{"accounting":{"evidence":[{"claim":"RECOGNITION_INCEPTION","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-accounting"},{"claim":"RECOGNITION_INCEPTION","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-opinions"},{"claim":"RESERVE_DIVERGENCE","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-reserve-panel"},{"claim":"RESERVE_DIVERGENCE","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-accounting"},{"claim":"RESERVE_DIVERGENCE","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-ledgers"},{"claim":"PRUDENT_VALUATION","exhibit_id":"AVA_RULES","locator":"applicability"},{"claim":"PRUDENT_VALUATION","exhibit_id":"AVA_RULES","locator":"method"},{"claim":"PRUDENT_VALUATION","exhibit_id":"AVA_RULES","locator":"same_source"},{"claim":"PRUDENT_VALUATION","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-accounting"},{"claim":"TERMINAL_SETTLEMENT","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-terminal-dispute"},{"claim":"TERMINAL_SETTLEMENT","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-ledgers"}],"recognition":{"day1_statutory_profit":"0","deferred_management_gain":"41166154.57941905429533999565681271754443","gross_pots_reconciled_to_unit":true,"internal_addon_observable":false,"management_IFRS_bridge":true,"release_trigger":"priced_time_or_observability","unit":"retained_asset_financing"},"reserves":{"AVA":"600000.00","AVA_in_PnL":false,"CET1_after_AVA":"11400000.00","D_close":"39792364.78162333137013852379386189769574","D_open":"39792364.78162333137013852379386189769574","X_close":"81676718.86078932729343015074388220424911","X_open":"27116697.32855496824514445914180578570610","all_obligations_settled":false,"carry":"0","cash_funding_drag":"0","clean_mtm":"132641215.9387444379004617459795396589858","deferral_release":"0.00000000000000000000000000000000","expected_release_counted_twice":false,"hedge_pnl":"0","independent_equity_change":"78081194.4065100788521760543774632404430","reported_pnl":"79081194.40651007885217605437746324044279","reserve_action":"0","reserve_charge_alone_draws_debt":false,"reserve_mtm":"-54560021.53223435904828569160207641854301","reserve_theta":"0","terminal_reserve":"500000","unfunded_reserve_balance":"0"}},"capital":{"allocation":{"assignment":[{"lender_id":"Tol","lot_id":"L1"},{"lender_id":"Tol","lot_id":"L2"},{"lender_id":"Div","lot_id":"S01"},{"lender_id":"Div","lot_id":"S02"},{"lender_id":"Div","lot_id":"S03"},{"lender_id":"Div","lot_id":"S04"},{"lender_id":"Div","lot_id":"S05"},{"lender_id":"Div","lot_id":"S06"},{"lender_id":"Div","lot_id":"S07"},{"lender_id":"Div","lot_id":"S08"},{"lender_id":"Div","lot_id":"S09"},{"lender_id":"Div","lot_id":"S10"},{"lender_id":"Div","lot_id":"S11"},{"lender_id":"Div","lot_id":"S12"},{"lender_id":"Div","lot_id":"S13"},{"lender_id":"Div","lot_id":"S14"},{"lender_id":"Div","lot_id":"S15"},{"lender_id":"Div","lot_id":"S16"},{"lender_id":"Div","lot_id":"S17"},{"lender_id":"Div","lot_id":"S18"},{"lender_id":"Div","lot_id":"S19"},{"lender_id":"Div","lot_id":"S20"},{"lender_id":"Div","lot_id":"S21"},{"lender_id":"Div","lot_id":"S22"},{"lender_id":"Div","lot_id":"S23"},{"lender_id":"Div","lot_id":"S24"},{"lender_id":"Div","lot_id":"S25"},{"lender_id":"Div","lot_id":"S26"},{"lender_id":"Div","lot_id":"S27"},{"lender_id":"Div","lot_id":"S28"},{"lender_id":"Div","lot_id":"S29"},{"lender_id":"Div","lot_id":"S30"},{"lender_id":"Div","lot_id":"S31"},{"lender_id":"Div","lot_id":"S32"},{"lender_id":"Div","lot_id":"S33"},{"lender_id":"Div","lot_id":"S34"},{"lender_id":"Div","lot_id":"S35"},{"lender_id":"Div","lot_id":"S36"},{"lender_id":"Div","lot_id":"S37"},{"lender_id":"Div","lot_id":"S38"},{"lender_id":"Div","lot_id":"S39"},{"lender_id":"Div","lot_id":"S40"},{"lender_id":"Div","lot_id":"S41"},{"lender_id":"Div","lot_id":"S42"},{"lender_id":"Div","lot_id":"S43"},{"lender_id":"Div","lot_id":"S44"},{"lender_id":"Div","lot_id":"S45"},{"lender_id":"Div","lot_id":"S46"},{"lender_id":"Div","lot_id":"S47"},{"lender_id":"Div","lot_id":"S48"},{"lender_id":"Div","lot_id":"S49"},{"lender_id":"Div","lot_id":"S50"},{"lender_id":"Div","lot_id":"L1"}],"cash_raised":"232300000.00","evidence_dependent_unknowns":[],"feasible":true,"lower_bound":"45953.29370334040685583575928817197213657","objective_cost":"45953.29370334040685583575928817197213657","optimal":true,"required_cash":"230000000"},"capacity":{"Tier1":"97400000","action_effective":false,"binding":"leverage","capital_KVA":"69409935.41878396578081689435867234069418","capital_cash_credit":"0","chosen_action":"release_substitution","leverage_exposure":"3155632616.411186676013475993919537804562","leverage_required":"94668978