Maple Institutional Secured Lending (Ethereum)

docs.maple.finance/maple-institutional-for-lenders/introduction.md, retrieved 2026-09-04: "This interest is determined by the loan terms set by Maple's in-house credit underwriting and risk management. the pool delegate and borrowers." Terms are negotiated per borrower and are not published as a rate card, which is `bilateral_unpublished` rather than `posted_card`. Operator decision 2026-09-04 (DI3-G2).

Both contract families are deployed — FixedTermLoan and OpenTermLoan, each with its own factory, manager and refinancer (docs.maple.finance/technical-resources/loans/). ⚠ The live book is entirely OPEN TERM: measured on-chain 2026-09-04, assetsUnderManagement() and principalOut() on the FixedTermLoanManager read 0 for this pool and for all three syrup pools, while the OpenTermLoanManager holds $340,508,005 here. The value records what the book IS, not what the contracts allow.

Fixed within a loan and alterable only by mutual agreement: the refinance path requires that "a Lender accepts new terms" (FixedTermLoanRefinancer / openTermRefinancer interfaces, docs.maple.finance/technical-resources/interfaces/). No unilateral repricing by the venue.

⚠ CORRECTED FROM DI3 §2, WHICH READ `none`. docs.maple.finance/maple-institutional-for-lenders/defaults-and-impairments-1.md, retrieved 2026-09-04: "The Maple Operations team has a proprietary alert system in place with three separate sources for price feeds, and a 24/7/365 live monitoring process." The feeds are OFF-CHAIN and operator-run and the three sources are not named, so this is `multiple` in the sense of more than one price source in the liquidation path — not a set of named on-chain oracles. The `none` reading came from /technical-resources/loans/defaults.md, which describes the on-chain payment-default path and is silent on the margin-call path beside it.

Two paths, and the price-triggered one binds. (a) PRICE: "If collateral value falls to the Margin Call Level, the borrower is automatically notified and has 24 hours to top up and restore collateralization to the Initial Collateral Level. If they fail to do so in time, Maple liquidates their collateral as part of the legal agreement with the borrower." And: "At any point, if collateralization reaches the Liquidation level, even if a margin call is in process, Maple has full rights to liquidate collateral to protect lender principal." (b) PAYMENT: a missed payment past the grace period lets Maple default the loan, repossess and liquidate collateral (defaults-and-impairments.md). Execution is off-chain, preferentially through partnered OTC desks, with CEX/DEX as the fallback. `threshold` records that a collateral price level ends the loan; the discretion and the 24-hour cure band are real and are recorded here rather than in the value, because the enum admits one.

"Maple Blue Chip Secured pool provides the security of only accepting BTC and ETH collateral, held in qualified custody." ⚠ AND THE VALUE IS INCOMPLETE BY CONSTRUCTION, NOT BY OVERSIGHT: the same page states "Maple High Yield Secured generates a higher yield by underwriting loans backed by select digital assets and reinvesting the collateral in staking and/or secured lending opportunities" — rehypothecation, stated by the venue. custody_model is a VENUE-level attribute and this venue's answer differs by pool on the single question that matters most to a lender. Either this venue splits into two rows or the attribute gains a scope; that is a spec-owner act and is not taken here. Source: docs.maple.finance/maple-institutional-for-lenders/introduction.md, retrieved 2026-09-04.

Borrowers complete KYC/KYB and entity documentation and sign a Master Lending Agreement; collateral liquidation on a failed margin call is executed "as part of the legal agreement with the borrower". So the claim runs against an identified legal entity under a signed contract, which is what separates this from the `non_recourse` on-chain venues around it. ⚠ WHAT IS NOT ESTABLISHED: whether the lender holds a DEFICIENCY claim beyond the collateral. The MLA is referenced at /legal/borrower-mla.md and its terms on that point have not been read, so `recourse` here records the existence and the counterparty of the obligation, not its full extent. ⚠ DI3 §2 recorded this cell as "contractual", which is not a value this column admits — the live CHECK is non_recourse/recourse/partial/not_applicable/undisclosed. Sources: docs.maple.finance/maple-for-borrowers/introduction.md, /maple-institutional-for-lenders/defaults-and-impairments-1.md, retrieved 2026-09-04.

Derived from the registry's first_date for this venue, measured to 2026-09-05. Months observed is how long THIS DATASET has observed the venue, which is a lower bound on how long the venue has existed.

docs.maple.finance/maple-institutional-for-lenders/introduction.md, retrieved 2026-09-04, verbatim: "Maple Blue Chip Secured pool provides the security of only accepting BTC and ETH collateral, held in qualified custody" and "Maple High Yield Secured generates a higher yield by underwriting loans backed by select digital assets". ⚠ THE SECOND HALF IS NOT AN ENUMERATION AND IS NOT TREATED AS ONE — "select digital assets" names no asset, so the High Yield share of this book is uncharacterised collateral until the per-loan chain read runs. ⚠ AND THE TRAP THAT WOULD MAKE A CHAIN READ WRONG, from Maple's own integration docs: fundsAsset and collateralAsset can be the SAME ERC-20 — "a $10m USDC loan can be collateralized with $1m of USDC" — so BTC attribution must filter collateralAsset against the wrapper registry and never infer bitcoin from the mere presence of collateral. ⚠ 2026-09-04: this cell is the VENUE'S STATEMENT and is not verifiable by us. The collateral is off-chain (qualified custody) and the loan contracts expose no collateral accessors, so there is no independent read against which to check the asset list. Recorded as venue-published, never as chain-verified.