{
  "model": "aic.early-lender-pricing/1",
  "evidenceClass": "hypothetical",
  "unit": "USD-cents",
  "scenarios": {
    "lower_risk_no_support": {
      "input": {
        "evidenceClass": "hypothetical",
        "unit": "USD-cents",
        "valuationBasis": "common-upfront-present-value",
        "riskWindowDays": 20,
        "borrowerBudgetScope": "complete-reservation-price",
        "borrowerMaximumFeeCents": 21000000,
        "feePolicy": "separate-nonnegative-upfront-fees",
        "recoveryPolicy": "loss-net-of-ordinary-recovery-no-later-subrogation-recovery",
        "netScheduledCarryCents": 10000000,
        "lenderOperatingCents": 2000000,
        "lenderCapitalLiquidityCents": 8000000,
        "providerOperatingCents": 0,
        "providerCapitalLiquidityCents": 0,
        "supportCapPvCents": 0,
        "earlyFundingEligibility": "assumed-satisfied",
        "supportEnforceability": "unknown",
        "providerClaimLiquidity": "unknown",
        "lossStates": [
          {
            "id": "no-incremental-loss",
            "probabilityPpm": 990000,
            "lossBeforeSupportPvCents": 0,
            "supportPerformanceConditionalPpm": 1000000
          },
          {
            "id": "execution-loss",
            "probabilityPpm": 10000,
            "lossBeforeSupportPvCents": 2000000000,
            "supportPerformanceConditionalPpm": 1000000
          }
        ]
      },
      "status": "pricing-overlap-under-assumptions",
      "failures": [],
      "unknowns": [],
      "expectations": {
        "grossLoss": {
          "numerator": "20000000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 20000000
        },
        "supportPayment": {
          "numerator": "0",
          "denominator": "1000000000000",
          "approximateCents": 0
        },
        "lenderResidualLoss": {
          "numerator": "20000000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 20000000
        },
        "lenderRequiredCompensationBeforeZeroFloor": {
          "numerator": "20000000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 20000000
        },
        "providerRequiredCompensation": {
          "numerator": "0",
          "denominator": "1000000000000",
          "approximateCents": 0
        },
        "aggregateRequiredCompensationBeforeFloors": {
          "numerator": "20000000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 20000000
        }
      },
      "minimumFees": {
        "lenderCents": 20000000,
        "providerCents": 0,
        "totalCents": 20000000
      },
      "pricingInterval": {
        "borrowerMaximumFeeCents": 21000000,
        "headroomCents": 1000000,
        "lenderFeeWithProviderAtMinimum": [
          20000000,
          21000000
        ]
      }
    },
    "higher_risk_no_support": {
      "input": {
        "evidenceClass": "hypothetical",
        "unit": "USD-cents",
        "valuationBasis": "common-upfront-present-value",
        "riskWindowDays": 20,
        "borrowerBudgetScope": "complete-reservation-price",
        "borrowerMaximumFeeCents": 21000000,
        "feePolicy": "separate-nonnegative-upfront-fees",
        "recoveryPolicy": "loss-net-of-ordinary-recovery-no-later-subrogation-recovery",
        "netScheduledCarryCents": 10000000,
        "lenderOperatingCents": 2000000,
        "lenderCapitalLiquidityCents": 8000000,
        "providerOperatingCents": 0,
        "providerCapitalLiquidityCents": 0,
        "supportCapPvCents": 0,
        "earlyFundingEligibility": "assumed-satisfied",
        "supportEnforceability": "unknown",
        "providerClaimLiquidity": "unknown",
        "lossStates": [
          {
            "id": "no-incremental-loss",
            "probabilityPpm": 987500,
            "lossBeforeSupportPvCents": 0,
            "supportPerformanceConditionalPpm": 1000000
          },
          {
            "id": "execution-loss",
            "probabilityPpm": 12500,
            "lossBeforeSupportPvCents": 2000000000,
            "supportPerformanceConditionalPpm": 1000000
          }
        ]
      },
      "status": "no-pricing-overlap",
      "failures": [],
      "unknowns": [],
      "expectations": {
        "grossLoss": {
          "numerator": "25000000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 25000000
        },
        "supportPayment": {
          "numerator": "0",
          "denominator": "1000000000000",
