"A merchant processing 30K on average a month under our Equity program will receive a contract for 76,000 and will receive 8 disbursements of 9,500."

So in this example, you account for this specific merchant example doing a projected $360,000 in future cc sale business over 12 months and are willing to advance them $76,000 of that $360,000, or, roughly 21% of the annual projected cc sale volume through increments every 6.5 weeks. What about the ISO who is only getting commissions on 9,500 and you mentioned "as long as they do not default" does that mean the ISO could only get commission on 9500 and if the merchant defaults they do not get it on the other disbursements? Is default defined as a slow pay or a material breach of contract?