# LEGAL DOCUMENTATION FOR MIP6: BLOCKTOWER CREDIT ------------------------- * TACO Foundation Documents - [QmZ1SYS9Vu4QwqrX8eySwyVzU7G2oqVqNJuGAWqEc4H3kJ](https://blocktowercredit.infura-ipfs.io/ipfs/QmZ1SYS9Vu4QwqrX8eySwyVzU7G2oqVqNJuGAWqEc4H3kJ) * Master Participation Agreement - [QmZmtWPgJHqNff9SLWLpZpKLHh6FzJZnSKqViy1cKNfSWj](https://blocktowercredit.infura-ipfs.io/ipfs/QmZmtWPgJHqNff9SLWLpZpKLHh6FzJZnSKqViy1cKNfSWj) * Servicing Agreement - [Qme7m42naniTY3pPQaNxibS538UD18Mk14UEssg6hxqoQH](https://blocktowercredit.infura-ipfs.io/ipfs/Qme7m42naniTY3pPQaNxibS538UD18Mk14UEssg6hxqoQH) * DAI Loan Agreement - [QmVh4NyhNw8cPEXVGatKNGHDrPTkQKw9ESE69886CiiiyQ](https://blocktowercredit.infura-ipfs.io/ipfs/QmVh4NyhNw8cPEXVGatKNGHDrPTkQKw9ESE69886CiiiyQ) * Trust Indenture Agreements (I - IV) - [QmP7VBQG7bqJJ31p6GnBaxu4Vke9HGjQg2x87YuzAi6th4](https://blocktowercredit.infura-ipfs.io/ipfs/QmP7VBQG7bqJJ31p6GnBaxu4Vke9HGjQg2x87YuzAi6th4) With MKR tokenholder approval of the executive spell, the relevant parties will then execute and / or file (and we will post) the agreements and instruments to implement the terms of the primary agreements, including: * DROP SPV Security Agreements (I-IV) - [QmPfp4Laa3kzR6bUeFGJBPodWSRuyn92GnWAGN8XdaASor](https://blocktowercredit.infura-ipfs.io/ipfs/QmPfp4Laa3kzR6bUeFGJBPodWSRuyn92GnWAGN8XdaASor) * Issuer SPV Security Agreements (I-IV) - [QmeUt8FkV8TeFV4eK7XnzzTaTb2D27P7LWkdCwzKbnSF1g](https://blocktowercredit.infura-ipfs.io/ipfs/QmeUt8FkV8TeFV4eK7XnzzTaTb2D27P7LWkdCwzKbnSF1g) * DROP SPV Pledge Agreements (I-IV) - [QmPKQTtMDJwcSWkNtJ4VxAM4cChSyq3YvMsSwzCqqXi6Kj](https://blocktowercredit.infura-ipfs.io/ipfs/QmPKQTtMDJwcSWkNtJ4VxAM4cChSyq3YvMsSwzCqqXi6Kj) * Issuer SPV Pledge Agreements (I-IV) - [QmRFJW2L4XP4hqGemfGgfAdhbcC5wsuZJS34AL3YswnFCx](https://blocktowercredit.infura-ipfs.io/ipfs/QmRFJW2L4XP4hqGemfGgfAdhbcC5wsuZJS34AL3YswnFCx) * Tokenholder Representative Appointment Letters (I-IV) - [QmUNTnfnXo56XABxsuYv6hhk8RFYK8YJsAkaYBMV62An5m](https://blocktowercredit.infura-ipfs.io/ipfs/QmUNTnfnXo56XABxsuYv6hhk8RFYK8YJsAkaYBMV62An5m) * Ankura Disclosure - [QmPWRd8SuG2UEHQoL7BvSnjqsyB3wYXEb28ciaVEzPPRHa](https://blocktowercredit.infura-ipfs.io/ipfs/QmPWRd8SuG2UEHQoL7BvSnjqsyB3wYXEb28ciaVEzPPRHa) * DROP Subscription Agreements - [Qmcvqdq2qCmusHW1vT69V5k86eWbWPSC2Y4aRjWpBCPjHE](https://blocktowercredit.infura-ipfs.io/ipfs/Qmcvqdq2qCmusHW1vT69V5k86eWbWPSC2Y4aRjWpBCPjHE) * UCC-1s Filings - [QmYrm6qNUDTnBQm3h1Q2oCsunBBLhm1KStKfuW5CQD1jde](https://blocktowercredit.infura-ipfs.io/ipfs/QmYrm6qNUDTnBQm3h1Q2oCsunBBLhm1KStKfuW5CQD1jde) ------------------------- # ORIGINAL FORUM THREAD FOR EXTRA CONTEXT. THE BELOW POSTS CONTAIN THE ABOVE LINKS ## Source: https://forum.makerdao.com/t/mip6-blocktower-credit-transaction-documents/19019 ------------------------- BlockTower | 2022-12-05 15:21:59 UTC | #1 Hi Maker Community, In finalizing the [MIP6: BlockTower Credit collateral onboarding](https://forum.makerdao.com/t/mip6-collateral-onboarding-application-blocktower-credit-arranger/16900), we