[sheet: Cover & Legend]
Field | Value
Matter | Ironhaven Data Centers LLC — $950,000,000 Senior Secured Term Loan B
Matter Number | 1043-00001
Billing Code | IHDC-TLB-2024
Prepared By | Calderwood & Harkness LLP
Lead Associate | Daniel Obi
Responsible Partner | Stephanie Okafor
Senior Paralegal | Lisa Morrow
Tax Advisor (Internal) | Sylvia Hartwell
Client | Ironhaven Data Centers LLC
Client Contact | Jonathan Pryce-Williams, General Counsel & Secretary
Administrative Agent | Crescent Harbor Bank, N.A.
Agent Deal Reference | CHB-LF-2024-0287
Credit Agreement CUSIP | 46283LAA5
Date Prepared | June 3, 2024 (Final Version — All Items Complete)
Confidentiality | ATTORNEY-CLIENT PRIVILEGED AND CONFIDENTIAL — ATTORNEY WORK PRODUCT
--- LEGEND ---
Status: Complete | All required documents received, reviewed, and cleared
Status: N/A | Item not applicable to this Lender
Screening: Clear | No hits on applicable sanctions/watchlists
Screening: Enhanced Review — Cleared | Initial flag requiring additional diligence; ultimately cleared
[sheet: Lender KYC Tracker]
Lender Full Legal Name | Short Name | Entity Type | Jurisdiction of Formation | Headquarters Address | Commitment Amount | % of Total Commitment | Tranche Allocation | Key Contact | Contact Title | Certificate of Incorporation / Formation | Date Received — Corp Docs | Operating Agreement / Bylaws / Articles | Date Received — OA/Bylaws | Good Standing / Equivalent Certificate | Date Received — Good Standing | Beneficial Ownership Register / Schedule | Date Received — BO Register | Beneficial Owners Identified (>25%) | Authorized Signatory List / Incumbency | Date Received — Auth Signatories | Passport / Government ID — Key Individuals | Date Received — Passports/ID | IRS Form W-9 or W-8BEN-E | Date Received — Tax Form | Tax Form Type | OFAC SDN/SSI List Screening | Date Completed — OFAC | OFAC Screening Result | EU Consolidated Sanctions List Screening | Date Completed — EU Sanctions | EU Sanctions Screening Result | UK OFSI Sanctions Screening | Date Completed — UK OFSI | UK OFSI Screening Result | BaFin / GwG KYC (German AML) | Date Completed — BaFin/GwG | BaFin/GwG Result | Lender KYC/OFAC Compliance Certificate Executed | Date Received — Compliance Certificate | Enhanced Due Diligence Required | Enhanced DD Reason | Enhanced DD Status | Enhanced DD Completion Date | Side Letter Required | Side Letter Description | Overall KYC Status | Notes
Crescent Harbor Bank, National Association | Crescent Harbor / CHB | National Banking Association (OCC-chartered) | United States (OCC) | 1200 Harbor Point Drive, Charlotte, NC 28202 | $200,000,000 | 21.05% | USD Tranche + EUR Sub-Tranche (pro rata) | Martin Gallagher | Managing Director, Leveraged & Structured Finance | Complete | 2024-03-18 | Complete | 2024-03-18 | Complete | 2024-03-20 | Complete | 2024-03-22 | N/A — OCC-regulated national bank; BO reporting exempt under CDD Rule | Complete | 2024-03-18 | Complete | 2024-03-25 | Complete | 2024-03-18 | W-9 | Complete | 2024-03-22 | Clear — No hits | Complete | 2024-03-22 | Clear — No hits | N/A | N/A — US national bank, no UK-person nexus | N/A | N/A — Not participating in EUR sub-tranche exclusively; GwG compliance handled through Agent capacity | Complete | 2024-04-15 | No | No | Complete — All Items Cleared | Administrative Agent and Sole Lead Arranger. Also a Lender holding $200M. OCC-regulated; standard KYC package.
Ridgeline National Bank | Ridgeline | National Banking Association | United States (OCC) | 500 Federal Street, Boston, MA 02110 | $175,000,000 | 18.42% | USD Tranche | Sarah Dalmqvist | Director, TMT Lending | Complete | 2024-03-25 | Complete | 2024-03-25 | Complete | 2024-03-27 | Complete | 2024-03-29 | N/A — OCC-regulated national bank; BO reporting exempt under CDD Rule | Complete | 2024-03-25 | Complete | 2024-04-01 | Complete | 2024-03-25 | W-9 | Complete | 2024-03-29 | Clear — No hits | Complete | 2024-03-29 | Clear — No hits | N/A | N/A — US national bank, no UK-person nexus | N/A | N/A — USD Tranche only | Complete | 2024-04-15 | No | No | Complete — All Items Cleared | US-regulated bank; standard KYC package. USD tranche only.
Marlowe Asset Management Meridian Capital, LLC | VMC | Delaware LLC (institutional term lender / credit fund) | Delaware | 300 Madison Avenue, 40th Floor, New York, NY 10017 | $150,000,000 | 15.79% | USD Tranche | Robert Jennings | Portfolio Manager | Complete | 2024-03-28 | Complete | 2024-03-28 | Complete | 2024-04-01 | Complete | 2024-04-03 | Three beneficial owners identified (>25%); names on file — all cleared | Complete | 2024-03-28 | Complete | 2024-04-05 | Complete | 2024-03-28 | W-9 | Complete | 2024-04-03 | Clear — No hits (entity and all beneficial owners >25%) | Complete | 2024-04-03 | Clear — No hits | N/A | N/A — US entity, no UK-person nexus | N/A | N/A — USD Tranche only | Complete | 2024-04-16 | No | No | Complete — All Items Cleared | Credit fund. Full beneficial ownership >25% screening completed for 3 BOs. All upstream investors >10% economic interest also screened per OFAC protocol.
