{
  "kind":"explicit_hypothetical_assumptions_not_terms_of_any_named_issuer",
  "unit":"USD",
  "assumptions":[
    "One complete draw at year zero; all coupon and principal payments at the end of equal one-year periods.",
    "Coupon applies to opening face principal, not discounted proceeds; all payments occur as scheduled.",
    "The investor pays the stated issue price directly into this illustrative transaction; the borrower bears that discount.",
    "Any upfront fee shown is paid at year zero to a third party, not the modeled investor.",
    "No default, early redemption, residual value, tax, guarantee fee, collateral reserve, hedge or refinancing is modeled.",
    "A floating-rate path below is a stipulated sensitivity, not a market forward curve or a prediction.",
    "Ticking fees are a separate cash-amount illustration on a constant assumed undrawn base with a non-retroactive holiday. The borrower is assumed to pay; actual Volta payer, base and conventions remain unverified.",
    "No ticking fee is silently added to the loan IRRs; a real pre-draw cost analysis needs the complete dated cash flows."
  ],
  "loans":[
    {"id":"par_bullet","label":"Par issue with bullet principal","input":{"faceUsd":100000000,"issuePricePct":100,"upfrontThirdPartyFeeUsd":0,"annualRates":[0.08,0.08,0.08,0.08],"principalPaymentsUsd":[0,0,0,100000000]}},
    {"id":"discount_bullet","label":"Issue at 97 with bullet principal","input":{"faceUsd":100000000,"issuePricePct":97,"upfrontThirdPartyFeeUsd":0,"annualRates":[0.08,0.08,0.08,0.08],"principalPaymentsUsd":[0,0,0,100000000]}},
    {"id":"discount_amortizing","label":"Issue at 97 with equal principal repayment","input":{"faceUsd":100000000,"issuePricePct":97,"upfrontThirdPartyFeeUsd":0,"annualRates":[0.08,0.08,0.08,0.08],"principalPaymentsUsd":[25000000,25000000,25000000,25000000]}},
    {"id":"discount_amortizing_fee","label":"Same amortization plus a one million dollar third-party fee","input":{"faceUsd":100000000,"issuePricePct":97,"upfrontThirdPartyFeeUsd":1000000,"annualRates":[0.08,0.08,0.08,0.08],"principalPaymentsUsd":[25000000,25000000,25000000,25000000]}},
    {"id":"benchmark_plus_100bp","label":"Assumed benchmark one percentage point higher in every year","input":{"faceUsd":100000000,"issuePricePct":97,"upfrontThirdPartyFeeUsd":0,"annualRates":[0.09,0.09,0.09,0.09],"principalPaymentsUsd":[25000000,25000000,25000000,25000000]}},
    {"id":"declining_benchmark","label":"Assumed coupon path of eight seven six five percent","input":{"faceUsd":100000000,"issuePricePct":97,"upfrontThirdPartyFeeUsd":0,"annualRates":[0.08,0.07,0.06,0.05],"principalPaymentsUsd":[25000000,25000000,25000000,25000000]}}
  ],
  "tickingFees":[
    {"id":"within_holiday","input":{"chargeBaseUsd":100000000,"spreadBp":625,"feeFraction":0.45,"elapsedDays":30,"holidayDays":60,"dayCountBasis":360}},
    {"id":"thirty_charge_days","input":{"chargeBaseUsd":100000000,"spreadBp":625,"feeFraction":0.45,"elapsedDays":90,"holidayDays":60,"dayCountBasis":360}},
    {"id":"one_twenty_charge_days","input":{"chargeBaseUsd":100000000,"spreadBp":625,"feeFraction":0.45,"elapsedDays":180,"holidayDays":60,"dayCountBasis":360}}
  ]
}