          "approximateCents": 0
        },
        "lenderResidualLoss": {
          "numerator": "25000000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 25000000
        },
        "lenderRequiredCompensationBeforeZeroFloor": {
          "numerator": "25000000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 25000000
        },
        "providerRequiredCompensation": {
          "numerator": "0",
          "denominator": "1000000000000",
          "approximateCents": 0
        },
        "aggregateRequiredCompensationBeforeFloors": {
          "numerator": "25000000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 25000000
        }
      },
      "minimumFees": {
        "lenderCents": 25000000,
        "providerCents": 0,
        "totalCents": 25000000
      },
      "pricingInterval": {
        "borrowerMaximumFeeCents": 21000000,
        "headroomCents": -4000000,
        "lenderFeeWithProviderAtMinimum": null
      }
    },
    "transfer_without_capital_saving": {
      "input": {
        "evidenceClass": "hypothetical",
        "unit": "USD-cents",
        "valuationBasis": "common-upfront-present-value",
        "riskWindowDays": 20,
        "borrowerBudgetScope": "complete-reservation-price",
        "borrowerMaximumFeeCents": 21000000,
        "feePolicy": "separate-nonnegative-upfront-fees",
        "recoveryPolicy": "loss-net-of-ordinary-recovery-no-later-subrogation-recovery",
        "netScheduledCarryCents": 10000000,
        "lenderOperatingCents": 2000000,
        "lenderCapitalLiquidityCents": 8000000,
        "providerOperatingCents": 500000,
        "providerCapitalLiquidityCents": 4000000,
        "supportCapPvCents": 1000000000,
        "earlyFundingEligibility": "assumed-satisfied",
        "supportEnforceability": "assumed-satisfied",
        "providerClaimLiquidity": "assumed-satisfied",
        "lossStates": [
          {
            "id": "no-incremental-loss",
            "probabilityPpm": 987500,
            "lossBeforeSupportPvCents": 0,
            "supportPerformanceConditionalPpm": 1000000
          },
          {
            "id": "execution-loss",
            "probabilityPpm": 12500,
            "lossBeforeSupportPvCents": 2000000000,
            "supportPerformanceConditionalPpm": 1000000
          }
        ]
      },
      "status": "no-pricing-overlap",
      "failures": [],
      "unknowns": [],
      "expectations": {
        "grossLoss": {
          "numerator": "25000000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 25000000
        },
        "supportPayment": {
          "numerator": "12500000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 12500000
        },
        "lenderResidualLoss": {
          "numerator": "12500000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 12500000
        },
        "lenderRequiredCompensationBeforeZeroFloor": {
          "numerator": "12500000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 12500000
        },
        "providerRequiredCompensation": {
          "numerator": "17000000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 17000000
        },
        "aggregateRequiredCompensationBeforeFloors": {
          "numerator": "29500000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 29500000
        }
      },
      "minimumFees": {
        "lenderCents": 12500000,
        "providerCents": 17000000,
        "totalCents": 29500000
      },
      "pricingInterval": {
        "borrowerMaximumFeeCents": 21000000,
        "headroomCents": -8500000,
        "lenderFeeWithProviderAtMinimum": null
      }
    },
    "efficient_risk_bearing": {
      "input": {
        "evidenceClass": "hypothetical",
        "unit": "USD-cents",
        "valuationBasis": "common-upfront-present-value",
        "riskWindowDays": 20,
        "borrowerBudgetScope": "complete-reservation-price",
        "borrowerMaximumFeeCents": 21000000,
        "feePolicy": "separate-nonnegative-upfront-fees",
        "recoveryPolicy": "loss-net-of-ordinary-recovery-no-later-subrogation-recovery",
        "netScheduledCarryCents": 10000000,
        "lenderOperatingCents": 2000000,
        "lenderCapitalLiquidityCents": 1500000,
        "providerOperatingCents": 500000,
        "providerCapitalLiquidityCents": 1500000,
        "supportCapPvCents": 1000000000,
        "earlyFundingEligibility": "assumed-satisfied",
