# Glossary One meaning per term, matching the source code — if you grep the contracts for a term used here, you find it. ## Core terms | Term | Meaning | | --- | --- | | Deal | One structured product: a `Structure` plus its attached modules. | | Structure | The deal-level accounting contract: class NAV ledgers, cash, strategy checkpoints, settlement. | | Class | One tranche of the deal (senior, mezzanine, junior). | | Class token | The lender-facing ERC-4626 share for one class (`DistributingClassToken`): deposit requests, exit requests, coupon. | | Wrapper | The accumulating ERC-4626 over a class token (`DistributingVault4626`); retains coupon into its price. | | Strategy | A capital destination attached to the Structure (idle yield, a credit facility). | | Reporter | A read-only valuation source for one strategy; returns normalized metrics to the Structure. | | Waterfall | The module that allocates waterfall-bucket gains and losses across classes by seniority. | | Gate | A per-token eligibility module consulted on entry, exit initiation, and transfer receipt. | | Servicer / keeper | The operational role (`KEEPER_ROLE`): services deposits, funds coupon, processes exits, moves strategy capital — always within on-chain bounds. | | Lender | A capital provider holding class tokens or wrapper shares. (Never "investor" in these docs.) | ## Accounting terms | Term | Meaning | | --- | --- | | NAV | Net asset value recorded for a class. Class shares price off it. | | Dual NAV | The two-sided pricing rule: entries price optimistic, exits and collateral reads price conservative. | | Pricing mode | `Conservative` excludes uncertain upside (and reflects impairments); `Optimistic` may include upside. Both reflect realized losses. | | Checkpoint | The last reporter value already settled into class NAV. Only deltas against it are allocated. | | Pro-rata value | Strategy value shared across classes by dollar NAV (no seniority) — idle cash and treasury yield. | | Waterfall value | Strategy value allocated by seniority — credit principal, interest, losses. | | Value-neutral movement | A capital movement whose reported-value change equals the observed asset movement exactly; anything else reverts. | | Impairment / expected loss | A mark reducing conservative NAV before a write-off crystallizes. | | Realized loss | A crystallized write-off, allocated junior-first through the waterfall. | ## Coupon terms | Term | Meaning | | --- | --- | | Coupon | Cash interest paid to class-token holders, separate from the share price. | | Accrue | Layer 1: the servicer records entitlement continuously (display until funded). | | Fund | Layer 2: cash arrives and closes the open interval; only funded coupon is claimable. | | `rho` | The interval fill ratio, `min(1, cash / accrued)`; a shortfall haircuts that interval's earners pro-rata. | | `cumCashIndex` | Cumulative funded coupon per share (monotonic); the index external consumers meter against. | | Fill checkpoint | Monotone `(Σ shares, Σ shares × cumCashIndex-at-fill)` pair recorded at every `fillExit`, per exit owner and controller — lets lazy observers stop a filled slice's coupon clock at the fill, exactly. | ## Wrapper terms | Term | Meaning | | --- | --- | | Gross value | Redeemable value plus `optimism ×` pending (unfunded) accrual — the mint-side price. | | Optimism dial | Governance fraction of pending accrual priced into entry (default 100%); dialing down only cheapens entry. | | Cash ration (`cashAllowance`) | A holder's accumulated claim on the instant-cash exit leg; consumed 1:1, rides pro-rata with transfers. | | Exit-coupon clock | The metering that keeps a queued exiter's slice earning funded coupon until it is FILLED (fill checkpoints stop the clock at the fill, not the claim). | | Unwrap bucket | The `(holder, receiver)` aggregation of all in-flight unwraps, claimed in aggregate. | | Earning shares | A bucket's still-queued-and-earning base — queued shares minus fills observed at settlement; the coupon-clock counterpart of `lockedShares` (which tracks principal and only drops at claim). | ## Facility terms | Term | Meaning | | --- | --- | | Facility | A strategy funding a borrowing-base credit line under an advance-rate covenant. | | Drawn | On-chain funding sent to the facility recipient and awaiting return. | | Eligible collateral | Collateral supporting draws after eligibility rules and haircuts. | | Advance rate | Maximum drawn as a percentage of eligible collateral. | | Headroom | Remaining draw capacity: `eligibleCollateral × advanceRate − drawn`, floored at zero. | | Attestation | A signed, nonce-monotonic off-chain report accepted by a reporter. | ## Usage notes * "Cash" means the liquid balance held by the `Structure`. * `drawn` and `principal outstanding` are different accounting tracks; keep them separate. * A "loss" is a reduction in value.