Diagnostics

Every problem CFDL reports carries a stable code, a severity, and a source span. The code is the part worth knowing: it does not change when the message is reworded, so it is what to search for and what to cite.

error[E2108_SCHEDULE_FINER_THAN_CALENDAR]: Stream 'co.rent' pays every week but the model's calendar is monthly. Occurrences inside one period share that period's environment and cannot be told apart, so an amount that varies over time would be computed once and multiplied. Use an interval of monthly or longer, or declare a finer calendar.
  --> model.cfdl:11:12

A hint, when the diagnostic carries one, follows as = hint:.

Severity

error stops compilation or the run — nothing is produced. warning lets the work finish but flags something that is probably not intended; benchmark runs treat any warning as a failure, so a model that warns is a model to look at. info is advisory.

Reading a code

The number encodes where in the pipeline the problem was found, which usually tells you what kind of thing is wrong:

Range	Raised by	Typically means
`E0xxx`	lexer and parser	a syntax error — a missing brace, an unterminated string
`E11xx`–`E13xx`	resolver	structure and names — a duplicate declaration, a reference to something not declared
`E2xxx`	validation	a declaration that parses but cannot mean anything, such as a schedule finer than the calendar
`E3xxx`	expressions	typing and evaluation
`E4xxx`	pack loading	a pack that could not be read or accepted
`E5xxx`	lowering	the compiler could not turn a valid model into IR
`E6xxx`–`E9xxx`	pack validations	a domain rule a pack declares, such as a missing lease term
`Wxxxx`	any stage	a warning: the model compiles and runs, and something in it is likely not what was meant, such as a series read past its last point
`Ixxxx`	any stage	information, which asks for no change

A pack owns its own range, so a domain rule can be added without colliding with the language's codes.

The register

Every code CFDL can emit. This table is generated from the specification's register, so it cannot fall behind the language.

