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

# Facility Terms

> Draw currencies, rates, reserve yield, collateral, and custody for the revolving line.

The line is a revolving facility drawn against pledged BTC reserves and hashrate. You draw in BTC or USD, set per draw, and undrawn reserves earn yield throughout.

| Term          | Detail                                              |
| ------------- | --------------------------------------------------- |
| Facility      | Revolving, draw and repay on demand                 |
| Draw currency | BTC or USD, set per draw                            |
| Reserve yield | 2% APY, paid on undrawn BTC                         |
| BTC draw rate | 3% APR on BTC credit drawn                          |
| USD draw rate | 7 to 12% APR, set by draw terms                     |
| Collateral    | BTC reserves and pledged hashrate                   |
| Margin calls  | None, no forced liquidations                        |
| Custody       | Qualified custodians, or audited on-chain contracts |

## Draw currencies

Each draw is denominated in BTC or USD, chosen at the time of the draw. BTC draws keep the facility fully BTC-denominated and carry the lower rate. USD draws are available when you need dollars for fiat obligations, priced by the draw terms.

## Reserve yield

Undrawn BTC reserves backing the line earn 2% APY. Because the reserve keeps earning while it secures the facility, the effective cost of the line is the spread between the draw rate and the reserve yield, applied only to the balance actually drawn.

## Illustrative 12-month example

| Action                        | Result   |
| ----------------------------- | -------- |
| Reserve 100 BTC for 12 months | +2.0 BTC |
| Borrow 20 BTC for 6 months    | -0.3 BTC |
| Net earnings                  | +1.7 BTC |

<Note>
  Indicative. Yields and rates shown are forward-looking targets subject to market conditions. Qualified counterparties only.
</Note>