> ## Documentation Index
> Fetch the complete documentation index at: https://docs.shores.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# Glossary

> Terms used across the Shores docs.

| Term | Meaning |
| - | - |
| **Bridge loan** | A short-term loan that carries a borrower until a sale, refinancing or other planned exit |
| **Cell (segregated portfolio)** | A legally separate portfolio inside the SPC. Each Shores vault is its own cell |
| **Exempted SPC** | A Cayman Islands segregated portfolio company that keeps each portfolio's assets and liabilities separate |
| **First lien** | The senior registered claim on a property. It is paid before any other lender if the property is sold to cover the debt |
| **First-loss reserve** | A reserve built from protocol fees that absorbs loan losses before they reach NAV |
| **High-water mark** | A rule that stops a performance fee being charged twice on the same gains |
| **Hurdle** | The return depositors must receive before a performance fee applies |
| **Impairment** | A write-down of a loan's carrying value when full repayment is in doubt |
| **Lockup** | The initial period after minting during which new shUSD cannot be sold |
| **LP (liquidity provider)** | A party that supplies shUSD and other assets to a secondary-market pool |
| **NAV** | Net asset value per shUSD: the vault's assets, less liabilities, divided by shUSD outstanding |
| **Origination points** | An upfront fee paid by the borrower when a loan is funded, as a percentage of the loan |
| **Permission manager** | The contract that lists the addresses allowed to mint and stake shUSD |
| **Points** | Activity-based rewards for staking, planned to convert to SHORES on terms to be announced |
| **Proof of reserves** | Evidence that the offchain loan book backs the vault's reported NAV |
| **Servicer** | The party that collects payments, monitors the loan and manages enforcement |
| **SHORES** | The planned protocol token, issued by the Shores Foundation |
| **shUSD** | The Shores vault token. It represents a share of a vault |
| **Staking** | Locking shUSD in the staking contract to receive the monthly cash yield |
| **TGE** | Token generation event: when SHORES is created and distributed. Planned for 24–36 months after launch |


This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.