Code	Family	Meaning
`E0001_UNEXPECTED_TOKEN`	Parse errors	the parser met a token it cannot use here.
`E0002_UNTERMINATED_STRING`	Parse errors	a string literal opens and never closes.
`E0003_UNTERMINATED_BLOCK_COMMENT`	Parse errors	a `/*` block comment opens and never closes.
`E0004_EXPECTED_TOKEN`	Parse errors	something specific was required at this position and is missing. The message names what.
`E0005_INVALID_DATE_LITERAL`	Parse errors	a date is not a real calendar date, or not in `YYYY-MM` or `YYYY-MM-DD` form.
`E1201_IMPORT_CYCLE`	Module/import	two files import each other, directly or through a chain.
`E1202_IMPORT_NOT_FOUND`	Module/import	an imported file does not exist at that path, or the model root has no `model.cfdl`. The root is the folder that contains `model.cfdl`; the CLI takes that folder, or the file itself, which names its folder.
`E1203_IMPORT_OUTSIDE_MODEL_ROOT`	Module/import	an import reaches outside the model's directory. A model is self-contained, so it can be moved or shared without carrying hidden dependencies.
`E1101_MISSING_VERSION`	Global structure	no `version` declaration. It states which language version the model is written against.
`E1102_MISSING_MODEL`	Global structure	no `model` declaration, so the model has no name.
`E1103_MISSING_TIME`	Global structure	no `time` declaration. Without a timeline there is no grid to evaluate amounts on.
`E1104_MULTIPLE_VERSION`	Global structure	`version` is declared more than once.
`E1105_MULTIPLE_MODEL`	Global structure	`model` is declared more than once.
`E1106_MULTIPLE_TIME`	Global structure	`time` is declared more than once. A model has one timeline.
`E1107_MULTIPLE_USE_PACK`	Global structure	more than one `use pack`. A model draws contracts from a single pack.
`E1108_USE_PACK_NOT_IN_MODEL_FILE`	Global structure	`use pack` appears in an imported file rather than the model's own. The pack applies to the whole model, so it is declared where the model is.
`E1109_MISSING_ENTITY`	Global structure	no entity is declared. Every stream belongs to one.
`E1123_PREV_OUTSIDE_NEXT`	Global structure	`prev` names a recurrence's own previous value and means nothing outside a `next`. A field's previous value is readable elsewhere as `prev.<entity>.<field>`, and an account's opening balance as `prev.<account>`.
`E1125_NO_STATE_NAMESPACE`	Global structure	an expression reads `state.<name>`. There is no such namespace: a value that changes over time is a field of the entity it describes, declared as `<name> init <expr> next <expr>` inside that entity's block and read as `<family>.<entity>.<name>`. Without this the reference reaches the engine, which warns and substitutes zero — an entire series evaluating to nothing while the run still reports `status: ok`.
`E1127_FIELD_RULE_READS_FIELD`	Global structure	a field's rule names another field by its family path. A field means this period's value at close, which does not exist yet inside a rule; `prev.<entity>.<field>` says the previous period. Unrejected it would resolve through the open-world entity root, return null and evaluate to zero.
`E1128_FIELD_DECLARED_TWICE`	Global structure	a field is declared both with `=` and with a rule. Both bind the same path, so one would silently win.
`E1129_PREV_IN_FIRST_PERIOD`	Global structure	a stream reads a field's previous period but runs from the model's first period, where there is none. Unrejected the read resolves to nothing and the stream evaluates to zero. Checked on hand-written and pack-lowered streams alike; the lowered form names the contract whose term set the schedule, since that is the term a model author can move.
`E1131_UNKNOWN_FIELD_READ`	Global structure	an expression reads a field the entity does not declare. Field paths resolve through the open-world `entity` root, so unrejected a misspelling reads as null: in arithmetic the run is refused, and in a guard the edge never fires. Checked in both spellings: a qualified path (`asset.north.<field>`) against that entity, and an entity-relative one (`entity.<field>`) against a stream's owner or, in a model's lifecycle guard or arrival value, against every entity bound to the machine, including what each one's type declares and a pack derives or lowers onto it (`docs/01` §7.3). A pack's own guard is checked when the pack loads. A `part_sum` summand is checked on every part the call reaches: a bare name must be a field each part declares, and `prev.<name>` an account or moving field each part carries (`docs/03` §4). Lifecycle `status` keeps the open world; declared fields do not.
`E1133_UNKNOWN_TIME_READ`	Global structure	an expression reads a `time.` binding that does not exist. The vocabulary is closed — `t`, `date`, `days_in_period`, `phase`, `ppy` — so a miss is a typo, and unrejected it evaluates to zero every period with the run still reporting ok. There is deliberately no `E1132` for `inputs.`: an input may be supplied entirely by the run configuration, which the compiler never sees, so an unresolved input is the engine's to refuse.
`E1134_SERIES_READ_IN_LOGIC`	Global structure	an event's guard or action value, a field's rule, or an option's election or payoff calls a series reduction (`series_sum` and its five siblings). All of these are evaluated before any stream has a value, so the read binds nothing: the engine substitutes `false` in a guard and `0` in a rule, warns once per period, and publishes a full set of numbers under `status: ok` — an event that never fires, or a recurrence whose collapse `prev` carries for the rest of the run. A stream, a waterfall and the results layer do see stream values; drive logic from a field, a curve, `time.` or `inputs.` instead. Under the period walk this becomes an ordering rule: a guard may read a stream's settled history, at or before the previous period, and the same-period and forward forms stay refused.
`E1001_DUPLICATE_ENTITY`	Symbols and references	two entities share a name.
`E1002_DUPLICATE_CONTRACT`	Symbols and references	two contracts share a name. Give one a suffix to keep them separable.
`E1003_DUPLICATE_STREAM`	Symbols and references	two streams share a name.
`E1004_DUPLICATE_PHASE`	Symbols and references	two phases share a name.
`E1005_DUPLICATE_ASSUME`	Symbols and references	two assumptions share a name.
`E1006_DUPLICATE_OPTION`	Symbols and references	two options share a name.
`E1007_DUPLICATE_EVENT`	Symbols and references	two events share a name.
`E1008_DUPLICATE_METRIC`	Symbols and references	two metrics share a name. Both would publish under `metric.<name>` and one would win silently.
`E1009_DUPLICATE_KEY`	Symbols and references	a contract's or an option's `terms` block states one term twice, or its `parties` block binds one role twice. One value was meant, and which one is the author's to say; the related location is the first statement of the key.
`E1301_UNRESOLVED_ENTITY_REF`	Symbols and references	a stream, contract or event action names an entity that is not declared. A status write may also name a contract's own node, `contract.<name>` (`docs/01` §8.6); a node no contract declares is refused the same way.
`E1303_CONTRACT_SUBJECT_MISSING`	Symbols and references	a contract states no `on entity`, and the model declares no asset entity or two or more, so there is no subject to write it on (`docs/01` §8.1). The message names the asset entities. A contract with no subject used to lower on the entity that sorted first, so one asset's agreement could land on another without a word.
`E1340_WATERFALL_NO_SOURCE`	Symbols and references	a waterfall declares no `from`, so there is no pot to allocate.
`E1341_WATERFALL_FORWARD_REF`	Symbols and references	a step's `paid.<step>` names a step declared later in the same waterfall. Steps pay in declaration order, so a later step has not paid anything when an earlier one is evaluated.
`E1342_WATERFALL_SERIES_NOT_VISIBLE`	Symbols and references	a series reduction names a step, or a step's shortfall (`shortfall.<waterfall>.<step>`), of this waterfall or of a later one. Steps publish when their waterfall finishes, so the read would aggregate to zero and say nothing. An EARLIER waterfall is the documented composition and still compiles; within one waterfall a step reads an earlier step's shortfall as `owed.<step> - paid.<step>`.
`E1395_RUNS_UNKNOWN_LINE`	Symbols and references	a lifecycle's `in <state> run …` names a line role that no line the machine governs has (`docs/01` §7.3.3). A machine governs the lines of the contracts it is bound to and of the contracts written on the entities it is bound to; each line's role is the one its pack rule stamps, or the one an `effects` stream states with `line <role>`. Refused because a misspelled role would gate nothing and say nothing. The hint lists the roles the machine does govern.
`E1399_MALFORMED_SELECTOR`	Symbols and references	a quoted selector cannot be read: a `` that is not a whole segment (`cre.rent`), an empty segment (`a..b`) or an empty alternative (`a.* \|` ) (`docs/01` §16.2, selectors). Refused wherever the compiled model carries the selector — a series reduction in any expression, a slice's or statement's `stream` and `category` — and in a pack metric's expression at load, because a selector that cannot be read would match nothing in silence. The hint states the dialect.
`E1398_PAYMENT_UNKNOWN_LINE`	Symbols and references	a contract's `payment <line> …` names a line the contract does not lower (`docs/01` §8.1). The line is its master role — `rent`, `interest`, `revenue` — as the pack's rule states it; a misspelled line would place nothing. The hint lists the lines the contract lowers.
`E1349_UNRESOLVED_LIFECYCLE_REF`	Symbols and references	an entity or a contract (`docs/01` §8.6) binds `lifecycle <name>` and no lifecycle block declares it, or a state `includes` a machine that no lifecycle block, pack or the language declares (`docs/01` §7.3.5).
`E1396_NESTED_STATE_CLASH`	Symbols and references	a state name appears at two levels of a machine and the machines it includes (`docs/01` §7.3.5). The status is the innermost state and an enclosing state stands for the states inside it, so a name has to mean one state wherever `state_enter`, `active in state` or `in <state> run` reads it.
`E1397_NESTED_MACHINE_CYCLE`	Symbols and references	a machine includes a machine that, directly or through another, includes the first again (`docs/01` §7.3.5). A machine cannot contain itself.
`E1356_PARTICIPANT_RETURN_NOT_A_PARTY`	Symbols and references	`irr`/`moic` names something that is not a party, or a party that owns no account, or is written as text rather than a reference. A participant's return is folded over the party's OWN ACCOUNT — contributions are negative inflows, receipts are allocations in — so a party without one has nothing to fold.
`E1355_PARTICIPANT_RETURN_OUTSIDE_METRIC`	Symbols and references	`irr`, `moic`, `npv`, `yield` or `spread` appears outside a `metric` declaration. All five fold the finished projection, so reading one in a stream amount, an activation, an event guard, a waterfall step or an account inflow asks for a return on, or a price of, cash that expression has not produced yet. Left to run time it is a substituted zero and a warning nobody prints. Widened 1 October 2026 from the two participant returns to the two valuation folds (`docs/03` §4).
`E1354_METRIC_FORWARD_REF`	Symbols and references	a metric reads a metric declared below it, or reads itself. Metrics compose in DECLARATION ORDER, the same rule waterfalls follow, which makes the dependency an order rather than a graph. Reading itself is a different mistake: a metric is a fold over the finished projection, not a recurrence — carry a running quantity as a field the walk advances.
`E1350_LIFECYCLE_CONFLICT`	Symbols and references	an entity binds a model-declared lifecycle, but its ontology type already declares one. One machine per entity.
`E1351_LIFECYCLE_NO_INITIAL`	Symbols and references	a lifecycle block declares no `initial`. Every machine opens somewhere.
`E1352_DUPLICATE_LIFECYCLE`	Symbols and references	two lifecycle blocks share a name. One machine, one declaration.
`E1353_UNREACHABLE_STATE_WRITE`	Symbols and references	an event, an option or a contract's term boundary (`docs/01` §8.5) sets `status` to a state no declared edge enters. The write can never be legal, whatever state the entity is in at run; declare the edge or drop the write. An edge-less machine stays unconstrained.
`E1347_UNRESOLVED_ACCOUNT_REF`	Symbols and references	a step allocates `to account <name>` and no such account is declared. An account is not an entity and resolves in its own namespace, which is what the `account` keyword in the step says. An account a contract opens under its pack, `<subject>.<name>.<instance>`, is a destination too.
`E1343_WATERFALL_DUPLICATE_STEP`	Symbols and references	two steps in one waterfall share a name, which would make `paid.<step>` ambiguous.
