►
From YouTube: Community Real World Assets Onboarding Calls
Description
Intro: @juanjuan
Presentation: ConsolFreight
Open discussion and Q&A
Agenda and Discussion:
https://forum.makerdao.com/t/agenda-discussion-collateral-onboarding-call-13-wednesday-october-28-17-00-utc/4839
Governance Forum:
https://forum.makerdao.com/
Disclaimer: The videos in this playlist are produced by MakerDAO community members. Content produced by the community may not be representative of the views held by the Maker Foundation.
A
Okay,
welcome
everyone
to
another
collateral,
onboarding
call
real
world
assets
edition.
So
today
we
have
console
fright
with
us:
they're
going
to
be
presenting
the
project
telling
us
a
little
bit
how
they
work
and
and
what
they
are
doing,
and
maybe
then
we
can
go
into
the
into
how
this
relates
to
to
maker
and
and
what's
the
project
and
what
are
the
plans
here
so
guys
if
you
want
to
take
over
I'll,
stop
sharing
my
screen,
so
you
can
go
ahead
awesome.
Thank
you
very
much.
One.
C
A
A
B
C
Sure,
thanks
so
the
previous
week,
we,
the
real
world
asset
team,
has
worked
on
two
components.
The
first
one
is
covenant
structure.
So
it's
try
to
design
how
we
can
assess
the
relationship
with
the
asset
originator
when
to
recreate
and
what
kind
of
due
diligence
we
need
to
do
before
accepting
an
asset
originator.
C
C
You
are
liquidate
and
that's
quite
easy,
because
there
is
no
complex,
mathematics
or
stuff.
Like
that,
you
are
you
go
below
collateral
level.
You
are
looking
at
for
reward
assets,
it's
way
more
complicated
because,
for
instance,
let's
say
borrower
doesn't
repay
his
its
loan
at
some
point.
Maybe
he
just
forgot
to
repay
it.
Maybe
it
is
just
one
or
more
or
two
more
days
and
we
shouldn't
say
that
he
hasn't
repaid,
so
the
collateral
is
zero.
C
There
is
a
bridge
in
the
government,
but
it's
not
that
big
of
an
issue,
and
there
are
certain
originators
say
that
you
will
bring
back
some
equities
of
some
tin
in
the
centrifuge
model
the
following
day.
So
there
is
nothing
to
worry
about,
so
those
are
the
two
pulls
and
the
second
post
is
about
the
risky
risk
team,
non-disclosure
agreements
and
the
governor's
relationship.
C
So
some
people
will
need
to
sign
nda
to
get
access
to
this
data
and
should
report
back
to
the
governance.
But
we
will
not
be
able
to
report
everything
which
we
just.
We
will
report
some
kind
of
sanctity
sentences,
so
the
idea
is
to
see
if
there
is
an
issue
with
that
or
not
currently.
Both
pool
are
quite
okay,
but
we
still
need
more
votes
to
to
go
forward
and
that's
about
it.
B
B
So,
first
of
all
allow
us
to
say
that
we
are
really
excited
to
be
to
be
able
to
take
part
in
this
in
this
project.
I
think
that
is
fantastic
and
that
you
guys
are
opening
we
fight
to
real-world
assets
and-
and
we
see
actually,
there
is
a
big
synergy
for
what
we
do
and
what
is
what
we
do.
Our
vision
as
a
company
is
is
quite
simple,
is
to
digitalize
the
procurement
of
liquidity
for
the
logistic
industry
and
the
international
trade.
Why?
B
So
how
we're
going
to
be
doing
that
right,
you'll
be
asking,
and
it's
is
using
a
collaborative
ecosystem
that
integrates
all
the
entities
that
are
taking
part
in
international
trade.
You
can
call
it
free
forwarders,
buyer,
sellers
and
financial
institutions
and
funders
intruders
and
just
putting
every
single
one
of
these
people
in
a
in
a
platform
right
and
that
platform
will
allow
us
actually
using
blockchain
and
other
technologies
to
basically
provide
some
sort
of
a
trust
between
the
entities.
