LQD-S1 is issued in taps, one before each Chelsea instalment. Each tap is drawn a quarter early: the part due now goes to Chelsea, the rest goes into the trustee escrow until its due date.

New tokens are issued at the current pool factor, so every holder owns the same line and the same right per pound of principal.

Subscriptions are collected on chain when the trustee runs the tap. Until then you can withdraw at any time.

Outstanding principal

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Held in escrow

–

Minimum subscription

£50,000