> ## Documentation Index
> Fetch the complete documentation index at: https://whalescorp.mintlify.site/llms.txt
> Use this file to discover all available pages before exploring further.

# Distribution Model Glossary

| Term | Definition |
| :- | :- |
| **Issuer** | The offshore company that creates and owns the cheque batches |
| **Instance** | Platform tenant operated by the Issuer's business team |
| **Merchant** | Distributor / agent who sells cheques to end customers |
| **Agent commission** | Upfront markup retained by merchant from end customer payment |
| **Rebate** | Post-settlement payment from Issuer to merchant, based <br />on settled volume |
| **Settlement Statement** | Document from Issuer to merchant: amount owed <br />for activated cheques in the period |
| **Agent's Report** | Document from merchant to Issuer: summary of sales and remittance |
| **Rebate Notice** | Document from Issuer to merchant: rebate amount for the period |
| **Platform Invoice** | Document from platform operator to instance operator: <br />infrastructure fees |
| **Face value** | The USDC denomination of the cheque — the "price" of the product |
| **Settlement currency** | The fiat or crypto currency in which the merchant remits to the Issuer |
| **FX rate lock** | Exchange rate fixed at statement issuance, not at payment |
| **Contingent liability** | Merchant's obligation for shipped but not yet activated cheques |


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