B
That
is
something
that
doesn't
occur
really
or
quite
frequently
in
the
international
trade
like
this
trust
is
one
of
the
key
things
to
solve
all
right.
So
what
is
console
phrase,
oh
from
the
from
numbers
point
of
view.
Well,
consort
is
a
company
that
was
created
in
2016
and
we
have
presidency
in
three
countries
in
the
states,
in
spain
and
in
ireland.
The
founders-
and
this
is
quite
important
right,
because
council
office
is
a
new
company.
B
However,
the
founders,
we
have
a
combined
experience
of
50
plus
years
in
the
logistics
in
supply
chain
in
the
shipping
industry,
and
ernesto
has
been
in
in
the
logistics
game
as
a
free
folder
for
the
I
I
I
know
this
guy
for
a
long
time
ago,
and
since
I
remember
him,
he
has
been
in
the
game
and
personally
the
same
for
me,
my
family,
actually,
they
own
freight
forwarder.
So
since
I
remember
actually
have
been
in
contact
with
with
this.
B
B
B
All
the
transportation
right
and
this
buyer
usually
is
the
one
who
is
getting
in
contact
with
the
freight
forwarder
to
provide
the
logistics
services
right,
and
on
top
of
that,
the
freight
forwarder
and
most
of
the
times
they
don't
own,
the
transportation
assets,
meaning
the
boats,
the
planes,
the
trains
or
any
other
mean
that
is
needed
to
do
the
physical
transportation
of
goods,
which
means
that
they
actually
go
into
a
carrier.
They
are
the
ones
who
are
facilitating
that
service
right.
B
Then
we
have
actually
oh
our
product,
really
our
product
actually
is
is
in
a
in
a
unique
position
and
and
the
reason
behind
east
one,
because
we
are
connecting
the
diffic
the
different
supply
chain
flows
together,
usually,
you
will
have
a
good
connection
between
the
data
flow
and
the
financial
flow,
especially
in
international
trade.
However,
the
physical
is
somehow
disconnected
from
it.
B
So
as
we
are
in
this
position
that
we
have,
for
example,
our
network
freight
forwarders,
we're
going
to
be
able
just
to
have
that
the
tree
flows
connected
which
is
going
to
get
a
better
visibility
right,
as
we
have
that
physical
flow
we're
going
to
be
able
to
provide
provenance
of
the
goods.
That
is
something
that
international
or
supply
chain.
B
Finance
providers
barely
have.
Usually
they
don't
have
any
contact
with
the
goods.
They
don't
know
what
is
put
inside
container.
For
example,
we
do
because
we
have
actually
different
four
waters,
and
on
top
of
that,
we
are
able
to
collateralize
the
assets
that
are
put
actually
on
those
containers.
How?
Because
we
have
the
custody
of
the
goods,
and
also
we
have
the
bill
of
ladies-
that
are
actually
the
documentation
that
proves
that
somebody
has
a
ownership
or
title
of
goods.
B
That
is
needed,
and
also
we
have
the
financial
and
the
commercial
risk
mitigation
through
technology
say
one
of
the
things
that
we
do
is,
for
example,
using
iots,
but
not
just
that
from
the
financial
side,
for
example,
using
the
team
like
protocol
and
the
structure,
the
financial
structure
will
allow
us
actually
to
mitigate
risk,
and
also
we
have
some
apis.
We
extend
our
providers
that
help
us
get
better
understanding
of
the
risk
that
we're
going
to
all
will
come
if
we
are
financing
assets.
B
B
So
now
I'm
going
to
actually
talk
about
the
products
right,
because
I
think
it's
important
to
use
for
everybody
to
understand
what
are
the
products
that
we
are
all
they
were
meant
to
use
maker
to
fund
right
and
the
first
product
that
we
have
is
a
freight-forward
invoices
right
and
basically
this
is
a
service
to
provide
liquidity
to
freight
forwarders
right.
The
freight
forwarder
a
business
is
a
business
that
requires
a
lot
of
cash
right
and
not
having
it
will
impact
the
growth
of
of
the
companies
dramatically.