`E1344_WATERFALL_NO_REMAINDER`	Symbols and references	a waterfall never says where the remainder goes, so cash could be left unallocated with nothing to say so. A waterfall drawing `from <account>` is exempt: what its steps leave stays in the account for the next scheduled date (`docs/01` §10.6), so nothing is lost.
`E1348_WATERFALL_NO_SCHEDULE`	Symbols and references	a waterfall does not say when it distributes. The schedule is half of what a distribution says: between its scheduled periods the pot accumulates, so "every quarter" and "once at exit" are different deals rather than two spellings of one. The omission used to lower to a one-shot in the first period, distributing whatever that period happened to produce; there is no default right often enough to be silent.
`E1346_STREAM_READS_WATERFALL_STEP`	Symbols and references	a series reduction in the causal plane — a stream's amount or guard, a field's rule, an event's guard or action value, an option's election, payoff or action value, an account's inflow — names a waterfall step or a step's shortfall (`shortfall.<waterfall>.<step>`). Every waterfall runs after the causal plane and a step's series is visible to a later waterfall's `from` and to nothing else, so the read could only ever aggregate to zero. A `.*` selector whose prefix is a waterfall's name, or `shortfall.` and a waterfall's name, or `shortfall` alone, is refused too: it names steps that exist and are unreadable, not a family that may be empty. A waterfall never writes a balance in the causal plane; what a party was paid is its account, read as `prev.<account>`.
`E1386_STREAM_FOLDS_STATE`	Symbols and references	a stream's series reduction names an entity field or an account. A stream's reduction selects streams; a field's and an account's series are state, read strictly backward, so the selector matched nothing and would aggregate to zero in silence while the same text in a metric folds the real value. Read the field directly, or the account as `prev.<account>`; a metric may fold either.
`E1388_REFERENCE_ENTITY_CARRIES_CASH`	Symbols and references	a reference entity is given something a reference cannot have (`docs/01` §7.1): an account in its block, a `part of` in either direction, a `lifecycle`, a stream or a contract written on it, a contract term or a waterfall step naming it, an account it owns — or no field with a rule at all, which makes it a set of stated values, an assumption's job. One code for the one sentence: a reference has fields and a recurrence and nothing else. The message names the clause; the hint names the owner the cash belongs on, or the `assume` the values belong in. `state` on one is `E1317`'s, since the type declares no lifecycle.
`E1387_PART_AGGREGATE_UNKNOWN_ENTITY`	Symbols and references	`part_sum` or `part_count` names an entity the model does not declare. The compiler expands an aggregate into a sum over the declared parts, so it knows the parent is missing; refused with the IR path and the declared entities, rather than reaching the run as an unresolved name.
`E1302_UNRESOLVED_STREAM_REF`	Symbols and references	an event activates or deactivates a stream the model does not run. Event action targets were never resolved, so a misspelling matched nothing and the action was silently inert: the stream it was meant to stop kept paying, with no diagnostic and no warning. Checked after lowering rather than in the resolver, so a name a CONTRACT produced resolves as readily as one the model declared — the symbol table is built before the pack is chosen, and a check running there reported an unlowered name and a typo alike. The hint lists every stream in the model, both kinds.
`E1357_LIFECYCLE_AUGMENT_TOPOLOGY`	Symbols and references	a `lifecycle` block names a machine the PACK declared and also states `initial` or `state`. A model may restate the machine's EDGES and add arrival actions to it; the STATE SET stays the pack's, because the finite set is what makes `active in state`, `state_enter` and a status write checkable, and a misspelling a compile error rather than a phantom state. A model needing different states declares a separate machine under its own name. The states are refused rather than ignored — silently dropping them would leave the model saying one thing and the machine doing another. An edge naming a state the pack does not declare is `E1316`.
`E1358_ARRIVAL_ACTION_SETS_STATUS`	Symbols and references	an `on enter` or edge action writes `status`. An arrival action sets FIELDS on the entity that transitioned; a status write would fire a second transition inside the same period, breaking one-transition-per-entity-per-period. A transition that should cause another transition is topology — an edge out of the target state, taken next period — and status writes remain the named event's privilege.
`E1359_ARRIVAL_ACTION_UNKNOWN_FIELD`	Symbols and references	an `on enter` or edge action sets a field the entity bound to that machine does not have. The name is entity-relative, so it resolves against every entity bound to the machine and all of them need the field; the set is the union of what the model's entity block declares and what its ontology type contributes. Refused because a misspelled field is a write that lands nowhere — the silent-substitution shape of a misspelled series. The action may instead name a FIELD ROLE a master declares (`set balance = 0`); a role that no contract on the transitioning entity fills — a closed-form debt lowers no balance field — is refused with the same code, saying so. A contract's `on start` or `on end` (`docs/01` §8.5) setting a field its subject does not declare is refused with the same code: the block writes the contract's subject by a subject-relative name, as an arrival action writes the entity that transitioned. An arrival action on a machine a contract binds (`docs/01` §8.6) is refused with the same code: the agreement carries no fields, and its machine reads its terms rather than writing them.
`E1360_DUPLICATE_ENTITY_ID`	Symbols and references	two entities declare the same literal field `id`. The id is a stable identity for the layer above the model — engine-opaque, published in the results graph (`docs/06`) — and a consumer joining on it would merge two things into one. Uniqueness within the model is the one thing the language can check about a value it must not interpret (`docs/01` §7.1).
`E1361_DUPLICATE_SLICE`	Symbols and references	two slices share a name. Same rule as a metric: one name, one selection.
`E1362_SLICE_UNKNOWN_ENTITY`	Symbols and references	a slice's `entity` (or `except entity`) names an entity the model does not declare. A slice selects by reference, and a reference is what the compiler can check — refused rather than silently matching nothing.
`E1363_SLICE_UNKNOWN_TYPE`	Symbols and references	a slice's or a statement row's `type` names an ontology type the active ontology does not define. The hint lists the known contract types; a master type (`Contract.Debt`) matches transitively through `refines`.
`E1375_UNKNOWN_LINE_ROLE`	Symbols and references	a slice's or a statement row's `line` names a line no contract type in the active ontology produces. A line is a role a master names — `interest`, `rent`, `proceeds` — and each pack rule names the one it emits, so the hint offers the near miss or lists the lines the vocabulary can produce.
`E1376_UNKNOWN_REFERENCE`	Symbols and references	a reference names something this model does not declare: a term of type `contract` or `account` (a guarantee's `covered`, a note's `principal_account`), a waterfall step's `for contract`, or an option's `on contract`; or a pack rule's read through a `contract`-typed term (`{{contract.<term>.line.<role>}}`, `{{contract.<term>.account.<name>}}`, `docs/07` §6.4) where the named contract lowers no such line or opens no such account, the message naming what it has. Refused with the near miss rather than read as zero; a reference is what the compiler can check.
`E1377_STEP_LINE_NOT_ALLOCATED`	Symbols and references	a waterfall step pays `for contract <name> line <role>` and the contract's type does not declare that line allocated. A step pays what the structure allocates; a line a rule lowers is paid by the rule, and a step paying it would count the cash twice. The hint lists the type's allocated lines.
`E1389_TERM_OUTSIDE_DECLARED_BOUND`	Symbols and references	a contract or an option states a term whose value lies outside the bound its type's field declares (`docs/07` §6.3): a `share` of 1.5 where the field is above 0 and below 1, a buyout's `delinquent_months` of 0 where it is at least 1, an `obligation` that is neither `optional` nor `mandatory`, a `balloon_at_maturity` of 2 where the field is a boolean. The message names the contract or option, the term, the value and the bound, all built from the declaration, and the hint states the bound. A value that is not a number on a numeric field is reported the same way. Only a literal is checked: a term that defers to an input or states an expression is not, because its value is not known when the model compiles. A boolean field is the exception: it is stated `true` or `false`, and an input or an expression in its place is reported, since no input supplies a flag. A refinement inherits a bound with its field.
`E1392_CONTRIBUTED_STEP_UNMATCHED`	Symbols and references	a waterfall's `pay for contract <name\|"selector"> line <role>` expands to nothing (`docs/01` §10.2): the name or selector matches no declared contract, or every contract it matches is of a type whose pack declares no `[[steps]]` rule for that line. Also raised where a matched contract states neither the account its step rule pays nor a party in the line's `paid_to` role, or omits a term the rule reads. The hint gives the hand-written step.
`E1378_NONCASH_STREAM_MOVES_NOTHING`	Symbols and references	a stream is `accrual` or `writeoff` and names no account. A non-cash stream is a movement of a balance and nothing else: add `moves <account>`, or make it an inflow or outflow if money actually moves.
`E1379_NONCASH_STREAM_CATEGORY`	Symbols and references	an `accrual` or `writeoff` stream carries a cash flow category. The category roots classify cash; a non-cash stream is excluded from every cash fold, so a category on it would be a claim it cannot keep. The repair is to drop the category, pack or no pack: `E5029` asks a category of cash streams only.
`E1380_UNKNOWN_ACCOUNT_MOVED`	Symbols and references	`moves <name>` names an account declared neither on the stream's entity nor as a structure account. Declare it (`account <name> owed\|due [init <expr>]` in the entity block, or at the model level) or correct the name; unrejected the movement would land nowhere.
`E1381_MOVED_ACCOUNT_HAS_NO_SIDE`	Symbols and references	a cash stream moves an account that declares no side. Whether an inflow raises or lowers a balance follows from `owed` (a liability of its owner) or `due` (a receivable); without one the direction of the movement is undefined.
`E1383_FOLDED_ACCOUNT_DECLARED`	Symbols and references	a container declares an account a member also declares. The container's account of that name IS the members' fold, readable as `prev.<container>.<name>` and declared nowhere; a declaration would double it or hide it. A claim of the container's own takes another name.
`E1384_FOLDED_ACCOUNT_MOVED`	Symbols and references	a stream `moves` a container's folded account. A fold is the sum of its members' balances and is moved only by moving a member's; the hint says to move the member's account or declare one of another name on the container.
`E1385_LINE_HAS_NO_RULE_FOR_TERMS`	Symbols and references	a contract's type declares a line, and no rule that lowers it applies to the terms as stated. Rules select on a term's value or on whether a term is stated (`docs/07` §6.4); the combination written is one the pack has no row for — a floating level-pay loan, say. Refused rather than lowered without the line: the cash would simply be missing.
`E1382_ACCOUNT_READ_WITHOUT_PREV`	Symbols and references	an expression reads an account as a current value (`asset.loan.balance`). A balance is readable inside a period only as its opening, `prev.<account>` — the prior close, settled state. This period's close is the sum of streams still being computed and does not exist yet.
`E1364_SLICE_CATEGORY_ROOT`	Symbols and references	a slice's category selector is not rooted in operating, investing or financing. A selector that could never match anything is a typo, not a choice.
`E1371_UNKNOWN_CONTRACT_TERM`	Symbols and references	a contract, or an option, states a term its type does not declare. The roster is the pack type's own terms plus its masters'; a term outside it is read by no rule, so before this check a misspelled `escalation` was a lease that never escalated. The hint names the near miss, or lists the type's terms. A term the contract's own `effects` block reads as `contract.<term>` has a reader and is admitted (`docs/01` §8.3).
