> ## Documentation Index
> Fetch the complete documentation index at: https://docs.iris.credit/llms.txt
> Use this file to discover all available pages before exploring further.

# Glossary

> The terms used across the borrower documentation.

## Borrowing

**Intent.** The loan you ask for: collateral asset and amount, borrow asset and amount, duration, the highest rate you will accept, and which venues you allow.

**Quote.** A solver's signed answer to your intent. It carries the fixed rate, the duration, the overdue rate and grace period, and the venue the loan starts on. A quote lasts about two minutes.

**Settlement.** The transaction that turns a quote into a live loan. It either completes in full or fails, so a loan is never left half open.

**Pod.** The account that holds one loan. Settlement opens a new pod for that loan alone, and your collateral, your debt and the solver's bond all live in it. One borrower with three loans has three pods. The app shows a **Pod ID** on each position.

**Isolated position.** Because every loan has its own pod, loans cannot reach into each other. Your collateral is not pooled with other borrowers', and a loan in trouble somewhere else cannot touch yours.

## Rates and dates

**Fixed rate.** The annual rate you pay for the term. It is agreed for the whole term, so repaying early does not reduce the interest you owe.

**Maturity.** When the term ends. Your duration sets it at settlement.

**Overdue rate.** An extra annual rate added on top of your fixed rate if the loan is still open past maturity.

**Grace period.** The window after maturity before anyone can liquidate the loan. Each quote sets its own, and it is often much shorter than the protocol's 30-day cap. A one-day grace period on a seven-day loan is normal.

## The people and places

**Solver.** The counterparty that quotes your fixed rate and runs the floating-rate position behind it. It posts a bond to stand behind the terms it quoted.

**Venue.** The lending protocol where the real collateralized borrow lives. See [Supported markets](/home/user-guide/supported-markets).

**Refinance.** A solver moving your position to another venue you allowed. Your fixed rate does not change.

## When things go wrong

**Health factor.** Your collateral measured against your debt. Below 1.0 the venue can liquidate you.

**Venue liquidation.** The venue takes part of your collateral because your health factor fell too far. Your loan gets smaller and your fixed rate continues. See [Venue liquidations](/home/user-guide/liquidations).

**Bond.** The capital a solver posts against your loan. It absorbs the gap between your fixed rate and what the venue actually charges.

**Solver liquidation.** The bond is drawn down far enough to be liquidated. Your loan falls back to the venue's floating rate. Your collateral is not touched. See [What backs your fixed rate](/home/user-guide/solver-backing).

**Fallback.** The state a loan is in after a solver liquidation: still on the venue, no longer fixed rate.