6 | Corporate / Organizational | Gesellschaftsvertrag (Articles of Association) of Ironhaven Frankfurt GmbH | §4.01(a)(i) | Wendt Falkenberg PartG mbB | Satisfied | 2024-05-13 | Organizational Documents Package | Notarized copy provided
7 | Corporate / Organizational | Secretary's / Officer's Certificate — IHDC: attesting to organizational documents, incumbency, and member resolutions authorizing $950,000,000 Term Loan | §4.01(a)(ii) | Calderwood & Harkness LLP / IHDC | Satisfied | 2024-05-15 | Secretary's / Officer's Certificate — IHDC | Executed by Jonathan Pryce-Williams as Secretary; includes incumbency for Marcus Delaine (CEO), Rebecca Sung (CFO), Jonathan Pryce-Williams (GC)
8 | Corporate / Organizational | Board Resolutions — Ironhaven Holdings Inc. authorizing Guarantee Agreement and Equity Interest Pledge Agreement | §4.01(a)(iii) | Calderwood & Harkness LLP / Holdings | Satisfied | 2024-05-15 | Board Resolutions — Ironhaven Holdings Inc. | Unanimous written consent of Board of Directors
9 | Corporate / Organizational | Shareholder Resolutions — IHDC Frankfurt GmbH: IHDC (as sole quotaholder) authorizing Co-Borrower status and German security documents | §4.01(a)(iv) | Wendt Falkenberg PartG mbB / IHDC | Satisfied | 2024-05-14 | Shareholder Resolutions — IHDC Frankfurt GmbH | Notarized shareholder resolution; Katarina Bremer and Marcus Delaine as Managing Directors confirmed
10 | Corporate / Organizational | Certificate of Good Standing — IHDC (Delaware Secretary of State) | §4.01(a)(v) | Calderwood & Harkness LLP | Satisfied | 2024-05-28 | Good Standing Certificates — Transmittal Memorandum | Dated May 28, 2024; confirms good standing in Delaware
11 | Corporate / Organizational | Certificate of Good Standing — IHDC (Virginia State Corporation Commission) | §4.01(a)(v) | Calderwood & Harkness LLP | Satisfied | 2024-05-28 | Good Standing Certificates — Transmittal Memorandum | Dated May 28, 2024; confirms foreign qualification in Virginia
12 | Corporate / Organizational | Certificate of Good Standing — Ironhaven Holdings Inc. (Delaware Secretary of State) | §4.01(a)(v) | Calderwood & Harkness LLP | Satisfied | 2024-05-28 | Good Standing Certificates — Transmittal Memorandum | Dated May 28, 2024
13 | Credit Documents | Execution and delivery of Credit Agreement among IHDC (Borrower), IHDC Frankfurt (Co-Borrower), Ironhaven Holdings Inc. (Parent Guarantor), Crescent Harbor Bank, N.A. (Administrative Agent), Pinnacle Trust Company, N.A. (Collateral Agent), and the Lenders | §4.01(b)(i) | All Parties | Satisfied | 2024-05-15 | Credit Agreement (Execution Version) | Signed May 15, 2024; CUSIP 46283LAA5; NY law governed; SOFR + 425 bps; maturity June 3, 2031
14 | Credit Documents | Execution and delivery of Guarantee Agreement by Ironhaven Holdings Inc. as Parent Guarantor | §4.01(b)(ii) | Calderwood & Harkness LLP / Holdings | Satisfied | 2024-05-15 | Guarantee Agreement — Ironhaven Holdings Inc. | Guarantees all obligations under Credit Agreement
15 | Credit Documents | Execution and delivery of First Lien / Super-Senior Intercreditor Agreement among IHDC, Crescent Harbor (as Term Loan Agent and Revolver Agent), and Pinnacle Trust (as Collateral Agent) | §4.01(b)(iii) | All Parties / Blackthorn & Sundial Software | Satisfied | 2024-05-15 | Intercreditor Agreement | Governs lien priority between $950M Term Loan B and $100M Super-Senior Revolving Credit Facility
16 | Credit Documents | Delivery of executed Promissory Notes for each Lender | §4.01(b)(iv) | Calderwood & Harkness LLP / Crescent Harbor Bank | Satisfied | 2024-06-03 | Promissory Notes — Master Form with Lender Schedule | Crescent Harbor $200M, Ridgeline $175M, Marlowe Asset Management Meridian $150M, Atlas Peak $125M, NordBrücke $150M, Pacific Rim $75M, Osprey $75M = $950M total
17 | Credit Documents | Delivery of executed Form of Borrowing Request for initial draw | §4.01(b)(v) | IHDC / Natasha Greenfeld | Satisfied | 2024-05-31 | Borrowing Request | Initial draw of full $950M commitment; USD tranche $675M, EUR sub-tranche €253,571,429
