Spigot Roles

Four parties interact with a Spigot. Two are Spigot-native roles; two are inherited from the Line of Credit that owns it.

Owner

The Line of Credit contract itself. The Owner is the Spigot's default beneficiary: escrowed revenue not allocated to third-party beneficiaries accrues to the Owner and is used to repay the facility's Credit Positions. Ownership of the Spigot transfers to the Line at deployment and the transfer is one-way while the facility is live.

Operator

The Borrower-side role.

• Claims revenue from Revenue Contracts into the Spigot (splitting it per the agreed terms)

• Calls whitelisted business-as-usual functions on Revenue Contracts — never claim or ownership-transfer functions

• Claims the Borrower's (non-escrowed) share of revenue

• Receives ownership of Revenue Contracts back when they are removed after repayment

• Can update the Operator address while the facility is healthy; if the facility is LIQUIDATABLE, the Admin can update it

Admin & Servicer (inherited from the Line)

The Line's Admin and Servicer roles act on the Spigot for configuration and servicing:

• Admin/Servicer: add Revenue Contracts, update whitelisted functions, execute DEX trades of escrowed revenue, manage beneficiary configuration, recover tokens in emergency states

• Servicer: claim revenue, apply beneficiary repayments, sweep balances on repayment

• Borrower + Admin jointly: reset beneficiaries and update splits when no debt is outstanding; the OTC Swap Servicer consents (with the counterparty) to OTC swaps

See Roles & Permissions for the full facility role model.