Advanced Jargon

Here we will add terms on an ongoing basis that need explaining for product managers and developers in more precise details than in our simplified Glossary.

Spigot related terms are defined in the context of their usage in a Secured Line of Credit.

Term	Meaning
Available	The amount of funds available to a Borrower to draw down on a given credit position, made up of: funds deposited by lenders (aka deposit) - funds drawn down by the Borrower (aka principal) + interest repaid by a Borrower to the Line of Credit contract but not yet withdrawn by Lenders (aka interestRepaid)
id	Reference id for the credit position made available to a Borrower by a single Lender for a given token on a Line of Credit. If a Lender deposits a second, different token into the same Line of Credit then this is treated as a separate credit position and id.
Interest Repaid	Interest repaid by a Borrower to the Line of Credit contract but not yet withdrawn by a Lender
Last Accrued	The time stamp at which accrued interest was last calculated on a credit line (id) and added to the total amount of Interest Accrued (accrued interest owed but not yet repaid).
Mutual consent	A process whereby certain things can only happen if two out of two parties sign off (e.g. a Lender depositing into a Line of Credit)
Next in Q	The ID of the next lender deposit / credit position to be repaid by the Borrower according to the order in which deposits were drawn down (FIFO). If nothing has been drawn down then priority is according to the order in which withdraw has been initiated.
Operator (Spigot Operator)	The Spigot Operator is an address through which an obliging party in an agreement (e.g. a Borrower) is still able to execute whitelisted functions to carry on business as usual related to a Revenue Contract controlled by the Spigot Owner for the benefit of one or more Lenders. It's also the address which receives all remaining Revenue Tokens that are not escrowed in the Spigot for the benefit of the Lenders to repay debt.
Owner (Spigot Owner)	The Spigot Owner manages a Spigot for the benefit of one or more Lenders based upon programmable events. In practice, the Owner can be (i) Borrower in order to deploy the Line of Credit, then (ii) the Line itself (representing Lender(s)) and governing the overall agreement) and also (iii) an Arbiter if the Line status becomes liquidatable. Ownership is transferred during the lifetime of a Line of Credit according to programmed rules.
Owner Tokens	The amount of Revenue Tokens claimed from one or more Revenue Contracts into the Spigot escrow and which are currently available for withdrawal by a Lender.
Principal	The amount of a Lender's Deposit that has actually been drawn down by the Borrower.
Uninitialized	The status of the the Line when it’s been deployed but some checks haven’t yet been passed, such as checking that the Line is the owner of the escrow, i.e. line.init() hasn’t been called on the line.
Unused Tokens	Credit Tokens that have been purchased with Revenue Tokens after a claim from the Spigot. These Credit Tokens are available to be withdrawn by a Lender.