4. Core Economic Components

Cerbero uses a small set of economic components to describe facility state. These components are intentionally separated so that operators, capacity providers and traders can evaluate the facility from different perspectives without confusing operating exposure with market pricing.

External payout capacity

External payout capacity is capital allocated to support covered payout exposure for an approved operator portfolio. It functions as a dedicated capacity layer for the facility and is separate from the operator's non-covered operational liquidity.

Capacity fee

The capacity fee is the variable fee paid by the operator for access to external payout capacity. It is designed to scale with covered activity and facility conditions rather than behave like a fixed coupon detached from operator performance. The fee is not framed as fixed debt service, an insurance premium or a profit-sharing distribution.

Remaining Buffer

Remaining Buffer represents the portion of allocated external payout capacity that has not been impaired by covered payout events. It is one of the primary indicators of facility health because it measures how much capacity remains available relative to the approved structure.

Expected Remaining Carry

Expected Remaining Carry represents projected future capacity fee generation associated with an active covered portfolio. It can change over time because the expected fee stream depends on covered volume, utilization, facility state and remaining duration.

Reference Value

Reference Value is an internal metric used to summarize the economic state of a facility or note. It combines the remaining capacity base with the expected future fee stream. It is not the same as Market Price, which is set by participants through trading.

If the buffer is impaired, Reference Value may decline. If expected carry increases because covered activity expands, Reference Value may rise. This allows facility-linked instruments to reflect both stress and growth dynamics.