The HUT 8 facility must make payments in lieu of property taxes under the PILOT structure, with the land, building, and computers placed under the Industrial Development Board and leased back to HUT 8. The first PILOT payment is due July 1, 2027, and the arrangement is expected to generate payments in the tens of millions of dollars over time. PILOT agreements and payment structure

HUT 8 agreed to construct more than $16 million of water-system infrastructure, including a new well, donate it to the Water District, and purchase water at commercial rates. Water infrastructure and commercial-rate requirement

The issuer must maintain a debt-service reserve account. During the construction period, the required reserve includes $293.475 million, reduced by interest already paid, plus 50% of the next scheduled interest payment and 50% of the first amortization installment; the reserve must also be replenished on payment dates.

Before the project reaches its commencement date, project-related debt may be incurred in an unlimited amount only if the issuer obtains rating-agency confirmation. After commencement, additional debt is generally subject either to rating-agency confirmation or to maintaining a debt-service coverage ratio of at least 1.1 to 1.0.

The issuer must establish controlled project accounts, including a notes-proceeds account, revenue account, debt-service reserve account, and a termination-fee account. Revenue-account funds must first pay operating expenses, then note debt service, then restore the debt-service reserve before being used for other purposes.

The issuer is restricted to developing and operating the project and related activities, and generally may not acquire or form subsidiaries, own other entities, or make investments except as specifically permitted by the indenture. It also may not hire or employ individuals.

The issuer may not terminate or materially and adversely amend the data-center lease or Google guarantee unless the change is for cause, approved by holders of a majority of the notes, required by law, permitted through an approved lease transfer or novation, or supported by rating-agency confirmation.

If the data-center lease ends, the issuer generally has six months to enter into a qualifying replacement lease. That period can extend to twelve months only if specified conditions are met, including a qualifying letter of intent, sufficient debt-service reserves, restrictions on certain investments, adequate funds for operating expenses and maintenance capital expenditures, and continued retention of termination-fee funds.

Following a qualifying data-center lease termination default, the issuer must make an offer within 15 business days to repurchase notes using the applicable lease-termination fee. The offer price is 100% of principal plus accrued interest, and failure to make the offer or purchase the required amount can constitute an event of default.

Asset sales are restricted: the issuer must generally receive at least fair-market-value consideration, at least 75% of consideration for sales above $50 million must be cash or cash equivalents, and net proceeds must be applied within specified periods to debt repayment, the project, or related business investments. Material portions of buildings or the real estate on which they sit generally may not be sold.

The issuer must provide extensive real-estate collateral documentation within 180 days of the issue date, including mortgages, title insurance, surveys, legal opinions, and, where obtainable, a lease memorandum and tenant subordination, non-disturbance, and attornment agreement. The deadline may be extended while commercially reasonable efforts continue or where the burden is excessive.

A change of control combined with a ratings decline requires the issuer to offer to repurchase notes at 101% of principal plus accrued interest, creating an additional financing obligation upon certain ownership or operational-control changes.

The project receives a payment-in-lieu-of-taxes structure for the land, buildings, and computers: the property is transferred to the Industrial Development Board and leased back to Hut 8, allowing Hut 8 to make PILOT payments instead of ordinary property-tax payments. The arrangement was revised in June 2026. A PILOT is an agreement

Hut 8 agreed to prepay $10 million toward the first PILOT payment, with $5.3 million allocated to the School Board, $3.9 million to the Parish, and $800,000 to the Sheriff; Hut 8 receives credit for the full prepayment beginning July 1, 2027, without interest or cost to the public entities. HUT 8 agreed to prepay $10M

The Parish-supported water-infrastructure agreement provides more than $16 million of infrastructure, including a new water well, which will be donated to the Water District; the District will sell water to the facility at commercial rates, supporting operating water pressure and fire protection. construct $16M+ worth of water system infrastructure

Hut 8 DC LLC may issue $3.25 billion of 6.192% senior secured notes due 2042, with proceeds usable before the project reaches operation to fund construction, other project expenses, and note debt service. the $3,250,000,000 aggregate principal amount

Before the project commences operations, the issuer may incur unlimited project-related debt if it obtains confirmation from the rating agencies; after commencement, additional project debt is also permitted either with rating-agency confirmation or, for non-pari-passu debt, if the debt-service-coverage ratio remains at least 1.1 to 1.0. Debt related to the Project in an unlimited amount

The indenture permits tax-saving transactions under an IDC Lease Agreement, including transferring project property to a governmental authority to reduce taxes and immediately leasing the property back to the issuer. Tax Saving Transaction

The issuer may use shared-facilities arrangements for interconnection rights, physical interconnection, easements, and other shared infrastructure, provided the arrangement does not materially impair performance under the notes, cause a default, or reasonably create a material adverse effect. Shared Facilities Arrangement

Certain expansion-related and supporting assets are excluded from the notes collateral and covenant restrictions, including adjacent property, electrical property, unused interconnection capacity, and behind-the-meter solutions; the issuer may sell, lease, develop, or otherwise monetize those assets without noteholder restrictions, and their proceeds are not collateral or required asset-sale proceeds. The Excess Property shall at all times be treated as Excluded Property

The issuer may not terminate or materially and adversely amend the data-center lease or Google guarantee unless an exception applies, including termination for cause, majority noteholder consent, legal or governmental requirements, a permitted assumption or transfer, or rating-agency confirmation. shall not terminate or materially and adversely amend

If the data-center lease ends, the issuer has six months to enter a qualifying replacement lease, extendable to twelve months if specified conditions are met, including a qualifying tenant-related agreement, adequate reserves, restrictions on certain investments, sufficient operating funds, and continued segregation of termination-fee proceeds. on or prior to the date that is six months

Upon a qualifying data-center lease termination default, termination fees must be offered to noteholders to repurchase notes at 100% of principal plus accrued interest, helping preserve funds for debt obligations and project continuity; unused termination-fee funds may later be placed in a distribution account. make an offer to all Holders