`E1372_MISSING_CONTRACT_TERM`	Symbols and references	a contract, or an option, omits a term its type requires, or states none of a group of alternatives (`one_of`: a lease's rent is `rent` or `rent_year`); or an option's election or payoff reads `contract.<term>` and neither the option nor the contract it is written on states it, or a contract's `on start` or `on end` reads a `contract.<term>` the contract does not state (`docs/01` §8.5), or a machine a contract binds reads one in a guard or an action (`docs/01` §8.6), `contract.term_start` and `contract.term_end` included where the contract's term opens at a state entry and so states no date — a read with no value is a missing term, never a zero. Checked against the effective roster before any rule is expanded; `E5006` remains the rule-consumption backstop for a term a rule reads with no default.
`E1373_UNKNOWN_CONTRACT_TYPE`	Symbols and references	a type named on a declaration resolves to nothing the model may declare there: an `option ... type` the active ontology does not define, a two-token `contract <type> <instance>` whose type the pack does not declare, a fused contract name no rule lowers, an election written as a `contract`, or a lowered type written as an `option`. The hint names the near miss or lists what may be declared. Supersedes `E2002` for a contract under a pack that declares contract types.
`E1374_ABSTRACT_TYPE_INSTANTIATED`	Symbols and references	a declaration names a master (`Contract.Debt`, `Contract.Option`). A master is refined, never declared; the hint lists its concrete refinements.
`E1390_OPTION_ON_WRONG_AGREEMENT`	Symbols and references	an option whose election type states what it is written on (`written_on`, `docs/07` §6.1) is written `on contract` an agreement of another type, or `on entity` or on nothing: a CRE renewal on a loan, a loan extension on a lease. The hint names the model's agreements it may be written on. The generic elections (`Option.Call`, `Option.Put`, `Option.Renewal`, `Option.Refinance`) state none.
`E1366_DUPLICATE_STATEMENT`	Symbols and references	two statements share a name. Same rule as a metric and a slice: one name, one presentation.
`E1367_STATEMENT_UNKNOWN_STRUCTURE`	Symbols and references	a statement presents a hierarchy the engine does not build, or asks for a category hierarchy in a model whose streams declare no category. Either would render as one residual row and nothing else — technically complete and useless — so it is refused rather than shipped empty. Known structures: `entity` (the `part of` tree the results graph publishes) and `category` (the dotted path).
`E1369_STATEMENT_AUTHORED_AND_GENERATED`	Symbols and references	a statement states both a `structure` and its own rows, or neither. A generated statement partitions the cash by construction, because a hierarchy covers its own tree; an authored one partitions it by the author's care. Mixed, neither guarantee holds — an authored row claims streams the generated rows already claimed, so the bottom line double-counts and the reconciliation that makes a statement trustworthy becomes noise. A statement stating neither would render nothing.
`E1368_STATEMENT_UNKNOWN_REFERENCE`	Symbols and references	a statement filters by a slice, a row draws a slice, or a statement shows a metric, that the model does not declare; or a `ratio` row divides an operand that is neither a declared slice nor a subtotal the active pack publishes (`docs/01` §15.5). A pack's statements are checked the same way, since the compiler emits them as declarations; the message then names the pack's statements file. A presentation that silently shows nothing is the failure this check exists to end.
`E1370_STATEMENT_SERIES_ROW_CLAIMS`	Symbols and references	an authored row draws a published `series` beside a claim clause (`category`, `stream`, `slice`, `entity`, or a ratio's `of`/`to`). A series row presents a fold of the ledger, claims no streams and stays out of the bottom line; a claim clause beside it could only be resolved by a precedence the reader cannot see, which is a silently ignored clause. Refused instead.
`E1365_METRIC_UNKNOWN_SERIES`	Symbols and references	a metric folds a series name this model does not publish. `series_sum`/`series_avg` (and each sibling reduction, to its own identity) return 0.0 for a selector that matches nothing, which is right for a `.*` selector and wrong for a name spelled out in full; in a metric it is worse than wrong, because a fold publishes ONE number under a name the author chose, with no series beside it to show the zero (`docs/01` §15.3). A metric may fold any series the valuation plane publishes: a stream by its own name or as `stream.<name>`, a waterfall step, `entity.<symbol>.net_cash_flow`, `account.<name>`, an entity field, a subtotal, a declared slice's net as `slice.<name>`, or `model.net_cash_flow`. A ratio subtotal is foldable by every reduction but `wal`, `npv`, `yield` and `spread`: its undefined periods publish as null and a fold skips them (`docs/03` §4), while those four measure cash paid, as a life, a present value, a yield or a spread, and a ratio is not cash, so each over a ratio is refused with its own hint.
`E1304_UNRESOLVED_OPTION_REF`	Symbols and references	an event exercises an option that is not declared. Checked in the compiler rather than the resolver, because options are not in the symbol tables.
`E1310_ENTITY_BLOCK_WITHOUT_TYPE`	Symbols and references	an entity uses a block but declares no type, so there is nothing to check the block against.
`E1311_UNKNOWN_ENTITY_TYPE`	Symbols and references	an entity declares a type the active ontology does not define. The known types are listed.
`E1319_UNKNOWN_ENTITY_FAMILY`	Symbols and references	an entity's family word is not one of `asset`, `party`, `container`, `reference` (`docs/01` §7.1). Refused where it is written, typed or not: before this check `entity carpark lot` compiled, ran and published `"family": "carpark"`, and the author learned of it at the first read of a field, as an unresolved name. The hint names the near miss (`aset` → `asset`) or lists the roster, so a misspelling can be told from a family the language lacks.
`E1324_PAYEE_OWNS_SEVERAL_ACCOUNTS`	Symbols and references	a waterfall step pays a party by the bare form, `to party.x`, and that party owns two or more accounts. The bare form means the party's one account; with several the destination is ambiguous, so the step names it, `to account <name>`. Before this check the engine kept the first account and dropped the rest from allocations with a run warning. The message lists the party's accounts and the hint writes the step with the first.
`E1323_ENTITY_FAMILY_MISMATCH`	Symbols and references	an entity's family word disagrees with its type: `entity asset acme : Party`. A type's family is the root of its refinement chain, derived when the pack loads (`docs/07` §6.1), and the declaration's word is checked against it; the message names both and the hint gives the declaration with the type's family.
`E1312_MISSING_REQUIRED_FIELD`	Symbols and references	an entity omits a field its type requires.
`E1313_UNKNOWN_ENTITY_FIELD`	Symbols and references	an entity sets a field its type does not declare. The declared fields are listed.
`E1314_UNKNOWN_PARENT_ENTITY`	Symbols and references	`part of` names an entity that is not declared. Hierarchy is optional; a declared parent is not.
`E1315_ENTITY_PART_OF_ITSELF`	Symbols and references	an entity is its own parent.
`E1330_CONFLICTING_ACTIVE_CLAUSES`	Symbols and references	a stream declares both `active when` and `active in state`. Use one: `active in state` for a lifecycle state, `active when` for anything else.
`E1331_OWNER_HAS_NO_LIFECYCLE`	Symbols and references	a stream is active in a lifecycle state but its owner's type declares no lifecycle.
`E1333_VALUATION_FOLD_ARGUMENTS`	Symbols and references	a metric calls `npv`, `yield` or `spread` with the wrong shape: the wrong number of arguments, a first argument that is not a series selection text, or, for `spread`, an index that is not a series-shaped assumption named as `inputs.<name>`. `npv("<selection>", rate[, from_t])` prices what a selection pays at an annual rate; `yield("<selection>", outlay[, from_t])` solves for the annual rate at which it is worth the outlay; `spread("<selection>", outlay, inputs.<index>[, from_t])` solves for the spread over the index path (`docs/03` §4). A metric is evaluated once at the horizon, where a wrong shape would refuse the run with no span, so the compiler reports it at the declaration.
`E1332_UNKNOWN_ACTIVE_STATE`	Symbols and references	a stream is active in a state its owner's lifecycle does not declare. A state name is checked against the lifecycle; a string comparison such as `entity.status == "leasd"` is not, and stays false for every period.
`E1318_ENTITY_HIERARCHY_CYCLE`	Symbols and references	`part of` forms a cycle. Reported once, from the cycle's lexicographically first entity, rather than once per member. An entity aggregates its children, so a cycle has no bottom to sum from.
`E1316_UNKNOWN_LIFECYCLE_STATE`	Symbols and references	an entity starts in a state its lifecycle does not declare, or an event, an option or a contract's term boundary (`docs/01` §8.5) sets `status` to one, or a lifecycle says what runs in one (`in <state> run …`, `docs/01` §7.3.3). This is the misspelled status made impossible rather than merely unlikely.
`E1317_TYPE_HAS_NO_LIFECYCLE`	Symbols and references	an entity declares a starting state but its type has no lifecycle.
`E1320_UNKNOWN_PARTY_ENTITY`	Symbols and references	a contract or option binds a role to an entity that is not declared.
`E1321_NOT_A_PARTY`	Symbols and references	a role is bound to an asset. A contract is between parties.
`E1322_UNKNOWN_PARTY_ROLE`	Symbols and references	a role is bound that the contract type does not declare, or one the type leaves UNBOUND (a purchased pool's borrowers are many and unnamed). Roles are the type's effective roles, resolved through its master chain: a CRE lease binds `landlord`, which is the master's `lessor`, and the hint lists each role a model may bind with the master's word beside it. A role belongs to the agreement, not to the entity.
`E2001_CONTRACT_MISSING_TERM`	Contracts and streams	a contract omits a term its pack requires. The message names it; see the pack's contract table.
`E2002_CONTRACT_MISSING_EFFECTS`	Contracts and streams	a contract produces no streams, so it has no effect on the model: its `effects` block is empty or missing, and no pack rule lowers it. Under a pack that declares contract types, a contract no rule lowers is a type the pack does not declare and is reported as `E1373` instead.
`E2101_STREAM_MISSING_SCHEDULE`	Contracts and streams	a stream has no `schedule`, so there is no period for its cash to land in.
`E2102_STREAM_MISSING_AMOUNT`	Contracts and streams	a stream has no `amount`.
`E2103_SCHEDULE_OUT_OF_BOUNDS`	Contracts and streams	a schedule reaches outside the model timeline. The bound is the cash horizon plus any `project <n>` tail, since the engine evaluates streams over both; a schedule may reach into the tail deliberately to feed a `series_sum` valuation. Applied to hand-written streams during validation and mirrored onto pack-lowered ones during lowering, so a pack cannot express what a model may not.
`E2104_SCHEDULE_INVALID_RANGE`	Contracts and streams	a schedule's `to` is before its `from`.
`E2105_SCHEDULE_INVALID_DAY_OF_MONTH`	Contracts and streams	a day rule names a day outside 1–31.
`E2106_SCHEDULE_PHASE_NOT_FOUND`	Contracts and streams	a schedule is anchored to a phase that is not declared.
`E2107_STREAM_CURRENCY_MISMATCH`	Contracts and streams	a stream's currency differs from the model's reporting currency. Cash flows are summed period by period, so the two would be added as if they were the same unit. Convert explicitly in the amount expression, or declare the model in that currency.
`E2108_SCHEDULE_FINER_THAN_CALENDAR`	Contracts and streams	the schedule's interval is finer than the model's calendar cadence. The occurrences are not lost: a period holds many accruals and their amounts sum, which is the same machinery a settlement lag uses. What cannot be done is telling them apart — an accrual is stored as a model period index, so occurrences inside one period share an environment, and an amount that varies over time is computed once and multiplied rather than summed across the occurrences. A constant amount would be exact; anything else is silently wrong, so both are rejected. Use a coarser interval, or declare a finer calendar.
`E2109_SCHEDULE_CONFLICTING_PLACEMENT`	Contracts and streams	a schedule combines `mid` with a day rule or `net` payment terms, or a contract's `payment` clauses give one line — or all its lines — both a placement and a lag, or time it twice (`docs/01` §8.1). Each states where in its period the cash sits; two placements is a contradiction, not a refinement.
