NOTE: This page will be updated with links as documents become available.
For a review of the draft documents, please see the below links
- Downstream Agreements
- Transfer Instructions
- Credit Agreement
- Security Agreement
- Trust Agreement
Please review all of the documents and provide any feedback in either the associated thread or to me directly at [email protected]
Important note: All of the documents above, when executed, will require a legal enforceability opinion in the relevant jurisdiction(s). In addition, Wilmington Saving Fund Society (www.wsfsbank.com) and the RWA Senior Lending Trust are both represented by Richards Layton & Finger (www.rlf.com) in Delaware, so the focus should be on the salient business points.
As downstream transactions continue to build-up, I am requesting the community to provide comments / feedback for possible integration within 10 calendar days after the last document is posted (which is presently looking like it will be the Trust Agreement). I will provide plenty of guidance as that time approaches.
Once draft documents are posted, I will be scheduling conference calls multiple times per week to give the community multiple opportunities to ask questions to both become familiar with the structure and ask related questions.
While I will do my best to recommend that all applicable feedback be integrated, I cannot guarantee it. All feedback must be within the framework of still being able to be blessed by legal counsel for the Trust and Trustee, as the legal opinion is essential for both the Trustee and the community in general (so the only assurance will be a commitment to try).
After the community has provided its comments, we will integrate comments where possible and then go into closing mode. At that stage, all operative documents will be executed (less the downstream documents as those are reserved for each closing). Final versions of all applicable documents and form of legal opinion will be uploaded and referenced below with conformed signatures (e.g. /s/name). The final executed version with signatures will be shown to the mandated actors only.
In parallel, we will be working with WSFS to get the custody account for the CayCo setup and then integrated with the Broker/Dealer. We will work with the Mandated Actors and the community as a whole to setup “test transactions” to demonstrate the flow of funds.
Thereafter, we will follow the process established to raise the associated debt ceiling from the current 1000 DAI to the initial debt ceiling of 15MM DAI and get rolling! We have plenty of deals waiting to be financed.
For a review of the executed documents, please see the below links
- 6s Capital LLC
- 6s Capital Partners LLC
- RWA International Ltd.
- RWA Senior Lending Trust
- Trust Agreement (Pending)
- Security Agreement (Pending)
- Credit Agreement (Pending)
- Downstream Agreements (Same as drafts)
Flow of funds guide
- DAI is drawn via MIP21
- DAI arrives at the DAI address for CayCo at the Broker/Dealer and is exchanged for USD (pursuant to the irrevocable transfer instructions)
- USD arrive at the custody account (for CayCo)
- Per the custody account transfer instructions, USD fund the Trust account which is governed by the Trust Agreement.
- The Trustee is authorized to released capital pursuant to the Credit Agreement to LendCo based on agreed upon terms
- #5 happens over and over until such time as the Trust Sponsor (CayCo) or LendCo want the funds to returned.
- Funds are then sent back to the custody account (for CayCo) which has irrevocable transfer instructions to send USD to CayCo’'s Broker Dealer account.
- The Broker Dealer then exchanges USD for DAI per the irrevocable transfer instructions, and then send the DAI to the input conduit on MIP21 for repayment.