.49233560028040427981758613413686","structural_value":"5809358.610417559697920863201133692533952"},"collateral":{"E_star":"1000000000","KVA":"36091105.93254088498062925813084345824632","RWA":"1000000000","capital":"80000000.00","charge_spread":"0.008","eligibility_reason":"same_issuer","eligible":false,"rating_drives_eligibility_not_spread":true,"recognised":"0"},"evidence":[{"claim":"FUNDING_CAPITAL_INCEPTION","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-classification"},{"claim":"FUNDING_CAPITAL_INCEPTION","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-executed-agreements"},{"claim":"FUNDING_CAPITAL_INCEPTION","exhibit_id":"CAPITAL_RULES","locator":"saccr"},{"claim":"COLLATERAL_CONTROLLED","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-lydora-comparator"},{"claim":"COLLATERAL_CONTROLLED","exhibit_id":"CAPITAL_RULES","locator":"collateral_eligibility"},{"claim":"COLLATERAL_CONTROLLED","exhibit_id":"CAPITAL_RULES","locator":"kva"},{"claim":"PROTECTION_CONTROLLED","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-protection-panel"},{"claim":"PROTECTION_CONTROLLED","exhibit_id":"CAPITAL_RULES","locator":"protection"},{"claim":"PROTECTION_CONTROLLED","exhibit_id":"CAPITAL_RULES","locator":"cva"},{"claim":"PROTECTION_CONTROLLED","exhibit_id":"CAPITAL_RULES","locator":"leverage"},{"claim":"CAPACITY_CONTROLLED","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-capacity-panel"},{"claim":"CAPACITY_CONTROLLED","exhibit_id":"CAPITAL_RULES","locator":"leverage"},{"claim":"CAPITAL_COST_COMPONENT","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-capacity-panel"},{"claim":"CAPITAL_COST_COMPONENT","exhibit_id":"CAPITAL_RULES","locator":"kva"},{"claim":"CAPITAL_DECISION","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-decision-panel"},{"claim":"CAPITAL_DECISION","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-actions"},{"claim":"CAPITAL_DECISION","exhibit_id":"CAPITAL_RULES","locator":"kva"},{"claim":"ALLOCATION_7D","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-actions"},{"claim":"ALLOCATION_7D","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-quote-board"},{"claim":"ALLOCATION_7D","exhibit_id":"CAPITAL_RULES","locator":"collateral_eligibility"}],"protection":{"Pa_initial":"320000000","Pa_year1":"252631578.9473684210526315789473684210526","Pa_year475":"0","ccr_capital":"5070687.011567169024599929293305463900363","cva_approach":"BA_full","cva_capital":"58573605.63307719480367950488551089261569","cva_designated":true,"economically_protected_tail":true,"full_initial_maturity_recognition":true,"leverage_notional_offset":false,"tail_years":"0"},"saccr":{"EAD":"124890243.8705452129957122647743583682659","MF":"1","PFE":"48041162.47097038355874019346772897407410","RC":"41166154.57941905429533999565681271754443","primary_class":"credit","provider_rw":"0.3","reference_asset_is_held_C":false,"reference_sf":"0.0038","supervisory_duration":"12.64241117657115356808952459677078265108"}},"compliance":{"decisions":[{"decision":"execute","premises":[{"pointer":"/mandate/rules/0/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_HOLD"},{"decision":"escalate","premises":[{"pointer":"/mandate/rules/1/tier","relation":"eq","source":"case","value":"requires_approval"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_CSA"},{"decision":"escalate","premises":[{"pointer":"/mandate/rules/2/tier","relation":"eq","source":"case","value":"requires_approval"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_SUBSTITUTION"},{"decision":"escalate","premises":[{"pointer":"/mandate/rules/3/tier","relation":"eq","source":"case","value":"requires_approval"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_REVERSE"},{"decision":"escalate","premises":[{"pointer":"/mandate/rules/4/tier","relation":"eq","source":"case","value":"requires_approval"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_OFFSET"},{"decision":"escalate","premises":[{"pointer":"/mandate/rules/5/tier","relation":"eq","source":"case","value":"requires_approval"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_NETTING"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/6/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_PROTECTION"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/7/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_DESIGNATION"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/8/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_REPO"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/9/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_REPO_REPAY"},{"decision":"escalate","premises":[{"pointer":"/mandate/rules/