{
  "_readme": "Pinned vectors for the funding waterfall (docs/funding.md § The waterfall). Amounts are integer cents. These are the spec, not snapshots: if tools/waterfall.mjs disagrees, fix the implementation (or version the algorithm), never the vector. Run: node test/waterfall.test.mjs",
  "vectors": [
    {
      "name": "doc worked example — €40k revenue quarter over Series 1",
      "ledger": {
        "series": [{ "id": "S1", "closedAt": "2026-09-30", "capMultiple": 2, "seasoningMonths": 24 }],
        "notes": [
          { "id": "S1-001", "series": "S1", "principal": 20000000, "remainingCap": 40000000 },
          { "id": "S1-002", "series": "S1", "principal": 10000000, "remainingCap": 20000000 }
        ],
        "quarters": [
          { "id": "2028-Q2", "floorMet": true },
          { "id": "2028-Q3", "floorMet": true }
        ]
      },
      "quarter": { "id": "2028-Q4", "asOf": "2028-12-31", "revenue": 4000000, "costs": 2800000, "reserveTopUp": 400000, "floorMet": true },
      "expected": {
        "distributable": 800000,
        "distributed": true,
        "investorPool": 480000,
        "teamPool": 200000,
        "commonsPool": 120000,
        "payments": [
          { "note": "S1-001", "amount": 320000 },
          { "note": "S1-002", "amount": 160000 }
        ],
        "retained": 0,
        "residue": 0,
        "extinguished": [],
        "notes": [
          { "id": "S1-001", "remainingCap": 39680000 },
          { "id": "S1-002", "remainingCap": 19840000 }
        ]
      }
    },
    {
      "name": "negative surplus distributes nothing",
      "ledger": {
        "series": [{ "id": "S1", "closedAt": "2026-09-30", "capMultiple": 2, "seasoningMonths": 24 }],
        "notes": [{ "id": "S1-001", "series": "S1", "principal": 20000000, "remainingCap": 40000000 }],
        "quarters": [
          { "id": "2028-Q2", "floorMet": true },
          { "id": "2028-Q3", "floorMet": true }
        ]
      },
      "quarter": { "id": "2028-Q4", "asOf": "2028-12-31", "revenue": 1000000, "costs": 2800000, "reserveTopUp": 0, "floorMet": false },
      "expected": {
        "distributable": -1800000,
        "distributed": false,
        "investorPool": 0,
        "teamPool": 0,
        "commonsPool": 0,
        "payments": [],
        "retained": 0,
        "residue": 0,
        "extinguished": [],
        "notes": [{ "id": "S1-001", "remainingCap": 40000000 }]
      }
    },
    {
      "name": "zero surplus distributes nothing",
      "ledger": {
        "series": [{ "id": "S1", "closedAt": "2026-09-30", "capMultiple": 2, "seasoningMonths": 24 }],
        "notes": [{ "id": "S1-001", "series": "S1", "principal": 20000000, "remainingCap": 40000000 }],
        "quarters": [
          { "id": "2028-Q2", "floorMet": true },
          { "id": "2028-Q3", "floorMet": true }
        ]
      },
      "quarter": { "id": "2028-Q4", "asOf": "2028-12-31", "revenue": 2800000, "costs": 2800000, "reserveTopUp": 0, "floorMet": true },
      "expected": {
        "distributable": 0,
        "distributed": false,
        "payments": [],
        "retained": 0,
        "residue": 0
      }
    },
    {
      "name": "rounding cents land with the commons",
      "ledger": {
        "series": [{ "id": "S1", "closedAt": "2026-09-30", "capMultiple": 2, "seasoningMonths": 24 }],
        "notes": [{ "id": "S1-001", "series": "S1", "principal": 20000000, "remainingCap": 40000000 }],
        "quarters": [
          { "id": "2028-Q2", "floorMet": true },
          { "id": "2028-Q3", "floorMet": true }
