{
  "checked_on": "2026-09-26",
  "scope": "Selected filed instruments, not a complete current amendment, lien or compliance review. No source supplies the numerical model's rates, fees, advance rates or assumed funding status.",
  "sources": [
    {
      "id": "NBIS-MS-F22",
      "instrument": "Nebius-Microsoft filed SOW",
      "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926052948/nbis-20251231xex4d4.htm",
      "locator": "Exhibit F, item 22, replacement Section 26(b)-(c)",
      "finding": "Contains a financing-specific assignment/security permission and secured-party cooperation language; general assignment restrictions alone do not describe the financing rights.",
      "not_established": ["lender commitment", "funded draw", "actual lien priority", "customer debt guarantee"]
    },
    {
      "id": "CRWV-DDTL55-CP",
      "instrument": "CoreWeave Financing DDTL V-V credit agreement",
      "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000357/ex101creditagreement.htm",
      "locator": "Sections 4.01, 4.02(a), (g)-(o), especially 4.02(j)",
      "finding": "Draw conditions separately address security, requests, liquidity and project conditions. Certain affiliate-acquisition invoices concern equipment transferred to the borrower, not invoices to the compute customer.",
      "not_established": ["satisfaction of any condition", "absence of later amendments or waivers", "actual funding", "an issued-customer-invoice-only lending rule"]
    },
    {
      "id": "RXT-2023-RECEIVABLES",
      "instrument": "Rackspace Receivables II purchase agreement dated September 29, 2023",
      "url": "https://www.sec.gov/Archives/edgar/data/1810019/000181001924000042/rxt1017receivablespurchase.htm",
      "locator": "Definitions of Eligible Receivable, Eligible Unbilled Receivable and Excess Concentration; Section 3.01(d)",
      "finding": "Historical cloud-services terms admit limited unbilled eligibility and impose additional pool conditions. Defined dilution or eligibility failures can create deemed-collection payment obligations.",
      "not_established": ["current terms in 2026", "AI-only collateral", "generic unbilled eligibility", "the numerical model being this facility", "complete seller recourse allocation"]
    }
  ],
  "model_mapping": {
    "bridgeCommitmentAndDraw": "Explicit hypothetical assumption covering the bridge's own permissions, documentation and funding requirements, not inferred from a service contract.",
    "financePermission": "Applies to the proposed takeout. Requires a transaction-specific determination; selected clauses illustrate why permission needs its own field.",
    "securityPriorityAndTakeout": "Separate hypothetical closing and priority assumption, including release of the outgoing bridge lender's competing claim.",
    "receivableLenderCommitment": "Separate lender assumption, not supplied by customer consent.",
    "receivableDrawAndContinuingConditions": "Explicit assumption for the entire modeled loan period; pool aging, dilution and concentration are not dynamically implemented.",
    "issued_invoice_policy": "A selected hypothetical product policy, not a universal legal or banking requirement. The historical unbilled example is a counterexample to such a universal claim."
  }
}