Extensions

Purpose
The Extensions.sol contract handles the logic necessary to request and vote on extensions. During the course of a loan, the borrower has the opportunity to for a single extension of the instalment deadline. Lenders in favour of the extension are required to vote in support for it, wherein their voting power is proportional to their balance of the pool tokens. While only one extension can be granted, the borrower can place a request multiple times during the loan period (of course, once an extension has been granted, further requests are rejected automatically).
Extensions for a given period need to be requested before the grace period of the interval in question ends. Lenders are also required to cast their vote before that deadline - thus, borrowers are expected to plan in advance if they wish to receive an extension. 
Extensions can be requested by borrower in case they are unable to pay the interest for a period. If approved, borrower can skip the repayment for the period and repay it together with the next installment repayment. Only one extension can be availed in the lifecycle of a pool. Even if extension is rejected, as long as extension wasn't previously granted for pool, extension can be requested again.
Roles
Borrower
Assignment
by pool creation
Permissions
can place extension requests
Lender
Assignment
Having possession of the pool's tokens
Permissions
can vote on extensions
Functionality
Requesting an extension
Function
function requestExtension(address _pool) 
    external onlyBorrower(_pool) {
Approvals
None
Restrictions
an extension request must not be currently active (require(block.timestamp > _extensionVoteEndTime,)
extension must not have been granted before (require(extensions[_pool].periodWhenExtensionIsPassed == 0, )
msg.sender should be the borrower
Arguments
_pool: address of the pool for which extension is being requested
Vote on extension requests
Lenders of a particular pool vote on any extension requests by the borrower. Whether a user is a valid lender or not is checked by their balance of the relevant pool tokens. Votes are made only in support of the extension request - those who are against it are not required to vote.
Function
function voteOnExtension(address _pool) external {
Approvals
None
Restrictions
Voting period should be active
msg.sender must have pool token balance
msg.sender should not have voted for the current request before
Arguments
_pool: address of the pool for which msg.sender is voting
Granting extensions
This function is called internally by the voteOnExtension() function if the threshold for passing the extension request is reached.
Function
function grantExtension(address _pool) internal {
Approvals
None
Restrictions
Internal function, can only be called by voteOnExtension()
Arguments
_pool: address of the pool that is being granted an extension
Borrower can request for extension using
function requestExtension(address pool)
msg.sender: Borrower of the pool
pool: Pool address
Note: Extension can only be availed once in the lifecycle of a pool.
Last modified 1yr ago