18 | Credit Documents | Fee Letter — confirmation of all fees paid or payable at closing | §4.01(b)(vi) | IHDC / Crescent Harbor Bank | Satisfied | 2024-06-03 | Fee Letter (Feb 28, 2024) / Funds Flow Memorandum | Arrangement fee $14,250,000; Admin Agent fee $175,000; Ticking fee $527,778; OID 50 bps ($4,750,000)
19 | Security / Collateral — US | Execution and delivery of US Pledge and Security Agreement by IHDC and Ironhaven Holdings Inc. | §4.01(c)(i) | Calderwood & Harkness LLP | Satisfied | 2024-05-15 | US Pledge and Security Agreement | First-priority security interest in substantially all personal property; Pinnacle Trust as Collateral Agent
20 | Security / Collateral — US | Execution and delivery of Equity Interest Pledge Agreement — Holdings pledging 100% IHDC membership interests; IHDC pledging 100% of IHDC Frankfurt equity | §4.01(c)(ii) | Calderwood & Harkness LLP | Satisfied | 2024-05-15 | Equity Interest Pledge Agreement | Covers 100% of IHDC membership interests and 100% of Ironhaven Frankfurt GmbH shares
21 | Security / Collateral — US | Execution and delivery of Deed of Trust, Assignment of Leases and Rents, Security Agreement, and Fixture Filing — Loudoun County, Virginia (Tax Parcels 087-27-1234 & 087-27-1235, ~142 acres) | §4.01(c)(iii) | Calderwood & Harkness LLP | Satisfied | 2024-05-15 | Deed of Trust (Virginia) | Recorded in Loudoun County land records; Virginia campus 'Ironhaven Ashburn I'
22 | Security / Collateral — US | Execution and delivery of Environmental Indemnity Agreement (Virginia campus) | §4.01(c)(iv) | Calderwood & Harkness LLP / IHDC | Satisfied | 2024-05-15 | Environmental Indemnity Agreement | IHDC indemnity in favor of Pinnacle Trust as Collateral Agent
23 | Security / Collateral — US | Execution and delivery of Deposit Account Control Agreements (DACAs) for IHDC accounts at Crescent Harbor Bank, N.A. | §4.01(c)(v) | Calderwood & Harkness LLP / Crescent Harbor Bank | Satisfied | 2024-05-30 | Deposit Account Control Agreements | Control agreements granting Pinnacle Trust control over operating and reserve accounts
24 | Security / Collateral — US | Execution and delivery of intellectual Property Security Agreement (trademarks, patents, copyrights) | §4.01(c)(vi) | Calderwood & Harkness LLP | Satisfied | 2024-05-15 | IP Security Agreement | Filed with USPTO; first-priority lien on all registered IP of IHDC
25 | Security / Collateral — US | Execution and delivery of Collateral Agent Appointment Agreement — Pinnacle Trust Company, N.A. | §4.01(c)(vii) | Calderwood & Harkness LLP / Blackthorn & Sundial Software | Satisfied | 2024-05-15 | Collateral Agent Appointment Agreement | Fees: $125,000/yr domestic + $75,000/yr German security trustee = $200,000/yr total
26 | Security / Collateral — US | Filing of UCC-1 Financing Statements — Delaware Secretary of State (IHDC and Holdings) and Loudoun County Circuit Court (fixture filing) | §4.01(c)(viii) | Calderwood & Harkness LLP | Satisfied | 2024-05-16 | UCC-1 Filing Package | Filing receipts received; Delaware filing nos. confirmed; Loudoun County fixture filing recorded
27 | Security / Collateral — US | ALTA Lender's Title Insurance Policy — Keystone Title Guaranty Company (Virginia campus, $475,000,000 coverage) | §4.01(c)(ix) | Keystone Title Guaranty Company / Raymond Hobbs | Satisfied | 2024-06-03 | Title Insurance Commitment and Policy | Insures Pinnacle Trust as Collateral Agent's first-priority lien; approved exceptions reviewed by Calderwood & Harkness
28 | Security / Collateral — US | ALTA/NSPS Survey and Legal Description Certificate — Loudoun County parcels | §4.01(c)(x) | Calderwood & Harkness LLP / Surveyor | Satisfied | 2024-05-20 | Survey and Legal Description Certificate | Certification of approximately 142 acres; Tax Parcels 087-27-1234 & 087-27-1235
29 | Security / Collateral — US | Lien search results — UCC, federal tax lien, judgment, and litigation searches (IHDC, Holdings; Delaware, Virginia, New York) | §4.01(c)(xi) | Calderwood & Harkness LLP | Satisfied | 2024-05-08 | Lien Search Results — Summary and Analysis | No pre-existing liens found except Greystone Mezzanine Fund II, LP UCC-1 filing (to be terminated at closing)