`E2110_STREAM_WINDOW_FORWARD`	Contracts and streams	a stream's `amount` folds a series over a window with a bound of the form `time.t + k`, which reaches past the period the stream pays in by construction. A stream has no window: the income after a date is a valuation's to fold — a pack `[[valuations]]` figure or a `metric` — and a sale pays that figure as `metric.<name>`. A literal bound is not refused here; the walk's watermark refuses it at run if it reaches past what has settled.
`E2111_STREAM_READS_UNKNOWN_METRIC`	Contracts and streams	a stream's `amount` reads `metric.<name>`, and no metric of that name is declared by the model or published by a pack valuation; or the figure is published every period (`docs/07` §6.4), a series rather than a figure at a date, which no stream pays. A read with no value is refused, never zero.
`E2112_STREAM_FEEDS_ITS_VALUATION`	Contracts and streams	a stream pays a figure that folds the stream itself, by name or through a subtotal the stream's category is classified into: a sale struck from income that includes the sale. Classify the reversion outside what the figure folds (`investing.disposal.*`), or fold a subtotal that excludes it.
`E2113_SUBTOTAL_READ_UNSETTLED`	Events and actions	causal logic folds a money subtotal over a window reaching a period whose cash it cannot wait for, or reads a ratio subtotal at all (`docs/01` §9). A field, a guard, an event or an option settles before the period's streams, so it reads strictly backward, ending at `time.t - 1`. A stream may end the window at `time.t`, read after every stream the subtotal folds, and is refused when it is itself one of them — a management fee in operating expenses reading the period's NOI — since the subtotal cannot settle before it; a cycle through another stream is `E5035`. A window past the period (`time.t + k`) is refused for every reader. A window whose bound is not plainly the period is checked at run, where a cell not yet folded fails loudly rather than reading zero.
`E2114_STREAM_MISSING_DIRECTION`	Events and actions	a stream states no direction (`docs/01` §9.1). It used to lower as an outflow, so a stream of income written without `inflow` became a cost with no diagnostic. State `inflow` or `outflow`, or `accrual` or `writeoff` for a balance moved with no cash.
`E2115_STREAM_MISSING_CURRENCY`	Events and actions	a stream states no currency and the model states none for it to take (`docs/01` §5.6, §9.1). A stream that omits its currency takes the one the model declares with `model "..." currency <code>`; with neither, it used to land in USD, which nothing in the model said.
`E2201_EVENT_WHEN_NOT_BOOL`	Events and actions	an event's `when` is not a true/false expression.
`E2202_STREAM_ACTIVE_NOT_BOOL`	Events and actions	a stream's `active when` is not a true/false expression.
`E3001_EXPR_PARSE_ERROR`	Expressions / typing	an expression is not valid CFDL.
`E3003_EXPR_TYPE_ERROR`	Expressions / typing	an expression combines types that cannot combine, such as a date and a number.
`E3004_EXPR_ILLEGAL_OP`	Expressions / typing	an operator is not defined for these operands.
`W1358_PACK_GUARD_REPLACED`	Expressions / typing	a model restated a pack machine's edge, replacing the pack's guard. This is supported: a pack machine is an accelerator rather than a constraint, and one transition can be written in several forms where a pack ships one of them as its default. It warns because the condition deciding a transition is no longer the pack's, and a reader of the run should see that without consulting the pack. The message names the machine, the edge, the guard displaced and what now decides; the transitions journal repeats both when the edge fires. A replacement leaves the pack's arrival and edge actions in place.
`W1389_SECURITY_LINE_UNPAID`	Expressions / typing	a contract's type marks a line ALLOCATED, paid by the priority of payments rather than lowered by a rule, and no waterfall step names that contract and line, though a waterfall pays the contract's subject or a step already binds the contract. The model is valid and runs clean: a class present in the interest waterfall and absent from the principal one is never repaid, the trust keeps the money and the ledger balances, so the omission shows only as a holder account that ends at zero. Warned once per line, naming the contract, the line and the waterfalls on its subject; the hint gives the step to add. A security in a deal with no priority of payments is not warned. An instrument that genuinely has no such line, such as an interest-only strip, is a type that does not allocate it, not a note that omits a step.
`W1390_STEP_CONTRACT_OFF_SUBJECT`	Expressions / typing	a waterfall step pays `for contract` a contract written on an entity outside the waterfall's subject and its `part of` family. A waterfall distributes its own subject's cash, so the step moves one structure's cash to another's claim and the ledger still balances. The `part of` family counts in either direction, so a trust paying notes written on the owner trust it is part of is not warned. The message names the waterfall, the step, the contract and both entities.
`W1393_CONTRACT_SUBJECT_INFERRED`	Expressions / typing	a contract states no `on entity` and the model declares exactly one asset entity, so the contract is written on it (`docs/01` §8.1). The message names the entity; the hint gives the `on entity` clause that silences the warning.
`W1391_TERM_ACCOUNT_OUTSIDE_AGREEMENT`	Expressions / typing	an account-typed contract term (a note's `principal_account`) names an account owned by a party the contract does not bind. The account measures the agreement's position, so a claim measured on another party's account runs off someone else's receipts: a class whose principal account is another class's is never paid. An account owned by the structure, or by a non-party entity, is not warned. The message names the term, the account, its owner and the parties the contract binds.
`E4004_MISSING_PACK`	Pack errors	the named pack could not be loaded — not found, or found and rejected.
`E5031_UNRESOLVED_NAME`	Lowering/emission	a run read a name nothing binds — a mistyped `inputs.` or an assumption the run configuration never supplied — and would have read it as zero. Fatal, naming every distinct unresolved name. An assumption the model DECLARES that failed to produce a number is reported as that, with the failure that explains it, rather than as "not declared". A declared metric the DETERMINISTIC run cannot evaluate — a participant's return on a party that never received anything — refuses under this code too, with the reason; a scenario or a Monte Carlo trial that cannot evaluate it omits the key from its summary and records the reason under `omitted` instead.
`E5032_FIELD_EVALUATION_FAILED`	Lowering/emission	a field's rule failed to evaluate in some period — a division by zero, a function argument out of range such as `pmt` with no payments left — or produced something that is not a number. Named with the field, the clause and the period; a value that was never computed is not a number and is not substituted with one.
`E5033_INVALID_RUN_CONFIG`	Lowering/emission	the run configuration or a run flag is malformed: an unknown `valuation_grain` or `arithmetic`, an `as_of` that is not a date; a run that states both `annual_discount_rate` and `annual_discount_curve`, or a curve the model does not declare; an override — in the deterministic block, a scenario or the Monte Carlo distributions — whose key matches nothing the model declares or reads (`cpr` for `inputs.cpr`, a misspelled input, the retired `stream.<name>:amount` override, which names what replaces it), or an inputs-file entry keyed by a name no assumption declares, each named with the nearest name it could have meant; an inputs file named by path where a host takes the document inline, or an entry stating no shape or more than one.
`E5034_SCHEDULE_FAILED`	Lowering/emission	a schedule could not be placed on the timeline at run time.
`E5035_SERIES_CYCLE`	Lowering/emission	a circular series read, or a read into a stream whose series names are computed at run time; no evaluation order satisfies it. Also a figure a deferred stream pays that moves once the amounts reading it are struck: it folds what depends on it (`docs/01` §9), and the message names the stream that moved and the logic that read the deferred amount.
`E5036_ASSUMPTION_CYCLE`	Lowering/emission	a circular derivation among `assume` values.
`E5038_NEEDS_THE_WALK`	Lowering/emission	a forward-reaching read keeps the model on the column order, and the model needs what only the period walk computes: a stream moves or reads an account, where no balance is carried, or an asset sold before the horizon's end is valued on the income after its sale, which is its own tail (`docs/01` §7.3.3).
`E5043_EXPRESSION_EVALUATION_FAILED`	Lowering/emission	a stream's amount or `active when`, an event's `when`, an option's `exercise when` or payoff, an account's inflow or `init`, a waterfall's pot or step, or an action's value failed to evaluate — a division by zero, a function argument out of range, a non-numeric result — or, in hand-written IR, failed to compile. Named with the reader and the period, every distinct failure at once; a value that was never computed is not a number and is not substituted with one, and a condition that could not be evaluated neither held nor failed. The same rule as `E5032`, which a field's rule keeps. A guard whose series window lies entirely before the first period is not this: nothing has happened yet, and the guard is false.
`E5044_VALUATION_TERM_ANCHORED`	Lowering/emission	a contract publishes a valuation that folds the projection from its date (`docs/07` §7's `[[valuations]]`, a figure over the term's start or a reach past it) and its term is anchored to a state entry (`docs/01` §8.1), which has no date at compile time. State the term as dates, or value it on its terms alone: a sale on a stated income or at a price may be anchored to the entry that makes it.
`E5045_INPUT_NOT_SUPPLIED`	Lowering/emission	a bodiless assumption (`docs/01` §12.1) and the run supplied nothing for it: no `inputs.<name>` parameter and no entry of the inputs file by its full name. The model states no value, so the run must; refused before any period exists, naming every such assumption, never read as zero.
`E5046_INVALID_SHARD`	Lowering/emission	a shard of a sharded run (`docs/09`, running a model as shards) that cannot be computed or merged: a `trials` value that is not `none` or `<from>..<to>` with `from` below `to`, a range past the run's trial count, or a range asked of a run that declares no Monte Carlo; at the merge, shards of different models, engines, trial counts or seeds, a trial covered by two shards or by none, two base shards whose ledgers differ, or a document with no shard record where a shard was expected. On an entity merge, two shards publishing one series over different timelines or in different kinds. The merge of entity shards also carries this code on a warning naming the pack subtotals it left out.
`E5042_VALUATION_UNCOVERED`	Lowering/emission	a contract publishes a valuation (`docs/07`, valuations) whose figures fold `reach_years` past the contract's date, and the timeline — cash horizon plus `project` tail — does not reach that far, or the calendar is daily or weekly, where a valuation's whole-month window cannot be placed. A valuation is never folded short: extend the `project` tail by the periods the message names, or move the date. A figure published every period (`per_period`) folds its window from the last period of the cash horizon, so that is the date the reach is counted from.
`E5041_INPUT_OUT_OF_BOUNDS`	Lowering/emission	a value the run supplied — an override, a scenario value, a Monte Carlo draw, an entry of the inputs file — is outside the domain of the assumption's type (`docs/01` §5.7), outside the `within` the model states, or outside the bound the pack states on the contract term that reads it (carried in the IR as `term_bounds`, and cited under the pack validation's own code). Refused, never adjusted: state a value inside the bound, keep a distribution's `clip` inside it, or widen the bound where the deal genuinely differs. The compile-time counterpart on a literal is `E2307`.
`E5040_CURVE_READ_OUTSIDE_RANGE`	Lowering/emission	a stream, guard, account inflow or option payoff read a series outside the effective dates it declares (`docs/01` §12.5): `inputs.<name>` at a period, or `curve_value(inputs.<name>, <date>)` at a date, the series' `from`/`to` does not cover. Outside them the series has no value; the run is refused, naming the series, the date and the reader, once per reader rather than per period. The run's own discount series (`annual_discount_curve`) is held to the same rule over the valuation horizon.