        "supportEnforceability": "assumed-satisfied",
        "providerClaimLiquidity": "assumed-satisfied",
        "lossStates": [
          {
            "id": "no-incremental-loss",
            "probabilityPpm": 987500,
            "lossBeforeSupportPvCents": 0,
            "supportPerformanceConditionalPpm": 1000000
          },
          {
            "id": "execution-loss",
            "probabilityPpm": 12500,
            "lossBeforeSupportPvCents": 2000000000,
            "supportPerformanceConditionalPpm": 1000000
          }
        ]
      },
      "status": "pricing-overlap-under-assumptions",
      "failures": [],
      "unknowns": [],
      "expectations": {
        "grossLoss": {
          "numerator": "25000000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 25000000
        },
        "supportPayment": {
          "numerator": "12500000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 12500000
        },
        "lenderResidualLoss": {
          "numerator": "12500000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 12500000
        },
        "lenderRequiredCompensationBeforeZeroFloor": {
          "numerator": "6000000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 6000000
        },
        "providerRequiredCompensation": {
          "numerator": "14500000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 14500000
        },
        "aggregateRequiredCompensationBeforeFloors": {
          "numerator": "20500000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 20500000
        }
      },
      "minimumFees": {
        "lenderCents": 6000000,
        "providerCents": 14500000,
        "totalCents": 20500000
      },
      "pricingInterval": {
        "borrowerMaximumFeeCents": 21000000,
        "headroomCents": 500000,
        "lenderFeeWithProviderAtMinimum": [
          6000000,
          6500000
        ]
      }
    },
    "weak_support_no_lender_capital_relief": {
      "input": {
        "evidenceClass": "hypothetical",
        "unit": "USD-cents",
        "valuationBasis": "common-upfront-present-value",
        "riskWindowDays": 20,
        "borrowerBudgetScope": "complete-reservation-price",
        "borrowerMaximumFeeCents": 21000000,
        "feePolicy": "separate-nonnegative-upfront-fees",
        "recoveryPolicy": "loss-net-of-ordinary-recovery-no-later-subrogation-recovery",
        "netScheduledCarryCents": 10000000,
        "lenderOperatingCents": 2000000,
        "lenderCapitalLiquidityCents": 8000000,
        "providerOperatingCents": 500000,
        "providerCapitalLiquidityCents": 1500000,
        "supportCapPvCents": 1000000000,
        "earlyFundingEligibility": "assumed-satisfied",
        "supportEnforceability": "assumed-satisfied",
        "providerClaimLiquidity": "assumed-satisfied",
        "lossStates": [
          {
            "id": "no-incremental-loss",
            "probabilityPpm": 987500,
            "lossBeforeSupportPvCents": 0,
            "supportPerformanceConditionalPpm": 500000
          },
          {
            "id": "execution-loss",
            "probabilityPpm": 12500,
            "lossBeforeSupportPvCents": 2000000000,
            "supportPerformanceConditionalPpm": 500000
          }
        ]
      },
      "status": "no-pricing-overlap",
      "failures": [],
      "unknowns": [],
      "expectations": {
        "grossLoss": {
          "numerator": "25000000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 25000000
        },
        "supportPayment": {
          "numerator": "6250000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 6250000
        },
        "lenderResidualLoss": {
          "numerator": "18750000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 18750000
        },
        "lenderRequiredCompensationBeforeZeroFloor": {
          "numerator": "18750000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 18750000
        },
        "providerRequiredCompensation": {
          "numerator": "8250000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 8250000
        },
        "aggregateRequiredCompensationBeforeFloors": {
          "numerator": "27000000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 27000000
        }
      },
      "minimumFees": {
        "lenderCents": 18750000,
        "providerCents": 8250000,
        "totalCents": 27000000
      },
      "pricingInterval": {