10/tier","relation":"eq","source":"case","value":"requires_approval"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_SELL_COLLATERAL"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/11/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_SELL_INVENTORY"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/12/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_EQUIVALENT"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/13/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_RETURN"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/14/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_RETURN_REPO"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/15/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_DRAW"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/16/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_REPAY"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/17/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_MARGIN_DEP"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/18/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_MARGIN_FUND"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/19/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_MARGIN_HEDGE"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/20/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_PAY_FUND"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/21/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_PAY_DEP"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/22/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_PAY_RETURN"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/23/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_PAY_HEDGE"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/24/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_PAY_FACILITY"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/25/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_PAY_BANK"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/26/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_PAY_OFFSET"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/27/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_CLAIM_PROVIDER"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/28/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_CLAIM_BORROWER"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/29/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_CLAIM_HEDGE"},{"decision":"escalate","premises":[{"pointer":"/mandate/rules/30/tier","relation":"eq","source":"case","value":"requires_approval"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_LIQUIDATION"},{"decision":"escalate","premises":[{"pointer":"/mandate/rules/31/tier","relation":"eq","source":"case","value":"requires_approval"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"DESK_REINVEST"},{"decision":"decline","premises":[{"pointer":"/mandate/rules/32/tier","relation":"eq","source":"case","value":"prohibited"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"S2_FISCAL"},{"decision":"escalate","premises":[{"pointer":"/mandate/rules/33/tier","relation":"eq","source":"case","value":"requires_approval"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"S2_IDENTICAL_TITLE"},{"decision":"escalate","premises":[{"pointer":"/mandate/rules/34/tier","relation":"eq","source":"case","value":"requires_approval"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"PROPOSAL_ACT_CSA"},{"decision":"escalate","premises":[{"pointer":"/mandate/rules/35/tier","relation":"eq","source":"case","value":"requires_approval"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"PROPOSAL_ACT_SUB"},{"decision":"escalate","premises":[{"pointer":"/mandate/rules/36/tier","relation":"eq","source":"case","value":"requires_approval"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"PROPOSAL_ACT_NET"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/37/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"PROPOSAL_ACT_CDS"},{"decision":"execute","premises":[{"pointer":"/mandate/rules/38/tier","relation":"eq","source":"case","value":"permitted"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"PROPOSAL_ACT_HOLD"},{"decision":"escalate","premises":[{"pointer":"/mandate/rules/39/tier","relation":"eq","source":"case","value":"requires_approval"}],"rationale":"The scoped mandate and any dated approval determine this decision; a request is not