Building the schedule from the documents you have

An advance-rate schedule is a table of categories and percentages. Track 8 lesson 2 treated it as a governed document: versioned, dated, applied to every borrower at once. Your statement is not that table. Your statement is a list of holdings. Building the operative schedule means matching each holding to a row of the table.

Three documents do the matching. The credit agreement, or a schedule attached to it, names the categories — single-name common, preferred, collective, short government, ineligible. The statement names the holdings and their market values. A classification note, sometimes a one-line code beside each position, says which category the institution assigned. Where the note is missing, the category is inferred from the description, and the inference is part of the reconstruction.

On the March book the match is visible once you put the five descriptions against five categories. Meridian Industrial common sits in single-name common at 50 percent. Calder Growth common sits in a lower single-name row at 35 percent. The broad-market equity collective sits in a diversified-equity row at 70 percent. Oakridge Utility preferred sits in preferred at 55 percent. The short-duration government fund sits at the top of the fixed-income block at 85 percent.

The constructed table is what you then multiply through. It is also what you keep, because next month's statement will change the market values and may not change the categories. A category change is a reclassification, which lesson 14 treats as its own event. Until that happens, the schedule you built this month is the schedule you reuse.

If you cannot point to the document that assigned 35 percent to Calder, you do not yet have a schedule. You have a guess that happens to reuse last month's number.