So, in theory a borrower could default in month 32 of a 36-month loan term and investors will receive the full credit for the origination fee.

The interest rates will typically differ by credit grade of the borrower, loan term and possibly more criteria evaluated upon the borrower application.

Second, they quietly agreed to consider extending the three-year repayment period for Greece, which was bailed out in May, to match the more generous loan term for Ireland.