Collateral class
Film & TV tax credits
Loans against transferable US state film/TV tax credits — a state issues a percentage of qualified production spend back as a credit, and the production borrows against that receivable today.
The claim
A perfected security interest (UCC-1 and assignment) in the tax-credit receivable and the borrower's right to receive it.
Duration
Short — months to roughly two years, driven by state issuance timing.
Default remedy
No physical collateral exists. In default the protocol forecloses on the assigned receivable, steps into the right to the credit, and sells it into the secondary market.
Risk stack
Issuance timing
The state controls when the credit is actually issued; delays extend duration.
Audit / clawback
The agreed-upon-procedures audit can reduce the credit below the underwritten amount.
State counterparty
The obligor is a US state program; program changes are a real, priced risk.
Secondary price
Credits from different states trade at different prices; recovery in default depends on that market.
Live class parameters (LTV cap, maturity and concentration headroom) are enforced on-chain by the CollateralRegistry. Interest rates and payment terms are signed per facility; clean v1 has no DSRA reserve sizing.