River Token Structure

River will offer two tokens srUSD and jrUSD providing exposure to cash flowing assets or receivables generated by U.S. blue-chip institutions. Both tokens will be overcollateralized by performing and diversified credit opportunities consistent with the structured credit transactions JP Morgan, Citi, PIMCO, etc. originate on a regular basis.

A market standard approach will be used to underwrite institutions that originate these assets as well as the asset pools themselves. That approach has been developed from proven rating agency methodologies and already adopted by the majority of banks, credit funds, and asset managers.

Each institution’s asset pool will be segregated from one another into a special purpose vehicle to provide distinct overcollateralization requirements, eligibility, structural protections like performance and financial triggers, and bankruptcy remoteness.

srUSD and jrUSD will earn yield from all deals River underwrites providing diversification at the asset and originator level. srUSD has higher overcollateralization and earns lower yield where jrUSD will be moderately overcollateralized and earn higher yield.

Overcollateralization requirements will be determined by an implied rating agency recessionary stress testing of losses. River will also provide a look through into the overcollateralization of each asset pool for transparency and monitoring.