would like to share the final legal documents pertaining to this transaction. The links and IPFS hashes below provide access to the executed versions of the following: * TACO Foundation Documents - [QmZ1SYS9Vu4QwqrX8eySwyVzU7G2oqVqNJuGAWqEc4H3kJ](https://blocktowercredit.infura-ipfs.io/ipfs/QmZ1SYS9Vu4QwqrX8eySwyVzU7G2oqVqNJuGAWqEc4H3kJ) * Master Participation Agreement - [QmZmtWPgJHqNff9SLWLpZpKLHh6FzJZnSKqViy1cKNfSWj](https://blocktowercredit.infura-ipfs.io/ipfs/QmZmtWPgJHqNff9SLWLpZpKLHh6FzJZnSKqViy1cKNfSWj) * Servicing Agreement - [Qme7m42naniTY3pPQaNxibS538UD18Mk14UEssg6hxqoQH](https://blocktowercredit.infura-ipfs.io/ipfs/Qme7m42naniTY3pPQaNxibS538UD18Mk14UEssg6hxqoQH) * DAI Loan Agreement - [QmVh4NyhNw8cPEXVGatKNGHDrPTkQKw9ESE69886CiiiyQ](https://blocktowercredit.infura-ipfs.io/ipfs/QmVh4NyhNw8cPEXVGatKNGHDrPTkQKw9ESE69886CiiiyQ) * Trust Indenture Agreements (I - IV) - [QmP7VBQG7bqJJ31p6GnBaxu4Vke9HGjQg2x87YuzAi6th4](https://blocktowercredit.infura-ipfs.io/ipfs/QmP7VBQG7bqJJ31p6GnBaxu4Vke9HGjQg2x87YuzAi6th4) With MKR tokenholder approval of the executive spell, the relevant parties will then execute and / or file (and we will post) the agreements and instruments to implement the terms of the primary agreements, including: * DROP SPV Security Agreements (I-IV) - [QmPfp4Laa3kzR6bUeFGJBPodWSRuyn92GnWAGN8XdaASor](https://blocktowercredit.infura-ipfs.io/ipfs/QmPfp4Laa3kzR6bUeFGJBPodWSRuyn92GnWAGN8XdaASor) * Issuer SPV Security Agreements (I-IV) - [QmeUt8FkV8TeFV4eK7XnzzTaTb2D27P7LWkdCwzKbnSF1g](https://blocktowercredit.infura-ipfs.io/ipfs/QmeUt8FkV8TeFV4eK7XnzzTaTb2D27P7LWkdCwzKbnSF1g) * DROP SPV Pledge Agreements (I-IV) - [QmPKQTtMDJwcSWkNtJ4VxAM4cChSyq3YvMsSwzCqqXi6Kj](https://blocktowercredit.infura-ipfs.io/ipfs/QmPKQTtMDJwcSWkNtJ4VxAM4cChSyq3YvMsSwzCqqXi6Kj) * Issuer SPV Pledge Agreements (I-IV) - [QmRFJW2L4XP4hqGemfGgfAdhbcC5wsuZJS34AL3YswnFCx](https://blocktowercredit.infura-ipfs.io/ipfs/QmRFJW2L4XP4hqGemfGgfAdhbcC5wsuZJS34AL3YswnFCx) * Tokenholder Representative Appointment Letters (I-IV) - [QmUNTnfnXo56XABxsuYv6hhk8RFYK8YJsAkaYBMV62An5m](https://blocktowercredit.infura-ipfs.io/ipfs/QmUNTnfnXo56XABxsuYv6hhk8RFYK8YJsAkaYBMV62An5m) * Ankura Disclosure - [QmPWRd8SuG2UEHQoL7BvSnjqsyB3wYXEb28ciaVEzPPRHa](https://blocktowercredit.infura-ipfs.io/ipfs/QmPWRd8SuG2UEHQoL7BvSnjqsyB3wYXEb28ciaVEzPPRHa) * DROP Subscription Agreements - [Qmcvqdq2qCmusHW1vT69V5k86eWbWPSC2Y4aRjWpBCPjHE](https://blocktowercredit.infura-ipfs.io/ipfs/Qmcvqdq2qCmusHW1vT69V5k86eWbWPSC2Y4aRjWpBCPjHE) * UCC-1s Filings - [QmYrm6qNUDTnBQm3h1Q2oCsunBBLhm1KStKfuW5CQD1jde](https://blocktowercredit.infura-ipfs.io/ipfs/QmYrm6qNUDTnBQm3h1Q2oCsunBBLhm1KStKfuW5CQD1jde) The execution and/or filing of each of these ancillary instruments is a further condition to the first minting of DROP Tokens - see Schedule 2 of the DAI Loan Agreement. We want to thank @christiancdpetersen for his diligence and the rest of the Maker