@import url("https://fonts.googleapis.com/css2?family=Manrope:wght@700&display=swap");
:root{color-scheme:dark;--bg:#000;--ink:#f4f7fc;--muted:#a8bacd;--accent:#afd0ee;--teal:#88c8be;--violet:#b2a3d5;--line:#263747;--frame:1510px;--gutter:64px;--section:48px;--title:clamp(28px,2.5vw,36px)}
*{box-sizing:border-box}html{scroll-behavior:smooth;scroll-padding-top:28px}body{margin:0;background:var(--bg);color:var(--ink);font-family:'Helvetica Neue',Arial,sans-serif}h1,h2,h3,p,figure{margin:0}button,a{-webkit-tap-highlight-color:transparent}a{color:var(--accent);text-underline-offset:5px;text-decoration-thickness:1px}button{font:inherit}a:focus-visible,button:focus-visible,summary:focus-visible{outline:2px solid var(--accent);outline-offset:5px}button:disabled{cursor:default}.frame{max-width:var(--frame);margin:auto;padding-inline:var(--gutter)}.skip-link{position:absolute;left:20px;top:-100px;background:white;color:black;padding:12px;z-index:10}.skip-link:focus{top:12px}
.site-header{display:flex;align-items:center;justify-content:space-between;gap:20px;padding-block:30px 16px}.wordmark{font-size:25px;font-weight:600;letter-spacing:.035em;text-decoration:none;color:white}.site-header nav{display:flex;gap:28px;align-items:center}.site-header nav a{font-size:14px;text-decoration:none;color:var(--muted)}.site-header nav a:hover{color:white}
.market-nav{display:grid;grid-template-columns:repeat(4,minmax(0,1fr));border-block:1px solid var(--line)}.market-nav a{position:relative;padding:14px 12px;text-align:center;font-size:14px;color:var(--muted);text-decoration:none;line-height:1.4}.market-nav a:hover{color:#fff;background:#0b1724}.market-nav a[aria-current=page]{color:var(--ink);background:linear-gradient(180deg,#10223880,transparent)}.market-nav a[aria-current=page]:after{content:'';height:2px;background:var(--accent);position:absolute;bottom:-1px;left:12px;right:12px}
.market-hero{padding-block:36px 30px;background:radial-gradient(ellipse at 76% 5%,#13264180,transparent 75%)}.eyebrow{font-size:13px;line-height:1.5;color:var(--accent);margin-bottom:12px}.market-hero h1{font-size:var(--title);font-weight:300;line-height:1.2;letter-spacing:-.75px;text-wrap:wrap}.hero-lead{font-size:17px;font-weight:300;line-height:1.5;color:#b9cadd;margin-top:14px}.hero-links{display:flex;flex-wrap:wrap;gap:12px 24px;margin-top:16px}.hero-links a{font-size:14px;padding-block:6px}
.challenge{padding-block:24px 0;border-top:1px solid var(--line)}.challenge h2{font-size:24px;font-weight:300;letter-spacing:-.4px;line-height:1.3}.challenge p:last-child{font-size:16px;line-height:1.65;color:var(--muted);margin-top:12px;text-wrap:pretty}.section{margin-top:var(--section)}.section-title{font-size:var(--title);font-weight:300;line-height:1.2;letter-spacing:-.75px;text-wrap:pretty}.section-header{margin-bottom:24px}.mechanism-band{background:linear-gradient(180deg,#071725,#02070e)}
.view-selector{display:flex;gap:8px;padding-block:14px;border-bottom:1px solid #284056;flex-wrap:wrap}.view-selector button{color:var(--muted);border:1px solid transparent;border-radius:6px;background:transparent;padding:9px 12px;font-size:14px;line-height:1.4;text-align:left;cursor:pointer;transition:background .15s,color .15s}.view-selector button:hover{background:#17304a80;color:#fff}.view-selector button[aria-pressed=true]{background:#1b3c59;color:#eef7ff;border-color:#7299b7}.lifecycle .view-selector{display:grid;grid-template-columns:repeat(6,minmax(0,1fr));gap:4px}.lifecycle .view-selector button{padding:10px 12px}.lifecycle .view-selector .exception{border-left:1px solid #53616e;border-radius:0 6px 6px 0;color:#d5bd9b}.lifecycle .view-selector .exception[aria-pressed=true]{border:1px solid #ab8b5d;background:#3d3428}