Atlas Peak Credit Partners, LP | Atlas Peak | Delaware Limited Partnership (credit fund) | Delaware | 2200 Sand Hill Road, Suite 150, Menlo Park, CA 94025 | $125,000,000 | 13.16% | USD Tranche | Christine Fahey | Managing Director | Complete | 2024-03-29 | Complete | 2024-03-29 | Complete | 2024-04-02 | Complete | 2024-04-05 | Two beneficial owners identified (>25%); GP entity identified; all cleared | Complete | 2024-03-29 | Complete | 2024-04-08 | Complete | 2024-03-29 | W-9 | Complete | 2024-04-05 | Clear — No hits (entity, GP, and all beneficial owners >25%) | Complete | 2024-04-05 | Clear — No hits | N/A | N/A — US entity, no UK-person nexus | N/A | N/A — USD Tranche only | Complete | 2024-04-16 | No | No | Complete — All Items Cleared | Credit fund LP. Upstream investor screening (>10% economic interest) completed. All clear.
NordBrücke AG | NordBrücke | German Aktiengesellschaft (BaFin-regulated credit institution) | Germany (Frankfurt am Main) | Neue Mainzer Straße 72, 60311 Frankfurt am Main, Germany | $150,000,000 | 15.79% | EUR Sub-Tranche (entire commitment allocated to Frankfurt sub-tranche) | Dr. Stefan Kleinhans | Head of Structured & Acquisition Finance | Complete | 2024-03-22 | Complete (Satzung / Articles of Association) | 2024-03-22 | Complete (Handelsregisterauszug — Amtsgericht Frankfurt am Main) | 2024-03-25 | Complete | 2024-03-28 | N/A — BaFin-regulated credit institution; exempt from BO disclosure under German banking supervision rules; Transparenzregister extract obtained | Complete | 2024-03-22 | Complete (passport copies for Dr. Stefan Kleinhans and Vorstand members) | 2024-04-02 | Complete | 2024-03-22 | W-8BEN-E (claiming reduced withholding under US-Germany income tax treaty) | Complete | 2024-03-28 | Clear — No hits | Complete | 2024-03-28 | Clear — No hits | N/A | N/A — German entity, no UK-person nexus | Complete | 2024-04-02 | Clear — BaFin-regulated; GwG compliance confirmed; KYC package includes Transparenzregister extract and Handelsregisterauszug | Complete | 2024-04-16 | No | No | Complete — All Items Cleared | German licensed credit institution (BaFin-regulated). EUR sub-tranche participant. Full BaFin/GwG KYC completed. W-8BEN-E on file claiming US-Germany treaty benefits. Also serves as Frankfurt Escrow Bank under Frankfurt campus construction escrow agreement.
Pacific Rim Institutional Lending Corp. | Pacific Rim | Delaware Corporation (subsidiary of a Cayman-domiciled CLO vehicle) | Delaware | 600 Montgomery Street, Suite 2800, San Francisco, CA 94111 | $75,000,000 | 7.89% | USD Tranche | James Tanaka | Vice President | Complete | 2024-04-01 | Complete | 2024-04-01 | Complete | 2024-04-03 | Complete | 2024-04-08 | Parent entity: Cayman-domiciled CLO vehicle identified; collateral manager and beneficial owners (>25%) identified and screened; all cleared | Complete | 2024-04-01 | Complete (passport for James Tanaka and collateral manager principals) | 2024-04-10 | Complete | 2024-04-01 | W-9 (US domestic entity; Cayman parent not a US tax reporting entity) | Complete | 2024-04-08 | Clear — No hits (entity, Cayman parent, collateral manager, and all beneficial owners >25%) | Complete | 2024-04-08 | Clear — No hits | N/A | N/A — US entity; Cayman parent screened under OFAC; no UK-person nexus identified | N/A | N/A — USD Tranche only | Complete | 2024-04-16 | No | No | Complete — All Items Cleared | Delaware corporation but subsidiary of Cayman CLO vehicle. Enhanced upstream screening performed for Cayman parent entity and collateral manager. All upstream fund investors >10% economic interest screened per OFAC protocol. All clear.
Osprey Insurance Capital, Ltd. | Osprey | Bermuda Exempted Company | Bermuda | Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda | $75,000,000 | 7.89% | USD Tranche | Fiona Abernathy | Head of Credit Investments | Complete | 2024-04-02 | Complete (Memorandum of Association and Bye-Laws) | 2024-04-02 | Complete (Certificate of Compliance from Bermuda Registrar of Companies) | 2024-04-05 | Complete | 2024-04-10 | Two beneficial owners identified (>25%); both screened and cleared under OFAC, EU, and UK OFSI lists | Complete | 2024-04-02 | Complete (passports for Fiona Abernathy and two beneficial owners with UK-person nexus) | 2024-04-12 | Complete | 2024-04-05 | W-8BEN-E (claiming reduced withholding under US-Bermuda/UK treaty provisions as applicable) | Complete | 2024-04-10 | Clear — No hits (entity and all beneficial owners >25%); initially flagged for enhanced review due to Bermuda domicile | Complete | 2024-04-10 | Clear — No hits (entity and beneficial owners) | Complete | 2024-04-15 | Clear — Enhanced review completed; Fiona Abernathy and two other UK-person principals cleared; no OFSI hits | N/A | N/A — Not participating in EUR sub-tranche; no direct German nexus | Complete | 2024-04-18 | Yes | Bermuda-domiciled exempted company with UK-person nexus (Fiona Abernathy and key personnel are UK persons). Flagged during initial OFAC screening on April 12, 2024 for additional review. | Enhanced Review — Cleared. Full OFAC, EU sanctions, and UK OFSI screening completed for entity, all beneficial owners >25%, and all UK-person principals. No sanctioned persons identified. | 2024-04-18 | Yes | Enhanced Sanctions Representations Side Letter executed by Osprey Insurance Capital, Ltd. providing additional OFAC, EU, and UK/OFSI sanctions representations, warranties, and indemnity in connection with its $75,000,000 commitment. | Complete — All Items Cleared (Enhanced Due Diligence Completed) | Bermuda exempted company. Flagged for enhanced due diligence due to Bermuda/UK-person nexus per email from Daniel Obi dated April 12, 2024. UK OFSI screening completed April 15, 2024. Separate sanctions side letter executed. W-8BEN-E on file. All screening clear.
