| Term | Meaning |
|---|---|
| Vault | The contract and accounting pool for one configured borrower facility. |
| Shares | Units representing a lender’s participation in the vault’s active pool. |
| APR | An annualized rate; distinct from an effective annual yield after compounding. |
| Coupon rate | The lender’s net annual rate under the Note Subscription Agreement: the borrower’s base rate less the Issuer’s fee, as set for each facility. |
| Epoch | A recurring accounting and withdrawal-scheduling period. |
| Notice period | The minimum advance notice used to select a redemption’s eligible boundary. |
| Matured request | A redemption request that has reached its eligible boundary. |
| Funded request | A redemption whose shares have been burned and cash reserved for payout. |
| Delinquency | The on-chain condition of insufficient cash for matured unfunded redemptions. |
| Default | An Event of Default under the facility’s Master Loan Agreement, declared by the Issuer. It is distinct from on-chain delinquency. |
| Termination | The irreversible on-chain action that starts the vault’s wind-down. |
| Recovery | Cash available or subsequently returned to satisfy remaining lender entitlements. |
| First-loss buffer | The borrower’s own capital, title-transferred to the Issuer under the Title Transfer Collateral Agreement and applied first to lenders’ claims on a borrower default. It is sized as a percentage of drawn principal and is a partial buffer, not a guarantee. |
| Solvency Ratio | Under the Master Loan Agreement, the value of the borrower’s monitoring account divided by the principal and accrued interest it owes, read approximately every hour and classified as Healthy, Warning, Delinquent, or Default. |
| NAV | Net asset value for the accounts and liabilities included in the stated calculation. |
| Coverage band | A range calculated using a particular asset measure and obligation measure. |
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