{
  "evidence_class": "hypothetical",
  "unit": "USD per 100 of face principal",
  "scope": "A one-date cash allocation example, not Volta's underwriting terms, an actual loan settlement, profit or a yield calculation.",
  "common": {"face_principal":100,"investor_purchase_cash":97.5,"principal_claim":100},
  "cases": [
    {"id":"borrower_bears_issue_discount","bank_funding_to_borrower":97.5,"borrower_fee_paid_to_bank":0,"borrower_net_cash":97.5,"bank_distribution_cash_result":0},
    {"id":"firm_par_funding_bank_bears_discount","bank_funding_to_borrower":100,"borrower_fee_paid_to_bank":0,"borrower_net_cash":100,"bank_distribution_cash_result":-2.5},
    {"id":"par_funding_with_offsetting_fee","bank_funding_to_borrower":100,"borrower_fee_paid_to_bank":2.5,"borrower_net_cash":97.5,"bank_distribution_cash_result":0}
  ],
  "identities": ["borrower_net_cash = bank_funding_to_borrower - borrower_fee_paid_to_bank", "bank_distribution_cash_result = investor_purchase_cash + borrower_fee_paid_to_bank - bank_funding_to_borrower", "borrower_net_cash + bank_distribution_cash_result = investor_purchase_cash"],
  "not_modeled": ["holding periods and carry", "other underwriting or legal costs", "reserves", "tax", "coupon and principal payment dates", "market-flex rights", "credit losses"],
  "interpretation": "The same investor price need not establish the same borrower proceeds. Which cash path applies requires the actual commitment, fee, flex and settlement documents."
}