Senior debt capacity drops after founder note conversion because lenders reprice risk upward when the subordinate loss-absorbing buffer disappears.
Six fields, each writing its own terms
The terms are written where they belong. Each field holds three desks, and every entry a desk writes raises the terms it uses, each term given a meaning, a mechanism and the places it appears. The record on these pages stays first person and hand made; the fields grow the nomenclature.