[sheet: Borrower Party KYC]
Entity Full Legal Name | Short Name | Entity Type | Jurisdiction | EIN / Tax ID | Role in Transaction | Beneficial Ownership Certification (FinCEN CDD) | Date Delivered — BO Cert | Executed By | German Transparenzregister Filing | Date Confirmed — Transparenzregister | Organizational Documents on File | Good Standing / Handelsregisterauszug | OFAC SDN/SSI Screening | Date Completed — OFAC | OFAC Result | EU Sanctions Screening | Date Completed — EU Sanctions | EU Sanctions Result | Overall KYC Status | Notes
Ironhaven Data Centers LLC | IHDC | Delaware LLC | Delaware | 84-3291057 | Borrower | Complete | 2024-05-10 | Jonathan Pryce-Williams, General Counsel & Secretary | N/A — US entity | Complete | Complete (Delaware and Virginia) | Complete | 2024-03-15 | Clear — No hits | Complete | 2024-03-15 | Clear — No hits | Complete — All Items Cleared | Beneficial owners identified under CDD Rule: Thornfield Capital Partners, LP (through Ironhaven Holdings Inc.) holds 100% of membership interests. Ultimate control person: David Thornfield, Founder & Managing Partner of Thornfield.
Ironhaven Holdings Inc. | Holdings | Delaware Corporation | Delaware | 84-3291044 | Parent Guarantor | Complete | 2024-05-10 | Jonathan Pryce-Williams, General Counsel & Secretary | N/A — US entity | Complete | Complete (Delaware) | Complete | 2024-03-15 | Clear — No hits | Complete | 2024-03-15 | Clear — No hits | Complete — All Items Cleared | Direct parent of IHDC. Wholly owned by Thornfield Infrastructure Fund III, LP (vintage 2021; committed capital $4.8B). 100% equity pledged under Equity Interest Pledge Agreement.
Ironhaven Frankfurt GmbH | IHDC Frankfurt | German GmbH | Germany (Frankfurt am Main) | Steuernummer: 045/127/98321; USt-IdNr.: DE347891205 | Co-Borrower (EUR Sub-Tranche) | N/A — German entity; FinCEN CDD not applicable | Complete | 2024-04-22 | Complete (Handelsregisterauszug — Amtsgericht Frankfurt am Main, HRB 129457; Gesellschaftsvertrag) | Complete (Handelsregisterauszug dated 2024-04-15) | Complete | 2024-03-15 | Clear — No hits | Complete | 2024-03-15 | Clear — No hits | Complete — All Items Cleared | Wholly owned by IHDC. Managing Directors: Marcus Delaine and Katarina Bremer (local). Transparenzregister filing confirmed April 22, 2024 as required under the GwG. Frankfurt campus at Hanauer Landstraße 188, 60314 Frankfurt am Main. Grundbuch: Frankfurt am Main-Ost, Blatt 54321, Flur 12, Flurstück 789.
[sheet: Sanctions Screening Summary]
Party Name | Role | OFAC SDN List | OFAC SSI List | OFAC Sectoral Sanctions | EU Consolidated Sanctions List (Council Reg. 269/2014) | UK OFSI Consolidated List | BaFin / GwG AML Screening | Screening Date | Screened By | Result Summary | Enhanced Review Flag | Enhanced Review Detail | Cross-Reference Document
Crescent Harbor Bank, N.A. | Administrative Agent / Lender | Clear | Clear | Clear | Clear | N/A | N/A | 2024-03-22 | Daniel Obi / Lisa Morrow | No hits on any applicable list | No | OFAC and Sanctions Compliance Memorandum; Lender KYC/OFAC Compliance Certificate
Ridgeline National Bank | Lender (USD Tranche) | Clear | Clear | Clear | Clear | N/A | N/A | 2024-03-29 | Daniel Obi / Lisa Morrow | No hits on any applicable list | No | OFAC and Sanctions Compliance Memorandum; Lender KYC/OFAC Compliance Certificate
Marlowe Asset Management Meridian Capital, LLC | Lender (USD Tranche) | Clear | Clear | Clear | Clear | N/A | N/A | 2024-04-03 | Daniel Obi / Lisa Morrow | No hits; entity and all 3 beneficial owners (>25%) screened and cleared | No | OFAC and Sanctions Compliance Memorandum; Lender KYC/OFAC Compliance Certificate
Atlas Peak Credit Partners, LP | Lender (USD Tranche) | Clear | Clear | Clear | Clear | N/A | N/A | 2024-04-05 | Daniel Obi / Lisa Morrow | No hits; entity, GP, and all beneficial owners (>25%) screened and cleared | No | OFAC and Sanctions Compliance Memorandum; Lender KYC/OFAC Compliance Certificate
NordBrücke AG | Lender (EUR Sub-Tranche) | Clear | Clear | Clear | Clear | N/A | Clear | 2024-03-28 | Daniel Obi / Lisa Morrow | No hits; BaFin-regulated credit institution; GwG compliance confirmed | No | OFAC and Sanctions Compliance Memorandum; EU Sanctions Screening Report; Lender KYC/OFAC Compliance Certificate
Pacific Rim Institutional Lending Corp. | Lender (USD Tranche) | Clear | Clear | Clear | Clear | N/A | N/A | 2024-04-08 | Daniel Obi / Lisa Morrow | No hits; entity, Cayman parent CLO vehicle, collateral manager, and all beneficial owners (>25%) screened and cleared | No | OFAC and Sanctions Compliance Memorandum; Lender KYC/OFAC Compliance Certificate
