Roles & Permissions

A Secured Line of Credit and its modules use a small, explicit role model. All roles are onchain addresses; every privileged action is permission-checked in the contracts.

Borrower

The account that owns the facility. The Borrower draws down, repays and closes positions, consents to all position terms and fee changes, adds/releases collateral (within the collateral ratio), approves transfers of restricted position tokens, claims early-withdrawal fees, and receives its share of Spigot revenue via the Operator. The Borrower can update its own address (which clears all open proposals and increments the nonce).

Lender

The holder of a Credit Position Token. Consents to position terms, deposits and increases credit, withdraws available funds (repaid interest freely; undrawn deposit subject to any early-withdrawal fee), and consents to refinancing. Lender rights travel with the ERC-721 token.

Admin

A neutral third party that mediates between Borrower and Lenders. The Admin:

• Consents (with the Borrower) to facility fees and OTC price-impact limits

• Enables collateral tokens, token pairs and Uniswap V3 positions on the Escrow

• Registers contracts and whitelists functions for collateral operations

• Executes DEX swaps of Spigot revenue and consents to OTC swaps

• Manages the beneficiary configuration of the Spigot with the Borrower

• On LIQUIDATABLE: liquidates collateral, steps the revenue split up to 100%, and can declare INSOLVENT

• On recovery-enabled facilities: consents (with the Borrower) to ABORT, and recovers funds afterwards

• Appoints Servicers and can update the Admin address

Servicer

Operational addresses delegated by the Admin for day-to-day servicing: claiming revenue into the Spigot, applying repayments and closing positions on the Borrower's behalf, releasing collateral within the ratio, syncing escrow accounting, and assisting with Spigot management. The Admin address is always itself a Servicer. A dedicated OTC Swap Servicer address consents to Spigot OTC swaps.

Operator

The Borrower-side address on the Spigot. Calls whitelisted business-as-usual functions on Revenue Contracts (never claim or ownership-transfer functions), and claims the Borrower's share of revenue. Receives ownership of Revenue Contracts back when they are removed from the Spigot.

Uniswap V3 Manager

A dedicated address (set by the Admin) permitted to manage escrowed Uniswap V3 collateral: mint positions, increase/decrease liquidity, and collect fees — always subject to the automatic collateral-ratio check.

Vault-side roles (Manager/Curator, Vault Operator, Protocol Treasury, Pausers) are described in the Vaults section.