B
What's
the
difference
in
what
we
do?
Well,
because
we
have
these
three
folders
in
our
network
and
and
also
we
know
that
these
invoices
should
be
provided
by
by
documentation
like
bill
of
lading.
We
know
that
this
is
not
just
an
invoice.
Actually,
this
is
the
representation
of
an
operation
that
has
already
happened
right
without
that
we're
not
going
to
be
able
to
finance
anything.
So
that
gives
an
extra
layer
of
security
mitigation
right
then,
the
second
product,
actually
that
we
have
is
the
trade
finance
of
cargo
right.
B
So
this
one
is
usually
a
buyer,
has
a
requirement
for
for
purchasing
goods
and
gets
in
touch
with
a
seller
right
and
normally
the
trade
finance
is
provided
by
a
by
a
financial
institution,
say
a
bank
using
a
tool
that
is
called
letters
of
credit
right,
and
there
is
assessment
for
this
tool.
Actually,
it's
conducted
checking
the
parties
that
are
taking
part
in
the
transaction
and
the
buyer
is
expecting
us
to
actually
repay
the
loan
right.
B
However,
we
are
taking
a
completely
different
approach
from
this,
because
we
are
not
only
checking
the
entities,
but
we
are
also
also
using
the
freight
forwarders
in
our
network
to
collateralize
the
goods
that
are
inside
all
the
other
goods.
Actually
that
are
being
transported
right.
So
the
reason
behind
us
explained
previously
is
because
we
held
the
title
of
goods
of
these
bls.
So
what
is
this
allowing?
Actually
it
is
allowing
a
whole
holistic
supply
chain
finance
view
we're
not
just
checking
a
small
component
segmenting,
a
small
component
of
supply
chain.
B
We
are
checking
holistically
what
is
happening
and
being
able
actually
to
take
decisions
and
mitigate
risk
in
a
way
better
manner.
Right
now,
how
we
put
in
actually
these
products
to
work
with
with
centrifuge,
right
and
so
console
freight
as
an
as
originator,
will
aggregate
invoices
from
either
free
folders
or
from
buyers
right
and,
and
this
actually
will
be
tokenized
using
the
centrifuge
protocol
right.
B
So
the
idea
is
that
we
use
those
nfts
as
collateral
in
order
to
withdraw
loans
from
from
from
the
protocol
in
thai
it's
important
to
mention
that
we
are
funding
a
users
in
fiat
right,
and
this
actually
is
allowing
the
circulation
of
dye
as
well.
That
is
one
of
the
things
that
I
think
real
world
assets
is
supposed
to
mean
today
regarding
the
structure
of
the
pools,
so
centrifuge
actually
has
created,
like
a
dual
token
model,
that
simulates
a
universe
in
your
trench
and
they
are
called
a
drop
and
team.
B
So
we
have
trop
is
the
senior
trench
and
tin
is
a
unit
trench
right.
The
idea
is
to
attract
actually
different
type
of
investors,
because
well
the
investors
are
willing
to
just
take
more
or
less
risk
and
that
helps
as
well
to
attract
people
to
put
money
on
it
and
the
investors,
actually,
the
way
that
they
are
putting
the
money
is
is
using
sorry,
the
the
the
the
centrifuge
the
protocol
and
they're
putting
their
die
against
the
tin
or
drop
depending
on
on
the
trains
that
they
are.
B
So
one
of
the
things
that
is
important
actually
and
to
explain
is
that
how
we
are
assessing
the
risk
right,
because
yeah
we
have
gone
through
what
the
process
is,
but
now
we
are
just
trying
to
explain
you
how
we
are
assessing
the
risks
and
also
how
we
are
pricing,
these
assets
right,
and
we
have
two
different
determination
models.
We
have
one
determination
model
that
is
for
the
freight
factoring
right
and
we
have
a
second
one,
that
is,
for
the
trade
finance
products.
They
are
different
because
there
are
different
entities.
B
Taking
part
on
each
of
the
of
the
processes,
but
also
because
the
mitigation
or
risk
is
different
right
and
we
need
to
use
check
different
parameters
as
well,
so
for
the
first
one
actually
I
want
to.
