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"parent_checkpoint_with_disclosed_phase_fact_binding" }, "valid_until": "2027-09-02" }, { "as_of": "2027-09-02", "id": "68d447d42755a3484994516bd921ddcf273ef2f263d830bacddee0760a038f45", "kind": "buy_equivalent", "legal_version": 0, "market_version": 0, "parent_state_hash": "6d1645a487425409f4da8db6aa0d4fcaab93ce7b8516b65ce41eaaf60d2ad165", "phase": 0, "revision": 0, "source_evidence": [ { "file": "fixtures/desk-policy.json", "locator": "prices" }, { "file": "fixtures/desk-policy.json", "locator": "rights" }, { "file": "fixtures/desk-policy.json", "locator": "defaults" }, { "file": "fixtures/desk-policy.json", "locator": "inventory" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "terms": { "defaults": { "automatic_deficit_draw": false, "borrower_unsecured_recovery": "0", "facility_default_effect": "source_legal_availability_controls_undrawn_capacity_debt_survives", "independent_collateral": "does_not_inherit_borrower_default_zero", "liquidation_surplus": "Actual_sale_cash_excess_is_borrower_property_matched_by_identified_return_liability_never_desk_income", "liquidation_trigger": "borrower_default_or_identified_due_unpaid_secured_loan_obligation", "liquidation_waterfall": [ "due_loan_coupon", "outstanding_loan_principal", "borrower_surplus_return_liability" ], "provider_closeout": "crystallise_full_current_legal_mark_once_into_identified_claim_or_payable_preserve_existing_unpaid_obligations_stop_future_TRS_payments", "provider_closeout_allowance": "positive_identified_claim_times_one_minus_source_provider_recovery", "provider_recovery_source": "parameters.provider_recovery", "recoveries_are_cash": false, "reference_default_value": "source_notional_times_explicit_reference_issuer_recovery_is_claim_not_cash", "reference_issuer_recovery": "0.4", "same_issuer_collateral_recovery": "0", "same_issuer_scope": "only_already_issued_borrower_collateral_when_borrower_defaults", "settlement": 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"fictional-actions" }, "unit_price": "1" }, "S50": { "accrued_unit_interest": "0", "instrument_id": "S50", "quantity_capacity": "792007.2", "source": "allocation", "source_evidence": { "file": "docs/exhibit-fields.md", "locator": "fictional-actions" }, "unit_price": "1" }, "U": { "accrued_unit_interest": "0", "instrument_id": "U", "quantity_capacity": "990009000", "source": "security", "source_evidence": { "file": "fixtures/case-exhibits.json", "locator": "instruments/U" }, "unit_price": "1" } }, "pricing": { "allocation": "source_value", "buy_ask_multiplier": "1", "buy_fee": "0", "deployment_security": "source_coupon_current_em_curve_remaining_financial_tenor", "equivalent": "same_instrument_current_unit_price", "execution": "same_day_delivery_versus_payment", "funding_reference": "source_reference_price_remaining_financial_tenor", "independent_security": "source_coupon_independent_issuer_curve", "market_maker_id": "DESK_SECURITY_MARKET_MAKER", "market_maker_status": "Named synthetic current firm quote counterparty with committed consideration only for accepted, legally deliverable current-price trades. It never settles unrelated claims.", "payment_rights": "no_traded_security_price", "sale_bid_multiplier": "1", "sale_fee": "0", "settlement_lag_business_days": 0, "settlement_scope": "Current synthetic market-maker action quote expressly uses same-day DVP, distinct from the source instrument's ordinary one-business-day indicative settlement convention; quote acceptance requires legal delivery and actual settled consideration together.", "unissued_promise": "no_inventory_no_price_no_liquidation" }, "resource_limits": { "max_actions_per_day": 64, "max_assignments": 512, "max_contracts": 16384, "max_decimal_digits": 80, "max_decimal_places": 40, "max_decision_premises": 16, "max_events": 4096, "max_input_bytes": 1048576, "max_json_depth": 32, "max_json_nodes": 50000, "max_legal_approvals": 256, "max_legal_decisions": 256, "max_lots": 16384, "max_obligations": 262144, "max_output_bytes": 1048576, "max_packet_bytes": 33554432, "max_pending": 16384, "max_premise_value_items": 32, "max_rationale_chars": 2000, "max_source_bytes": 16777216, "max_string_length": 16384 }, "rights": { "delivery": "effective_for_existing_controlled_source_lots_only", "equivalent_return_disposal": "only_explicit_reuse_permission_with_preserved_identified_return_liability", "funding_reference_disposal": "prohibited_for_desk_after_settled_sale", "identical_return_disposal": "prohibited", "initial_defaults": { "borrower": false, "provider": false, "reference_issuer": false }, "initial_market_open": true, "initial_transfer_blocks": { "cash_remittance": false, "custody_delivery": false }, "issuance": "effective_only_for_source_issued_instruments", "remittance": "denied_until_explicit_scoped_event", "restitution": "borrower_only_and_subject_to_outstanding_secured_obligations", "reuse": "source_permission_and_effective_enforcement_and_preserved_return_obligation", "substitution": "conditional_until_priced_custody_settlement" }, "version_basis": "parent_checkpoint_with_disclosed_phase_fact_binding" }, "valid_until": "2027-09-02" }, { "as_of": "2027-09-02", "id": "3bb3060572237d55ebef705d104c83fb1ed546381047b5657aebe6fdb8446617", "kind": "draw_facility", "legal_version": 0, "market_version": 0, "parent_state_hash": "6d1645a487425409f4da8db6aa0d4fcaab93ce7b8516b65ce41eaaf60d2ad165", "phase": 0, "revision": 0, "source_evidence": [ { "file": "fixtures/desk-policy.json", "locator": "prices" }, { "file": "worker/legal-terms.txt", "locator": "actual-deployment-terms" }, { "file": "worker/docs/desk-runtime-contract.md", "locator": "## Clock and settlement order" }, { "file": "fixtures/desk-policy.json", "locator": "facility" }, { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], "terms": { "day_count": "ACT/365F", "disclosed_event_prefix": [], "facility_contract_id": "FACILITY", "mandate": { "bank_id": "MERIDIAN", "evidence": [ { "document_id": "SYNTHETIC_PACKET", "locator": "fictional-desk-mandate" } ], 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"funding_move": "0", "market_open": true, "own_bond_spread": "0.0064352412", "own_cds_spread": "0.0029701437", "provider_cds": "0.0084151402", "ratings": { "borrower": "BB", "deployment_collateral": "BB", "funding_reference": "AAA", "provider": "A" }, "reference_move": "0" }, "phase_prefix_digest": "4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945", "policy": { "availability": "source_unconditional_by_selected_cutoff_until_current_explicit_status_event_otherwise_conditional", "child_repayment_order": [ "execution_date", "id" ], "child_servicing": "base_FACILITY_aggregates_all_debt_and_interest_children_are_lineage_only_repaid_FIFO", "day_count": "ACT/365F", "fee": "0", "maturity": "funding_maturity_date", "payment_frequency_months": 3, "principal_and_interest_survive_suspension": true, "rate_reset": "daily", "required_instruction": "accepted_worker_draw_or_authenticated_external_draw", "spread_rule": "source_lender_spread_plus_current_own_bond_minus_inception_own_bond", "year_days": "365" }, "pricing": { "allocation": "source_value", "buy_ask_multiplier": "1", "buy_fee": "0", "deployment_security": "source_coupon_current_em_curve_remaining_financial_tenor", "equivalent": "same_instrument_current_unit_price", "execution": "same_day_delivery_versus_payment", "funding_reference": "source_reference_price_remaining_financial_tenor", "independent_security": "source_coupon_independent_issuer_curve", "market_maker_id": "DESK_SECURITY_MARKET_MAKER", "market_maker_status": "Named synthetic current firm quote counterparty with committed consideration only for accepted, legally deliverable current-price trades. It never settles unrelated claims.", "payment_rights": "no_traded_security_price", "sale_bid_multiplier": "1", "sale_fee": "0", "settlement_lag_business_days": 0, "settlement_scope": "Current synthetic market-maker action quote expressly uses same-day DVP, distinct from the source instrument's ordinary one-business-day indicative settlement convention; quote acceptance requires legal delivery and actual settled consideration together.", "unissued_promise": "no_inventory_no_price_no_liquidation" }, "resource_limits": { "max_actions_per_day": 64, "max_assignments": 512, "max_contracts": 16384, "max_decimal_digits": 80, "max_decimal_places": 40, "max_decision_premises": 16, "max_events": 4096, "max_input_bytes": 1048576, "max_json_depth": 32, "max_json_nodes": 50000, "max_legal_approvals": 256, "max_legal_decisions": 256, "max_lots": 16384, "max_obligations": 262144, "max_output_bytes": 1048576, "max_packet_bytes": 33554432, "max_pending": 16384, "max_premise_value_items": 32, "max_rationale_chars": 2000, "max_source_bytes": 16777216, "max_string_length": 16384 }, "source_quote": { "cash_account_id": "CASH_BRANCH", "day_count": "ACT/365F", "fee": "0", "initial_own_bond_spread": "0.0064352412", "lender_id": "FACILITY_LENDER", "limit": "257402340", "ois": "0.0356420304", "spread": "0.0108903245", "unconditional_by_selected_cutoff": true, "year_days": "365" }, "version_basis": "parent_checkpoint_with_disclosed_phase_fact_binding", "year_days": "365" }, "valid_until": "2027-09-02" }, { "as_of": "2027-09-02", "id": "f78d6d2f93f03332e993b4f0b41975e789bc391178633469b45d370419e1aa08", "kind": "repay_facility", "legal_version": 