Osprey Insurance Capital, Ltd. | Lender (USD Tranche) | Clear (after enhanced review) | Clear | Clear | Clear | Clear (after enhanced review) | N/A | 2024-04-18 | Daniel Obi / Lisa Morrow | Initially flagged for enhanced review on April 12, 2024 due to Bermuda domicile and UK-person nexus (Fiona Abernathy and key personnel). Full OFAC, EU, and UK OFSI screening completed. All beneficial owners >25% screened. No sanctioned persons identified. Cleared April 18, 2024. | Yes | Bermuda exempted company with UK-person nexus. Fiona Abernathy (Head of Credit Investments) and two other principals are UK persons. Required UK OFSI screening in addition to standard OFAC and EU screening. Separate sanctions representations side letter executed. | OFAC and Sanctions Compliance Memorandum; UK/OFSI Sanctions Screening Memorandum; Osprey Sanctions Representations Side Letter; Lender KYC/OFAC Compliance Certificate
Ironhaven Data Centers LLC | Borrower | Clear | Clear | Clear | Clear | N/A | N/A | 2024-03-15 | Daniel Obi | No hits on any applicable list | No | OFAC and Sanctions Compliance Memorandum
Ironhaven Holdings Inc. | Parent Guarantor | Clear | Clear | Clear | Clear | N/A | N/A | 2024-03-15 | Daniel Obi | No hits on any applicable list | No | OFAC and Sanctions Compliance Memorandum
Ironhaven Frankfurt GmbH | Co-Borrower (EUR Sub-Tranche) | Clear | Clear | Clear | Clear | N/A | Clear | 2024-03-15 | Daniel Obi / Lisa Morrow | No hits; German entity with Frankfurt campus nexus — EU sanctions screening performed | No | OFAC and Sanctions Compliance Memorandum; EU Sanctions Screening Report
Thornfield Capital Partners, LP | Sponsor / Ultimate Equity Owner | Clear | Clear | Clear | Clear | N/A | N/A | 2024-03-15 | Daniel Obi | No hits; private equity sponsor controlling IHDC through Ironhaven Holdings Inc. | No | OFAC and Sanctions Compliance Memorandum
David Thornfield | Ultimate Control Person / Founder & Managing Partner of Thornfield Capital Partners | Clear | Clear | Clear | Clear | N/A | N/A | 2024-03-15 | Daniel Obi | No hits; individual screening — US person | No | OFAC and Sanctions Compliance Memorandum; FinCEN CDD Beneficial Ownership Certification
Jonathan Pryce-Williams | General Counsel & Secretary, IHDC / Holdings | Clear | Clear | Clear | Clear | N/A | N/A | 2024-03-15 | Daniel Obi | No hits; individual screening — US person; authorized signatory on BO certifications | No | OFAC and Sanctions Compliance Memorandum
Fiona Abernathy | Osprey — Head of Credit Investments / UK Person | Clear | Clear | Clear | Clear | Clear | N/A | 2024-04-15 | Daniel Obi / Lisa Morrow | No hits; UK person — screened under OFAC, EU, and UK OFSI; cleared after enhanced review | Yes | UK-person nexus; screened under UK OFSI Consolidated List in addition to OFAC and EU lists | UK/OFSI Sanctions Screening Memorandum; Osprey Sanctions Representations Side Letter
[sheet: Document Checklist Detail]
Lender | Document Category | Specific Document Required | Required By Regime | Status | Date Requested | Date Received | Reviewed By | Review Date | Notes
Crescent Harbor Bank, N.A. | Corporate Documents | OCC Charter / Certificate of Organization | FinCEN / CDD Rule | Complete | 2024-03-15 | 2024-03-18 | Lisa Morrow | 2024-03-19 | National banking association; OCC-chartered
Crescent Harbor Bank, N.A. | Corporate Documents | Bylaws (certified copy) | FinCEN / CDD Rule | Complete | 2024-03-15 | 2024-03-18 | Lisa Morrow | 2024-03-19
Crescent Harbor Bank, N.A. | Good Standing | Certificate of Good Standing (OCC) | Credit Agreement CP | Complete | 2024-03-15 | 2024-03-20 | Lisa Morrow | 2024-03-21
Crescent Harbor Bank, N.A. | Beneficial Ownership | Beneficial Ownership Schedule / Certification | FinCEN CDD Rule | Complete | 2024-03-15 | 2024-03-22 | Daniel Obi | 2024-03-23 | N/A — OCC-regulated national bank; BO reporting exempt under CDD Rule; confirmation letter on file
Crescent Harbor Bank, N.A. | Authorized Signatories | Incumbency Certificate — Martin Gallagher, Priya Nair, Thomas Beckett | Credit Agreement / Agent requirements | Complete | 2024-03-15 | 2024-03-18 | Lisa Morrow | 2024-03-19
Crescent Harbor Bank, N.A. | Identification | Passport copies — Martin Gallagher, Priya Nair | OFAC screening | Complete | 2024-03-15 | 2024-03-25 | Daniel Obi | 2024-03-26 | Screened against SDN/SSI lists
Crescent Harbor Bank, N.A. | Tax | IRS Form W-9 | IRC; Credit Agreement §2.17 | Complete | 2024-03-15 | 2024-03-18 | Lisa Morrow | 2024-03-19 | US domestic entity; W-9 on file
Crescent Harbor Bank, N.A. | OFAC Screening | OFAC SDN/SSI List Screening Report | OFAC / Credit Agreement | Complete | 2024-03-15 | 2024-03-22 | Daniel Obi | 2024-03-22 | Clear — No hits
