> For the complete documentation index, see [llms.txt](https://docs.ibis.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ibis.app/getting-started/compliance-perimeter.md).

# Eligibility, compliance and agreements

## Overview

Participation is set per facility and shown on its facility page. Verification, the applicable agreements and wallet approval are prerequisites for participation.

Each listed facility is covered by a Master Lending Agreement between lender and borrower. A tranched product has one agreement covering all its term facilities. Each facility's onchain state records its activity.

The figures shown in the apps and described here are informational. The Master Lending Agreement governs amounts, dates, defaults and remedies.

## Participation prerequisites

Lenders provide basic individual or business information, complete KYC or KYB, meet the applicable investor qualification and sign the facility's agreement. They also need wallet approval and onchain access for that facility.

Borrowers contact Ibis, complete identity and business review, agree on terms and borrower wallets, and execute the applicable agreements. [Lending](/getting-started/onboarding.md) and [Borrowing](/getting-started/onboarding-1.md) give the requirements and verification details.

### Facility agreements

A lender signs before its first deposit. A new agreement version requires a new signature. All term facilities in a tranched product share one agreement. Each retains its own shares, cash and accounting; grouping pools nothing. The borrower's own agreement with Ibis is executed outside the apps.

The onchain state records deposits, withdrawal requests, settlement, funding, claims and repayment. Current values come from the chain; historical figures are derived from recorded history. [Facility terms, limits and fees](/platform/facility-terms.md) describes the terms applied onchain.

## Approved wallets

Ibis approves a lender's wallet after identity verification and signature of the facility's Master Lending Agreement. Verification alone grants no wallet approval or facility access. The approved-address registry records approvals onchain.

### Checks on payers and appointees

The facility checks the payer and receiver of a deposit, a repayment payer, a recovery-pot funder and every withdrawal request. Role appointees are screened before appointment, and payout destinations before payment.

Both borrower wallets are screened at appointment. Principal due to a restricted receiving wallet stays withheld in the facility instead of being delivered. Any eligible wallet can repay. [Roles and responsibilities](/platform/roles-and-permissions.md) describes the participants.

## Compliance hold

A withdrawal becomes claimable only when funded. A claim pays from that balance.

A withdrawal is funded only when the facility holds cash to fund it, normally from borrower repayment.

An address that fails the facility's check is restricted there. It can still claim, but the facility credits the value to the compliance escrow under the original beneficiary. Pending-deposit refunds and recovery claims follow the same rule. The facility checks the beneficiary at payout and never substitutes another person because the beneficiary is restricted.

At Epochs settlement, a restricted owner's pending deposit is credited to the compliance escrow under that owner instead of converting into shares. If the credit cannot complete, the deposit remains pending and refundable.

The compliance escrow keeps held value attributed to its original beneficiary. Release requires re-screening and a destination that passes the facility's check at release. For each asset, the escrow's balance is always at least the total held for beneficiaries.

## Delegates

A lender can authorize a delegate for deposits, withdrawal requests and claims, including recovery claims, and revoke it at any time. Screening applies at authorization and every use. A delegate that no longer passes cannot act even for an eligible lender.

Refunds and payouts made by a delegate keep the lender as beneficiary. A delegate may pay only the lender; only the lender can name another receiving wallet for a claim. [Withdrawals and claims](/platform/withdrawals-owed-value-and-claims.md) explains the payout rules.