`E5004_INVALID_LOWERING_RULE`	Lowering/emission	a pack's lowering rule is malformed, or a templated key expands to a value its slot cannot take: net days or months that are not whole numbers, a `schedule_on_day` that is not 1 to 31 or `eom`, an unknown `schedule_convention` or `schedule_calendar`, or a `schedule_except` / `schedule_also` entry that is not a date (`docs/07` §6.4). Also raised where a contract type's pack event acts on its subject and the contract is written on no entity.
`E5005_PHASE_NOT_FOUND`	Lowering/emission	a lowering rule anchors to a phase the model does not declare.
`E5006_MISSING_CONTRACT_TERM`	Lowering/emission	a lowering rule reads a contract term the contract does not supply.
`E5007_DUPLICATE_LOWERED_STREAM`	Lowering/emission	two contracts lower to the same stream name. A line the pack names for its contract needs a suffix on one. A line the pack names for the contract's SUBJECT is one per subject, and a second contract lowering it is refused: a unit rolls on one lease on a market leasing set, since the lease struck at its expiry is the unit's.
`E5008_INVALID_CURVE`	Lowering/emission	a series-shaped assumption (`assume <name> = curve { … }`, `docs/01` §12.5) declares a malformed point, two values for one date, no point at all, an invalid effective date, effective dates that end before they start, or a point outside its effective dates. Two series of one name are `E1005`.
`E5028_INVALID_QUANTILE`	Lowering/emission	a quantile-shaped assumption (`assume <name> = quantile { … }`, `docs/01` §12.6) declares a malformed point, a share outside 0..1, shares out of order or repeated once read in the declared order, values that fall as share rises, or no point at all. Two quantiles of one name are `E1005`.
`E5009_LOWERED_EXPR_INVALID`	Lowering/emission	a pack lowering rule expanded to an amount expression the parser rejects. Without this the engine evaluates the failed expression as zero and continues with only a warning.
`E5021_DUPLICATE_LOWERED_FIELD`	Lowering/emission	two contracts lower to one field name with different recurrences, so one would silently win. Give the rule's `field_name` a per-contract discriminator (`{{contract.suffix_ident}}`). Identical definitions collapse instead, which is what several contracts sharing one curve should do.
`E5029_STREAM_MISSING_CATEGORY`	Lowering/emission	a CASH stream (`inflow` or `outflow`) declares no `category` while a pack is active. Its cash still reaches `model.total` and the entity roll-up and folds into no subtotal at all, so every domain metric is computed as though the stream were not there. An error rather than a warning because with a pack loaded there is always a right answer available — a flow that does not belong in net operating income takes a different root — and a coverage ratio that quietly excluded a stream is wrong and says so nowhere. Without a pack a category stays optional, because nothing folds. An `accrual` or `writeoff` is exempt: it moves a balance, reaches no total and no fold, and carries no category at all (`E1379`).
`E5030_AMBIGUOUS_CONTRACT_CATEGORY`	Lowering/emission	a contract states one `category` and lowers more than one stream. A contract lowers one or more streams and its pack states a category for each, so a single clause cannot say which it reclassifies: it would set all of them to the same value, and a coverage ratio computed off a principal repayment reclassified as interest is wrong with nothing to show for it. Name the stream — `category <stream> = <path>` — once per stream. The bare form stays legal where the contract lowers exactly one, because there is then nothing to disambiguate.
`W5022_UNKNOWN_SERIES_REFERENCE`	Lowering/emission	a series reduction (`series_sum`, `series_avg`, `series_min`, `series_max`, `series_prod`, `series_count`, `wal`) names a series no stream, contract or waterfall step produces, so it reduces over nothing and whatever reads it is reading nothing. A warning rather than an error because a literal name matching nothing is also a pack idiom: `cre.exit` sums NOI components by name whether or not the property declared each one. Selectors with a `*` or alternatives are exempt, and are how a model states that matching nothing is intended; each exact alternative is checked.
`W5024_CURVE_READ_PAST_END`	Lowering/emission	a stream or a field reads a series past its last point, and the series states no `to`, so it holds its last value there. Right for a rate deck, wrong for a schedule, and only the modeler knows which; the warning is once per reader and series. Declaring the effective dates answers it either way: `to` past the reader's horizon says the hold is meant, `to` at the last point says the reader ends there, and outside them the run refuses (`E5040`).
`W5046_ASSUMPTION_UNREAD`	Lowering/emission	an assumption that no expression in the model reads and no run setting names. It sits on the review page and a scenario can override it, and moving it changes nothing. Usually the figure it describes is restated as a literal somewhere, or was computed by hand from it: read it where the model uses the figure, derive the figure from it, or remove it. A set is read when any of its fields is. Raised by the engine, once per assumption, because a run may read a series-shaped assumption the model text never names: a discount curve the run configuration states (`annual_discount_curve`) counts as a read. An override does not; that is the case the warning exists for.
`W5047_IRR_AT_SEARCH_FLOOR`	Lowering/emission	a run's flows solve for a rate only at -100% a year, the floor of the rate search, so `model.irr` is not published (`docs/06`). It happens where the net cash never returns what it invests but the flows' timing alternates inside each period, such as an outflow at a period's start and a smaller inflow at its middle. A slice's or a party's IRR is omitted in the same case without a warning.
`W3500_STATEMENT_UNCLASSIFIED_STREAM`	Lowering/emission	cash that no row of the statement claims, usually a hand-written stream carrying no `category`. It is collected into a visible `residual` row rather than dropped, so the bottom line still reconciles and the omission is on the page instead of in the difference. The pack loader checks the same property for declared CATEGORIES statically; this is the half that needs a run, because a stream with no category at all is invisible until one happens.
`W3501_STATEMENT_STREAM_DOUBLE_COUNTED`	Lowering/emission	a stream claimed by more than one row. Worse than an omission: the bottom line is then wrong in a direction that looks entirely plausible.
`W3502_STATEMENT_BOTTOM_LINE_RESIDUAL`	Lowering/emission	the statement's rows do not sum to what the statement is accountable for, within half a cent. That is `model.total` for an unfiltered statement and the SLICE's total for one scoped to a slice: reconciling a filtered statement against the model would report the filter as a shortfall, and a warning that fires on a correct model is noise. Asserted, never corrected.
`W5023_UNRECOGNISED_PACK_CATEGORY`	Lowering/emission	a stream's category is well-rooted and valid, and is not one the active pack recommends. The three roots are the only gate: a pack's `categories` list is the domain's conventional spelling, not permission, because a pack cannot enumerate every leaf a deal needs. Reported in the statement's diagnostics rather than in `results.warnings`, beside `W3500`, for two reasons: the consequence of an unrecommended category is a presentation one — no row of a pack statement claims it, so it lands in the residual — and `results.warnings` belongs to the engine, which has no pack. Names a near match when one is a single edit away, the bar the compiler already uses for a misspelled term. Reported once per distinct category: thirteen expense lines sharing one misspelling are one mistake.
`E5022_UNKNOWN_STREAM_CATEGORY`	Lowering/emission	a stream, or an option's payoff, declares `category <path>` that the active pack does not list in its manifest `categories`. A category is a dotted path into the cash flow statement (`operating.deduction.abatement`) and is what a fold aggregates on, so an unlisted one would leave the stream reported as a line and counted in no subtotal — visible and wrong, rather than absent and obvious. Use one the pack declares, or add it to the pack's vocabulary. With no pack in use there is no vocabulary, so any category is unknown. A pack whose own vocabulary is not rooted in `operating`, `investing` or `financing` fails to load rather than reaching this check.
`E5010_TERM_UNKNOWN_INPUT`	Lowering/emission	a contract term references `inputs.<name>` for an input that is not declared. Declare it with `assume <name> = …` or `assume <name> ~ <Dist>(…)`.
`E5011_TERM_CLIP_OUT_OF_BOUNDS`	Lowering/emission	a term defers to an input whose `clip` can produce values outside the range the pack allows for that term. The value itself cannot be checked until the run, but the clip states the range the driver can reach, so it can be.
`E5014_RULE_CADENCE_UNSUPPORTED`	Lowering/emission	as above, but declared by one lowering rule rather than the whole pack. This exists so a pack can carry neutral and month-locked rules side by side while it is being migrated, instead of being gated wholesale.
`E5018_TERM_START_OFF_GRID`	Lowering/emission	a pack contract's `term_start` does not fall on one of the model's period boundaries. Periods step from the model's start by whole calendar units, and elapsed-period counting measures whole steps from the term, so a term beginning mid-period counts short for the contract's whole life. Always satisfied on a monthly calendar, where every `YYYY-MM` term is a boundary.
`E5015_TERM_MONTHS_NOT_DIVISIBLE`	Lowering/emission	a `_months` term used as a count of payment periods does not divide into whole periods on this grid. A 30-month loan is not two and a half annual payments, and no closed form can express one, so this is an error rather than a rounding. Thresholds such as `free_rent_months` pro-rate instead and never reach here.
`E5016_RESERVED_TERM_PREFIX`	Lowering/emission	a contract term begins `model.`, `time.`, `periods.` or `whole_periods.`. Lowering rules resolve those prefixes before contract terms, so the term would be shadowed and never read. Term keys may legitimately be dotted, so this is reachable by accident.
`E5017_PERIOD_TERM_NOT_LITERAL`	Lowering/emission	a `_months` term that a rule converts into periods is not a literal number: it defers to `inputs.<name>`, holds an expression, or does not parse as a number at all. The conversion happens at compile time and a non-literal is not known until the run.
`E5019_UNKNOWN_DAY_COUNT`	Lowering/emission	a contract's `day_count` or `amortization_day_count` is not one of `30/360`, `30e/360`, `act/360`, `act/365`. Not defaulted silently: the gap between act/360 and act/365 is roughly 1.4% of interest.
`E5027_ACTUAL_AMORTIZATION_BASIS`	Lowering/emission	a contract's `amortization_day_count` is `act/360` or `act/365`. That term chooses what the CONSTANT payment is struck on, and an Actual basis expands to a period-local divisor (`360 / time.days_in_period`) which the annuity then applies to every remaining period — so the payment moves with month length. Measured on a single 1.2m loan at 6%: a 460.68 swing over twelve months, with no pool, no prepayment and no defaults involved. Strike the payment on `30/360` and accrue interest on the Actual basis with `day_count`, which is what an Actual/360 loan document says; `day_count` itself is unaffected, because a per-period divisor is exactly right for a per-period accrual.
`E2303_ASSUME_MISSING_PARAM`	Lowering/emission	a distribution is missing a parameter it requires.
`E2304_ASSUME_INVALID_CLIP`	Lowering/emission	a `clip=[lo, hi]` is malformed or inverted.
`E2305_ASSUME_UNKNOWN_TYPE`	Lowering/emission	`assume <name> : <type>` names a type the language does not have. A type is `fraction`, `rate`, `decimal`, `int` or `duration` (`docs/01` §5). On a set the slot names a pack's set type, and one no active pack declares — or a value's type on a set — is refused with the declared set types in the hint (`docs/01` §12.7).
`E2306_ASSUME_INVALID_WITHIN`	Lowering/emission	a `within [lo, hi]` is malformed, inverted, or reaches outside the domain of the assumption's type; or a distribution's `clip` can produce a value outside the type's domain or the `within`, so the draws would break the bound; or a set states a `within` of its own, which is stated per field.
`E2307_ASSUME_OUT_OF_BOUNDS`	Lowering/emission	a literal assumption is outside the domain of its type (a `fraction` above 1, a `duration` that is not whole) or outside the `within` the model states. A value the run supplies is checked the same way at run start (`E5041`).
`E2308_ASSUME_FIELD_UNKNOWN`	Lowering/emission	a set typed by a pack's set type states a field the type does not declare, or states a value where the type nests a subset (`new = 120` where the roster has `new.term_months`). The field would be read by nothing. The hint lists the roster at that level (`docs/01` §12.7).
