# Security (Collateral) Structuring, Covenants & Undertakings

All lending via Kasu flows to the Credit Originator of the Lending Strategy chosen to originate and manage loans to End Borrowers, which comprise creditworthy 'real-world' businesses. These business loans are underpinned by real-world cash flows and security structuring. Credit Originators originate Business Lending Opportunities according to their own credit due diligence policies and manage all loan servicing, credit risk, covenant reporting, repayments, recovery action, exercising their security (collateral) position etc. 

This is all disclosed within the Overview and Details tabs of each Lending Strategy, including a full detailed overview in the Strategy Decks provided, which can be downloaded via the Overview tab. Credit Originators may take security (collateral) over End Borrowers as a means of recovering funds (if possible) in the event of losses. They may also use a Tranching structure to set ranking priority claims to the recovery of funds (if any) in the event of losses. 

Apxium - Kasu's technology partner and launch Credit Originator - currently offers three Lending Strategies with the following credit frameworks and security structuring.

### Lending Strategy 1: Professional Fee Funding <a href="#professional-fee-funding" id="professional-fee-funding"></a>

<figure><img src="https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FllKWEtbGmyFJ1m1lKSJv%2Fuploads%2FoST80HspB8euBUU60KK9%2Fimage.png?alt=media&#x26;token=aa5f4209-88cf-40ac-9ab7-4bbf3d499a79" alt=""><figcaption></figcaption></figure>

### Lending Strategy 2: Whole Ledger Funding <a href="#whole-ledger-funding" id="whole-ledger-funding"></a>

<figure><img src="https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FllKWEtbGmyFJ1m1lKSJv%2Fuploads%2FWmRW3x9buH6fzlgU0Bv8%2Fimage.png?alt=media&#x26;token=cb31468f-8b7c-4f69-a084-555bc2973090" alt=""><figcaption></figcaption></figure>

### Lending Strategy 3: Taxation Funding <a href="#taxation-funding" id="taxation-funding"></a>

<figure><img src="https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FllKWEtbGmyFJ1m1lKSJv%2Fuploads%2FYnIobcVfn533Hn28j1M3%2Fimage.png?alt=media&#x26;token=df72cee9-fffc-4bcb-abe0-7030e18022a8" alt=""><figcaption></figcaption></figure>

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