30 | Security / Collateral — Germany | Execution and delivery of German Parallel Debt and Security Trust Agreement (Sicherheitentreuhandvertrag) | §4.01(d)(i) | Wendt Falkenberg PartG mbB / Blackthorn & Sundial Software (Frankfurt — Maximilian Roth) | Satisfied | 2024-05-15 | German Parallel Debt and Security Trust Agreement | Among IHDC Frankfurt, Pinnacle Trust (London branch as Security Trustee), and Lenders
31 | Security / Collateral — Germany | Notarized German Land Charge (Grundschuldbestellungsurkunde) — Frankfurt campus parcel (Grundbuch von Frankfurt am Main-Ost, Blatt 54321, Flur 12, Flurstück 789, ~18.7 hectares) | §4.01(d)(ii) | Wendt Falkenberg PartG mbB / Julia Falkenberg | Satisfied | 2024-05-14 | German Land Charge Agreement (Grundschuld) | Notarized; Grundbuchamt filing submitted May 14, 2024; registration confirmation expected by August 2024 (post-closing item)
32 | Security / Collateral — Germany | Execution and delivery of German Global Assignment of Receivables (Globalzession) — IHDC Frankfurt | §4.01(d)(iii) | Wendt Falkenberg PartG mbB | Satisfied | 2024-05-15 | German Global Assignment of Receivables | Covers all present and future receivables of IHDC Frankfurt
33 | Security / Collateral — Germany | Execution and delivery of German Account Pledge (Kontoverpfändung) — IHDC Frankfurt accounts at NordBrücke AG | §4.01(d)(iv) | Wendt Falkenberg PartG mbB / NordBrücke AG | Satisfied | 2024-05-15 | German Account Pledge Agreement | Pledge over IHDC Frankfurt bank accounts at NordBrücke AG; NordBrücke acknowledgment received
34 | Security / Collateral — Germany | Execution and delivery of German Security Transfer of Movable Assets (Sicherungsübereignungsvertrag) — Frankfurt campus | §4.01(d)(v) | Wendt Falkenberg PartG mbB | Satisfied | 2024-05-15 | German Security Transfer of Movable Assets | Security transfer of movable assets at Frankfurt campus in favor of Pinnacle Trust as Security Trustee
35 | Security / Collateral — Germany | Notarized German Share Pledge (Anteilsverpfändungsvertrag) — 100% shares of IHDC Frankfurt (HRB 129457) by IHDC | §4.01(d)(vi) | Wendt Falkenberg PartG mbB / Julia Falkenberg | Satisfied | 2024-05-14 | German Share Pledge Agreement | Notarized May 14, 2024; registered in shareholders list of IHDC Frankfurt
36 | Security / Collateral — Germany | Execution and delivery of German Security Purpose Agreement (Sicherungszweckerklärung) | §4.01(d)(vii) | Wendt Falkenberg PartG mbB | Satisfied | 2024-05-15 | German Security Purpose Agreement | Overarching security purpose declaration for all German-law security documents
37 | Legal Opinions | Calderwood & Harkness Legal Opinion — NY/DE Law (due authorization, enforceability, perfection of security interests) | §4.01(e)(i) | Calderwood & Harkness LLP / Stephanie Okafor | Satisfied | 2024-06-03 | C&H NY/DE Law Legal Opinion | Addressed to Administrative Agent and Lenders; covers Credit Agreement and US security documents
38 | Legal Opinions | Calderwood & Harkness Supplemental Opinion — US Regulatory (Investment Company Act, margin regulation, usury) | §4.01(e)(ii) | Calderwood & Harkness LLP / Stephanie Okafor | Satisfied | 2024-06-03 | C&H US Regulatory Opinion | Confirms no registration requirement under Investment Company Act; margin regulation compliance; NY usury analysis
39 | Legal Opinions | Calderwood & Harkness Virginia Law Opinion — Deed of Trust enforceability and recording | §4.01(e)(iii) | Calderwood & Harkness LLP | Satisfied | 2024-06-03 | C&H Virginia Law Opinion | Opines on enforceability under Virginia law and sufficiency of recording in Loudoun County
40 | Legal Opinions | Calderwood & Harkness Tax Opinion — US federal income tax characterization (debt treatment; withholding for non-US Lenders) | §4.01(e)(iv) | Calderwood & Harkness LLP / Sylvia Hartwell | Satisfied | 2024-06-03 | C&H Tax Opinion | Covers IRC §§ 871/881 withholding analysis; treaty benefits for NordBrücke AG and Osprey Insurance Capital, Ltd.