        "borrowerMaximumFeeCents": 21000000,
        "headroomCents": -6000000,
        "lenderFeeWithProviderAtMinimum": null
      }
    },
    "funded_execution_improvement": {
      "input": {
        "evidenceClass": "hypothetical",
        "unit": "USD-cents",
        "valuationBasis": "common-upfront-present-value",
        "riskWindowDays": 20,
        "borrowerBudgetScope": "complete-reservation-price",
        "borrowerMaximumFeeCents": 21000000,
        "feePolicy": "separate-nonnegative-upfront-fees",
        "recoveryPolicy": "loss-net-of-ordinary-recovery-no-later-subrogation-recovery",
        "netScheduledCarryCents": 10000000,
        "lenderOperatingCents": 6000000,
        "lenderCapitalLiquidityCents": 8000000,
        "providerOperatingCents": 0,
        "providerCapitalLiquidityCents": 0,
        "supportCapPvCents": 0,
        "earlyFundingEligibility": "assumed-satisfied",
        "supportEnforceability": "unknown",
        "providerClaimLiquidity": "unknown",
        "lossStates": [
          {
            "id": "no-incremental-loss",
            "probabilityPpm": 992500,
            "lossBeforeSupportPvCents": 0,
            "supportPerformanceConditionalPpm": 1000000
          },
          {
            "id": "execution-loss",
            "probabilityPpm": 7500,
            "lossBeforeSupportPvCents": 2000000000,
            "supportPerformanceConditionalPpm": 1000000
          }
        ]
      },
      "status": "pricing-overlap-under-assumptions",
      "failures": [],
      "unknowns": [],
      "expectations": {
        "grossLoss": {
          "numerator": "15000000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 15000000
        },
        "supportPayment": {
          "numerator": "0",
          "denominator": "1000000000000",
          "approximateCents": 0
        },
        "lenderResidualLoss": {
          "numerator": "15000000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 15000000
        },
        "lenderRequiredCompensationBeforeZeroFloor": {
          "numerator": "19000000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 19000000
        },
        "providerRequiredCompensation": {
          "numerator": "0",
          "denominator": "1000000000000",
          "approximateCents": 0
        },
        "aggregateRequiredCompensationBeforeFloors": {
          "numerator": "19000000000000000000",
          "denominator": "1000000000000",
          "approximateCents": 19000000
        }
      },
      "minimumFees": {
        "lenderCents": 19000000,
        "providerCents": 0,
        "totalCents": 19000000
      },
      "pricingInterval": {
        "borrowerMaximumFeeCents": 21000000,
        "headroomCents": 2000000,
        "lenderFeeWithProviderAtMinimum": [
          19000000,
          21000000
        ]
      }
    },
    "unknown_support_liquidity": {
      "input": {
        "evidenceClass": "hypothetical",
        "unit": "USD-cents",
        "valuationBasis": "common-upfront-present-value",
        "riskWindowDays": 20,
        "borrowerBudgetScope": "complete-reservation-price",
        "borrowerMaximumFeeCents": 21000000,
        "feePolicy": "separate-nonnegative-upfront-fees",
        "recoveryPolicy": "loss-net-of-ordinary-recovery-no-later-subrogation-recovery",
        "netScheduledCarryCents": 10000000,
        "lenderOperatingCents": 2000000,
        "lenderCapitalLiquidityCents": 1500000,
        "providerOperatingCents": 500000,
        "providerCapitalLiquidityCents": 1500000,
        "supportCapPvCents": 1000000000,
        "earlyFundingEligibility": "assumed-satisfied",
        "supportEnforceability": "assumed-satisfied",
        "providerClaimLiquidity": "unknown",
        "lossStates": [
          {
            "id": "no-incremental-loss",
            "probabilityPpm": 987500,
            "lossBeforeSupportPvCents": 0,
            "supportPerformanceConditionalPpm": 1000000
          },
          {
            "id": "execution-loss",
            "probabilityPpm": 12500,
            "lossBeforeSupportPvCents": 2000000000,
            "supportPerformanceConditionalPpm": 1000000
          }
        ]
      },
      "status": "undetermined",
      "failures": [],
      "unknowns": [
        "providerClaimLiquidity"
      ],
      "expectations": null,
      "minimumFees": null,
      "pricingInterval": null
    },