0, "market_version": 0, "parent_state_hash": "6d1645a487425409f4da8db6aa0d4fcaab93ce7b8516b65ce41eaaf60d2ad165", "phase": 0, "revision": 0, "source_evidence": [ { "file": "fixtures/desk-policy.json", "locator": "prices" }, { "file": "worker/legal-terms.txt", "locator": "actual-deployment-terms" }, { "file": 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false }, "facility_status": "available", "observable": false, "rights": { "delivery|contract|": "effective", "enforceability|contract|": "effective", "issuance|contract|": "effective", "remittance|contract|": "denied", "restitution|borrower_only|": "conditional", "reuse|contract|": "denied", "substitution|contract|": "conditional" }, "transfer_blocks": { "cash_remittance": false, "custody_delivery": false } }, "phase_market": { "em_move": "0", "funding_move": "0", "market_open": true, "own_bond_spread": "0.0064352412", "own_cds_spread": "0.0029701437", "provider_cds": "0.0084151402", "ratings": { "borrower": "BB", "deployment_collateral": "BB", "funding_reference": "AAA", "provider": "A" }, "reference_move": "0" }, "phase_prefix_digest": "4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945", "policy": { "availability": "source_unconditional_by_selected_cutoff_until_current_explicit_status_event_otherwise_conditional", "child_repayment_order": [ "execution_date", "id" ], "child_servicing": "base_FACILITY_aggregates_all_debt_and_interest_children_are_lineage_only_repaid_FIFO", "day_count": "ACT/365F", "fee": "0", "maturity": "funding_maturity_date", "payment_frequency_months": 3, "principal_and_interest_survive_suspension": true, "rate_reset": "daily", "required_instruction": "accepted_worker_draw_or_authenticated_external_draw", "spread_rule": "source_lender_spread_plus_current_own_bond_minus_inception_own_bond", "year_days": "365" }, "pricing": { "allocation": "source_value", "buy_ask_multiplier": "1", "buy_fee": "0", "deployment_security": "source_coupon_current_em_curve_remaining_financial_tenor", "equivalent": "same_instrument_current_unit_price", "execution": "same_day_delivery_versus_payment", "funding_reference": "source_reference_price_remaining_financial_tenor", "independent_security": "source_coupon_independent_issuer_curve", "market_maker_id": "DESK_SECURITY_MARKET_MAKER", "market_maker_status": "Named synthetic current firm quote counterparty with committed consideration only for accepted, legally deliverable current-price trades. It never settles unrelated claims.", "payment_rights": "no_traded_security_price", "sale_bid_multiplier": "1", "sale_fee": "0", "settlement_lag_business_days": 0, "settlement_scope": "Current synthetic market-maker action quote expressly uses same-day DVP, distinct from the source instrument's ordinary one-business-day indicative settlement convention; quote acceptance requires legal delivery and actual settled consideration together.", "unissued_promise": "no_inventory_no_price_no_liquidation" }, "resource_limits": { "max_actions_per_day": 64, "max_assignments": 512, "max_contracts": 16384, "max_decimal_digits": 80, "max_decimal_places": 40, "max_decision_premises": 16, "max_events": 4096, "max_input_bytes": 1048576, "max_json_depth": 32, "max_json_nodes": 50000, "max_legal_approvals": 256, "max_legal_decisions": 256, "max_lots": 16384, "max_obligations": 262144, "max_output_bytes": 1048576, "max_packet_bytes": 33554432, "max_pending": 16384, "max_premise_value_items": 32, 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"reuse|contract|": "denied", "substitution|contract|": "conditional" }, "transfer_blocks": { "cash_remittance": false, "custody_delivery": false } }, "phase_market": { "em_move": "0", "funding_move": "0", "market_open": true, "own_bond_spread": "0.0064352412", "own_cds_spread": "0.0029701437", "provider_cds": "0.0084151402", "ratings": { "borrower": "BB", "deployment_collateral": "BB", "funding_reference": "AAA", "provider": "A" }, "reference_move": "0" }, "phase_prefix_digest": "4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945", "pricing": { "allocation": "source_value", "buy_ask_multiplier": "1", "buy_fee": "0", "deployment_security": "source_coupon_current_em_curve_remaining_financial_tenor", "equivalent": "same_instrument_current_unit_price", "execution": "same_day_delivery_versus_payment", "funding_reference": "source_reference_price_remaining_financial_tenor", "independent_security": "source_coupon_independent_issuer_curve", "market_maker_id": "DESK_SECURITY_MARKET_MAKER", "market_maker_status": "Named