41 | Legal Opinions | Wendt Falkenberg Legal Opinion — German Law (corporate capacity of IHDC Frankfurt, enforceability and perfection of German security) | §4.01(e)(v) | Wendt Falkenberg PartG mbB / Dr. Lukas Wendt, Julia Falkenberg | Satisfied | 2024-06-03 | German Local Counsel Legal Opinion | Addressed to Administrative Agent and Lenders; covers Grundschuld, share pledge, and all German security documents
42 | Sanctions / KYC / Regulatory | OFAC screening of all Lenders, beneficial owners (>25%), and upstream fund investors (>10% economic interest) | §4.01(f)(i) | Calderwood & Harkness LLP / Daniel Obi | Satisfied | 2024-05-24 | OFAC and Sanctions Compliance Memorandum | SDN/SSI list screening completed for all 7 Lenders; no matches identified
43 | Sanctions / KYC / Regulatory | EU Sanctions Regulation (Council Regulation (EU) No 269/2014) screening — all parties with Frankfurt campus nexus | §4.01(f)(ii) | Calderwood & Harkness LLP / Daniel Obi | Satisfied | 2024-05-24 | EU Sanctions Screening Report | Covers IHDC Frankfurt, NordBrücke AG, and respective beneficial owners; no matches
44 | Sanctions / KYC / Regulatory | UK Sanctions (OFSI) screening — Osprey Insurance Capital, Ltd. (Bermuda entity, UK-person nexus) | §4.01(f)(iii) | Calderwood & Harkness LLP / Daniel Obi | Satisfied | 2024-05-20 | UK / OFSI Sanctions Screening Memorandum | Analysis of Fiona Abernathy and other key personnel; clearance confirmed; no sanctioned persons identified
45 | Sanctions / KYC / Regulatory | BaFin / German Anti-Money Laundering Act (GwG) KYC for IHDC Frankfurt and each EUR sub-tranche lender | §4.01(f)(iv) | Wendt Falkenberg PartG mbB | Satisfied | 2024-05-22 | AML/KYC Due Diligence Summary Chart | GwG compliance documentation collected for IHDC Frankfurt and NordBrücke AG (EUR sub-tranche lender)
46 | Sanctions / KYC / Regulatory | Lender KYC / OFAC Compliance Certificates — executed by each of the 7 Lenders | §4.01(f)(v) | Blackthorn & Sundial Software / Each Lender | Satisfied | 2024-06-01 | Lender KYC/OFAC Compliance Certificate (executed) | All 7 certificates received: Crescent Harbor, Ridgeline, Marlowe Asset Management Meridian, Atlas Peak, NordBrücke, Pacific Rim, Osprey
47 | Sanctions / KYC / Regulatory | Borrower Beneficial Ownership Certification (FinCEN CDD Rule) — IHDC | §4.01(f)(vi) | IHDC / Jonathan Pryce-Williams | Satisfied | 2024-05-15 | Beneficial Ownership Certification — IHDC | Executed by Jonathan Pryce-Williams as General Counsel; identifies beneficial owners under CDD Rule
48 | Sanctions / KYC / Regulatory | Ironhaven Frankfurt GmbH — German Transparenzregister filing confirmation | §4.01(f)(vii) | Wendt Falkenberg PartG mbB | Satisfied | 2024-05-10 | Transparenzregister Filing Confirmation | Confirms filing of beneficial ownership information with German Transparenzregister per GwG
49 | Sanctions / KYC / Regulatory | Osprey Insurance Capital, Ltd. — Enhanced Sanctions Representations Side Letter | §4.01(f)(viii) | Blackthorn & Sundial Software / Osprey | Satisfied | 2024-05-15 | Osprey Sanctions Side Letter | Side letter providing enhanced OFAC, EU, and UK/OFSI representations and indemnity for $75M commitment
50 | Tax | Delivery of IRS Form W-8BEN-E by non-US Lenders (NordBrücke AG and Osprey Insurance Capital, Ltd.) | §4.01(g)(i) | Blackthorn & Sundial Software / Each Non-US Lender | Satisfied | 2024-05-29 | W-8BEN-E Transmittal Package | Forms received from NordBrücke AG (German treaty; reduced withholding) and Osprey Insurance Capital, Ltd. (Bermuda)