deal team for their work on getting this transaction complete. We’re excited to move forward and to continue adding to our partnership with Maker! Finally, we understand that it’s a busy period for Maker, but should the community value a live conversation regarding this deal, please let us know and we’d be happy to continue engaging in an office hours or AMA type session. Thanks! ------------------------- christiancdpetersen | 2022-12-02 11:43:54 UTC | #2 I wanted to let the Maker community know that I reviewed and commented on each of the BlockTower Credit transaction documents. I worked collaboratively with BlockTower's external counsel and the BlockTower team to ensure that Maker's interests are protected. I can confirm that BlockTower will not be able to mint DROP Tokens until BlockTower satisfies each of the conditions precedent outlined in Schedule 2 of the DAI Loan Agreement and external counsel confirms such satisfaction via delivery of a conditions precedent satisfaction memorandum. @BlockTower ------------------------- BlockTower | 2022-12-02 18:59:40 UTC | #3 Hi @Recognized-Delegates, tagging the group for visibility! ------------------------- Aes | 2022-12-02 22:25:43 UTC | #4 Re-tagging @Recognized-Delegates to make them and MKR holders aware that [given the overwhelming support for onboarding BlockTower Credit with only 0.17% of MKR voters opposing](https://vote.makerdao.com/polling/QmNucsGt#vote-breakdown) these legal documents will be going into the executive spell next week. Special thanks to @christiancdpetersen for working tirelessly to get these out to the community despite repeated delays from the other legal firms working on these documents. ------------------------- ElProgreso | 2022-12-02 23:01:58 UTC | #5 Using Egan-Jones Ratings for rating requirements, eh? :slight_smile: Haven't heard that name since the 2000's RE run-up and subsequent down-draft. In the MPA portion related to the NFT "Eligibility Package", there's a decent amount of metadata that needs to be captured. How is it audited for accuracy since you're capturing a good amount of fields (Invoice #, amount, currency, etc.) ? Is this Intex Solutions the structured finance analytics provider you're referring to here, or a typo: ![image|227x90](upload://3XUxSBk0VmLttLEsNz0Atfmp9BA.png) @christiancdpetersen nitpicking here, but on the MPA--should the "Maker Token" also be define as MKR or irrelevant in a court of law? But more importantly--what is the difference between defining the BUYER on the MPA with a section like "Credit Decision & Information" (acknowledging that the Buyer is a sophisticated Person) versus, just using the section labeled, "Buyer’s Representations and Warranties"? Does anybody know if the “Settlement Report” will be plugged into a dataset dashboard by either Centrifuge, or Data-Insights CU? This ecosystem is desperate for visual proof or reserves/assets, liabilities, or anything that can be kept on-chain... -------------------------