approval.","rule_id":"PROPOSAL_ACT_RELEASE"}]},"credit_xva":{"accounting_cva":"2601931.020419680165076411616392827531367","actual_ufva":"3710495.320005705204204032249489106354313","basis_spread":"0.002","conditional_quadratic_requires_cash_transaction":true,"conditional_quadratic_ufva":"17958836.37221347558733340611241462717258","evidence":[{"claim":"CREDIT_INCEPTION","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-curves"},{"claim":"CREDIT_INCEPTION","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-ledgers"},{"claim":"CREDIT_INCEPTION","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-quote-board"},{"claim":"ACTUAL_CASH_STRESS","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-cash-stress-panel"},{"claim":"ACTUAL_CASH_STRESS","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-ledgers"},{"claim":"MARK_ONLY_CASH","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-cash-stress-panel"},{"claim":"MARK_ONLY_CASH","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-ledgers"},{"claim":"CONDITIONAL_PREFUNDING","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-conditional-facility"}],"mark_only_ufva":"0.000000000000000000000000000000000000000000000","noncash_charge_creates_borrowing":false,"own_funding_curve":"own_unsecured_bond","provider_default_exposure_source":"contract_mark","use_cash_vm":false},"episode_id":"W3","legal":{"findings":[{"premises":[{"pointer":"/agreements/3/execution/status","relation":"eq","source":"case","value":"executed"},{"pointer":"/agreements/3/execution/executed_at","relation":"eq","source":"case","value":"2026-09-19T12:00:00Z"},{"pointer":"/agreements/3/execution/signatory_party_ids","relation":"eq","source":"case","value":["BORROWER","MERIDIAN"]},{"pointer":"/agreements/3/effectiveness/status","relation":"eq","source":"case","value":"effective"},{"pointer":"/agreements/3/effectiveness/effective_at","relation":"eq","source":"case","value":"2026-09-19T12:00:00Z"},{"pointer":"/agreements/3/effectiveness/conditions/0/status","relation":"eq","source":"case","value":"satisfied"},{"pointer":"/opinions/1/agreement_ids","relation":"contains","source":"case","value":"DEP_SECURITY"},{"pointer":"/opinions/1/party_ids","relation":"contains","source":"case","value":["BORROWER","MERIDIAN"]},{"pointer":"/opinions/1/jurisdictions_covered","relation":"contains","source":"case","value":["Caldera","Meridia"]},{"pointer":"/opinions/1/status","relation":"eq","source":"case","value":"final_unqualified"},{"pointer":"/opinions/1/issued_at","relation":"eq","source":"case","value":"2026-09-18"},{"pointer":"/opinions/1/reviewed_at","relation":"eq","source":"case","value":"2026-09-19"},{"pointer":"/opinions/1/valid_until","relation":"eq","source":"case","value":"2047-09-19"},{"pointer":"/opinions/1/law_change_review","relation":"eq","source":"case","value":"no_change_known"},{"pointer":"/opinions/1/law_types","relation":"contains","source":"case","value":["capacity","contract","insolvency","security"]},{"pointer":"/opinions/1/conclusions/capacity","relation":"eq","source":"case","value":true},{"pointer":"/opinions/1/conclusions/execution_authority","relation":"eq","source":"case","value":true},{"pointer":"/opinions/1/conclusions/enforceability","relation":"eq","source":"case","value":true},{"pointer":"/opinions/1/conclusions/security_perfection","relation":"eq","source":"case","value":true},{"pointer":"/agreements/3/terms/permitted_by_contract","relation":"eq","source":"case","value":true},{"pointer":"/agreements/3/terms/perfection_status","relation":"eq","source":"case","value":"perfected"},{"pointer":"/agreements/3/terms/reuse_right","relation":"eq","source":"case","value":"prohibited"},{"pointer":"/collateral/1/rights/ownership_basis","relation":"eq","source":"case","value":"pledge"},{"pointer":"/collateral/1/rights/reuse_right","relation":"eq","source":"case","value":"prohibited"},{"pointer":"/collateral/1/rights/segregated","relation":"eq","source":"case","value":true},{"pointer":"/collateral/1/rights/priority","relation":"eq","source":"case","value":"first_ranking"},{"pointer":"/collateral/1/eligibility_attributes/contract_accepted","relation":"eq","source":"case","value":true},{"pointer":"/collateral/1/eligibility_attributes/enforceable","relation":"eq","source":"case","value":true},{"pointer":"/collateral/1/eligibility_attributes/perfected","relation":"eq","source":"case","value":true},{"pointer":"/collateral/1/asset/kind","relation":"eq","source":"case","value":"issued_security"},{"pointer":"/collateral/1/eligibility_attributes/issued","relation":"eq","source":"case","value":true}],"rationale":"The cited execution, effectiveness, opinion scope and property rights determine this