51 | Insurance / Appraisal / Environmental | Insurance Compliance Certificate — Calloway & Strand confirming builder's risk, property, GL, and BI insurance meet Credit Agreement requirements | §4.01(h)(i) | Calloway & Strand Insurance Brokers, Inc. / Patricia Calloway | Satisfied | 2024-06-01 | Insurance Compliance Certificate | Pinnacle Trust listed as loss payee and additional insured; policies cover both Virginia and Frankfurt campuses
52 | Insurance / Appraisal / Environmental | MAI Appraisal — Virginia campus (Meridian Valuation Group, LLC) | §4.01(h)(ii) | Meridian Valuation Group, LLC / Howard Finch, MAI | Satisfied | 2024-04-30 | MAI Appraisal — Virginia Campus | Appraisal addressed to Administrative Agent and Collateral Agent; satisfactory valuation of Loudoun County parcels
53 | Insurance / Appraisal / Environmental | MAI Appraisal — Frankfurt campus (Meridian Valuation Group, LLC) | §4.01(h)(iii) | Meridian Valuation Group, LLC / Howard Finch, MAI | Satisfied | 2024-05-06 | MAI Appraisal — Frankfurt Campus | Appraisal of Hanauer Landstraße 188 parcel (~18.7 hectares)
54 | Insurance / Appraisal / Environmental | Phase I Environmental Site Assessment — Virginia campus (Greenline Environmental Solutions, Inc.) | §4.01(h)(iv) | Greenline Environmental Solutions, Inc. / Dr. Ramon Quelibo | Satisfied | 2024-03-28 | Phase I ESA — Virginia Campus | No recognized environmental conditions identified; meets ASTM E1527-21 standard
55 | Insurance / Appraisal / Environmental | Phase I Environmental Site Assessment — Frankfurt campus (Greenline Environmental Solutions, Inc.) | §4.01(h)(v) | Greenline Environmental Solutions, Inc. / Dr. Ramon Quelibo | Satisfied | 2024-04-05 | Phase I ESA — Frankfurt Campus | No recognized environmental conditions; zoning and building code compliance review also completed
56 | Financial / Solvency | Solvency Certificate of CFO (Rebecca Sung) — confirming solvency of IHDC and subsidiaries on consolidated basis after giving effect to the transactions | §4.01(i)(i) | IHDC / Rebecca Sung | Satisfied | 2024-06-03 | Solvency Certificate | Executed by Rebecca Sung as CFO on closing date
57 | Financial / Solvency | Officer's Closing Certificate — IHDC: certifying accuracy of representations and warranties, absence of defaults, satisfaction of CPs | §4.01(i)(ii) | IHDC | Satisfied | 2024-06-03 | Officer's Closing Certificate | Confirms representations true and correct as of June 3, 2024; no Default or Event of Default
58 | Financial / Solvency | Pro forma compliance with financial covenants: Maximum Net Leverage Ratio ≤ 6.00x (actual: 5.35x = $887.5M ÷ $165.8M) and Minimum Interest Coverage Ratio ≥ 2.00x | §4.01(i)(iii) | IHDC / Rebecca Sung | Satisfied | 2024-06-03 | Officer's Closing Certificate / Pro Forma Capitalization | Net Total Debt $887.5M ($950M less $62.5M unrestricted cash); Adjusted EBITDA (LTM 3/31/2024) $165.8M; pro forma NLR = 5.35x
59 | Financial / Solvency | Delivery of audited financial statements for fiscal year ended December 31, 2023 (Ashford & Mercer LLP) | §4.01(i)(iv) | IHDC / Ashford & Mercer LLP / Angela Whitfield | Satisfied | 2024-03-15 | Audited Financial Statements FY2023 | Unqualified audit opinion by Ashford & Mercer LLP
60 | Financial / Solvency | Private credit estimate from Sentinel Ratings International, LLC | §4.01(i)(v) | Sentinel Ratings International, LLC / Lorraine Dupont | Satisfied | 2024-04-10 | Private Credit Rating Letter | Private credit estimate delivered for syndication purposes (not published)
