Media
Senior secured lending against tax credits and other contracted receivables, financing film and television. A production borrows today against payments it is contractually owed, so repayment does not depend on box-office performance.
Receivable-backed · lending against assigned claims
How the claim is held
- The claim
- A perfected security interest (UCC-1 and assignment) in the tax credits or contracted receivables and the borrower's right to receive them.
- Duration
- Short: months to roughly two years, driven by receivable payment timing.
- Default remedy
- No physical collateral exists. In default the protocol forecloses on the assigned receivable, steps into the right to payment, and sells it into the secondary market.
What can go wrong
Payment timing
The obligor controls when the receivable is actually paid; delays extend duration.
Audit / clawback
For tax-credit collateral, the agreed-upon-procedures audit can reduce the credit below the underwritten amount.
Obligor counterparty
Obligors range from US state programs to contracted distributors, and obligor credit quality is a real, priced risk.
Secondary price
Recovery in default can depend on the secondary market for the assigned claim.
Live sector parameters (LTV cap, maturity and concentration headroom) are enforced on-chain by the CollateralRegistry and are not restated here, so this page cannot drift from them. Interest rates and payment terms are signed per facility. On mainnet every new loan must fit within per-borrower, per-state and per-sector limits. Read current state →