finding.","status":"permitted","subject_id":"COLL_DEP"},{"premises":[{"pointer":"/agreements/2/execution/status","relation":"eq","source":"case","value":"executed"},{"pointer":"/agreements/2/execution/executed_at","relation":"eq","source":"case","value":"2026-09-19T12:00:00Z"},{"pointer":"/agreements/2/execution/signatory_party_ids","relation":"eq","source":"case","value":["MERIDIAN","BORROWER"]},{"pointer":"/agreements/2/effectiveness/status","relation":"eq","source":"case","value":"effective"},{"pointer":"/agreements/2/effectiveness/effective_at","relation":"eq","source":"case","value":"2026-09-19T12:00:00Z"},{"pointer":"/agreements/2/effectiveness/conditions/0/status","relation":"eq","source":"case","value":"satisfied"},{"pointer":"/opinions/0/agreement_ids","relation":"contains","source":"case","value":"DEP_LOAN"},{"pointer":"/opinions/0/party_ids","relation":"contains","source":"case","value":["MERIDIAN","BORROWER"]},{"pointer":"/opinions/0/jurisdictions_covered","relation":"contains","source":"case","value":["Caldera","Meridia"]},{"pointer":"/opinions/0/status","relation":"eq","source":"case","value":"final_unqualified"},{"pointer":"/opinions/0/issued_at","relation":"eq","source":"case","value":"2026-09-18"},{"pointer":"/opinions/0/reviewed_at","relation":"eq","source":"case","value":"2026-09-19"},{"pointer":"/opinions/0/valid_until","relation":"eq","source":"case","value":"2047-09-19"},{"pointer":"/opinions/0/law_change_review","relation":"eq","source":"case","value":"no_change_known"},{"pointer":"/opinions/0/law_types","relation":"contains","source":"case","value":["capacity","contract","insolvency"]},{"pointer":"/opinions/0/conclusions/capacity","relation":"eq","source":"case","value":true},{"pointer":"/opinions/0/conclusions/execution_authority","relation":"eq","source":"case","value":true},{"pointer":"/opinions/0/conclusions/enforceability","relation":"eq","source":"case","value":true}],"rationale":"The cited execution, effectiveness, opinion scope and property rights determine this finding.","status":"permitted","subject_id":"DEP_LOAN"},{"premises":[{"pointer":"/agreements/3/execution/status","relation":"eq","source":"case","value":"executed"},{"pointer":"/agreements/3/execution/executed_at","relation":"eq","source":"case","value":"2026-09-19T12:00:00Z"},{"pointer":"/agreements/3/execution/signatory_party_ids","relation":"eq","source":"case","value":["BORROWER","MERIDIAN"]},{"pointer":"/agreements/3/effectiveness/status","relation":"eq","source":"case","value":"effective"},{"pointer":"/agreements/3/effectiveness/effective_at","relation":"eq","source":"case","value":"2026-09-19T12:00:00Z"},{"pointer":"/agreements/3/effectiveness/conditions/0/status","relation":"eq","source":"case","value":"satisfied"},{"pointer":"/opinions/1/agreement_ids","relation":"contains","source":"case","value":"DEP_SECURITY"},{"pointer":"/opinions/1/party_ids","relation":"contains","source":"case","value":["BORROWER","MERIDIAN"]},{"pointer":"/opinions/1/jurisdictions_covered","relation":"contains","source":"case","value":["Caldera","Meridia"]},{"pointer":"/opinions/1/status","relation":"eq","source":"case","value":"final_unqualified"},{"pointer":"/opinions/1/issued_at","relation":"eq","source":"case","value":"2026-09-18"},{"pointer":"/opinions/1/reviewed_at","relation":"eq","source":"case","value":"2026-09-19"},{"pointer":"/opinions/1/valid_until","relation":"eq","source":"case","value":"2047-09-19"},{"pointer":"/opinions/1/law_change_review","relation":"eq","source":"case","value":"no_change_known"},{"pointer":"/opinions/1/law_types","relation":"contains","source":"case","value":["capacity","contract","insolvency","security"]},{"pointer":"/opinions/1/conclusions/capacity","relation":"eq","source":"case","value":true},{"pointer":"/opinions/1/conclusions/execution_authority","relation":"eq","source":"case","value":true},{"pointer":"/opinions/1/conclusions/enforceability","relation":"eq","source":"case","value":true},{"pointer":"/opinions/1/conclusions/security_perfection","relation":"eq","source":"case","value":true},{"pointer":"/agreements/3/terms/permitted_by_contract","relation":"eq","source":"case","value":true},{"pointer":"/agreements/3/terms/perfection_status","relation":"eq","source":"case","value":"perfected"},{"pointer":"/agreements/3/terms/reuse_right","relation":"eq","source":"case","value":"prohibited"}],"rationale":"The cited execution, effectiveness, opinion scope and property rights determine this