I.
I
think
it's
important
to
mention
that,
in
order
for
for
people
to
participate
right
in
these
services,
the
aida
need
to
be
a
freight
forwarder
from
the
net
for
the
forward
to
their
network
right
or
the
freight
forwarding.
B
The
oh
sorry,
the
the
logistic
operation
is
to
be
conducted
by
one
of
our
members
of
that
network
as
well.
So
that's
kind
of
the
first,
the
first
layer
right,
that's
our
requirement.
So
in
order
for
someone
to
become
a
member
right
for
a
freight
forwarder
to
become
a
member,
we
have
a
two-gauge
process.
The
first
gate
actually
is
an
external
assessment
using
their
name,
their
address
and
the
company
registration
number.
B
If
they
have
a
good
enough
credit
record,
we
will
go
actually
into
the
second
gate,
and
this
one
is
just
to
check
the
internal
capabilities
right
of
the
of
the
company.
Are
they
able
to
operate
as
a
freight
forwarder,
and
we
check
different
parameters
like,
for
example,
licenses,
because
there
are
some
countries
that
require
a
license
for
you
to
operate
as
a
free
folder
years
in
the
in
the
market?
B
We
have
we
as
reference
either
clients
or
suppliers
of
them,
and
we
actually
vet
those
references
as
well
just
to
make
sure
who
they
are
and
they
are
trustworthy
or
not.
We
check
media
assets
and
this
one
is
important,
because
freight
forwarders
usually
don't
have
much
presence
media
wise
on
the
web.
B
Just
an
understanding
right.
When
this
this
gate
actually
is
passed.
What
happens
is
we
are
taking
a
risk
assessment
of
every
single
one
of
the
assets
that
they
are
providing
right?
So
as
soon
as
they're
accepted,
then
from
that
point
they
can
start
actually
putting
assets
through
our
system
and
what
we
are
doing
actually
is
a
one
to
five
score
and
we're
escorting.
Multiple
factors.
Right
is
so,
for
example,
the
payer
creating
work,
a
payer
credit
worthiness.
B
The
relationship
between
the
parties
that
is
important
because
usually
companies
have
been
transacted
for
a
long
time,
means
that
there
is.
There
is
some
good
existing
relationship,
and
that
decreases
the
risk
you
will
have
as
well
the
payers
industry
and
the
payroll
country
and
those
two
are
important
and
they
are
coming
actually
from
external
providers
that
we
will
be
showing
soon
from
there.
B
On
top
of
that,
we're
doing
actually
is
an
operation
risk
mitigation
as
well
with
incremental
growth
and
diversification
of
thresholds,
in
the
pools
reason
why
you
don't
want
to
have
a
pool
that
is
heavily
focused
on
on
on
high
risk
assets.
So
that's
something
that
we
do
as
well.
We
try
to
just
mitigate
and
make
sure
that
these
are
well
balanced,
a
pool
and
now
on
the
tray
finance
a
determination
model
similar.
You
can
see
that
the
first
gate
is
exactly
the
same.
B
You
can
see
that
years
of
credit
have
been
wiped
in
in
minutes,
so
it's
important
actually
just
to
see
what
is
happening
on
their
site
and
proof
of
previous
transaction
between
the
bodies.
If
that's
something
that
exists
so
from
there
we
go
on.
We
do
the
same
risk
assessment,
one
to
five
in
this
one.
We
are
actually
checking
some
different
factors
like,
for
example,
previous
transactions
using
console
freight.
That's
that's
one
that
is
important
because
we're
building
trust
and
the
most
trolls
that
we
have
with
you.
B
B
So
that's
where
we
are
now,
I
will
show
you
actually
and
how,
how
things
sorry,
how
the
assets
are
are
actually
a
score.
So,
as
you
can
see
here,
we
have
all
the
factors
right
and
we'll
be
giving
one
to
five.
There
is
a
description
of
it
and
based
on
that
you're
going
to
get
a
scoring
right.
