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Depositors

Verified holders who deposit into a vault and hold shUSD. They may stake shUSD for the monthly cash yield.

Borrowers

Property owners who take bridge loans secured by first liens. Borrowers deal offchain and never touch the contracts.

Vault issuer

Shores Vault SPC, a Cayman exempted segregated portfolio company. Each vault is one of its cells, and the cell holds that vault’s loans.

Vault manager

The Shores operating company runs the app, underwrites loans and administers the vaults. It is never the issuer of shUSD. [TBD: entity name and jurisdiction]

Servicers

Collect payments, monitor loans and manage enforcement locally. [TBD: names]

Security agent / trustee

Holds liens for the benefit of each cell, so collateral cannot be redirected by the operator. [TBD: name]

Shores Foundation

Issues SHORES and is walled off from the vaults.

Liquidity providers (LPs)

Supply shUSD and other assets to secondary-market pools. Liquidity comes from LPs as well as Shores.

Admin roles

Protocol admin, permission admin and pause guardian. See Admin functions.