`E2309_ASSUME_SET_READ`	Lowering/emission	an expression, a contract's term or an entity's `=` field reads a set whole (`inputs.retail_market`), which has no single value, outside the two slots declared to hold a set (a set's field, a set-typed term), or reads a field the set does not state. A set declares no defaults: a field it leaves out has no value, and the read is refused rather than given a pack's number the model never stated. Checked in every position an expression may stand, with the reader's line where one is known and its IR path always. A read of a name no set is part of is the run's to resolve, as before, since a run may supply an input the model does not declare.
`E2316_ASSUME_SET_NAMED`	Lowering/emission	a set is named where a set is expected, and what is named is not one (`docs/01` §12.7): a contract term the pack types as a set type states something other than `inputs.<set>`, names an assumption that is not a set, or names a set of another type; or a chain of set fields naming sets returns to where it started, or sets name each other so that each contains itself, leaving no set that states the fields. An override addressed through a named set is refused at the run as `E5033`, naming the set that states the field.
`E2310_ASSUME_FIELD_INVALID`	Lowering/emission	an assumption's value is not what it is declared as: a bare word (`downtime_months = nine`, a name that would read as nothing), a string where a number is declared or a number where a string is, a fraction in a whole-number field, a distribution in a string field, a number outside the bound the set's type declares for the field (a commission of 6 where the field is 0 to 1), or a stated unit other than the one the set's type declares. Checked where the value is written, whether or not anything reads it yet; units are asserted, never converted, as a term is held to `E5024`.
`E2311_ASSUME_SOURCE_INVALID`	Lowering/emission	a `source { … }` states a field a source does not have, states one twice, or gives `as_of` or `retrieved` a string or a text field a date. A source states `publisher`, `series`, `as_of`, `retrieved`, `url` and `note`, every one optional (`docs/01` §12.8).
`E2312_ASSUME_SHAPE_READ`	Lowering/emission	a series or a quantile is read in a way the language does not admit (`docs/01` §12.5, §12.6). A series: `curve_value` given a string (`curve_value("sofr", …)`, the retired spelling; a series is an assumption, named as `inputs.sofr`), `curve_value` given an assumption that is not a series, or an entity's `=` field naming a series, a literal slot with one value where a series has one per period. A quantile: a quantile function given a string or an assumption that is not a quantile, a bare `inputs.<name>` read of a quantile, which is a function with no single value, or a quantile in an entity's `=` field. A distribution: `sample` given anything but a distribution-shaped assumption (`sample(inputs.rent)` where `rent` is a value, a series, a quantile or a set; `docs/01` §12.2.1). Checked in every position an expression may stand, with the reader's line where one is known and its IR path always.
`E2313_ASSUME_READS_PERIOD`	Lowering/emission	an assumption's expression reads the reader's period (`docs/01` §12.1): `time.*`, `prev` or a state, a series reduction or `wal`, `state_enter`, a metric, a subtotal, a paid or owed balance, an entity field that carries a rule, a series bare (`inputs.sofr`, the series at the period), or `sample(…)`, a draw keyed by its reader's entity and period (`docs/01` §12.2.1). An assumption is evaluated once, at run start, before any period exists; each of these failed there as an unresolved name (`E5031`) and is now refused where written. A series at a stated date, `curve_value(inputs.sofr, date(2026, 1, 1))`, and an entity's literal fields are read as constants of the model.
`E2314_ASSUME_BOUND_UNTYPED`	Lowering/emission	an assumption states no value and no type (`docs/01` §12.1). An assumption the run supplies states its type, a language type or a pack observable, since it is all the model says about the number; without one there is nothing to check the supplied value against.
`E2315_SAMPLE_WITHOUT_SUBJECT`	Lowering/emission	`sample(inputs.<name>)` is read where no subject entity or no period is bound (`docs/01` §12.2.1): an event's `when` or action, an option, a waterfall's pot or step, an account, a metric, or an entity's `=` field, which is resolved once at run start. A draw is keyed by its reader's subject entity and period, so it is read in a field rule, a stream, a lifecycle guard or an arrival action. The message names the reader and why it has no subject; the fix is to draw in a field on the entity the draw belongs to and read that field here.
`E2401_OPTION_MISSING_EXERCISE`	Lowering/emission	an option declares no `exercise when`, so nothing can ever trigger it.
`E2402_OPTION_MISSING_PAYOFF`	Lowering/emission	an option declares no `payoff`, so exercising it would move no cash.
`E5024_TERM_UNIT_MISMATCH`	Lowering/emission	a term is supplied in units the rule does not declare for it.
`E5025_TERM_EXPR_INVALID`	Lowering/emission	a term holds an expression that does not compile. Checked at the term's own span, before substitution: after the splice the error would point at a rule the modeler did not write.
`E5026_TERM_EXPR_IN_LITERAL_SLOT`	Lowering/emission	a term holding an expression is used by a rule where only a literal can go: a stream name, a schedule date, a frequency, or a net-days count. Those slots are never parsed as expressions, so an expression there is not evaluated late — it is wrong. Expression terms are valid where the rule uses the term in an expression, which is `amount_expr` and a field's `init`/`next`.
`E6001_CRE_LEASE_MISSING_BASE_RENT`	Pack domain validations	a CRE lease states no rent: `rent`, `rent_year`, `rent_psf` or `rent_per_unit_month`.
`E6002_CRE_LEASE_INVALID_TERM_RANGE`	Pack domain validations
`E6011_CRE_EXIT_INVALID_EXIT_CAP`	Pack domain validations	`cre.exit`'s `cap_rate` is not above 0. E6010 and E6012, a missing cap rate and a missing income, are deleted with `cre.exit_cap`: each is required only on the bases that read it, and a basis's term left out is `E5006`.
`E6030_CRE_LEASE_AMBIGUOUS_RENT`	Pack domain validations	a CRE lease states its rent more than one way: two of `rent`, `rent_year`, `rent_psf` and `rent_per_unit_month`. Give one.
`E6033_CRE_UNIT_INVALID_ESCALATION`	Pack domain validations	a lease unit's `escalation` is below -1, which would make rent negative on the first step.
`E6032_CRE_UNIT_INVALID_PRO_RATA`	Pack domain validations	`pro_rata_share` is a fraction between 0 and 1
`E6040_CRE_ROLLOVER_INVALID_PROBABILITY`	Pack domain validations	`renewal_probability` is a probability between 0 and 1
`E6041_CRE_ROLLOVER_INVALID_DOWNTIME`	Pack domain validations	`downtime_months` is a whole number of months, 0 or more pair: the first, a loan that states neither `principal` nor a sizing limit (`ltv_max`, `dscr_min`, `debt_yield_min`) it is sized to; the second, a stated principal that is not positive for the rate: neither `interest_rate` nor `index` stated; a nominal annual rate below 0
`E6054_CRE_DEBT_INVALID_AMORT`	Pack domain validations	`amortization_months` strikes the payment and is normally longer than the loan's term
`E6055_CRE_DEBT_INVALID_IO_MONTHS`	Pack domain validations	whole months, 0 or more
`E6057_CRE_CONSTRUCTION_INVALID_COMMITMENT`	Pack domain validations	the facility's `commitment`, zero or greater. Renamed from `..._INVALID_EQUITY_COMMITMENT` when equity became its own contract.
`E6058_CRE_CONSTRUCTION_INVALID_RATE`	Pack domain validations	a nominal annual rate, 0 or more (0.08 for 8%), the floor every debt contract states.
`W6001_CRE_CONSTRUCTION_RATE_ABOVE_ONE`	Pack domain validations	the rate is above 1, which is almost always 8 entered where 0.08 was meant. A convention: the run proceeds, and a coupon above 100% that is meant keeps the warning.
`E6059_CRE_CONSTRUCTION_INVALID_DRAW_MONTHS`	Pack domain validations	the availability period, 1 or more whole months. Reuses the number of `..._INVALID_DRAW_ACCRUAL_FRACTION`, deleted when `payment proceeds start\|mid\|end` placed the draw.
`E6060_CRE_CONSTRUCTION_INVALID_TERM_RANGE`	Pack domain validations	the build must sit inside the model timeline, or the schedule silently loses draws
`E6061_CRE_OPEX_LINE_MISSING_AMOUNT`	Pack domain validations	an operating expense line states `amount` or `amount_year`; both default to zero, so stating neither is a line that silently costs nothing
`E6062_CRE_OPEX_LINE_PCT_FIXED_RANGE`	Pack domain validations	the fixed SHARE, in [0, 1]; catches 81 entered where 0.81 was meant, which would otherwise report a wrong expense rather than fail
`E6063_CRE_OPEX_LINE_OCCUPANCY_RANGE`	Pack domain validations	a ratio of occupied space, in [0, 1]; zero is a fully dark building and is legitimate
`E6065_CRE_CONSTRUCTION_INVALID_INTEREST`	Pack domain validations	a construction loan's `interest` is not `paid`, `reserve`, `shortfall` or `rolled_up`. Renamed from `..._INVALID_CAPITALIZE_INTEREST` when the 0/1 flag became the three elections, and widened to the fourth, `shortfall`, when it was added.
`E6076_CRE_CONSTRUCTION_INVALID_FEE`	Pack domain validations	`fee_pct` is a share of the commitment, from 0 to 1.
`E6077_CRE_LEASE_INVALID_OUTCOME`	Pack domain validations	a unit lease's or a speculative lease's `outcome` is not `draw`, `renew`, `relet` or `vacate`. Refused rather than read: any other word would fall through to the draw.
`E6078_CRE_EXIT_INVALID_BASIS`	Pack domain validations	`cre.exit`'s `basis` is not `forward_noi`, `trailing_noi`, `stated_noi` or `price`.
`E6079_CRE_EXIT_INVALID_SHARE`	Pack domain validations	`share`, the share of the asset sold, is not above 0 and at most 1.
`E6080_CRE_UNIT_SALES_ON_INVESTMENT_ASSET`	Pack domain validations	`cre.unit_sales` is written on an asset whose `intent` is not `sale`; an asset held for investment is sold by `cre.exit`.
`E6081_CRE_UNIT_SALES_PACE_ON_UNIT`	Pack domain validations	a unit sale on an individually modeled unit states a `pace`. A pace sells a count, on a building or a unit type; a unit closes on its own sale's term.
`E6082_CRE_UNIT_SALES_INVALID_DEPOSIT`	Pack domain validations	`deposit_pct` is not from 0 to 1.
`E6083_CRE_UNIT_SALES_INVALID_RELEASE`	Pack domain validations	`release_pct` is not from 0 to 1.
`E6084_CRE_PURCHASE_INVALID_CLOSING_COSTS`	Pack domain validations	`closing_costs_pct` is below 0.
`E6085_CRE_LEASE_INVALID_ESCALATION_KIND`	Pack domain validations	`escalation_kind` is not `step`, `index` or `collar`.
`E6086_CRE_LEASE_INVALID_COLLAR`	Pack domain validations	a collar's `escalation_floor` is above its `escalation_cap`.
`E6087_CRE_LEASE_INVALID_ESCALATION_INTERVAL`	Pack domain validations	`escalation_every_months` is not a whole number above 0.
`E6088_CRE_LEASE_INVALID_RECOVERIES`	Pack domain validations	`recoveries` is not `gross`, `modified_gross`, `net` or `nnn`.
`E6089_CRE_LEASE_INVALID_RECOVERABLE_CATEGORIES`	Pack domain validations	`recoverable_categories` is not `taxes`, `taxes_insurance` or `all`. `E6092_CRE_LEASE_INVALID_CAM_CAP` — `gross_up_occupancy`, `variable_share` or `cam_cap_pct` is not from 0 to 1.
`E6093_CRE_LEASE_INVALID_DEPOSIT`	Pack domain validations	`security_deposit_months` is below 0.
`E6094_CRE_GROUND_LEASE_INVALID_SIDE`	Pack domain validations	a ground lease's `side` is not `fee` or `leasehold`.
`E6095_CRE_GROUND_LEASE_MISSING_RENT`	Pack domain validations	a ground lease states neither `rent` nor `rent_year`. — `reset_pct` or `participation_pct` is not from 0 to 1.
`E6098_CRE_DEBT_INVALID_ON_BREACH`	Pack domain validations	`on_breach` is not `cash_trap`, `sweep` or `default`.
`E6099_CRE_DEBT_INVALID_BASIS`	Pack domain validations	a permanent loan's `basis` is not `forward_noi`, `trailing_noi` or `stated_noi`.
`E6100_CRE_DEBT_LOCKOUT_WITHOUT_MAKE_WHOLE`	Pack domain validations	a loan states `lockout_months` and no `make_whole_rate`: a payoff inside the lockout pays the make-whole, as a defeasance costs.
`E6101_CRE_DEBT_FLOATING_WITHOUT_AMORTIZATION_RATE`	Pack domain validations	a floating permanent loan states no `amortization_rate`, the fixed rate its schedule and its sizing constant are struck on.
`E6102_CRE_DEBT_LTV_WITHOUT_VALUE`	Pack domain validations	a loan sized on `ltv_max` states neither `cap_rate` nor `value`.
`E6103_CRE_DEBT_FLOATING_MAKE_WHOLE`	Pack domain validations	a floating loan states `make_whole_rate`; it has no fixed schedule to discount, and its prepayment is `step_down_pct`.
`E6104_CRE_DEBT_INVALID_CURE_PERIODS`	Pack domain validations	`cure_periods` is not a whole number of tests, 1 or more.
`E6105_CRE_DEBT_INVALID_TEST_INTERVAL`	Pack domain validations	`covenant_test_every_months` is not a whole number of months, 1 or more.
`E6106_CRE_DEBT_COVENANT_LTV_WITHOUT_VALUE`	Pack domain validations	a loan tested on `covenant_ltv_max` states neither `cap_rate` nor `value`.
