Account (Lender)

Lenders provide capital to borrowers with the expectation of a financial return, defined by debt instruments.

Lenders \( [CPID] \) own D-ASA accounts, characterized by a pair of Algorand Addresses:

• Holding Address: address that owns D-ASA units with the right to future payments;
• Payment Address: address that receives D-ASA payments.

The Payment Address MAY be different from the Holding Address.

The Account is uniquely identified by the account key of the form:

[A#||<holding address>]

Where || denotes concatenation.

D-ASA units can be in custody with a third party or temporarily deposited on an order book (Holding Address). At the same time, payments are always executed towards the lender (on the Payment Address).

Seniority

Debt instruments may have an order of repayment in the event of a sale or default of the issuer, based on lenders’ seniority. Lenders with the same seniority are treated equally.

D-ASA does not enforce lender seniority \( [SEN] \).