Similar to other issuers, we have seen an uptick of redemptions over the last few months caused by volatility in the broader market. This has no direct impact on the performance of the pool and its underlying assets.
We encourage the community to reach out to us directly with any questions.
You can find it in the Insolvency section of the executive summary, also see below for easier reading:
If payments are not paid within 7 days of the due date, a system notification is sent to the Harbor
operations team to manage collection. Contact is made to Obligor for collection. If Obligor is
unable to pay the full outstanding balances, a formal payment schedule is implemented and
documented.
If payment schedule and workout is unsuccessful, Harbor initiates formal collection procedures
and exercises legal action. Depending on the size of the claim, the debt can be sold at a discount
of its face value. 30 days past the due date, Harbor considers the Obligor in default and the asset
is written down. Expected recovery rate is 20% for both declared and undeclared insolvency.
Formal Bankruptcy is a declared insolvency. As an unsecured creditor, the recovery of
outstanding balances is dependent on credit ranking and the receiver process (jurisdiction
specific).
Additionally, the way that Tinlake pools are set up, most investors are Drop holders so they are protected by the Junior tranche which takes the first loss of any default. The only time a Drop holder would be impacted is if the value of the Tin tranche is not enough to cover all of the default amount. Also, as incentive to issuers not to choose bad borrowers we require them to “put their money where their mouth is” for lack of a better phrase and fund a portion of the Tin tranche themselves.
Thank you for your monthly and regular updates 
!