61 | Closing Deliverables | Payoff Letter from Greystone Mezzanine Fund II, LP — confirming payoff amount ($130,000,000 principal + $2,708,333.33 accrued PIK interest = $132,708,333.33 total), wire instructions, and lien release authorization | §4.01(j)(i) | Greystone Mezzanine Fund II, LP / Calderwood & Harkness LLP | Satisfied | 2024-05-30 | Payoff Letter — Greystone | Mezzanine notes at 12.50% PIK; accrued PIK calculated for ~60 days (April 4, 2024 to June 3, 2024); CUSIP 39817MAB3
62 | Closing Deliverables | UCC-3 Termination Statement and Lien Release — Greystone Mezzanine Fund II, LP | §4.01(j)(ii) | Calderwood & Harkness LLP | Satisfied | 2024-06-03 | Greystone Lien Release / UCC-3 Termination | Filed with Delaware Secretary of State on closing date; terminates Greystone's UCC-1 filing
63 | Closing Deliverables | Escrow Agreement — Virginia campus construction ($475,000,000) among IHDC, Crescent Harbor Bank (Admin Agent), and Pinnacle Trust (Escrow Agent) | §4.01(j)(iii) | Calderwood & Harkness LLP / Blackthorn & Sundial Software | Satisfied | 2024-06-03 | Escrow Agreement — Virginia Campus | Controlled disbursement of $475M for Phase I Virginia campus construction; estimated completion Q4 2025
64 | Closing Deliverables | Escrow Agreement — Frankfurt campus construction (€253,571,429) among IHDC Frankfurt, Crescent Harbor Bank (Admin Agent), and NordBrücke AG (Frankfurt Escrow Bank) | §4.01(j)(iv) | Wendt Falkenberg PartG mbB / Blackthorn & Sundial Software (Frankfurt) | Satisfied | 2024-06-03 | Escrow Agreement — Frankfurt Campus | Controlled disbursement of €253,571,429 for Phase I Frankfurt campus construction; estimated completion Q1 2026
65 | Closing Deliverables | Funds Flow Memorandum — Sources ($945,250,000 net TLB proceeds + $410,000,000 equity = $1,355,250,000) and Uses (Virginia escrow, Frankfurt escrow, Greystone payoff, fees, working capital, cash reserve) balance confirmed | §4.01(j)(v) | IHDC / Calderwood & Harkness LLP / Crescent Harbor Bank | Satisfied | 2024-06-03 | Funds Flow Memorandum | Total sources = total uses = $1,355,250,000; all wire instructions confirmed
66 | Closing Deliverables | Bring-down certificate / confirmation — no Material Adverse Effect since signing (May 15, 2024); all representations and warranties true and correct as of closing (June 3, 2024) | §4.01(j)(vi) | IHDC / Calderwood & Harkness LLP | Satisfied | 2024-06-03 | Bring-Down Due Diligence Memorandum / Officer's Closing Certificate | Calderwood & Harkness internal bring-down memo dated June 2, 2024; Officer's Closing Certificate dated June 3, 2024
67 | Closing Deliverables | Execution and delivery of all signature pages for Closing Date documents | §4.01(j)(vii) | All Parties | Satisfied | 2024-06-03 | Signature Pages Compilation | Compilation of executed signature pages for all signing (May 15) and closing (June 3) documents
68 | Closing Deliverables | Payment of all fees and expenses due at closing: arrangement fee ($14,250,000), ticking fee ($527,778), admin agent fee ($175,000), collateral agent fee ($200,000), Calderwood & Harkness fees ($2,850,000), Wendt Falkenberg fees (€385,000 / $417,725), Blackthorn & Brightmoor Systems fees ($1,975,000), and other transaction costs | §4.01(j)(viii) | IHDC / Natasha Greenfeld | Satisfied | 2024-06-03 | Funds Flow Memorandum | All payments confirmed per Funds Flow Memorandum; total transaction fees and expenses $32,500,000 (approx.)
