IREN Ltd

• From from (and including) the T2 Acceptance Date until (and excluding) the T3 Acceptance Date · $100m
• From from (and including) the T3 Acceptance Date until (and excluding) the earlier of (i) the T4 Acceptance Date and (ii) the date of termination of Tranche 4 by the Customer · $50m
• From from and after the earlier of (i) the T4 Acceptance Date and (ii) the date of termination of Tranche 4 by the Customer · $0

(a) from the date of the First Funding Date (Facility) until (and excluding) the date on which Tranche 1 is accepted by the Customer pursuant to the Customer Contract (the “T1 Acceptance Date”), $200,000,000;

Permit the Debt Service Coverage Ratio to be less than 1.05:1.00, as of any Determination Date (the “Financial Covenant”).