REFERENCE
15. Glossary
- Allocated External Capacity
- The amount of external payout capacity assigned to an approved covered portfolio under a facility.
- Buffer Health
- A metric representing the condition of the external buffer, generally measured as Remaining Buffer relative to allocated external capacity.
- Capacity Fee
- The variable fee paid by an operator for access to external payout capacity. It is linked to covered activity and facility conditions.
- Covered Portfolio
- The approved group of games, multiplier configurations and exposure conditions supported by a facility.
- Covered Volume
- The activity volume generated inside the approved covered portfolio.
- Expected Remaining Carry
- Projected future capacity fee generation associated with an active facility over its remaining duration.
- Impairment
- Reduction of Remaining Buffer caused by realized covered payout exposure consuming part of the allocated external capacity.
- Market Price
- The price set by market participants through bids and offers for notes or synthetic exposure.
- Payout Capacity Note
- A structured instrument referencing the economic state of a payout capacity facility, including capacity fees, impairment and recovery conditions.
- Real Operator Layer
- The facility layer that governs external payout capacity, operator obligations, utilization limits and impairment rules.
- Reference Value
- A facility-derived metric equal to Remaining Buffer plus Expected Remaining Carry.
- Remaining Buffer
- The portion of external payout capacity not impaired by covered payout events.
- Synthetic Market Layer
- The tradable market layer where participants create long/short exposure to facility metrics without increasing operator obligations.
- Utilization
- The degree to which allocated payout capacity is being used or stressed by covered activity.
Last updated May 22, 2026