There
is
a
risk
rating,
and
that
is
rating
is
going
to
be
giving
you
what
the
advance
rate
is
and
what
is
the
deposit.
B
This
is
an
example
for
the
trade
finance
right
because
in
trade
finance,
you
will
have
a
deposit
that
you
need
to
pay
the
supplier
in
advance
before
they
actually
starting
just
putting
or
processing,
processing
and
order.
So,
as
you
can
see
here,
you
have
a
risk
rating
and
the
average
rating
actually
just
translates
right
away
into
a
pricing
model.
So
here's
an
example:
actually,
the
pricing
model
that
we
have
for
cf4.
B
That
is
a
pool
that
we're
working
at
the
moment
with
centrifuge
and
we
are
planning
for
maker
two
to
be
part
of,
and
you
can
see
actually
that
there
are
different
advanced
rates.
They
have
a
different
financing
fee
and
recovery
rate
and
so
on,
and
then
that
that
data
is
a
rating
you
will
see
that
have
completely
different
a
queries
course
from
our
side
right.
Why?
Because
we
have
a
from
a
to
d
in
every
single
one
right,
and
we
have
a
straight
factoring
assessment.
B
B
B
B
It's
close
actually
to
to
be
finalized
and
payment
terms.
We
will
range
from
30
to
60
days
a
final
one.
It
was
a
pool
that
was
not
only
for
the
trade
invoices,
but
also
us
for
trade
finance.
That
was
our
first
one.
You
can
see
actually
that
the
total
deploy
is
865
thousand
and
we
have
deployed
107
assets,
hundred
yeah
177
assets
so
far,.
A
B
B
B
B
We
have
the
18
radiation,
so
we
have
15
percent
of
team.
That
is
that
junior
trench
is
kind
of
supportive
taking
the
first
losses
we
have
invested
in
the
team
so
far
in
every
single
one
of
the
of
the
of
the
pools,
which
means
that
we
have
a
ski
in
the
game
and
we
trust
what
we're
doing,
and
we
have
our
collateral
token.
That's
here
for
a
drop.
A
B
Now,
well,
as
as
seb
mentioned
in
the
beginning,
we
have
been
we're
working
with
the
team
and
the
next
step
will
be
on
the
reporting
right
like
getting
so
the
reporting
the
data
points
are
going
to
be
able
to
facilitate
or
not,
and
what
would
be
the
coin
and
series
for
for
maker
to
be
able
to
join.
Actually
this
this,
this
pool.
D
D
In
other
words,
a
free
forwarder,
provides
transportation
services
to
their
clients
and
that
didn't
raise
an
invoice
and
and
the
way
we
validated
that
that
transaction
really
happened
is
because,
when
they're
submitting
their
the
assets,
they're
accompanying
that
invoice
with
the
interpretation
document,
typically
a
bit
of
lighting,
which
is
a
very
traceable
document.
So
it's
a
pretty
much
our
way
to
validate
the
transaction
really
took
place
right.
So
that's
that's
a
very
simple
known,
factoring
transaction
the
trade
finance
operation,
which
is
by
far
our
morals
of
innovative
solution.
D
Think
of
you
know
most
goods
that
are
around
you
are
most
likely
manufacturing
china.
So
you
know,
60
of
all
trade
between
the
world
happens
between
china
and
the
united
states.
So
a
lot
of
goods
moving
in
that
trade,
so
basically
buyers
place
orders.
Let's
say
in
order
for
computers,
they're
gonna
be
manufacturing.
China
and
the
typical
is
that
on
that
transaction
and
they
say
that
the
transaction
is
worth
you
know
hundred
thousand
dollars,
what's
their
computers.
D
So
what
we're
trying
to
do
is
unlock
that
value
that
is
trapped
on
its
ship,
while
it's
in
transit
and
and
what
we
do
is
since
the
freight
forwarders
are
the
ones
that
are
providing
the
logistics,
meaning
we
touch
it.
We
load
the
containers.
We
can
see
what
it
is
we
can
provide
provenance
on
the
goods
we
also
put
iots
on
it.