SUMMARY | Total CP Items: 68 | Items Satisfied: 68 | Items Waived: 0 | Completion Rate: 100% | All conditions precedent satisfied as of June 3, 2024
[sheet: Summary]
Metric | Value
Matter | Ironhaven Data Centers LLC — $950,000,000 Senior Secured Term Loan B
C&H Matter Number | 1043-00001
C&H Billing Code | IHDC-TLB-2024
Crescent Harbor Deal Reference | CHB-LF-2024-0287
CUSIP | 46283LAA5
Borrower | Ironhaven Data Centers LLC (EIN: 84-3291057)
Co-Borrower | Ironhaven Frankfurt GmbH (HRB 129457; Steuernummer 045/127/98321; USt-IdNr. DE347891205)
Parent Guarantor | Ironhaven Holdings Inc. (EIN: 84-3291044)
Sponsor | Thornfield Capital Partners, LP (Thornfield Infrastructure Fund III, LP)
Administrative Agent / Lead Arranger | Crescent Harbor Bank, N.A.
Collateral Agent | Pinnacle Trust Company, N.A.
Borrower's Counsel (US) | Calderwood & Harkness LLP — Stephanie Okafor (Responsible Partner)
Borrower's German Local Counsel | Wendt Falkenberg Rechtsanwälte PartG mbB — Dr. Lukas Wendt
Agent's / Lenders' Counsel | Blackthorn & Sundial Software — Catherine Ellsworth
Signing Date | May 15, 2024
Closing / Funding Date | June 3, 2024
Maturity Date | June 3, 2031 (7 years)
Aggregate Commitment | $950,000,000
USD Tranche | $675,000,000
EUR Sub-Tranche | €253,571,429 (~$275,000,000 at EUR/USD 1.0846)
Interest Rate | SOFR + 425 bps (SOFR floor 0.50%); EUR sub-tranche EURIBOR + 425 bps (EURIBOR floor 0.00%)
OID | 99.50 (50 bps); Net proceeds $945,250,000
Pro Forma Net Leverage | 5.35x ($887.5M ÷ $165.8M)
Maximum Net Leverage Ratio Covenant | 6.00x
Minimum Interest Coverage Ratio Covenant | 2.00x
Total CP Items | 68
Items Satisfied | 68
Items Waived | 0
Completion Rate | 100%
Checklist Final Version Date | June 3, 2024
Prepared By | Daniel Obi, Calderwood & Harkness LLP
Reviewed By | Stephanie Okafor, Calderwood & Harkness LLP
[sheet: Category Breakdown]
Category | Total Items | Satisfied | Waived | Completion %
Corporate / Organizational | 12 | 12 | 0 | 100%
Credit Documents | 6 | 6 | 0 | 100%
Security / Collateral — US | 11 | 11 | 0 | 100%
Security / Collateral — Germany | 7 | 7 | 0 | 100%
Legal Opinions | 5 | 5 | 0 | 100%
Sanctions / KYC / Regulatory | 8 | 8 | 0 | 100%
Tax | 1 | 1 | 0 | 100%
Insurance / Appraisal / Environmental | 5 | 5 | 0 | 100%
Financial / Solvency | 5 | 5 | 0 | 100%
Closing Deliverables | 8 | 8 | 0 | 100%
TOTAL | 68 | 68 | 0 | 100%
[sheet: Lender Commitments]
Lender | Entity Type | Jurisdiction | Commitment Amount | % of Total | Tranche Allocation | Key Contact | KYC/OFAC Certificate Delivered | W-8BEN-E Required | W-8BEN-E Delivered | Sanctions Side Letter Required
Crescent Harbor Bank, N.A. | National Banking Association | United States (OCC) | $200,000,000 | 21.05% | USD Tranche | Martin Gallagher / Priya Nair / Thomas Beckett | 2024-05-25 | No | N/A | No
Ridgeline National Bank | National Banking Association | United States (OCC) | $175,000,000 | 18.42% | USD Tranche | Sarah Dalmqvist | 2024-05-27 | No | N/A | No
Marlowe Asset Management Meridian Capital, LLC | LLC (Credit Fund) | Delaware | $150,000,000 | 15.79% | USD Tranche | Robert Jennings | 2024-05-28 | No | N/A | No
Atlas Peak Credit Partners, LP | Limited Partnership (Credit Fund) | Delaware | $125,000,000 | 13.16% | USD Tranche | Christine Fahey | 2024-05-26 | No | N/A | No
NordBrücke AG | Aktiengesellschaft (BaFin-regulated) | Germany (Frankfurt am Main) | $150,000,000 | 15.79% | EUR Sub-Tranche (entirely) | Dr. Stefan Kleinhans | 2024-05-29 | Yes | 2024-05-29 | No
Pacific Rim Institutional Lending Corp. | Corporation (Cayman CLO sub) | Delaware | $75,000,000 | 7.89% | USD Tranche | James Tanaka | 2024-05-30 | No | N/A | No
Osprey Insurance Capital, Ltd. | Bermuda Exempted Company | Bermuda | $75,000,000 | 7.89% | USD Tranche | Fiona Abernathy | 2024-05-28 | Yes | 2024-05-29 | Yes
TOTAL | $950,000,000 | 100.00%