synthetic current firm quote counterparty with committed consideration only for accepted, legally deliverable current-price trades. It never settles unrelated claims.", "payment_rights": "no_traded_security_price", "sale_bid_multiplier": "1", "sale_fee": "0", "settlement_lag_business_days": 0, "settlement_scope": "Current synthetic market-maker action quote expressly uses same-day DVP, distinct from the source instrument's ordinary one-business-day indicative settlement convention; quote acceptance requires legal delivery and actual settled consideration together.", "unissued_promise": "no_inventory_no_price_no_liquidation" }, "resource_limits": { "max_actions_per_day": 64, "max_assignments": 512, "max_contracts": 16384, "max_decimal_digits": 80, "max_decimal_places": 40, "max_decision_premises": 16, "max_events": 4096, "max_input_bytes": 1048576, "max_json_depth": 32, "max_json_nodes": 50000, "max_legal_approvals": 256, "max_legal_decisions": 256, "max_lots": 16384, "max_obligations": 262144, "max_output_bytes": 1048576, "max_packet_bytes": 33554432, "max_pending": 16384, "max_premise_value_items": 32, 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"fictional-actions" }, "unit_price": "1" }, "S50": { "accrued_unit_interest": "0", "instrument_id": "S50", "quantity_capacity": "792007.2", "source": "allocation", "source_evidence": { "file": "docs/exhibit-fields.md", "locator": "fictional-actions" }, "unit_price": "1" }, "U": { "accrued_unit_interest": "0", "instrument_id": "U", "quantity_capacity": "990009000", "source": "security", "source_evidence": { "file": "fixtures/case-exhibits.json", "locator": "instruments/U" }, "unit_price": "1" } }, "pricing": { "allocation": "source_value", "buy_ask_multiplier": "1", "buy_fee": "0", "deployment_security": "source_coupon_current_em_curve_remaining_financial_tenor", "equivalent": "same_instrument_current_unit_price", "execution": "same_day_delivery_versus_payment", "funding_reference": "source_reference_price_remaining_financial_tenor", "independent_security": "source_coupon_independent_issuer_curve", "market_maker_id": "DESK_SECURITY_MARKET_MAKER", "market_maker_status": "Named synthetic 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It never settles unrelated claims.", "payment_rights": "no_traded_security_price", "sale_bid_multiplier": "1", "sale_fee": "0", "settlement_lag_business_days": 0, "settlement_scope": "Current synthetic market-maker action quote expressly uses same-day DVP, distinct from the source instrument's ordinary one-business-day indicative settlement convention; quote acceptance requires legal delivery and actual settled consideration together.", "unissued_promise": "no_inventory_no_price_no_liquidation" }, "resource_limits": { "max_actions_per_day": 64, "max_assignments": 512, "max_contracts": 16384, "max_decimal_digits": 80, "max_decimal_places": 40, "max_decision_premises": 16, "max_events": 4096, "max_input_bytes": 1048576, "max_json_depth": 32, "max_json_nodes": 50000, "max_legal_approvals": 256, "max_legal_decisions": 256, "max_lots": 16384, "max_obligations": 262144, "max_output_bytes": 1048576, "max_packet_bytes": 33554432, "max_pending": 16384, "max_premise_value_items": 32, 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false }, "facility_status": "available", "observable": false, "rights": { "delivery|contract|": "effective", "enforceability|contract|": "effective", "issuance|contract|": "effective", "remittance|contract|": "denied", "restitution|borrower_only|": "conditional", "reuse|contract|": "denied", "substitution|contract|": "conditional" }, "transfer_blocks": { "cash_remittance": false, "custody_delivery": false } }, "phase_market": { "em_move": "0", "funding_move": "0", "market_open": true, "own_bond_spread": "0.0064352412", "own_cds_spread": "0.0029701437", "provider_cds": "0.0084151402", "ratings": { "borrower": "BB", "deployment_collateral": "BB", "funding_reference": "AAA", "provider": "A" }, "reference_move": "0" }, "phase_prefix_digest": "4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945", "policy": { "availability": "source_unconditional_by_selected_cutoff_until_current_explicit_status_event_otherwise_conditional", "child_repayment_order": [ "execution_date", "id" ], 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