Indicative Permission Matrix

The table below summarizes who can do what. It is indicative: final authority is determined by the deployed contracts and the protocol's configuration, and it should be reconciled against them before publication.

Action	Lender	Borrower	Delegate	Administrator
Deposit / withdraw capital	Yes	—	Via first-loss	—
Draw down / repay a loan	—	Yes	—	—
Underwrite and approve borrowers	—	—	Yes	—
Set loan and pool terms	—	—	Yes	—
Commit first-loss capital	—	—	Yes	—
Complete KYC / KYB	Yes (permissioned)	Yes	Yes	Administers
Admit or approve pools/delegates	—	—	—	Yes
Emergency pause / protocol controls	—	—	—	Yes

Roles are not mutually exclusive: a single participant may act in more than one, and permissions are enforced per role.