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Update impairment logic #496

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12 changes: 3 additions & 9 deletions XLS-0066-lending-protocol/README.md
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Expand Up @@ -1250,8 +1250,9 @@ This transaction uses the standard transaction fee.
4. `Loan.Flags` has neither `lsfLoanImpaired` nor `lsfLoanDefault` set and `tfLoanUnimpair` flag is specified (cannot unimpair an unimpaired loan). (`tecNO_PERMISSION`)
5. `Loan.PaymentRemaining == 0` (fully paid loan cannot be modified). (`tecNO_PERMISSION`)
6. `tfLoanDefault` flag is specified and `Loan.NextPaymentDueDate + Loan.GracePeriod` has not yet passed. (`tecTOO_SOON`)
7. The submitter is not the `LoanBroker.Owner`. (`tecNO_PERMISSION`)
8. `tfLoanImpair` flag is specified and `Vault.LossUnrealized + (Loan.TotalValueOutstanding - Loan.ManagementFeeOutstanding) > Vault.AssetsTotal - Vault.AssetsAvailable` (impairment would exceed vault's unavailable assets). (`tecLIMIT_EXCEEDED`)
7. `tfLoanImpair` flag is specified and `currentTime <= Loan.NextPaymentDueDate` (can only impair a loan whose payment is already overdue). (`tecTOO_SOON`)
8. The submitter is not the `LoanBroker.Owner`. (`tecNO_PERMISSION`)
9. `tfLoanImpair` flag is specified and `Vault.LossUnrealized + (Loan.TotalValueOutstanding - Loan.ManagementFeeOutstanding) > Vault.AssetsTotal - Vault.AssetsAvailable` (impairment would exceed vault's unavailable assets). (`tecLIMIT_EXCEEDED`)

#### 3.10.5 State Changes

Expand Down Expand Up @@ -1291,19 +1292,12 @@ This transaction uses the standard transaction fee.
- Increase `Vault.LossUnrealized` by `LossUnrealized`.
- Update `Loan` object:
- Set `lsfLoanImpaired` flag.
- If `Loan.NextPaymentDueDate` has not yet passed:
- Set `Loan.NextPaymentDueDate = currentTime`.
3. If the `tfLoanUnimpair` flag is specified:
- Compute `LossReversed = Loan.TotalValueOutstanding - Loan.ManagementFeeOutstanding`.
- Update `Vault` object:
- Decrease `Vault.LossUnrealized` by `LossReversed`.
- Update `Loan` object:
- Clear `lsfLoanImpaired` flag.
- Compute `NormalDueDate = max(Loan.PreviousPaymentDueDate, Loan.StartDate) + Loan.PaymentInterval`.
- If `NormalDueDate` has not yet passed:
- Set `Loan.NextPaymentDueDate = NormalDueDate`.
- Otherwise:
- Set `Loan.NextPaymentDueDate = currentTime + Loan.PaymentInterval`.

#### 3.10.6 Invariants

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