finding.","status":"permitted","subject_id":"DEP_SECURITY"},{"premises":[{"pointer":"/agreements/1/execution/status","relation":"eq","source":"case","value":"executed"},{"pointer":"/agreements/1/execution/executed_at","relation":"eq","source":"case","value":"2026-09-19T12:00:00Z"},{"pointer":"/agreements/1/execution/signatory_party_ids","relation":"eq","source":"case","value":["MERIDIAN","P"]},{"pointer":"/agreements/1/effectiveness/status","relation":"eq","source":"case","value":"effective"},{"pointer":"/agreements/1/effectiveness/effective_at","relation":"eq","source":"case","value":"2026-09-19T12:00:00Z"},{"pointer":"/agreements/1/effectiveness/conditions/0/status","relation":"eq","source":"case","value":"satisfied"},{"pointer":"/opinions/0/agreement_ids","relation":"contains","source":"case","value":"FUND_TRS"},{"pointer":"/opinions/0/party_ids","relation":"contains","source":"case","value":["MERIDIAN","P"]},{"pointer":"/opinions/0/jurisdictions_covered","relation":"contains","source":"case","value":["Meridia","Northhaven"]},{"pointer":"/opinions/0/status","relation":"eq","source":"case","value":"final_unqualified"},{"pointer":"/opinions/0/issued_at","relation":"eq","source":"case","value":"2026-09-18"},{"pointer":"/opinions/0/reviewed_at","relation":"eq","source":"case","value":"2026-09-19"},{"pointer":"/opinions/0/valid_until","relation":"eq","source":"case","value":"2047-09-19"},{"pointer":"/opinions/0/law_change_review","relation":"eq","source":"case","value":"no_change_known"},{"pointer":"/opinions/0/law_types","relation":"contains","source":"case","value":["capacity","contract","insolvency"]},{"pointer":"/opinions/0/conclusions/capacity","relation":"eq","source":"case","value":true},{"pointer":"/opinions/0/conclusions/execution_authority","relation":"eq","source":"case","value":true},{"pointer":"/opinions/0/conclusions/enforceability","relation":"eq","source":"case","value":true}],"rationale":"The cited execution, effectiveness, opinion scope and property rights determine this finding.","status":"permitted","subject_id":"FUND_TRS"},{"premises":[{"pointer":"/agreements/4/execution/status","relation":"eq","source":"case","value":"executed"},{"pointer":"/agreements/4/execution/executed_at","relation":"eq","source":"case","value":"2026-09-19T12:00:00Z"},{"pointer":"/agreements/4/execution/signatory_party_ids","relation":"eq","source":"case","value":["MERIDIAN","P"]},{"pointer":"/agreements/4/effectiveness/status","relation":"eq","source":"case","value":"effective"},{"pointer":"/agreements/4/effectiveness/effective_at","relation":"eq","source":"case","value":"2026-09-19T12:00:00Z"},{"pointer":"/agreements/4/effectiveness/conditions/0/status","relation":"eq","source":"case","value":"satisfied"},{"pointer":"/opinions/0/agreement_ids","relation":"contains","source":"case","value":"MASTER"},{"pointer":"/opinions/0/party_ids","relation":"contains","source":"case","value":["MERIDIAN","P"]},{"pointer":"/opinions/0/jurisdictions_covered","relation":"contains","source":"case","value":["Meridia","Northhaven"]},{"pointer":"/opinions/0/status","relation":"eq","source":"case","value":"final_unqualified"},{"pointer":"/opinions/0/issued_at","relation":"eq","source":"case","value":"2026-09-18"},{"pointer":"/opinions/0/reviewed_at","relation":"eq","source":"case","value":"2026-09-19"},{"pointer":"/opinions/0/valid_until","relation":"eq","source":"case","value":"2047-09-19"},{"pointer":"/opinions/0/law_change_review","relation":"eq","source":"case","value":"no_change_known"},{"pointer":"/opinions/0/law_types","relation":"contains","source":"case","value":["capacity","contract","insolvency"]},{"pointer":"/opinions/0/conclusions/capacity","relation":"eq","source":"case","value":true},{"pointer":"/opinions/0/conclusions/execution_authority","relation":"eq","source":"case","value":true},{"pointer":"/opinions/0/conclusions/enforceability","relation":"eq","source":"case","value":true},{"pointer":"/opinions/0/conclusions/closeout_netting","relation":"eq","source":"case","value":true},{"pointer":"/agreements/4/terms/walkaway_clause","relation":"eq","source":"case","value":false}],"rationale":"The cited execution, effectiveness, opinion scope and property rights determine this finding.","status":"permitted","subject_id":"MASTER"},{"premises":[{"pointer":"/agreements/8/execution/status","relation":"eq","source":"case","value":"proposed"},{"pointer":"/agreements/8/effectiveness/status","relation":"eq","source":"case","value":"pending"},{"pointer":"/agreements/8/effectiveness/effective_at","relation":"eq","source":"case","value":"2026-09-22T12:00:00Z"},{"pointer":"/agreements/8/effectiveness/conditions/0/status","relation":"eq","source":"case","value":"pending"},{"pointer":"/opinions/0/agreement_ids","relation":"contains","source":"case","value":"NEW_CSA"},{"pointer":"/opinions/0/party_ids","relation":"contains","source":"case","value":["MERIDIAN","P"]},{"pointer":"/opinions/0/jurisdictions_