> For the complete documentation index, see [llms.txt](https://docs.eiva.money/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.eiva.money/glossary.md).

# Glossary

**Advance.** The amount paid to the creative when an invoice is funded, up to \[advance rate, 90%: Alpha] of face value.

**Autocompound.** Optional on every note, off by default: each month's interest is added to the principal instead of being paid out, and earns the note's rate from then on. Compounded interest counts as principal.

**Capacity.** How much more the vaults can take: the deposit limit minus the principal of every active note.

**Debtor, payer.** The company that owes the invoice. Shown by sector and type, never by name.

**Deposit limit.** The most the vaults take in total: 250,000 USDC at launch, rising as deployment grows.

**Face value.** The full amount of the invoice.

**Fee.** Eiva's charge on each invoice, agreed at funding; \[6.7% of face value: Alpha] on average across the invoices funded so far.

**Instant liquidity sleeve.** 5% of Open's balance, kept in USDC and never used to fund invoices, so instant withdrawals can be paid at once.

**Ledger.** The public record of every transfer into and out of the vaults.

**Maturity.** The date a 6 or 12 month note is repaid.

**Multisig.** A wallet that needs more than one signer to move funds. The vaults are Safe multisigs.

**Net fees.** Income after depositors' interest has been paid.

**Note.** What a depositor holds: a fixed rate obligation of Eiva Receivables 1 Ltd. Not a token, not transferable.

**Off-ramp.** Converting USDC to sterling to pay a creative. On-ramp is the reverse, at settlement.

**Principal outstanding.** The principal of every active note, across all vaults. The reserve is sized against it.

**Queue.** Standard withdrawals and redemptions waiting to be paid from settlements. The queue is paid before new invoices are funded.

**Receivable.** An invoice for delivered work that hasn't been paid yet.

**Redemption.** Having a 6 or 12 month note repaid early, with 45 days' notice.

**Reserve.** The first loss buffer, built from net fees. It absorbs invoice losses before depositors' capital.

**Roll.** Open starting a new 30 day period at the end of each one, unless you withdraw.

**Settlement.** The payer paying the invoice in full.

**Term.** How long a note runs: 30 days rolling for Open, or 6 or 12 months.

**Vault.** The multisig that holds deposits and funds invoices. Three vaults in the app, one pool of invoices behind them.

**Withdrawal.** Taking money out of Open: instantly from the sleeve, or as invoices settle.


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