Crescent Harbor Bank, N.A. | EU Sanctions Screening | EU Consolidated Sanctions List Screening Report | EU Reg. 269/2014 | Complete | 2024-03-15 | 2024-03-22 | Daniel Obi | 2024-03-22 | Clear — No hits
Crescent Harbor Bank, N.A. | Sanctions Certificate | Lender KYC/OFAC Compliance Certificate (executed) | Credit Agreement CP; OFAC | Complete | 2024-04-01 | 2024-04-15 | Daniel Obi | 2024-04-15 | Form certificate executed by authorized signatory
Ridgeline National Bank | Corporate Documents | OCC Charter / Certificate of Organization | FinCEN / CDD Rule | Complete | 2024-03-15 | 2024-03-25 | Lisa Morrow | 2024-03-26 | National banking association; OCC-chartered
Ridgeline National Bank | Corporate Documents | Bylaws (certified copy) | FinCEN / CDD Rule | Complete | 2024-03-15 | 2024-03-25 | Lisa Morrow | 2024-03-26
Ridgeline National Bank | Good Standing | Certificate of Good Standing (OCC) | Credit Agreement CP | Complete | 2024-03-15 | 2024-03-27 | Lisa Morrow | 2024-03-28
Ridgeline National Bank | Beneficial Ownership | Beneficial Ownership Schedule / Certification | FinCEN CDD Rule | Complete | 2024-03-15 | 2024-03-29 | Daniel Obi | 2024-03-30 | N/A — OCC-regulated national bank; BO reporting exempt under CDD Rule; confirmation letter on file
Ridgeline National Bank | Authorized Signatories | Incumbency Certificate — Sarah Dalmqvist, Andrew Marsh | Credit Agreement / Agent requirements | Complete | 2024-03-15 | 2024-03-25 | Lisa Morrow | 2024-03-26
Ridgeline National Bank | Identification | Passport copies — Sarah Dalmqvist | OFAC screening | Complete | 2024-03-15 | 2024-04-01 | Daniel Obi | 2024-04-02 | Screened against SDN/SSI lists
Ridgeline National Bank | Tax | IRS Form W-9 | IRC; Credit Agreement §2.17 | Complete | 2024-03-15 | 2024-03-25 | Lisa Morrow | 2024-03-26 | US domestic entity; W-9 on file
Ridgeline National Bank | OFAC Screening | OFAC SDN/SSI List Screening Report | OFAC / Credit Agreement | Complete | 2024-03-15 | 2024-03-29 | Daniel Obi | 2024-03-29 | Clear — No hits
Ridgeline National Bank | EU Sanctions Screening | EU Consolidated Sanctions List Screening Report | EU Reg. 269/2014 | Complete | 2024-03-15 | 2024-03-29 | Daniel Obi | 2024-03-29 | Clear — No hits
Ridgeline National Bank | Sanctions Certificate | Lender KYC/OFAC Compliance Certificate (executed) | Credit Agreement CP; OFAC | Complete | 2024-04-01 | 2024-04-15 | Daniel Obi | 2024-04-15 | Form certificate executed by authorized signatory
Marlowe Asset Management Meridian Capital, LLC | Corporate Documents | Certificate of Formation (Delaware) | FinCEN / CDD Rule | Complete | 2024-03-15 | 2024-03-28 | Lisa Morrow | 2024-03-29 | Delaware LLC
Marlowe Asset Management Meridian Capital, LLC | Corporate Documents | LLC Operating Agreement (certified copy) | FinCEN / CDD Rule | Complete | 2024-03-15 | 2024-03-28 | Lisa Morrow | 2024-03-29
Marlowe Asset Management Meridian Capital, LLC | Good Standing | Certificate of Good Standing (Delaware Secretary of State) | Credit Agreement CP | Complete | 2024-03-15 | 2024-04-01 | Lisa Morrow | 2024-04-02
Marlowe Asset Management Meridian Capital, LLC | Beneficial Ownership | Beneficial Ownership Register / Schedule (>25% owners) | FinCEN CDD Rule; OFAC | Complete | 2024-03-15 | 2024-04-03 | Daniel Obi | 2024-04-04 | Three beneficial owners identified (>25%); names on file — all screened and cleared
Marlowe Asset Management Meridian Capital, LLC | Authorized Signatories | Incumbency Certificate — Robert Jennings, Amanda Chen | Credit Agreement / Agent requirements | Complete | 2024-03-15 | 2024-03-28 | Lisa Morrow | 2024-03-29
Marlowe Asset Management Meridian Capital, LLC | Identification | Passport copies — Robert Jennings, Amanda Chen, and 3 beneficial owners | OFAC screening | Complete | 2024-03-15 | 2024-04-05 | Daniel Obi | 2024-04-06 | All screened against SDN/SSI lists; clear
Marlowe Asset Management Meridian Capital, LLC | Tax | IRS Form W-9 | IRC; Credit Agreement §2.17 | Complete | 2024-03-15 | 2024-03-28 | Lisa Morrow | 2024-03-29 | US domestic entity; W-9 on file
Marlowe Asset Management Meridian Capital, LLC | OFAC Screening | OFAC SDN/SSI List Screening Report | OFAC / Credit Agreement | Complete | 2024-03-15 | 2024-04-03 | Daniel Obi | 2024-04-03 | Clear — No hits (entity and all beneficial owners >25%)
Marlowe Asset Management Meridian Capital, LLC | EU Sanctions Screening | EU Consolidated Sanctions List Screening Report | EU Reg. 269/2014 | Complete | 2024-03-15 | 2024-04-03 | Daniel Obi | 2024-04-03 | Clear — No hits
Marlowe Asset Management Meridian Capital, LLC | Sanctions Certificate | Lender KYC/OFAC Compliance Certificate (executed) | Credit Agreement CP; OFAC | Complete | 2024-04-01 | 2024-04-16 | Daniel Obi | 2024-04-16 | Form certificate executed by authorized signatory
