> For the complete documentation index, see [llms.txt](https://t-blocks.gitbook.io/t-blocks-documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://t-blocks.gitbook.io/t-blocks-documentation/instrument-types/revenue-linked-notes.md).

# Revenue-Linked Notes

Revenue-linked notes are instruments whose return is derived from the revenue streams generated by underlying assets held within the SubFund.

**Structure.** The SubFund acquires a contractual right to revenue streams generated by an underlying asset (e.g., hotel revenue, energy production income, toll road income, rental income). The SubFund issues notes to investors. Note returns are linked to the actual revenue generated, subject to defined waterfall provisions.

**Return mechanism.** Revenue-linked notes typically provide variable returns tied to the revenue performance of the underlying asset. A minimum revenue threshold may be established, above which investors participate in revenue upside. Distribution waterfalls are defined in the Specific Management Regulations.

**Security.** Notes are secured by the SubFund's contractual rights to revenue and any additional collateral defined in the transaction documentation.

Typical use cases. Hospitality assets with operating revenue, renewable energy installations with power purchase agreements, infrastructure assets with concession-based income.