Token Approval
Understanding the token approval process in credit facilities
Overview
This guide explains the token approval process in the credit facility module. After the facility agent approves the funding notice and tokens are generated, the borrower approves the tokens. This approval enables the facility agent to e-sign for each lender.
Who Approves Tokens
The Borrower is responsible for token approval.
When Token Approval Happens
Token approval occurs after:
1. Funding request is approved by the facility agent
2. Funding notice is auto-generated
3. Facility agent approves the funding notice
4. Tokens are generated
Token Approval Flow
Step-by-Step Process
Step 1: FA Approves Funding Notice
1. Facility agent reviews the funding notice
2. Facility agent clicks Approve
3. Tokens are generated
Step 2: Borrower Approves Token
1. Borrower Accesses Funding Notice
• Navigate to Credit Facility
• Find the funding notice with generated tokens
2. Borrower Clicks Approve
• Review the token details
• Enter Wallet Private Key and click Approve to approve the token
3. Approval Recorded
• Token approval is recorded
• FA can now proceed with e-signing
Step 3: FA E-Signs for Each Lender
1. Action shows E-sign (0/n) where n = number of lenders
2. FA clicks E-sign for each lender via Adobe Sign
3. Count progresses: (0/n) → (1/n) → (n/n)
4. Each lender sees the funding notice after their e-sign
Step 4: Lenders Act
1. Lenders see the funding notice
2. Lenders review and transfer funds
3. Lenders click Confirm and Settle
4. Tokens are transferred to the borrower
Token Approval Status
Status | Meaning |
Tokens Generated | Awaiting borrower token approval |
Token Approved | Borrower has approved, FA can e-sign |
Key Points
Borrower Action - The borrower must approve tokens after they are generated.
Before FA E-Sign - Token approval must complete before the FA can e-sign for lenders.
Enables E-Sign Process - Token approval enables the facility agent to proceed with e-signatures.
Sequential Process - FA Approve → Token Generated → Borrower Approve → FA E-Sign
What Happens Next
After Token Approval:
• FA can e-sign for each lender
• Each lender sees the funding notice after their e-sign
• Lenders review and transfer funds
• Lenders click Confirm and Settle
• Tokens transferred to borrower
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