Atlas Peak Credit Partners, LP | Corporate Documents | Certificate of Limited Partnership (Delaware) | FinCEN / CDD Rule | Complete | 2024-03-15 | 2024-03-29 | Lisa Morrow | 2024-03-30 | Delaware LP
Atlas Peak Credit Partners, LP | Corporate Documents | Limited Partnership Agreement (certified copy) | FinCEN / CDD Rule | Complete | 2024-03-15 | 2024-03-29 | Lisa Morrow | 2024-03-30
Atlas Peak Credit Partners, LP | Good Standing | Certificate of Good Standing (Delaware Secretary of State) | Credit Agreement CP | Complete | 2024-03-15 | 2024-04-02 | Lisa Morrow | 2024-04-03
Atlas Peak Credit Partners, LP | Beneficial Ownership | Beneficial Ownership Register / Schedule (>25% owners and GP entity) | FinCEN CDD Rule; OFAC | Complete | 2024-03-15 | 2024-04-05 | Daniel Obi | 2024-04-06 | Two beneficial owners identified (>25%); GP entity identified; all screened and cleared
Atlas Peak Credit Partners, LP | Authorized Signatories | Incumbency Certificate — Christine Fahey, Michael Torres (GP authorized signatories) | Credit Agreement / Agent requirements | Complete | 2024-03-15 | 2024-03-29 | Lisa Morrow | 2024-03-30
Atlas Peak Credit Partners, LP | Identification | Passport copies — Christine Fahey, Michael Torres, and 2 beneficial owners | OFAC screening | Complete | 2024-03-15 | 2024-04-08 | Daniel Obi | 2024-04-09 | All screened against SDN/SSI lists; clear
Atlas Peak Credit Partners, LP | Tax | IRS Form W-9 | IRC; Credit Agreement §2.17 | Complete | 2024-03-15 | 2024-03-29 | Lisa Morrow | 2024-03-30 | US domestic entity; W-9 on file
Atlas Peak Credit Partners, LP | OFAC Screening | OFAC SDN/SSI List Screening Report | OFAC / Credit Agreement | Complete | 2024-03-15 | 2024-04-05 | Daniel Obi | 2024-04-05 | Clear — No hits (entity, GP, and all beneficial owners >25%)
Atlas Peak Credit Partners, LP | EU Sanctions Screening | EU Consolidated Sanctions List Screening Report | EU Reg. 269/2014 | Complete | 2024-03-15 | 2024-04-05 | Daniel Obi | 2024-04-05 | Clear — No hits
Atlas Peak Credit Partners, LP | Sanctions Certificate | Lender KYC/OFAC Compliance Certificate (executed) | Credit Agreement CP; OFAC | Complete | 2024-04-01 | 2024-04-16 | Daniel Obi | 2024-04-16 | Form certificate executed by authorized signatory
NordBrücke AG | Corporate Documents | Satzung (Articles of Association) | GwG / BaFin | Complete | 2024-03-15 | 2024-03-22 | Lisa Morrow | 2024-03-23 | German-language original with English summary
NordBrücke AG | Corporate Documents | Handelsregisterauszug (Commercial Register extract) | GwG / BaFin | Complete | 2024-03-15 | 2024-03-25 | Lisa Morrow | 2024-03-26 | Amtsgericht Frankfurt am Main
NordBrücke AG | Beneficial Ownership | Transparenzregister extract | GwG §§ 18-26 | Complete | 2024-03-15 | 2024-03-28 | Daniel Obi | 2024-03-29 | BaFin-regulated; exempt from full BO reporting but Transparenzregister extract obtained for completeness
NordBrücke AG | Authorized Signatories | Incumbency Certificate / Vollmachten — Dr. Stefan Kleinhans, Hans-Peter Richter | Credit Agreement / Agent requirements | Complete | 2024-03-15 | 2024-03-22 | Lisa Morrow | 2024-03-23 | Vorstand members; signatory authority confirmed
NordBrücke AG | Identification | Passport copies — Dr. Stefan Kleinhans and Vorstand members | OFAC screening; GwG | Complete | 2024-03-15 | 2024-04-02 | Daniel Obi | 2024-04-03 | Screened against SDN/SSI lists and EU Consolidated List; clear
NordBrücke AG | Tax | IRS Form W-8BEN-E | IRC §§ 871/881; US-Germany treaty | Complete | 2024-03-15 | 2024-03-22 | Lisa Morrow | 2024-03-23 | Claiming reduced withholding under US-Germany income tax treaty; reviewed by Sylvia Hartwell (Tax)
NordBrücke AG | OFAC Screening | OFAC SDN/SSI List Screening Report | OFAC / Credit Agreement | Complete | 2024-03-15 | 2024-03-28 | Daniel Obi | 2024-03-28 | Clear — No hits
NordBrücke AG | EU Sanctions Screening | EU Consolidated Sanctions List Screening Report | EU Reg. 269/2014 | Complete | 2024-03-15 | 2024-03-28 | Daniel Obi | 2024-03-28 | Clear — No hits
NordBrücke AG | BaFin/GwG Screening | BaFin / GwG AML Compliance Review | GwG (German AML Law) | Complete | 2024-03-15 | 2024-04-02 | Daniel Obi | 2024-04-03 | BaFin-regulated; GwG compliance confirmed; KYC package includes Transparenzregister extract and Handelsregisterauszug
NordBrücke AG | Sanctions Certificate | Lender KYC/OFAC Compliance Certificate (executed) | Credit Agreement CP; OFAC; EU Reg. 269/2014 | Complete | 2024-04-01 | 2024-04-16 | Daniel Obi | 2024-04-16
