Borrows

Legal Structuring

Collateral is only real if the claim is enforceable:

• The Zipcode Foundation (Cayman) charters a bankruptcy-remote SPV for every vault.
• Each SPV takes ownership of an originator’s lien under a repurchase agreement.
• Each SPV issues a promissory note against that lien and sells it to a secondary takeout market.
• The vault holds the note in custody until the originator repurchases the lien and retires the line.
• On default, the vault already owns the collateral and enforces directly.

Every entity, instrument, and claim below is a real off-chain contract; the Credit Silo is its onchain counterpart.

Legal Structures are currently being solidified with Counsel.