diff --git a/core/src/Factory.sol b/core/src/Factory.sol
index c00f6e34..bb320a16 100644
--- a/core/src/Factory.sol
+++ b/core/src/Factory.sol
@@ -53,6 +53,11 @@ contract Factory {
         uint32 pausedUntilTime;
     }
 
+    struct Courier {
+        address wallet;
+        uint16 cut;
+    }
+
     struct MarketConfig {
         Parameters parameters;
         IRateModel rateModel0;
@@ -87,11 +92,6 @@ contract Factory {
                            INCENTIVE STORAGE
     //////////////////////////////////////////////////////////////*/
 
-    struct Courier {
-        address wallet;
-        uint16 cut;
-    }
-
     mapping(uint32 => Courier) public couriers;
 
     mapping(address => bool) public isCourier;
diff --git a/core/test/Liquidator.t.sol b/core/test/BorrowerLiquidations.sol
similarity index 100%
rename from core/test/Liquidator.t.sol
rename to core/test/BorrowerLiquidations.sol
diff --git a/core/test/Factory.t.sol b/core/test/Factory.t.sol
new file mode 100644
index 00000000..1193e5b7
--- /dev/null
+++ b/core/test/Factory.t.sol
@@ -0,0 +1,159 @@
+// SPDX-License-Identifier: AGPL-3.0-only
+pragma solidity 0.8.17;
+
+import "forge-std/Test.sol";
+import {MockERC20} from "solmate/test/utils/mocks/MockERC20.sol";
+
+import {
+    DEFAULT_ANTE,
+    DEFAULT_N_SIGMA,
+    DEFAULT_MANIPULATION_THRESHOLD_DIVISOR,
+    DEFAULT_RESERVE_FACTOR,
+    CONSTRAINT_N_SIGMA_MIN,
+    CONSTRAINT_N_SIGMA_MAX,
+    CONSTRAINT_MANIPULATION_THRESHOLD_DIVISOR_MIN,
+    CONSTRAINT_MANIPULATION_THRESHOLD_DIVISOR_MAX,
+    CONSTRAINT_RESERVE_FACTOR_MIN,
+    CONSTRAINT_RESERVE_FACTOR_MAX,
+    CONSTRAINT_ANTE_MAX,
+    CONSTRAINT_PAUSE_INTERVAL_MAX,
+    UNISWAP_AVG_WINDOW
+} from "src/libraries/constants/Constants.sol";
+
+import {Borrower} from "src/Borrower.sol";
+import {Factory, IUniswapV3Pool, ERC20} from "src/Factory.sol";
+import {Lender} from "src/Lender.sol";
+import {RateModel} from "src/RateModel.sol";
+import {VolatilityOracle} from "src/VolatilityOracle.sol";
+
+contract FactoryTest is Test {
+    event CreateMarket(IUniswapV3Pool indexed pool, address lender0, address lender1);
+    event CreateBorrower(IUniswapV3Pool indexed pool, address indexed owner, address account);
+    event EnrollCourier(uint32 indexed id, address indexed wallet, uint16 cut);
+
+    IUniswapV3Pool constant pool = IUniswapV3Pool(0x88e6A0c2dDD26FEEb64F039a2c41296FcB3f5640);
+
+    Factory factory;
+
+    MockERC20 rewardsToken;
+    
+    function setUp() public {
+        vm.createSelectFork(vm.rpcUrl("mainnet"), 15_348_451);
+
+        factory = new Factory(address(12345), address(0), new VolatilityOracle(), new RateModel());
+        rewardsToken = new MockERC20("Mock Token", "MOCK", 18);
+    }
+
+    function test_createMarket() external {
+        vm.expectEmit(true, false, false, false, address(factory));
+        emit CreateMarket(pool, address(0), address(0));
+        factory.createMarket(pool);
+
+        (Lender lender0, Lender lender1, ) = factory.getMarket(pool);
+        assertTrue(factory.isLender(address(lender0)));
+        assertTrue(factory.isLender(address(lender1)));
+        assertEq(address(lender0.rateModel()), address(factory.DEFAULT_RATE_MODEL()));
+        assertEq(address(lender1.rateModel()), address(factory.DEFAULT_RATE_MODEL()));
+        assertEq(lender0.reserveFactor(), DEFAULT_RESERVE_FACTOR);
+        assertEq(lender1.reserveFactor(), DEFAULT_RESERVE_FACTOR);
+