`E6107_CRE_EQUITY_INVALID_COMPOUNDING`	Pack domain validations	`compounding` is not `annual`, `monthly` or `simple`.
`E6108_CRE_EQUITY_INVALID_HURDLE_BASIS`	Pack domain validations	`hurdle_basis` is not `irr` or `multiple`.
`E6109_CRE_SPONSOR_FEE_INVALID_BASIS`	Pack domain validations	a sponsor fee's `basis` is not `acquisition`, `development`, `construction_management`, `asset_management`, `disposition` or `fund_management`.
`E6110_CRE_EQUITY_INVALID_CATCH_UP`	Pack domain validations	`catch_up` is not above 0 and at most 1. `E6112_CRE_EQUITY_THIRD_HURDLE_NOT_ASCENDING` — a tier's hurdle is not above the one before.
`E6113_CRE_EQUITY_PROMOTE_WITHOUT_ACCOUNT`	Pack domain validations	an interest earning a promote (`promote_on`) states no `promote_account`.
`E6114_CRE_PROPERTY_TAX_INVALID_ASSESSMENT`	Pack domain validations	`assessment` is not `stated` or `income`.
`E6115_CRE_PROPERTY_TAX_INVALID_ABATEMENT`	Pack domain validations	`abatement_pct` is not from 0 to 1.
`E6116_CRE_PROPERTY_TAX_INVALID_RATIO`	Pack domain validations	`assessed_pct_of_value` is not above 0 and at most 1.
`E6117_CRE_INCENTIVE_INVALID_NATURE`	Pack domain validations	an incentive's `nature` is not `capital` or `rental_subsidy`. `E6119_CRE_INCENTIVE_TARGET_WITHOUT_BASIS` — an incentive paying a `share` or topping up to a `target` names no `basis` series.
`E6120_CRE_AFFORDABLE_INVALID_INCOME_BAND`	Pack domain validations	`rent_limit_pct_of_ami` is not above 0 and at most 1.
`E6121_CRE_AFFORDABLE_INVALID_UNITS`	Pack domain validations	`restricted_units` is not a whole number, 0 or more.
`E6122_CRE_UNIT_SALES_AMBIGUOUS_CLOSINGS`	Pack domain validations	unit sales state both `price_per_unit` and `gross_proceeds`; the closings are stated one way.
`E6123_CRE_UNIT_SALES_TERM_NEEDS_A_PRICE`	Pack domain validations	unit sales stating `gross_proceeds`, a ledger of closings, also state `pace`, `price_growth` or `deposit_pct`, each of which acts on a price.
`E6067_CRE_PCT_RENT_INVALID_OVERAGE_PCT`	Pack domain validations	a fraction between 0 and 1.
`E6068_CRE_BUDGET_LINE_MISSING_AMOUNT`	Pack domain validations	a budget line states no spend: `amount` per period, `amount_year`, or `total` spread over `profile`.
`E6069_CRE_BUDGET_LINE_AMBIGUOUS_AMOUNT`	Pack domain validations	a budget line states its spend more than one way; the rules would sum them.
`E6070_CRE_BUDGET_LINE_INVALID_PROFILE`	Pack domain validations	`profile` is not one of `level`, `s_curve`, `front_loaded`, `back_loaded`. A spend of any other shape is stated as `amount` per period, an expression.
`E6071_CRE_BUDGET_LINE_INVALID_CONTINGENCY`	Pack domain validations	`contingency_pct` is below 0.
`E6072_CRE_BUDGET_LINE_INVALID_RETAINAGE`	Pack domain validations	`retainage_pct` is below 0 or not below 1; holding back the whole spend would release a sum the line never paid a share of.
`E6073_CRE_EQUITY_COMMITMENT_INVALID_FUNDING`	Pack domain validations	`funding` is not `first`, `pro_rata` or `at_start`.
`E6074_CRE_EQUITY_COMMITMENT_INVALID_COMMITMENT`	Pack domain validations	`commitment` is below 0.
`E6075_CRE_EQUITY_COMMITMENT_INVALID_SHARE`	Pack domain validations	`share` is not from 0 to 1; preferred equity, which takes no share of the rest, is 0.
`E6124_CRE_EQUITY_COMMITMENT_TERM_NOT_READ`	Pack domain validations	a commitment funded `at_start` states `funding_share` or `funds_after`. It contributes the whole commitment at the term's start and reads no budget, so neither term would be read; the term is refused rather than ignored. A funding share outside 0 to 1 and a negative `funds_after` are refused by the fields' own bounds (`E1389`).
`E6064_CRE_REVENUE_LINE_MISSING_AMOUNT`	Pack domain validations	a revenue line states `amount` or `amount_year`; both default to zero, so stating neither is a line that silently earns nothing
`E7001_OPCO_LINE_MISSING_AMOUNT`	Pack domain validations
`E7002_OPCO_LINE_INVALID_SCHEDULE`	Pack domain validations
`E7003_OPCO_LINE_INVALID_GROWTH`	Pack domain validations
`E7010_OPCO_LINE_AMBIGUOUS_AMOUNT`	Pack domain validations	a line states both `amount` (per period) and `amount_year` (annual); they would be summed, so stating both is refused
`E7025_OPCO_PERPETUITY_RATE_NOT_ABOVE_GROWTH`	Pack domain validations	a growing perpetuity needs `discount_rate` strictly above `growth_rate`. At or below it the denominator reaches zero and then goes negative, so the contract would return a huge value and then a negative one with nothing to say the model had stopped meaning anything.
`E7026_OPCO_PERPETUITY_MISSING_BASE_VALUE`	Pack domain validations	the terminal-period flow the perpetuity is struck on.
`E7027_OPCO_PERPETUITY_MISSING_DISCOUNT_RATE`	Pack domain validations	the terminal capitalization rate, stated on the contract rather than taken from the run's discount rate.
`E7028_OPCO_PERPETUITY_MISSING_GROWTH`	Pack domain validations	state 0 for a flat perpetuity.
`E7029_OPCO_PERPETUITY_INVALID_SELLING_COSTS`	Pack domain validations	a fraction between 0 and 1.
`E7011_OPCO_TAXES_AMBIGUOUS_DA`	Pack domain validations	OpCo cash taxes state both `da_monthly` (per period) and `da_year` (annual). They would be summed; give one.
`E7012_OPCO_TAXES_MISSING_RATE`	Pack domain validations	a cash-taxes contract states no `tax_rate`. The term may hold an expression (`curve_value(inputs.tax_rates, time.date)`) so a varying rate needs no second term; without this check, stating nothing would silently model a business that pays no tax.
`E7013_OPCO_WC_MISSING_AMOUNT_OR_RULE`	Pack domain validations
`E7014_OPCO_WC_INVALID_SCHEDULE`	Pack domain validations
`E7020_OPCO_EXIT_MISSING_MULTIPLE`	Pack domain validations
`E7021_OPCO_EXIT_INVALID_MULTIPLE`	Pack domain validations
`E7022_OPCO_EXIT_MISSING_BASE_VALUE`	Pack domain validations
`E7023_OPCO_EXIT_INVALID_SCHEDULE`	Pack domain validations
`E7024_OPCO_EXIT_EBITDA_INVALID_MULTIPLE`	Pack domain validations
`E7030_OPCO_DEBT_INVALID_AMORT`	Pack domain validations
`E7031_OPCO_DEBT_INVALID_RATE`	Pack domain validations
`E8001_ENERGY_INVALID_DEGRADATION`	Pack domain validations
`E8002_ENERGY_INVALID_AVAILABILITY`	Pack domain validations
`E8003_ENERGY_INVALID_ESCALATION`	Pack domain validations
`E8004_ENERGY_INVALID_PRICE_ESCALATION`	Pack domain validations
`E8010_ENERGY_INVALID_MACRS_LIFE`	Pack domain validations
`E8011_ENERGY_INVALID_TAX_RATE`	Pack domain validations
`E8020_ENERGY_DEBT_INVALID_RATE`	Pack domain validations
`E8021_ENERGY_DEBT_INVALID_TERM_MONTHS`	Pack domain validations
`E8022_ENERGY_DEBT_INVALID_PRINCIPAL`	Pack domain validations
`E8023_ENERGY_RESERVE_INVALID_SIZE`	Pack domain validations	a reserve's `months_of_debt_service` is not greater than 0.
`E8024_ENERGY_RESERVE_INVALID_TARGET`	Pack domain validations	a reserve's `target` is negative.
`E8025_ENERGY_RESERVE_INVALID_RATE`	Pack domain validations	a reserve's `interest_rate` is negative.
`E9001_CREDIT_INVALID_BALANCE`	Pack domain validations
`E9002_CREDIT_INVALID_RATE`	Pack domain validations
`E9003_CREDIT_INVALID_TERM_MONTHS`	Pack domain validations
`E9010_CREDIT_INVALID_CPR`	Pack domain validations
`E9011_CREDIT_INVALID_CDR`	Pack domain validations
`E9012_CREDIT_INVALID_SEVERITY`	Pack domain validations
`E9013_CREDIT_INVALID_RECOVERY_LAG`	Pack domain validations
`E9014_CREDIT_INVALID_SERVICING_FEE`	Pack domain validations
`E9015_CREDIT_INVALID_PREPAY_PENALTY`	Pack domain validations
`E9016_CREDIT_INVALID_PSA_SPEED`	Pack domain validations	`psa_speed` is a MULTIPLE of the standard prepayment curve, so 1.5 means 150% PSA. Must be 0 or more; 0 selects the flat `cpr` path.
`W9001_CREDIT_PSA_SPEED_ABOVE_TEN`	Pack domain validations	`psa_speed` is above 10 (1000% PSA), the highest speed a published table prints. A convention, not a definition: the run proceeds, and a stress case that means it keeps the warning.
`E9017_CREDIT_INVALID_SDA_SPEED`	Pack domain validations	`sda_speed` is a multiple of the standard default assumption. Must be 0 or more; 0 selects the flat `cdr` path.
`W9002_CREDIT_SDA_SPEED_ABOVE_TEN`	Pack domain validations	`sda_speed` is above 10 (1000% SDA); the same convention as `W9001`.
`E9018_CREDIT_INVALID_ABS_SPEED`	Pack domain validations	`abs_speed` is the Absolute Prepayment Model speed: the fraction of ORIGINAL balance prepaying each month. Already monthly, so unlike `cpr`/`cdr` it is not converted. Must be 0..1.
`E9019_CREDIT_INVALID_AGE_MONTHS`	Pack domain validations	`age_months` is the pool's weighted average age at closing. PSA, SDA and the ABS model are all indexed from ORIGINATION, so a seasoned pool starts part-way up the ramp; leaving it at the default 0 on a seasoned pool understates prepayment. Non-negative integer.
`E9020_CREDIT_RATE_FLOOR_ABOVE_CAP`	Pack domain validations
`E9021_CREDIT_INVALID_SHARE`	Pack domain validations	a participation's `share` is not in (0, 1]. A share above one pays out more than the pool produced; zero is a participation in nothing.
`E9022_CREDIT_INVALID_COUPON`	Pack domain validations	a note's `coupon` is negative.
`E9023_CREDIT_INVALID_NOTE_INTEREST`	Pack domain validations	a note's `interest` is neither `paid` (a period's unpaid interest is not carried) nor `deferred` (it stays owed and bears interest at the coupon).
`E9032_CREDIT_DEFERRED_NOTE_WITHOUT_INTEREST_ACCOUNT`	Pack domain validations	a note states
`E9033_CREDIT_NOTE_COUPON_AND_INDEX`	Pack domain validations	a note states both `coupon` and `index`. A class's rate is fixed or floating: state the coupon, or the index with its margin, floor and cap. `interest = "deferred"` and no `interest_account`. Unpaid interest stays owed and bears interest at the coupon, so it accrues to an account the holder is paid from; without one the lowering has nowhere to carry it. The pack reports it before lowering, so the omission is one diagnostic on the note.
`E9024_CREDIT_INVALID_ADVANCING`	Pack domain validations	a servicing agreement's `advancing` is not `none`, `interest` or `principal_and_interest`.
`E9025_CREDIT_INVALID_STOP_ADVANCE`	Pack domain validations	a servicing agreement's `stop_advance_months` is not a whole number of months, 1 or more. A servicer that advances until the loan leaves the pool states none.
`E9026_CREDIT_INVALID_SERVICING_FEE`	Pack domain validations	a servicing agreement's `fee_rate` is negative.
`E9027_CREDIT_INVALID_ADVANCE_RATE`	Pack domain validations	a servicing agreement's `advance_rate` is negative.
`E9028_CREDIT_INVALID_GUARANTEE_LIMIT`	Pack domain validations	a guarantee's `limit` is negative.
`E9029_CREDIT_INVALID_GUARANTEE_FEE`	Pack domain validations	a guarantee's `fee` is negative.
`E9030_CREDIT_INVALID_MAKE_WHOLE_FLOOR`	Pack domain validations	a loan's `make_whole_floor` is negative.
`E9031_CREDIT_TWO_PREPAYMENT_PREMIUMS`	Pack domain validations	a loan states both `prepay_penalty_rate` and `make_whole_rate`; a prepayment pays one premium.
`E5002_IR_SCHEMA_VALIDATION_FAILED`	Pack domain validations	the IR the compiler produced does not satisfy the published IR schema, or the IR being read does not. Only that: every other way a run can fail has a code of its own below, so a reader who trusts the code is not sent to the schema for a failure the schema would have passed.
`E5003_IR_EMIT_FAILED`	Pack domain validations	the IR could not be written.
`E5037_SERIES_READ_IN_LOGIC`	Pack domain validations	the engine's own check for `E1134`, for IR the compiler never saw.
`E5039_UNKNOWN_ACTION_KIND`	Pack domain validations	an event's or option's action names a kind the engine does not execute. Only hand-written IR can carry one; the run is refused rather than reported as ok with the action journaled as ignored, which is what it did before results 0.14.
`E5020_LOWERED_FIELD_INVALID`	Pack domain validations	a pack lowering rule expanded to a field `init` or `next` the parser rejects. Same reasoning as `E5009`: the engine's fallback for a failed rule is zero, which would flatten every stream reading the field rather than fail loudly.
`E5012_RULE_INVALID_INTERVAL`	Pack domain validations	a lowering rule's `schedule_every` is not one of `day`, `week`, `month`, `quarter`, `year`.
`E5013_PACK_CADENCE_UNSUPPORTED`	Pack domain validations	the model's calendar is not one the pack declares in `cadences`. A pack whose expressions divide annual figures by a literal 12 assumes one period is one month; on any other grid the schedule adapts correctly and only the amount does not, so the model produces plausible figures out by a factor of twelve. Refusing to lower is the only safe option. Use a calendar the pack supports, or a pack that supports the calendar.
`E5023_SUBTOTAL_UNKNOWN_CATEGORY`	Pack domain validations	a pack subtotal folds a category no rule emits, so the row would always be zero.

340 codes.

Troubleshooting — the failures people hit most, and what to do about them.
Diagnostics specification — the normative definition: the diagnostic object, its required fields, severity semantics, and the deprecation policy for codes.

Diagnostics

Severity

Reading a code

The register

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