Pacific Rim Institutional Lending Corp. | Corporate Documents | Certificate of Incorporation (Delaware) | FinCEN / CDD Rule | Complete | 2024-03-15 | 2024-04-01 | Lisa Morrow | 2024-04-02 | Delaware corporation; subsidiary of Cayman CLO vehicle
Pacific Rim Institutional Lending Corp. | Corporate Documents | Bylaws (certified copy) | FinCEN / CDD Rule | Complete | 2024-03-15 | 2024-04-01 | Lisa Morrow | 2024-04-02
Pacific Rim Institutional Lending Corp. | Good Standing | Certificate of Good Standing (Delaware Secretary of State) | Credit Agreement CP | Complete | 2024-03-15 | 2024-04-03 | Lisa Morrow | 2024-04-04
Pacific Rim Institutional Lending Corp. | Beneficial Ownership | Beneficial Ownership Register / Schedule — Cayman parent, collateral manager, beneficial owners (>25%) | FinCEN CDD Rule; OFAC | Complete | 2024-03-15 | 2024-04-08 | Daniel Obi | 2024-04-09 | Cayman-domiciled CLO parent entity identified; collateral manager and beneficial owners screened; all cleared
Pacific Rim Institutional Lending Corp. | Authorized Signatories | Incumbency Certificate — James Tanaka, Patricia Kwon | Credit Agreement / Agent requirements | Complete | 2024-03-15 | 2024-04-01 | Lisa Morrow | 2024-04-02
Pacific Rim Institutional Lending Corp. | Identification | Passport copies — James Tanaka and collateral manager principals | OFAC screening | Complete | 2024-03-15 | 2024-04-10 | Daniel Obi | 2024-04-11 | All screened against SDN/SSI lists; clear
Pacific Rim Institutional Lending Corp. | Tax | IRS Form W-9 | IRC; Credit Agreement §2.17 | Complete | 2024-03-15 | 2024-04-01 | Lisa Morrow | 2024-04-02 | US domestic entity; W-9 on file; Cayman parent not a US tax reporting entity
Pacific Rim Institutional Lending Corp. | OFAC Screening | OFAC SDN/SSI List Screening Report | OFAC / Credit Agreement | Complete | 2024-03-15 | 2024-04-08 | Daniel Obi | 2024-04-08 | Clear — No hits (entity, Cayman parent, collateral manager, and all beneficial owners >25%)
Pacific Rim Institutional Lending Corp. | EU Sanctions Screening | EU Consolidated Sanctions List Screening Report | EU Reg. 269/2014 | Complete | 2024-03-15 | 2024-04-08 | Daniel Obi | 2024-04-08 | Clear — No hits
Pacific Rim Institutional Lending Corp. | Sanctions Certificate | Lender KYC/OFAC Compliance Certificate (executed) | Credit Agreement CP; OFAC | Complete | 2024-04-01 | 2024-04-16 | Daniel Obi | 2024-04-16 | Last Compliance Certificate received (along with Osprey on 4/18)
Osprey Insurance Capital, Ltd. | Corporate Documents | Memorandum of Association and Bye-Laws | OFAC / Credit Agreement | Complete | 2024-03-15 | 2024-04-02 | Lisa Morrow | 2024-04-03 | Bermuda exempted company
Osprey Insurance Capital, Ltd. | Corporate Documents | Certificate of Compliance (Bermuda Registrar of Companies) | OFAC / Credit Agreement | Complete | 2024-03-15 | 2024-04-05 | Lisa Morrow | 2024-04-06
Osprey Insurance Capital, Ltd. | Beneficial Ownership | Beneficial ownership register / schedule (>25% owners) | OFAC; FinCEN; UK OFSI | Complete | 2024-03-15 | 2024-04-10 | Daniel Obi | 2024-04-11 | Two beneficial owners identified (>25%); both UK persons; screened under OFAC, EU, and UK OFSI — all clear
Osprey Insurance Capital, Ltd. | Authorized Signatories | Incumbency Certificate — Fiona Abernathy, George Whitmore | Credit Agreement / Agent requirements | Complete | 2024-03-15 | 2024-04-02 | Lisa Morrow | 2024-04-03
Osprey Insurance Capital, Ltd. | Identification | Passports — Fiona Abernathy and two beneficial owners (UK persons) | OFAC; UK OFSI | Complete | 2024-03-15 | 2024-04-12 | Daniel Obi | 2024-04-13 | Enhanced review; UK-person nexus confirmed; all screened and cleared
Osprey Insurance Capital, Ltd. | Tax | IRS Form W-8BEN-E | IRC §§ 871/881; treaty analysis | Complete | 2024-03-15 | 2024-04-05 | Lisa Morrow | 2024-04-06 | Bermuda entity; W-8BEN-E on file; treaty eligibility reviewed by Sylvia Hartwell
Osprey Insurance Capital, Ltd. | OFAC Screening | OFAC SDN/SSI List Screening Report | OFAC / Credit Agreement | Complete | 2024-03-15 | 2024-04-10 | Daniel Obi | 2024-04-10 | Clear — No hits (entity and all beneficial owners >25%); initially flagged for enhanced review due to Bermuda domicile
Osprey Insurance Capital, Ltd. | EU Sanctions Screening | EU Consolidated Sanctions List Screening Report | EU Reg. 269/2014 | Complete | 2024-03-15 | 2024-04-10 | Daniel Obi | 2024-04-10 | Clear — No hits (entity and beneficial owners)
Osprey Insurance Capital, Ltd. | UK OFSI Screening | UK OFSI Consolidated List Screening Report | UK sanctions (OFSI); Bermuda/UK nexus | Complete | 2024-04-12 | 2024-04-15 | Daniel Obi | 2024-04-16 | Flagged April 12, 2024. Full UK OFSI screening for entity, beneficial owners, and UK-person principals. Cleared.
