Payments for a Set of Notes are fully contingent on the payments of the underlying loans. This means that when a borrower makes a repayment on the loan or the loan is bought back by the lending company, the corresponding part of a Set of Notes is also repaid.

The following example scenario illustrates the flow of funds from Note repayments:

- The investor invests €70 in a Set of Notes that has a total value of €1 000 and is made up of ten €100 underlying loans. Their investment is distributed proportionally in each underlying loan. This means the investment is equivalent to 7% of each underlying loan, and consequently the investor is entitled to receive 7% of the repayments on each loan.
- The borrower of one of the underlying loans makes a payment of €20 in principal and €0.20 in interest.The investor receives 7% of the repayment from the borrower – €1.40 in principal and €0.014 in interest.

Investors can see the payment schedule for all loans underlying a particular Set of Notes on the Set of Notes details page. The payment schedule for a particular underlying loan can be found on the loan details page under *Payment schedule*.