covered","relation":"contains","source":"case","value":["Meridia","Northhaven"]},{"pointer":"/opinions/0/status","relation":"eq","source":"case","value":"final_unqualified"},{"pointer":"/opinions/0/issued_at","relation":"eq","source":"case","value":"2026-09-18"},{"pointer":"/opinions/0/reviewed_at","relation":"eq","source":"case","value":"2026-09-19"},{"pointer":"/opinions/0/valid_until","relation":"eq","source":"case","value":"2047-09-19"},{"pointer":"/opinions/0/law_change_review","relation":"eq","source":"case","value":"no_change_known"},{"pointer":"/opinions/0/law_types","relation":"contains","source":"case","value":["capacity","contract","insolvency"]},{"pointer":"/opinions/0/conclusions/capacity","relation":"eq","source":"case","value":true},{"pointer":"/opinions/0/conclusions/execution_authority","relation":"eq","source":"case","value":true},{"pointer":"/opinions/0/conclusions/enforceability","relation":"eq","source":"case","value":true}],"rationale":"The cited execution, effectiveness, opinion scope and property rights determine this finding.","status":"conditional","subject_id":"NEW_CSA"},{"premises":[{"pointer":"/agreements/0/execution/status","relation":"eq","source":"case","value":"executed"},{"pointer":"/agreements/0/execution/executed_at","relation":"eq","source":"case","value":"2026-09-19T12:00:00Z"},{"pointer":"/agreements/0/execution/signatory_party_ids","relation":"eq","source":"case","value":["MERIDIAN","P"]},{"pointer":"/agreements/0/effectiveness/status","relation":"eq","source":"case","value":"effective"},{"pointer":"/agreements/0/effectiveness/effective_at","relation":"eq","source":"case","value":"2026-09-19T12:00:00Z"},{"pointer":"/agreements/0/effectiveness/conditions/0/status","relation":"eq","source":"case","value":"satisfied"},{"pointer":"/opinions/0/agreement_ids","relation":"contains","source":"case","value":"SALE_U"},{"pointer":"/opinions/0/party_ids","relation":"contains","source":"case","value":["MERIDIAN","P"]},{"pointer":"/opinions/0/jurisdictions_covered","relation":"contains","source":"case","value":["Meridia","Northhaven"]},{"pointer":"/opinions/0/status","relation":"eq","source":"case","value":"final_unqualified"},{"pointer":"/opinions/0/issued_at","relation":"eq","source":"case","value":"2026-09-18"},{"pointer":"/opinions/0/reviewed_at","relation":"eq","source":"case","value":"2026-09-19"},{"pointer":"/opinions/0/valid_until","relation":"eq","source":"case","value":"2047-09-19"},{"pointer":"/opinions/0/law_change_review","relation":"eq","source":"case","value":"no_change_known"},{"pointer":"/opinions/0/law_types","relation":"contains","source":"case","value":["capacity","contract","insolvency"]},{"pointer":"/opinions/0/conclusions/capacity","relation":"eq","source":"case","value":true},{"pointer":"/opinions/0/conclusions/execution_authority","relation":"eq","source":"case","value":true},{"pointer":"/opinions/0/conclusions/enforceability","relation":"eq","source":"case","value":true}],"rationale":"The cited execution, effectiveness, opinion scope and property rights determine this finding.","status":"permitted","subject_id":"SALE_U"}]},"liquidity":{"additional_borrowing":"144762308.3242061376807091091742266467507","branch":"W3","branch_event":"joint_funding_EM_widening","call_due":"255752308.3242061376807091091742266467507","cash_available":"110990000.00000","collateral_cash_realisation":"0","collateral_market_value":"890154988.2440918011992249838938738536125","correct_by_contract_not_label":true,"default":false,"evidence":[{"claim":"BRANCH_LIQUIDITY","exhibit_id":"SYNTHETIC_PACKET","locator":"w3-joint-event"},{"claim":"BRANCH_LIQUIDITY","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-security-rights"},{"claim":"BRANCH_LIQUIDITY","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-events"}],"reference_exists":true,"residual_liquidity_shortfall":"0","structure_decision":"joint_spread_funding_risk"},"rates":{"deployment_funding_dv01":"451138.8241567610622578657266355432280790","evidence":[{"claim":"RATES_INCEPTION","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-executed-agreements"},{"claim":"RATES_INCEPTION","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-quote-board"},{"claim":"RATES_INCEPTION","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-curves"},{"claim":"RATES_INCEPTION","exhibit_id":"SYNTHETIC_PACKET","locator":"fictional-ledgers"}],"financing_role":"payer","funding_component":"41166154.57941905429533999565681271754443","funding_dv01":"1372205.152647301809844666521893757251481","funding_remaining_at_year5":"15","legal_value":"41166154.57941905429533999565681271754443","mark_quote_basis":"reset_to_today","mismatch_dv01":"921066.3284905407475868007952582140234020","positive_exposure":"41166154.57941905429533999565681271754443","principal_cash_source":"identified_asset_sale","reference_adjustment":"0","total_return_role":"receiver","year5_reinvestment":"OIS_cash"},"recommendation":{"action_kind":"hold_capital","alternatives":[{"action_kind":"execute_csa","premises":[{"pointer":"/mandate/rules/1/tier","relation":"eq","source":"case","value":"requires_approval"}],"reason":"This