D
D
We
request
a
minimum
of
20
deposit
depending
on
the
qualification
of
the
risk
on
the
on
the
buyer,
so
that
means
that
they
will
deposit
20
through
our
spv
and
we
will
submit
a
30
payment
to
the
to
the
manufacturer
and
when
the
goods
are
ready,
that
we're
free
for
the
state
position,
we
send
the
balance
and
and
basically
we're
taking
the
physical
goods
as
collateral,
the
invoice
and
the
bill
of
exchange,
which
is
the
mutilating.
So
the
freight
forwarders
issue,
the
big
lady.
D
So
literally,
this
is
an
over
clash
rise
transaction
right.
If
you
think
of
a
typical
factoring,
you
have
documentation,
but
in
the
worst
case
scenario,
if
somebody
goes
out
bankrupt,
while
you
start
with
paper
in
this
particular
case,
we
we
have
a
paper
mini
voice.
We've
got
title
goods,
which
is
the
lady,
but
what's
important,
we've
got
the
physical
goods
in
our
custody
because
we're
transporting
it.
So
if
you
know
an
eventual
event
happens
that
somebody
goes
bankrupt.
D
D
D
D
A
A
D
D
A
destination
arrives,
they
should
pay,
but
in
the
event
that
it
doesn't
there
again,
we,
the
free
forwarders
in
the
network,
are
the
ones
that
issue
the
bill
of
exchange
the
bill
dating
and
that's
that's,
the
the
rightful
title
of
the
goods.
So
in
the
event
that
somebody
doesn't
doesn't
pay-
and
it's
confirmed
it's
default,
it
could
definitely
be.
It
could
definitely
be
liquidated.
D
D
So
there's
a
lot
of
variances
into
maturity,
meaning
manufacturing
could
take
a
little
longer
transportation
could
take
it
longer
because
ships
do
you
know
poor
strength
shipment,
so
the
maturity
is
actually
upon
arrival.
So
upon
arrival,
there's
a
lot
of
stuff
that
needs
to
be
done
right.
You
need
to
clear
customs.
There
is
a
short
window
to
do
that
without
penalties
so
hitting
the
ports
is
when
when
an
invoice
is
submitted
to
them.
That
is
to
be.
A
E
E
What's
the
oracle
like
pricing
for
those
dropped
out
of
tokens
and,
like
you
know,
what's
the
collateralization
ratio
or
expected
collateralization
ratio
like
so
in
that
case
like
how
does
liquidation
work
and
then
from
an
from
an
auction
keeper
side,
or
you
know
we're
moving
to
like
auctions,
v2
and
things
like
that
like?
How
does
the
end
buyer
of
drop
eventually
convert
back
to
die,
so
they
need
to
take
drop,
somehow
sorry
get
to
real
world
assets
and
get
back
to
die
right?
How
does
that
process
work?
E
Sorry,
I'm
asking
a
bunch
of
questions,
but
I've
listed
it
in
the
chat
also
and
then
kind
of
like
what
I'm
trying
to
also
understand
is
like
what
is
what
are
normal
banks
charged
for
this
collateral
type
and
then
like?
How
is
maker
going
to
be
competitive
to
that
rate
and
how
leverage
will
the
mentor
of
die
eventually
become,
and
then
I'm
also
kind
of
curious?
What
do
the
10
returns?
Look
like
sorry
for
the
large
list
of
questions,
but
it's
also
in
the
chat.
F
Akash,
I
wanna,
I
think,
maybe
seb.
Are
you
interested
in
answering
on
the
just
like
what
the
real
world
assets
working
group
has
been
doing
to
answer
all
these
questions?
I
don't
want
to
like
preempt
anything,
but
like
one
key
point
that
I
wanted
to
highlight
is
that
this
is
like
a
big
impact
for
dye.
F
The
makers
ability
fee
versus
like
some
die
yield
or
some
some
drop
yield,
but
the
really
the
goal
is
here
that
this
is
the
primaries:
a
primary
source
of
capital
for
the
asset
originators,
and
that
means
that
all
of
the
it
has
like
two
benefits.
