Direct-hold framework
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fix(retraction): archive property-ledger-technology and interest-coverage-ratio (Track-B) — both stated specific unverifiable mechanics as fact (private-key custody / F12 commit protocol; a 1.2x covenant threshold) with no citation trail to any source document; archived per the archive-before-delete convention (not hard-deleted); de-linked 40 inbound wikilinks to plain text across both wikis' cross-references; added redirects.yaml entries (both URLs are indexed in the live sitemap) pointing to the parent category page; EN+ES
@@ -19,7 +19,7 @@ paired_with: direct-hold-framework.es.md cites: [] --- The Direct-Hold framework is a legal ownership structure under which each investor holds equity units in a single named direct-hold vehicle rather than a proportional claim on a commingled pool. Each direct-hold structure is constituted as an independent legal and financial unit, so a financial event affecting one cannot propagate to an investor's equity position in another. This article describes the framework's legal structure, the isolation mechanism, [[topic-equity-transfer-model|transfer and liquidity terms]] between investors, the [[topic-fiduciary-data-mandate|fiduciary data obligations]] that protect ledger integrity, and the [[topic-interest-coverage-ratio|interest coverage discipline]] applied per structure. The Direct-Hold framework is a legal ownership structure under which each investor holds equity units in a single named direct-hold vehicle rather than a proportional claim on a commingled pool. Each direct-hold structure is constituted as an independent legal and financial unit, so a financial event affecting one cannot propagate to an investor's equity position in another. This article describes the framework's legal structure, the isolation mechanism, [[topic-equity-transfer-model|transfer and liquidity terms]] between investors, the [[topic-fiduciary-data-mandate|fiduciary data obligations]] that protect ledger integrity, and the interest coverage discipline applied per structure. The framework issues structure-specific equity: each investor holds equity units in a single named direct-hold vehicle, not a share in a commingled fund. @@ -57,7 +57,7 @@ In each direct-hold vehicle, the general partner holds management authority over - [[topic-equity-transfer-model|Equity Transfer Model]] — how ownership interests in Direct-Hold assets change hands - [[topic-fiduciary-data-mandate|Fiduciary Data Mandate]] — data governance requirements for the property ledger - [[topic-interest-coverage-ratio|Interest Coverage Ratio]] — the debt-management constraint applied per asset - Interest Coverage Ratio — the debt-management constraint applied per asset - [[topic-redemption-elimination|Redemption Elimination]] — why no redemption queue exists in this structure ## The bottom line