route is not selected: its disclosed mandate and execution conditions must be resolved separately, without assuming immediate approval or capital relief.","subject_id":"FUND_TRS"}],"binding_constraint":"Preserve contractual client funding and do not release collateral or spend capital relief before the legal, approval and whole-book gates permit it.","position_id":"KEEP_FUNDED_BOOK","premises":[{"pointer":"/mandate/rules/0/tier","relation":"eq","source":"case","value":"permitted"},{"pointer":"/leverage/eligible_substitution_after_fee/capital_shortfall","relation":"eq","source":"book","value":"0"},{"pointer":"/book/funding_principal_source","relation":"eq","source":"case","value":"identified_asset_sale"},{"pointer":"/reporting_panels/capital_decision/snapshot_id","relation":"eq","source":"case","value":"DECISION_COMPARE"},{"pointer":"/counterparty_constraints/0/situation_kind","relation":"eq","source":"case","value":"liquidity_stress"}],"rationale":"Keep the funded obligations intact while comparing separately priced alternatives; capital relief is not cash.","subject_id":"MERIDIAN"},"schema_version":"back_to_back_funding_book.v1r2","structure":{"bank_viable":true,"cash_delivered":"1000000000","cash_required":"1000000000","classification":"secured_borrowing","client_executable":true,"deadline_met":true,"legal_form":"issued_security_pledge","party_id":"BORROWER","premises":[{"pointer":"/counterparty_constraints/0/allowed_legal_forms","relation":"contains","source":"case","value":"issued_security_pledge"},{"pointer":"/counterparty_constraints/0/classification_by_form/issued_security_pledge","relation":"eq","source":"case","value":"secured_borrowing"},{"pointer":"/counterparty_constraints/0/required_cash","relation":"eq","source":"case","value":"1000000000"},{"pointer":"/counterparty_constraints/0/funding_deadline","relation":"eq","source":"case","value":"2026-09-19"},{"pointer":"/counterparty_constraints/0/required_return","relation":"eq","source":"case","value":"identical"},{"pointer":"/cash_events/1/amount/amount","relation":"eq","source":"case","value":"1000000000"},{"pointer":"/cash_events/1/settlement/status","relation":"eq","source":"case","value":"settled"},{"pointer":"/cash_events/1/payee_id","relation":"eq","source":"case","value":"BORROWER"},{"pointer":"/cash_events/1/currency","relation":"eq","source":"case","value":"USD"},{"pointer":"/cash_events/1/settlement/settled_at","relation":"eq","source":"case","value":"2026-09-19T12:00:00Z"},{"pointer":"/agreements/3/terms/reuse_right","relation":"eq","source":"case","value":"prohibited"},{"pointer":"/counterparty_constraints/0/required_approval_ids","relation":"eq","source":"case","value":[]},{"pointer":"/counterparty_constraints/0/borrowing_ceiling","relation":"eq","source":"case","value":"1000000000"},{"pointer":"/agreements/2/terms/coupon_spread","relation":"eq","source":"case","value":"0.04"},{"pointer":"/reporting_panels/capital_decision/snapshot_id","relation":"eq","source":"case","value":"DECISION_COMPARE"},{"pointer":"/actions/substitute/capital_release_cash","relation":"eq","source":"book","value":"0"},{"pointer":"/leverage/eligible_substitution_after_fee/executable_under_stated_capital","relation":"eq","source":"book","value":true},{"pointer":"/leverage/eligible_substitution_after_fee/capital_shortfall","relation":"eq","source":"book","value":"0"},{"pointer":"/counterparty_constraints/0/maximum_spread","relation":"eq","source":"case","value":"0.08"},{"pointer":"/counterparty_constraints/1/allowed_legal_forms","relation":"eq","source":"case","value":["sale_funded_total_return_swap"]},{"pointer":"/book/funding_principal_source","relation":"eq","source":"case","value":"identified_asset_sale"},{"pointer":"/book/TRS_has_no_principal_exchange","relation":"eq","source":"case","value":true}],"rationale":"The settled client advance, operative legal form, return obligation and priced whole-book constraints determine whether this solution works. This proposal retains the existing eligible substitution in the separately disclosed decision comparison, not a capital injection into the actual base book."}}