It
means
that
well
console
freight
has
a
steady
stream
of
business
of
originations
that
they
do,
and
so
they
have
a
steady
demand
of
die
because
they
want
to
borrow
that
amount,
and
so
that
puts
that
stabilizes
and
increases
the
supply
of
dye.
And
the
other
thing
is
actually.
F
Those
die
then
are
not
going
getting
locked
up
into
another
yield
farming
pool,
but
right
by
the
the
person
that
mints
their
diet
or
sort
of
a
lot
of
what
you
see
today.
It
actually
creates
like
uncorrelated,
like
immediate
liquidity
on
the
market,
and
so
that's
that
I
think,
is
interesting
about
your
question
of
like
the
leverage
and
what
it
looks
like,
but
maybe
yeah
seb.
If
you
wanna.
C
C
Those
will
yield,
I
don't
know,
maybe
eight
percent
the
interest
rate
of
the
vault
would
be
four
percent.
You
would
mean
some
die
and
buy
a
new
vinswap
tokens,
so
this
is
just
lubricant
for
assets.
Currently,
it
is
not
really
to
to
do
some
kind
of
leverage,
because
we
are
lending
not
to
everyone
not
to
talk
to
drop
to
canada,
but
to
the
asset
originator
directly,
not
really
the
asset
originator,
but
an
spv
which
is
entity
holding
all
the
other
loans.
C
C
C
First,
if
there
is
a
non-perfume
non-performing
loan
in
the
spv,
the
asset
originator
has
to
to
do
something
about
it
or
the
spv
will
lose
some
some
money.
So
this
is
a.
We
ask
the
process
from
the
asset
originator
to
understand
how
they
can
collect
or
recollect
some
some
money
so
for
every
asset
regenerator,
it
will
be
a
bit
different
if
you
are
in
real
estate.
C
It's
likely
it's
more
easy
to
really
collect
the
some
some
amount
of
money,
because
you
have
some
kind
of
real
estate
property
as
crater
for
a
freight
truck
forwarding.
It's
maybe
a
little
bit
more
difficult,
but
you
have
still
some
ways
to
recollect
some
some
environment
and,
on
the
other
side,
the
maker
side.
C
C
A
C
C
D
That
is
the
collateral
and
banks,
don't
have
the
ability,
because
they're
not
working
off
the
freight
forwarders,
they're
they're
just
independently
right,
although
banks
and
freight
forwarders
do
work
together
a
lot
every
time.
There
is
a
lot
of
credit
just
for
document
compliance,
but
for
nothing
else.
D
Yeah,
the
the
so
when
we
issue
our
terms
to
a
buyer
for
for
trade
finance,
one
of
the
terms
that
we
need
to
place
a
commercial
insurance
on
it.
So
there's
open
carpet
insurance
for
cargo
that
covers
all
the
risk,
the
commercial
risk,
meaning
a
fire
cargo
theft
damage.
You
know,
you
know,
chip
sinks.
All
you
know
all
the
commercial
risk,
the
things
that
are
not
covered
onto
those
you
know,
typical
corporate
policies
are
financial
risk
and
that's
how
we
mitigate.
D
E
D
B
A
F
D
Well,
the
the
so
there
are
many
many
layers,
so
the
very
first
one
is
the
obvious
whether
establishing
a
prior
relationship
between
buyer
and
seller
right
if
the
buyer
seller
has
been
transacting
for
a
period
of
time.
That
means
that
the
buyer
has
accepted
goods
from
the
from
the
seller
and
has
paid
for
it
in
good
conditions
right.
So
that's
a
good,
that's
the
first
layer.
B
D
A
Thank
you
akash
for
the
question
and
yeah
thanks
alexander
and
erdmaster
from
console
fred
for
having
joined
us.
It
was
really
nice
having
you.
Hopefully
we
helped
everyone
well,
starting
with
myself.
I
understand
a
little
bit
more,
what's
happening
behind
the
scenes
and
yeah,
let's
keep
the
discussion
going
in
the
in
the
forum.
I
don't
know
if
you
guys
have
like
one
last
parting
words
before
we
close.