ELN-02 Project hyperscale lease as condition for final $40M tranche
Company: Applied Digital - Project: Polaris Forge 1
The claim, verbatim
Final $40 million of Subsequent Tranche will be funded when Borrower enters into hyperscale lease agreement acceptable to Lenders with respect to the ELN-02 Project
Source (primary)
Applied Digital 8-K filed 2024-06-07 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “The final $40 Million of the Subsequent Tranche will be funded when, among other conditions, (a) the Borrower has entered into (i) the Long Form Credit Documentation (as defined in the Promissory Note) and (ii) has entered into a hyperscale lease agreement acceptable to the Lenders with respect to the ELN-02 Project (as defined in the Promissory Note)”
How we checked this
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Additional evidence
confirms Applied Digital 8-K filed 2024-06-07
Quote: “The final $40 Million of the Subsequent Tranche will be funded when, among other conditions, (a) the Borrower has entered into (i) the Long Form Credit Documentation (as defined in the Promissory Note) and (ii) has entered into a hyperscale lease agreement acceptable to the Lenders with respect to the ELN-02 Project (as defined in the Promissory Note)”