# Loan Statuses

Loans can be in one of five different states depending on where they are in the transaction lifecycle. Below is a description of those states:

<table><thead><tr><th width="166"></th><th></th></tr></thead><tbody><tr><td><strong>Requested</strong></td><td>Loans with open investment windows that are accepting loans but have not yet commenced. Requested Loans represent the next loan cycle and will have an an Indicative Loan Fee Rate. </td></tr><tr><td><strong>Active</strong></td><td>After the investment window closes and the loan is drawn by the Borrower, the Loan becomes Active on the Loan Commencement Date (T=0) and begins accruing Confirmed Loan Fee Rate and Fees. </td></tr><tr><td><strong>Matured</strong></td><td>Loans that have reached their Loan Maturity Date (T=28) but have not yet been settled. This applies to Loans in the Transfer Out Window.</td></tr><tr><td><strong>Settled</strong></td><td>Loans that have matured and all outstanding withdrawal requests for the Loan have been fulfilled. </td></tr><tr><td><strong>Defaulted</strong></td><td>Loans that have experienced a Default Event as defined in the Master Lending Agreement. </td></tr></tbody></table>