+        vm.expectRevert(bytes(""));
+        lender0.initialize();
+        vm.expectRevert(bytes(""));
+        lender1.initialize();
+
+        // Can't recreate the same market
+        vm.expectRevert();
+        factory.createMarket(pool);
+    }
+
+    function test_createBorrower() external {
+        factory.createMarket(pool);
+
+        vm.expectEmit(true, true, false, false, address(factory));
+        emit CreateBorrower(pool, address(6), address(0));
+        address payable borrower = factory.createBorrower(pool, address(6));
+
+        assertTrue(factory.isBorrower(borrower));
+        
+        (address owner, , ) = Borrower(borrower).slot0();
+        assertEq(owner, address(6));
+
+        (Lender lender0, Lender lender1, ) = factory.getMarket(pool);
+        assertEq(lender0.borrows(borrower), 1);
+        assertEq(lender1.borrows(borrower), 1);
+
+        // NOTE: If specified owner was address(0), re-initialization is possible
+        vm.expectRevert(bytes(""));
+        Borrower(borrower).initialize(address(9));
+    }
+
+    function test_enrollCourier(uint32 id, uint16 cut) external {
+        if (id == 0) {
+            vm.expectRevert(bytes(""));
+            factory.enrollCourier(id, cut);
+            id = 1;
+        }
+
+        if (cut == 0 || cut >= 10_000) {
+            vm.expectRevert(bytes(""));
+            factory.enrollCourier(id, cut);
+            cut = uint16(bound(cut, 1, 9999));
+        }
+
+        vm.expectEmit(true, true, false, true, address(factory));
+        emit EnrollCourier(id, address(this), cut);
+        factory.enrollCourier(id, cut);
+
+        assertTrue(factory.isCourier(address(this)));
+        (address courier, uint16 cutRec) = factory.couriers(id);
+        assertEq(courier, address(this));
+        assertEq(cutRec, cut);
+    }
+
+    function test_claimRewards() external {
+        factory.createMarket(pool);
+        (Lender lender0, Lender lender1, ) = factory.getMarket(pool);
+
+        Lender[] memory lenders = new Lender[](2);
+        lenders[0] = lender0;
+        lenders[1] = lender1;
+
+        // Couriers cannot claim rewards
+        vm.prank(address(6789));
+        factory.enrollCourier(1, 5000);
+        vm.prank(address(6789));
+        vm.expectRevert(bytes(""));
+        factory.claimRewards(lenders, address(6789));
+
+        // Set rewards token
+        vm.prank(factory.GOVERNOR());
+        factory.governRewardsToken(rewardsToken);
+
+        // Expect factory to call Lenders in order to figure out rewards amount
+        vm.mockCall(
+            address(lender0),
+            abi.encodeCall(Lender.claimRewards, (address(this))),
+            abi.encode(uint256(3.1415e18))
+        );
+        vm.mockCall(
+            address(lender1),
+            abi.encodeCall(Lender.claimRewards, (address(this))),
+            abi.encode(uint256(0.5e18))
+        );
+
+        // Can't pay out if factory doesn't have any tokens
+        vm.expectRevert(bytes("TRANSFER_FAILED"));
+        factory.claimRewards(lenders, address(this));
+
+        // Happy path
+        rewardsToken.mint(address(factory), 5e18);
+        factory.claimRewards(lenders, address(this));
+        assertEq(rewardsToken.balanceOf(address(this)), 3.6415e18);
+
+        // Can't claim from non-Lenders
+        lenders[1] = Lender(address(77777));
+        vm.expectRevert();
+        factory.claimRewards(lenders, address(this));
+    }
+}