        ]
      },
      "quarter": { "id": "2028-Q4", "asOf": "2028-12-31", "revenue": 10001, "costs": 0, "reserveTopUp": 0, "floorMet": true },
      "expected": {
        "distributable": 10001,
        "distributed": true,
        "investorPool": 6000,
        "teamPool": 2500,
        "commonsPool": 1501,
        "payments": [{ "note": "S1-001", "amount": 6000 }],
        "retained": 0,
        "residue": 0
      }
    },
    {
      "name": "remainder cents are deterministic — largest remainder, then note id",
      "ledger": {
        "series": [{ "id": "S1", "closedAt": "2026-09-30", "capMultiple": 2, "seasoningMonths": 24 }],
        "notes": [
          { "id": "n-a", "series": "S1", "principal": 500, "remainingCap": 1000 },
          { "id": "n-b", "series": "S1", "principal": 500, "remainingCap": 1000 },
          { "id": "n-c", "series": "S1", "principal": 500, "remainingCap": 1000 }
        ],
        "quarters": [
          { "id": "2028-Q2", "floorMet": true },
          { "id": "2028-Q3", "floorMet": true }
        ]
      },
      "quarter": { "id": "2028-Q4", "asOf": "2028-12-31", "revenue": 167, "costs": 0, "reserveTopUp": 0, "floorMet": true },
      "expected": {
        "distributable": 167,
        "distributed": true,
        "investorPool": 100,
        "teamPool": 41,
        "commonsPool": 26,
        "payments": [
          { "note": "n-a", "amount": 34 },
          { "note": "n-b", "amount": 33 },
          { "note": "n-c", "amount": 33 }
        ],
        "retained": 0,
        "residue": 0,
        "notes": [
          { "id": "n-a", "remainingCap": 966 },
          { "id": "n-b", "remainingCap": 967 },
          { "id": "n-c", "remainingCap": 967 }
        ]
      }
    },
    {
      "name": "unseasoned series is excluded from the pro-rata",
      "ledger": {
        "series": [
          { "id": "S1", "closedAt": "2026-09-30", "capMultiple": 2, "seasoningMonths": 24 },
          { "id": "S2", "closedAt": "2028-06-30", "capMultiple": 2, "seasoningMonths": 24 }
        ],
        "notes": [
          { "id": "S1-001", "series": "S1", "principal": 20000000, "remainingCap": 40000000 },
          { "id": "S2-001", "series": "S2", "principal": 10000000, "remainingCap": 20000000 }
        ],
        "quarters": [
          { "id": "2028-Q2", "floorMet": true },
          { "id": "2028-Q3", "floorMet": true }
        ]
      },
      "quarter": { "id": "2028-Q4", "asOf": "2028-12-31", "revenue": 4000000, "costs": 2800000, "reserveTopUp": 400000, "floorMet": true },
      "expected": {
        "distributed": true,
        "investorPool": 480000,
        "payments": [{ "note": "S1-001", "amount": 480000 }],
        "retained": 0,
        "notes": [
          { "id": "S1-001", "remainingCap": 39520000 },
          { "id": "S2-001", "remainingCap": 20000000 }
        ]
      }
    },
    {
      "name": "no seasoned notes — investor pool retained, team and commons still flow",
      "ledger": {
        "series": [{ "id": "S2", "closedAt": "2028-06-30", "capMultiple": 2, "seasoningMonths": 24 }],
        "notes": [{ "id": "S2-001", "series": "S2", "principal": 10000000, "remainingCap": 20000000 }],
        "quarters": [
          { "id": "2028-Q2", "floorMet": true },
          { "id": "2028-Q3", "floorMet": true }
        ]
      },
      "quarter": { "id": "2028-Q4", "asOf": "2028-12-31", "revenue": 4000000, "costs": 2800000, "reserveTopUp": 400000, "floorMet": true },
      "expected": {
        "distributed": true,
        "investorPool": 480000,