.mechanism-layout{display:grid;grid-template-columns:minmax(0,420px) minmax(0,1fr);gap:48px;align-items:center;padding-block:20px 28px}.diagram{width:100%;max-width:420px;justify-self:center;min-width:0}.diagram svg{display:block;width:100%;height:auto;overflow:visible}.diagram figcaption{font-size:13px;color:#8fa9bf;line-height:1.5;text-align:center;margin-top:8px}.explanation h3{font-size:24px;font-weight:300;line-height:1.25;letter-spacing:-.4px}.explanation .view-body{margin-top:16px;font-size:16px;line-height:1.65;color:var(--muted);text-wrap:pretty}.continuity{margin-top:18px;padding-top:16px;border-top:1px solid #294156}.continuity dt{font-size:13px;color:var(--teal);margin-bottom:8px}.continuity dd{font-size:16px;line-height:1.6;margin:0;color:#cfdfeb}.par-role{display:flex;gap:16px;align-items:flex-start;margin-top:18px;padding:16px 0 0;border-top:1px solid #294156}.par-role strong{font-size:20px;line-height:1.4;color:#d3eaff}.par-role p{font-size:14px;line-height:1.6;color:var(--muted)}
.examples-grid{display:grid;grid-template-columns:repeat(2,minmax(0,1fr));gap:24px}.example{position:relative;min-width:0;padding:24px 20px;background:radial-gradient(ellipse at 20% 0%,#23466440,transparent 65%),linear-gradient(145deg,#101d2b,#070d15 75%);border:1px solid #314859;border-radius:14px;box-shadow:inset 0 1px 0 #d9efff16;scroll-margin-top:28px}.example h3{font-size:22px;font-weight:300;line-height:1.25;letter-spacing:-.4px}.example figure{margin:16px auto;max-width:300px}.example svg{display:block;width:100%;height:auto;overflow:visible}.example p{font-size:15px;color:var(--muted);line-height:1.65;margin-bottom:20px;text-wrap:pretty}.example>a{display:inline-block;font-size:14px;padding-block:6px}.example-kind{font-size:12px;color:#9dbbd4;margin-bottom:10px;display:block}
.evidence{border-top:1px solid var(--line);border-bottom:1px solid var(--line);margin-top:32px}.evidence summary{display:flex;justify-content:space-between;align-items:center;padding:20px 0;cursor:pointer;list-style:none;color:var(--accent);font-size:14px}.evidence summary::-webkit-details-marker{display:none}.evidence summary:after{content:'+';font-size:22px;font-weight:300}.evidence[open] summary:after{content:'−'}.evidence-body{padding:0 0 24px;display:grid;gap:18px}.evidence-body h3{font-size:16px;font-weight:500;margin-bottom:6px}.evidence-body p{font-size:14px;color:var(--muted);line-height:1.65}.evidence-body a{font-size:14px}.closing{display:flex;justify-content:space-between;align-items:center;gap:24px;padding-bottom:48px} .closing h2{font-size:28px;font-weight:300;letter-spacing:-.75px}.button{display:inline-flex;justify-content:center;align-items:center;min-height:44px;padding:11px 26px;border:1px solid white;border-radius:999px;background:#fff;color:#000;font-size:14px;font-weight:500;text-decoration:none}.button:hover{background:#dceafa}.footer{display:flex;justify-content:space-between;gap:20px;border-top:1px solid var(--line);padding-block:20px 30px;font-size:12px;color:#8198ad}.footer a{text-decoration:none;color:inherit}
