coverage
guarantee routing

Partial coverage: the full tower of value is uninsured above the capacity ceiling, so every guarantee layer routes residual risk onto Meta.

1 GW at one address Wurldwide LLC — landlord ~$10B+ replacement value capacity ceiling property insurers cover a fraction insurers would cover the full value tower unpriced residual Lenders require insurance in place Sopaipilla Investor LLC · 80% bond issuer · notes to 2048 guarantee stack residual value guarantee (RVG) lease-payment guarantee termination-fee guarantee power-contract parent El Paso Electric construction overrun >105% budget onto Meta Meta — tenant · 20% owner · guarantor insurance gap shifted here — not closed noteholders' backstop = Meta credit