> For the complete documentation index, see [llms.txt](https://docs.ibis.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ibis.app/platform/facility-states.md). # Facility states and permitted actions ## Overview Activation opens a registered facility. An Epochs facility enters Settling from Open or Winding down and returns to that state when settlement completes. A facility enters Winding down on decommission, Claims only on migration and In recovery on a declared default. These transitions are one way; directory listing is separate from facility state. The figures shown in the apps and described here are informational. The Master Lending Agreement governs amounts, dates, defaults and remedies. ## States and transitions ### States | State | Meaning | | ----------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------- | | A registered facility that has not yet been activated | Listed in the facility directory. It accepts no participant action. | | Open | The normal operating state, and the only state that accepts deposits. | | Settling | An Epochs facility settling an epoch. Settling occurs within Open or Winding down and ends in the state it started from. | | Winding down | An operating state that accepts no new deposits. Entered by decommission. | | Claims only | Terminal. No shares are outstanding. Claims, refunds of pending deposits and the funding of owed value continue. Entered by migration. | | In recovery | Terminal. Entered by a default. Recoveries are shared through the recovery pot. | A withdrawal is funded only when the facility holds cash to fund it, normally from borrower repayment. ### Transitions ![Registration, activation, settlement return paths, decommission, migration and default across the facility states](https://1212871591-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FAPyk7jtRhMNFPRuPw5d3%2Fuploads%2Fgit-blob-2ba890561d756b07e1b2610690cebd678fc16ebf%2Ffacility-states.svg?alt=media) *Figure: Facility states and the transitions between them. Settling occurs only on an Epochs facility; Claims only and In recovery have no outgoing transition.* A facility is activated once. The Curator starts and completes settlement on Epochs facilities; Continuous facilities never settle. Decommission moves an Open facility to Winding down. Once no shares remain outstanding, migration can move it from Winding down to Claims only. Default moves an Open or Winding down facility to In recovery. These transitions occur outside settlement and cannot be undone. ## What each state accepts ### How to read the matrix A Yes means the state admits the action, subject to the facility's terms, current operating status and eligibility rules. Before activation means registered but not activated. Settling applies only to Epochs facilities in Open or Winding down. The matrix covers participant actions. [Roles and responsibilities](/platform/roles-and-permissions.md) describes the participants. ### Action matrix | Action | Before activation | Open | Settling | Winding down | Claims only | In recovery | | -------------------------------------- | ----------------- | ---- | -------- | ------------ | ----------- | ----------- | | Deposit | No | Yes | No | No | No | No | | Cancel a pending deposit | No | Yes | No | Yes | Yes | Yes | | Request a withdrawal | No | Yes | No | Yes | No | No | | Reduce or cancel a withdrawal | No | Yes | No | Yes | No | No | | Claim | No | Yes | Yes | Yes | Yes | Yes | | Repay | No | Yes | Yes | Yes | Yes | Yes | | Convert an unpaid withdrawal to shares | No | No | No | No | No | Yes | | Recovery claim | No | No | No | No | No | Yes | ### Conditions on participant actions Claims, pending-deposit refunds and recovery claims for restricted addresses are credited to the compliance escrow under the original beneficiary. [Eligibility, compliance and agreements](/getting-started/compliance-perimeter.md) explains these checks. A lender can reduce or cancel its own withdrawal request until settlement on an Epochs facility or execution on a Continuous facility. Repayment is available after activation. In Claims only, the facility accepts up to its remaining funding shortfall. In recovery, repayment has no cap and funds the recovery pot. In Open, an Epochs facility holds deposits as pending and withdrawals as queued until settlement, which pins prices through completion. In Winding down, pending deposits stay refundable and never convert into shares. Withdrawals continue through Epochs settlement or Continuous execution, and owed value can still be funded. Entry makes withheld principal ordinary facility cash and ends further principal delivery to the borrower. In recovery, settlement ends permanently. A lender can convert unpaid withdrawals into shares at the price fixed at default and claim its share of the recovery pot. [Recovery](/platform/after-a-default.md#recovery) gives the calculations. ## Directory listing and retirement The facility directory keeps every registration permanently, in registration order. A facility can be retired in Winding down, Claims only or In recovery, outside settlement. Retirement changes only the directory status. The facility keeps its state and obligations. Claims, refunds, funding and repayment continue as the state allows. A retired facility cannot be registered again. ## Missed payments and default Each settled epoch records a [payment-due time](/platform/epochs-and-settlement.md) for disclosure. A missed payment alone leaves the facility's state unchanged. Remedies follow the Master Lending Agreement. After default, recoveries enter the recovery pot.