    "insufficient_support_liquidity": {
      "input": {
        "evidenceClass": "hypothetical",
        "unit": "USD-cents",
        "valuationBasis": "common-upfront-present-value",
        "riskWindowDays": 20,
        "borrowerBudgetScope": "complete-reservation-price",
        "borrowerMaximumFeeCents": 21000000,
        "feePolicy": "separate-nonnegative-upfront-fees",
        "recoveryPolicy": "loss-net-of-ordinary-recovery-no-later-subrogation-recovery",
        "netScheduledCarryCents": 10000000,
        "lenderOperatingCents": 2000000,
        "lenderCapitalLiquidityCents": 1500000,
        "providerOperatingCents": 500000,
        "providerCapitalLiquidityCents": 1500000,
        "supportCapPvCents": 1000000000,
        "earlyFundingEligibility": "assumed-satisfied",
        "supportEnforceability": "assumed-satisfied",
        "providerClaimLiquidity": "not-satisfied",
        "lossStates": [
          {
            "id": "no-incremental-loss",
            "probabilityPpm": 987500,
            "lossBeforeSupportPvCents": 0,
            "supportPerformanceConditionalPpm": 1000000
          },
          {
            "id": "execution-loss",
            "probabilityPpm": 12500,
            "lossBeforeSupportPvCents": 2000000000,
            "supportPerformanceConditionalPpm": 1000000
          }
        ]
      },
      "status": "ineligible-as-specified",
      "failures": [
        "providerClaimLiquidity"
      ],
      "unknowns": [],
      "expectations": null,
      "minimumFees": null,
      "pricingInterval": null
    },
    "survival_cash_budget_only": {
      "input": {
        "evidenceClass": "hypothetical",
        "unit": "USD-cents",
        "valuationBasis": "common-upfront-present-value",
        "riskWindowDays": 20,
        "borrowerBudgetScope": "survival-cash-ceiling-only",
        "borrowerMaximumFeeCents": 21000000,
        "feePolicy": "separate-nonnegative-upfront-fees",
        "recoveryPolicy": "loss-net-of-ordinary-recovery-no-later-subrogation-recovery",
        "netScheduledCarryCents": 10000000,
        "lenderOperatingCents": 2000000,
        "lenderCapitalLiquidityCents": 1500000,
        "providerOperatingCents": 500000,
        "providerCapitalLiquidityCents": 1500000,
        "supportCapPvCents": 1000000000,
        "earlyFundingEligibility": "assumed-satisfied",
        "supportEnforceability": "assumed-satisfied",
        "providerClaimLiquidity": "assumed-satisfied",
        "lossStates": [
          {
            "id": "no-incremental-loss",
            "probabilityPpm": 987500,
            "lossBeforeSupportPvCents": 0,
            "supportPerformanceConditionalPpm": 1000000
          },
          {
            "id": "execution-loss",
            "probabilityPpm": 12500,
            "lossBeforeSupportPvCents": 2000000000,
            "supportPerformanceConditionalPpm": 1000000
          }
        ]
      },
      "status": "undetermined",
      "failures": [],
      "unknowns": [
        "borrower-risk-adjusted-reservation-price"
      ],
      "expectations": null,
      "minimumFees": null,
      "pricingInterval": null
    }
  },
  "efficientQuote": {
    "status": "all-three-pricing-tests-pass",
    "borrowerSurplusCents": 0,
    "lenderSurplus": {
      "numerator": "250000000000000000",
      "denominator": "1000000000000",
      "approximateCents": 250000
    },
    "providerSurplus": {
      "numerator": "250000000000000000",
      "denominator": "1000000000000",
      "approximateCents": 250000
    },
    "note": "Pricing only; not legal approval, full project solvency, actual liquidity or a financing offer."
  },
  "unpaidProviderQuote": {
    "status": "one-or-more-pricing-tests-fail",
    "borrowerSurplusCents": 8500000,
    "lenderSurplus": {
      "numerator": "0",
      "denominator": "1000000000000",
      "approximateCents": 0
    },
    "providerSurplus": {
      "numerator": "-17000000000000000000",
      "denominator": "1000000000000",
      "approximateCents": -17000000
    },
    "note": "Pricing only; not legal approval, full project solvency, actual liquidity or a financing offer."
  },
  "scope": "Nine hypothetical pricing screens. Inputs are separate from the earlier deterministic cash experiment. Loss probabilities, prices and capital charges are not issuer estimates. No regulatory-capital relief is inferred from a guarantee."
}