Osprey Insurance Capital, Ltd. | Enhanced DD | UK OFSI Sanctions Screening — Clearance Memorandum | UK sanctions (OFSI); Bermuda/UK nexus | Complete | 2024-04-12 | 2024-04-15 | Daniel Obi | 2024-04-16 | Flagged April 12, 2024. Full UK OFSI screening for entity, beneficial owners, and UK-person principals. Cleared.
Osprey Insurance Capital, Ltd. | Side Letter | Enhanced Sanctions Representations Side Letter (executed) | Credit Agreement; OFAC; EU; UK OFSI | Complete | 2024-04-16 | 2024-04-18 | Daniel Obi / Stephanie Okafor | 2024-04-18 | Side letter providing additional sanctions reps, warranties, and indemnity for $75M commitment
Osprey Insurance Capital, Ltd. | Sanctions Certificate | Lender KYC/OFAC Compliance Certificate (executed) | Credit Agreement CP; OFAC | Complete | 2024-04-01 | 2024-04-18 | Daniel Obi | 2024-04-18 | Delivered together with sanctions side letter
[sheet: Key Dates & Milestones]
Date | Milestone / Event | Responsible Party | Notes
2024-03-15 | KYC document requests sent to all 7 Lenders concurrent with syndication launch | Daniel Obi / Lisa Morrow (Calderwood & Harkness) | Requests sent to: Crescent Harbor, Ridgeline, Marlowe Asset Management Meridian, Atlas Peak, NordBrücke, Pacific Rim, Osprey
2024-03-15 | Initial OFAC and EU sanctions screening of Borrower parties (IHDC, Holdings, IHDC Frankfurt) | Daniel Obi | All clear — no hits
2024-03-15 | OFAC and EU sanctions screening of Sponsor (Thornfield Capital Partners, LP) and ultimate control person (David Thornfield) | Daniel Obi | All clear — no hits
2024-03-18 | First KYC package received (Crescent Harbor Bank, N.A.) | Thomas Beckett (CHB) | Administrative Agent; expedited delivery
2024-03-22 | NordBrücke AG corporate documents and W-8BEN-E received | Dr. Stefan Kleinhans | German-language documents with English summaries
2024-03-22 | OFAC SDN/SSI and EU sanctions screening — Crescent Harbor and NordBrücke completed | Daniel Obi / Lisa Morrow | Both clear
2024-03-25 | Ridgeline National Bank KYC package received | Sarah Dalmqvist | OCC-chartered; standard package
2024-03-28 | Marlowe Asset Management Meridian Capital, LLC KYC package received | Robert Jennings | Delaware LLC; credit fund
2024-03-29 | Atlas Peak Credit Partners, LP KYC package received | Christine Fahey | Delaware LP; credit fund
2024-04-01 | Pacific Rim Institutional Lending Corp. corporate documents received | James Tanaka | Delaware corporation; subsidiary of Cayman CLO vehicle
2024-04-02 | Osprey Insurance Capital, Ltd. corporate documents received | Fiona Abernathy | Bermuda Memorandum of Association and Bye-Laws
2024-04-08 | All 7 Lenders' corporate documents and beneficial ownership schedules received | Various | Pacific Rim (last to deliver — April 8)
2024-04-10 | OFAC and EU sanctions screening completed for all 7 Lenders (except Osprey UK OFSI pending) | Daniel Obi | Osprey flagged for enhanced UK OFSI review
2024-04-12 | Osprey flagged for enhanced due diligence — Bermuda/UK-person nexus identified | Daniel Obi | Email sent to Stephanie Okafor and Lisa Morrow (cc: Jonathan Pryce-Williams) reporting status and outlining next steps
2024-04-15 | UK OFSI screening for Osprey completed — all clear | Daniel Obi / Lisa Morrow | Fiona Abernathy and two UK-person beneficial owners cleared
2024-04-16 | Lender KYC/OFAC Compliance Certificates received from 5 of 7 Lenders | Various | Crescent Harbor, Ridgeline, VMC, Atlas Peak, NordBrücke
2024-04-18 | Osprey enhanced due diligence completed; sanctions side letter executed | Daniel Obi / Stephanie Okafor | Osprey Compliance Certificate and Side Letter delivered
2024-04-18 | Pacific Rim Lender KYC/OFAC Compliance Certificate received | James Tanaka | Last Compliance Certificate received; all 7 Lenders now complete (note: Osprey also delivered 4/18)
2024-04-19 | Syndication closed — all lender commitments received; all KYC substantially complete | Crescent Harbor (Priya Nair)
2024-04-22 | IHDC Frankfurt Transparenzregister filing confirmed | Wendt Falkenberg (Dr. Lukas Wendt) | As required under GwG
2024-05-10 | Borrower Beneficial Ownership Certifications (FinCEN CDD) delivered for IHDC and Holdings | Jonathan Pryce-Williams
2024-06-02 | Bring-down sanctions screening completed for all parties (day prior to closing) | Daniel Obi | Re-screening of all parties against updated OFAC SDN, EU Consolidated, and UK OFSI lists — all clear
2024-06-03 | Closing Date — All KYC/AML/sanctions items confirmed satisfied or waived | Calderwood & Harkness / Crescent Harbor | Final version of this tracker issued