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Notes have no fixed maturity. A lender exits through a four-stage process: request, notice, funding, and claim. The notice period gives the borrower time to return capital to the vault. Funding sets aside the cash that pays lenders.

The Four Stages

1

Request

The lender submits a withdrawal request for a number of shares. The shares move from the lender’s wallet into the vault’s withdrawal queue, where they continue to earn interest. A submitted request cannot be cancelled.
2

Notice

The request matures at the first epoch boundary that falls after the facility’s notice period. Until then, it is not yet eligible for funding.
3

Funding

At or after that boundary, the vault funds all matured requests together, at the same share price. Funding burns the shares and reserves the corresponding cash. The borrower cannot draw reserved cash.
4

Claim

The lender submits a claim transaction to collect the reserved proceeds. Proceeds are not sent to the wallet automatically.
The value of a request is not fixed when it is submitted. It is determined when the request is funded, or under the termination rules if the facility is wound down first.

Timing

A vault’s schedule is divided into repeating periods called epochs. A request submitted with sufficient notice matures at the next epoch boundary. A request submitted after the notice deadline matures at the following boundary. For a vault with seven-day epochs, three days’ notice, and boundaries on day 7 and day 14: In this configuration a request matures in three to just under ten days. With seven-day epochs and seven days’ notice, the range is just over seven to fourteen days. Each facility’s own epoch length and notice period apply.

Funding

The vault funds all matured requests together. It must hold enough available cash to cover the entire group. It does not pay some lenders ahead of others, and it does not pay a fraction of the group. For example, if matured requests are worth 200,000 USDC and the vault holds 150,000 USDC of available cash, the funding round does not complete. The group is funded once the shortfall, including any further accrual, has been covered. Anyone can trigger funding once the conditions are met. A borrower repayment that supplies enough cash funds the matured requests in the same transaction. Requests that have matured but have not been funded continue to earn interest. A continuing shortfall makes the vault delinquent, which stops new draws and leads to penalty interest for the benefit of lenders.

Claiming

A claim requires the lender’s wallet to hold current facility access. While a facility is live, a withdrawal pause can delay claims even after funding. A withdrawal pause also blocks new withdrawal requests and borrower draws. Funding and repayments continue during a pause.

Withdrawal Status

If a facility is terminated, withdrawals that were already funded remain claimable and are kept separate from the recovery pool. Unfunded requests join the recovery pool on the same terms as other shares.