[sheet: Key Dates]
Date | Event | Notes
2024-01-29 | Engagement letter executed (Calderwood & Harkness retained) | Matter No. 1043-00001; signed by Stephanie Okafor and Jonathan Pryce-Williams
2024-02-12 | Mandate letter executed (Crescent Harbor Bank, N.A.) | Crescent Harbor as Sole Lead Arranger and Sole Bookrunner
2024-02-28 | Commitment letter executed | Crescent Harbor commits to arrange $950M Term Loan B
2024-03-15 | Syndication launch; ticking fee commencement | Ticking fee: 0.25% p.a. on $950M undrawn commitments
2024-04-19 | Syndication closed; all lender commitments received | 7 lenders committed; total = $950M
2024-05-01 | Final credit agreement circulated to all parties | Clean version for final review
2024-05-15 | Signing of Credit Agreement and related documents | Signing not simultaneous with closing; delayed draw
2024-06-03 | Closing / Funding date | All CPs satisfied; funds disbursed per Funds Flow Memorandum; ticking fee period = 80 days ($527,778)
2024-09-03 | First quarterly amortization payment due | $2,375,000 aggregate quarterly (1.00% p.a. of $950M ÷ 4)
2024-09-30 | First financial covenant testing date (Q3 FY2024) | Max NLR 6.00x; Min ICR 2.00x
2024-12-03 | Soft call protection expiration | 101 soft call for 6 months post-closing
2031-06-03 | Maturity date | 7 years from closing
[sheet: Post-Closing Items]
Item No. | Description | Responsible Party | Deadline | Status | Notes
1 | German Grundbuchamt registration confirmation for Grundschuld over Frankfurt campus parcel (Grundbuch von Frankfurt am Main-Ost, Blatt 54321, Flur 12, Flurstück 789) | Wendt Falkenberg PartG mbB / Julia Falkenberg | August 2024 (estimated) | Pending | Grundbuchamt filing submitted May 14, 2024; registration expected within 8-12 weeks
2 | UCC continuation filing — IHDC (Delaware) | Calderwood & Harkness LLP | Prior to 5th anniversary of initial filing (May 2029) | Pending (future) | Calendar reminder set; initial UCC-1 filed May 16, 2024
3 | UCC continuation filing — Ironhaven Holdings Inc. (Delaware) | Calderwood & Harkness LLP | Prior to 5th anniversary of initial filing (May 2029) | Pending (future) | Calendar reminder set
4 | Annual delivery of insurance compliance certificate to Administrative Agent | IHDC / Calloway & Strand Insurance Brokers, Inc. | Annually (first: June 2025) | Pending (future) | Per Credit Agreement requirements; Pinnacle Trust as loss payee
5 | Delivery of annual audited financial statements (Ashford & Mercer LLP) | IHDC / Rebecca Sung | Within 90 days of fiscal year end (March 31, 2025 for FY2024) | Pending (future) | Required under Credit Agreement reporting covenants
6 | First quarterly compliance certificate delivery | IHDC / Rebecca Sung | Within 45 days of September 30, 2024 | Pending (future) | First covenant testing: Max NLR 6.00x, Min ICR 2.00x
7 | Delivery of updated German shareholders list reflecting share pledge notation | Wendt Falkenberg PartG mbB | Within 30 days of closing (July 3, 2024) | Pending | Updated shareholders list of IHDC Frankfurt GmbH to reflect Anteilsverpfändung in favor of Pinnacle Trust
8 | Delivery of evidence of Loudoun County Deed of Trust recording | Calderwood & Harkness LLP / Keystone Title Guaranty Company | Within 60 days of closing (August 2, 2024) | Pending | Recording submitted June 3, 2024; awaiting stamped copy from Loudoun County Circuit Court
9 | Delivery of final title insurance policy (replacing commitment) | Keystone Title Guaranty Company / Raymond Hobbs | Within 90 days of closing (September 1, 2024) | Pending | Final ALTA policy to replace pro forma commitment issued at closing
10 | Annual renewal of Collateral Agent fee payment | IHDC / Natasha Greenfeld | Annually on anniversary (June 3, 2025) | Pending (future) | $200,000 annual fee ($125,000 domestic + $75,000 German security trustee) payable to Pinnacle Trust