> For the complete documentation index, see [llms.txt](https://docs.3jane.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.3jane.xyz/resources/glossary.md). # Glossary Terms used across 3Jane's two credit sleeves and the USD3 / sUSD3 capital stack. ## Capital stack * **USD3** — the senior tranche; a credit-enhanced, yield-bearing ERC-4626 token minted by depositing USDC. Earns a variable senior share of pool yield and is protected by sUSD3 subordination and other credit enhancement. * **sUSD3** — the junior tranche; staked from USD3. Earns the levered junior share of pool yield and absorbs first losses (net recoveries) ahead of USD3. Subject to a lock period. * **Tranche** — a layer of the capital structure with a defined claim priority. Senior is paid first and takes losses last; junior is paid last and takes losses first. * **Tranche ratio** (`TRANCHE_RATIO`) — the maximum share of debt that can be subordinated to sUSD3 (e.g. 15% junior cap; the senior is the remainder). Also caps sUSD3 supply. * **Tranche share variant** (`TRANCHE_SHARE_VARIANT`) — the fixed fraction of pool interest paid to the junior tranche; the senior receives the remainder. Both tranche rates float with pool yield (see [Pool Interest Rates](/usd3-susd3/pool-interest-rates.md)). * **Waterfall** — the order in which losses are absorbed (junior first, senior last) and principal is repaid; interest is split between the tranches by the tranche share variant. * **Excess spread** — net yield a pool generates over its life before any principal is impaired; the first layer of loss absorption. * **TVV (Total Value Verified)** — every verifiable dollar standing behind the pool's deployed credit. ## Sleeves * **CCL (Crypto Credit Lines)** — 3Jane's direct sleeve: uncollateralized USDC credit lines underwritten to cryptonatives and held by 3Jane. * **FCC (Fintech Credit Conduits)** — 3Jane's conduit sleeve: funding provided to other fintech lenders via warehouse loans, participations, and forward-flows. ## Crypto Credit Lines * **3CA (3Jane Credit Algorithm)** — the offchain underwriting algorithm that sets a credit line's size, default-risk premium, and repayment rate. * **Jane Score** — a composite of onchain and offchain creditworthiness (Cred Protocol, Blockchain Bureau, VantageScore 3.0). * **DRP (Default-Risk Premium)** — the per-borrower rate added on top of the base money-market rate. * **MCA (Merchant Cash Advance)** — the legal structure for a CCL credit line: a purchase of future receivables that establishes recourse under U.S. law. * **Merchant** — a CCL borrower. ## Fintech Credit Conduits * **Originator** — the fintech lender 3Jane funds; it acquires, underwrites, and services the end-borrowers. * **Warehouse loan** — a revolving credit line advanced against a pledged pool of receivables in an SPV; 3Jane is the senior secured lender. * **Forward-flow** — an outright whole-loan purchase of eligible receivables on a forward calendar (true-sale). * **Participation** — a purchased interest in a pool of receivables or a facility. * **SPV (Special Purpose Vehicle)** — a bankruptcy-remote entity that holds the receivables, insulated from the originator and from 3Jane's sponsor. * **Bankruptcy-remote** — structured so a counterparty's bankruptcy cannot sweep the collateral. * **Advance rate** — the percentage of the eligible borrowing base 3Jane lends against (e.g. 75%). * **Overcollateralization (OC)** — the cushion by which eligible collateral exceeds the drawn balance; tested on a schedule. * **First-loss equity** — the originator's own capital that absorbs losses before 3Jane's position. * **DACA (Deposit Account Control Agreement)** — a tri-party agreement giving 3Jane control of the collection account. * **True-sale** — a transfer where beneficial ownership of the loans passes to the buyer SPV. * **Servicer / backup servicer** — the party that collects payments; a backup stands ready if the primary fails. * **Coupon** — the interest rate paid to the facility / noteholder. * **WAL (Weighted-Average Life)** — the average time to receive principal across the pool. * **DPD (Days Past Due)** — delinquency measured in days since a missed payment. * **Charge-off** — principal written off as uncollectible; cumulative charge-offs measure realized loss. * **Vintage** — a cohort of loans grouped by origination period, tracked for performance. * **Revolving period** — the phase during which principal collections are recycled into new advances or purchases. * **Amortization** — the wind-down phase: advances stop and collections pay down the senior balance. * **Staging** — capital off-ramped to cash but not yet wired into a facility. * **Complexity premium** — the portion of a borrower's rate that compensates for speed and access rather than credit risk. --- # Agent Instructions This documentation is published with GitBook. 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