.financial-diagram text{font-family:'Helvetica Neue',Arial,sans-serif;fill:#e4eff9;font-size:20px;font-weight:400}.financial-diagram .small{font-size:17px;fill:#abc3d8}.financial-diagram .tiny{font-size:15px;fill:#9ab5cb}.financial-diagram .caption{font-size:18px;fill:#aecde6}.financial-diagram .brand{font-size:26px;font-weight:600;letter-spacing:.5px}.financial-diagram .blue{fill:#afd0ee}.financial-diagram .teal{fill:#88c8be}.financial-diagram .violet{fill:#b2a3d5}.financial-diagram .amber{fill:#dfc69e}.financial-diagram .line{fill:none;stroke:#6187a5;stroke-width:1.5;stroke-linejoin:round}.financial-diagram .fine{fill:none;stroke:#426078;stroke-width:1}.financial-diagram .dash{stroke-dasharray:4 6}.financial-diagram .active-line{fill:none;stroke:#aad7f8;stroke-width:2;stroke-linecap:round}.financial-diagram .pay-line{fill:none;stroke:#88c8be;stroke-width:2}.financial-diagram .asset-title{font-size:23px}.financial-diagram .mini-title{font-size:18px}.financial-diagram .mini-small{font-size:15px;fill:#aac0d3}.financial-diagram .muted-part{opacity:.4}

@media(max-width:1150px){:root{--gutter:32px;--section:48px}.mechanism-layout{grid-template-columns:minmax(0,380px) minmax(0,1fr);gap:32px}.lifecycle .view-selector{grid-template-columns:repeat(3,minmax(0,1fr))}.market-hero{padding-top:32px}.market-nav a{padding-inline:8px}.example{padding:22px}}
@media(max-width:760px){.mechanism-layout{grid-template-columns:1fr;gap:28px;padding-block:20px 32px}.diagram{max-width:420px}.explanation h3{font-size:24px}.site-header nav{gap:16px}.site-header nav a{font-size:13px}.examples-grid{gap:16px}.example{padding:20px}.example h3{font-size:22px}}
@media(max-width:680px){:root{--gutter:20px;--section:36px}.site-header{align-items:flex-start;padding-block:22px 20px}.site-header nav{flex-wrap:wrap;justify-content:flex-end;gap:8px 14px}.market-nav{grid-template-columns:repeat(2,minmax(0,1fr))}.market-nav a{font-size:13px;padding:14px 8px}.market-nav a:nth-child(-n+2){border-bottom:1px solid var(--line)}.market-hero{padding-block:28px 24px}.hero-lead{font-size:16px}.hero-links{gap:8px 22px;margin-top:20px}.challenge{padding-top:26px}.challenge h2{font-size:23px}.section-title{font-size:28px}.lifecycle .view-selector{grid-template-columns:repeat(2,minmax(0,1fr));gap:6px}.view-selector button{padding:10px 12px;font-size:13px}.lifecycle .view-selector .exception{border-left:0;border-top:1px solid #53616e;border-radius:6px}.examples-grid{grid-template-columns:1fr}.example figure{max-width:300px}.explanation .view-body{margin-top:12px}.continuity,.par-role{margin-top:18px;padding-top:16px}.footer{flex-direction:column;gap:10px}.closing{padding-bottom:32px}.diagram .financial-diagram text{font-size:22px}.diagram .financial-diagram .small,.diagram .financial-diagram .tiny,.diagram .financial-diagram .caption{font-size:20px}.diagram .financial-diagram .brand{font-size:28px}.diagram .financial-diagram .asset-title{font-size:24px}.mechanism-layout{gap:20px}}
@media(prefers-reduced-motion:reduce){html{scroll-behavior:auto}*,*:before,*:after{transition:none!important;animation:none!important}}

/* Match the verified par.network navigation wordmark. */
header .wordmark{font-family:Manrope,-apple-system,Arial,sans-serif;font-size:24px;font-weight:700;letter-spacing:.48px;line-height:1.4;color:#fff;white-space:nowrap}header .wordmark-accent{color:#4f96f6}