Domain-Driven Design: Tackling Complexity in the Heart of Software

Facility
shares, resulting in a $50MM 
Loan
divided among the lenders.
Then, in Figure 8.4, the borrower draws an additional $30MM, bringing his outstanding 
Loan
to
$80MM, still under the $100MM limit of the 
Facility
. This time, Company B chooses not to
participate, letting Company A take an extra share. The shares of the draw-down reflect these
investment choices. When the drawdown amounts are added to the 
Loan
, the shares of the 
Loan
are no longer proportional to the shares of the 
Facility
. This is common.
Figure 8.4. Lender B opts out of a second drawdown.

---

Figure 8.5. Principal payments are always distributed proportional to
shares in the outstanding Loan.
When the borrower pays down the 
Loan
, the money is divided among the lenders according to the
shares of the 
Loan
, not the 
Facility
. Likewise, interest payments will be divided according to the
Loan
shares.
Figure 8.6. Fee payments are always distributed proportionally to
shares in the Facility.
On the other hand, when the borrower pays a fee for the privilege of having the 
Facility
available,
this money is divided according to the 
Facility
shares, regardless of who actually has lent money.
The 
Loan
is unchanged by fee payments. There are even scenarios in which lenders trade shares
of fees separately from their shares of interest, and so on.
A Deeper Model
We had two deep insights. First was the realization that our "Investments" and "Loan
Investments" were just two special cases of a general and fundamental concept: shares. Shares of
a facility, shares of a loan, shares of a 
payment distribution
. Shares, shares everywhere. Shares of
any divisible value.
A few tumultuous days later I had sketched a model of shares, drawing on the language used in
the discussions with experts and the scenarios we had explored together.

---