        "teamPool": 200000,
        "commonsPool": 120000,
        "payments": [],
        "retained": 480000,
        "notes": [{ "id": "S2-001", "remainingCap": 20000000 }]
      }
    },
    {
      "name": "a broken floor streak gates seasoning even when the calendar has passed",
      "ledger": {
        "series": [{ "id": "S1", "closedAt": "2026-09-30", "capMultiple": 2, "seasoningMonths": 24 }],
        "notes": [{ "id": "S1-001", "series": "S1", "principal": 20000000, "remainingCap": 40000000 }],
        "quarters": [
          { "id": "2028-Q2", "floorMet": true },
          { "id": "2028-Q3", "floorMet": false }
        ]
      },
      "quarter": { "id": "2028-Q4", "asOf": "2028-12-31", "revenue": 4000000, "costs": 2800000, "reserveTopUp": 400000, "floorMet": true },
      "expected": {
        "distributed": true,
        "investorPool": 480000,
        "payments": [],
        "retained": 480000
      }
    },
    {
      "name": "pool beyond every cap — notes fill, extinguish, and the excess is residue",
      "ledger": {
        "series": [{ "id": "S1", "closedAt": "2026-09-30", "capMultiple": 2, "seasoningMonths": 24 }],
        "notes": [
          { "id": "S1-001", "series": "S1", "principal": 100000, "remainingCap": 200000 },
          { "id": "S1-002", "series": "S1", "principal": 50000, "remainingCap": 100000 }
        ],
        "quarters": [
          { "id": "2028-Q2", "floorMet": true },
          { "id": "2028-Q3", "floorMet": true }
        ]
      },
      "quarter": { "id": "2028-Q4", "asOf": "2028-12-31", "revenue": 4000000, "costs": 2800000, "reserveTopUp": 400000, "floorMet": true },
      "expected": {
        "distributed": true,
        "investorPool": 480000,
        "payments": [
          { "note": "S1-001", "amount": 200000 },
          { "note": "S1-002", "amount": 100000 }
        ],
        "retained": 0,
        "residue": 180000,
        "extinguished": ["S1-001", "S1-002"],
        "notes": [
          { "id": "S1-001", "remainingCap": 0 },
          { "id": "S1-002", "remainingCap": 0 }
        ]
      }
    },
    {
      "name": "seasoning boundary — one day short of 24 months is unseasoned",
      "ledger": {
        "series": [{ "id": "S1", "closedAt": "2026-09-30", "capMultiple": 2, "seasoningMonths": 24 }],
        "notes": [{ "id": "S1-001", "series": "S1", "principal": 20000000, "remainingCap": 40000000 }],
        "quarters": [
          { "id": "2028-Q1", "floorMet": true },
          { "id": "2028-Q2", "floorMet": true }
        ]
      },
      "quarter": { "id": "2028-Q3", "asOf": "2028-09-29", "revenue": 4000000, "costs": 2800000, "reserveTopUp": 400000, "floorMet": true },
      "expected": {
        "distributed": true,
        "payments": [],
        "retained": 480000
      }
    },
    {
      "name": "seasoning boundary — exactly 24 months is seasoned",
      "ledger": {
        "series": [{ "id": "S1", "closedAt": "2026-09-30", "capMultiple": 2, "seasoningMonths": 24 }],
        "notes": [{ "id": "S1-001", "series": "S1", "principal": 20000000, "remainingCap": 40000000 }],
        "quarters": [
          { "id": "2028-Q1", "floorMet": true },
          { "id": "2028-Q2", "floorMet": true }
        ]
      },
      "quarter": { "id": "2028-Q3", "asOf": "2028-09-30", "revenue": 4000000, "costs": 2800000, "reserveTopUp": 400000, "floorMet": true },
      "expected": {
        "distributed": true,
        "payments": [{ "note": "S1-001", "amount": 480000 }],
        "retained": 0
      }
    }
  ]
}