> 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-terms.md). # Facility terms, limits and fees Each facility page publishes the facility's configured terms. Some are fixed at creation; the Admin can change others within platform bounds. ## Terms and limits The bounds below are platform bounds, which are the same on every network; defaults are configured values. ### Facility setup **Asset** The one asset the facility accepts and pays out. **Bounds:** One asset with exactly 6 decimals **Default:** Set per facility. **Set by:** Fixed at creation. **When a change applies:** Never changes. *** **Rate mode** Fixed rate or variable yield; variable yield is available only with the Epochs structure. **Bounds:** Fixed rate or variable yield **Default:** Set per facility. **Set by:** Fixed at creation. **When a change applies:** Never changes. *** **Structure** Continuous or Epochs. **Bounds:** Continuous or Epochs **Default:** Set per facility. **Set by:** Fixed at creation. **When a change applies:** Never changes. *** **Participation** Set per facility and shown on the facility page; Private and Public are its labels in the apps. **Bounds:** Private or Public **Default:** Set per facility. **Set by:** Fixed at creation. **When a change applies:** Never changes. *** **Token transferability** The facility's transferability setting, shown on the facility page. **Bounds:** Not applicable **Default:** Set per facility. **Set by:** Admin. **When a change applies:** Immediately. ### Rates and yield **Fixed rate** The rate at which the share price of a fixed-rate facility accrues. **Bounds:** 0 to 2,000 bps (0.00% to 20.00%) (nominal annual) **Default:** Set per facility. **Set by:** Admin. **When a change applies:** A staged rate applies from the next epoch (fixed-rate Epochs); a scheduled rate applies from its scheduled time (Continuous). *** **Variable-yield range** The lowest and highest yield that may be declared for an epoch (variable-rate Epochs). **Bounds:** Lowest at most highest; highest at most 2,000 bps (20.00%) (nominal annual) **Default:** Set per facility. **Set by:** Admin. **When a change applies:** From the next epoch. *** **Declared yield** The yield applied to an epoch at its settlement (variable-rate Epochs). **Bounds:** Within the epoch's locked variable-yield range (bps, nominal annual) **Default:** None until declared. **Set by:** Admin or Curator. **When a change applies:** Applied at the epoch's settlement; it can be replaced until settlement starts. *** **Rate-cut threshold** The cut from the epoch's opening rate to the rate for the next epoch (the staged rate, or the current rate when none is staged) at which the epoch qualifies as protected (fixed-rate Epochs). **Bounds:** 1 to 2,000 bps (0.01% to 20.00%) when enabled **Default:** 0 when protected withdrawals are not enabled. **Set by:** Admin. **When a change applies:** From the next epoch. ### Timing **Epoch length** The locked length of an epoch (Epochs). **Bounds:** 1 hour to 365 days (whole seconds) **Default:** Set per facility. **Set by:** Admin. **When a change applies:** From the next epoch. *** **Compounding period** The period at which yield is capitalized into the share price (Continuous). **Bounds:** 1 hour to 30 days (whole seconds) **Default:** Set per facility. **Set by:** Admin. **When a change applies:** Immediately; the change starts a new compounding period. *** **Settlement window** The time from settlement completion to the payment-due time (Epochs). **Bounds:** 1 hour to 30 days (whole seconds) **Default:** Set per facility. **Set by:** Admin. **When a change applies:** From the next epoch. *** **Reaction buffer** Time added to the epoch length before settlement may begin (protected withdrawals, fixed-rate Epochs). **Bounds:** 0 to 7 days (whole seconds) **Default:** 0 when protected withdrawals are not enabled. **Set by:** Admin. **When a change applies:** From the next epoch. *** **Funding window** The time from a protected settlement's completion to the recorded deadline for funding priority withdrawal value; the deadline passing does not end the priority (fixed-rate Epochs). **Bounds:** 1 to 30 days when enabled (whole seconds) **Default:** 0 when protected withdrawals are not enabled. **Set by:** Admin. **When a change applies:** From the next epoch. ### Limits **Minimum deposit** The smallest deposit or top-up the facility accepts. **Bounds:** At least 0.000001; at most the deposit cap when a cap is set (asset amounts, 6 decimals) **Default:** Set per facility. **Set by:** Admin. **When a change applies:** Immediately. *** **Minimum residual** The smallest position value a partial withdrawal request may leave. **Bounds:** At least 0.000001; at most the minimum deposit; at most the deposit cap when a cap is set (asset amounts, 6 decimals) **Default:** Set per facility. **Set by:** Admin. **When a change applies:** Immediately. *** **Deposit cap** The largest deposit exposure the facility accepts. **Bounds:** 0 for no cap; otherwise at least the minimum deposit (asset amounts, 6 decimals) **Default:** Set per facility. **Set by:** Admin. **When a change applies:** Immediately; a cap below current exposure stops new deposits and changes no existing position. *** **Request capacity** The number of withdrawal requests made in the current epoch and not yet priced, per facility and per lender (Epochs), or of open withdrawal requests per lender (Continuous), and of pending deposits per facility in an epoch (Epochs). **Bounds:** Bounded (request count) **Default:** Set per facility. **Set by:** Admin. **When a change applies:** Immediately. *** **Liquidity sleeve split** The part of each principal delivery paid to the liquidity sleeve receiver (Continuous). **Bounds:** 0 to 10,000 bps (0.00% to 100.00%) **Default:** 0 bps. **Set by:** Admin. **When a change applies:** Future deliveries only; completed deliveries are unchanged. A withdrawal is funded only when the facility holds cash to fund it, normally from borrower repayment. The minimum residual cannot exceed the minimum deposit. When a deposit cap is set, it bounds both. [Deposits and principal delivery](/platform/deposits-and-withheld-principal.md) gives the exposure calculation. Only fixed-rate Epochs facilities can have protected withdrawals. Disabling them sets the reaction buffer, rate-cut threshold and funding window to 0 together (configured). Withdrawal priority continues after its funding deadline. The liquidity sleeve split applies only to Continuous facilities, which have no settlement window. ### Conventions Bounds are inclusive, and the settings in seconds and basis points use whole numbers; no rounding applies to them. Every admitted asset has exactly 6 decimals (bound), so its smallest unit is 0.000001. Shares and the share price have 18 decimals. A nominal annual rate uses a 365-day year of 31,536,000 seconds, and 10,000 bps equals 100%. One hour is 3,600 seconds and one day is 86,400 seconds. ## When a change applies The Admin changes the deposit cap, minimum deposit, minimum residual and request capacity immediately. Lowering the cap below current exposure stops new deposits while leaving existing positions unchanged. An epoch locks its length, variable-yield range, settlement window and protected-withdrawal terms at opening. Later changes apply from the next epoch. The Admin or Curator can replace a declared yield within the open epoch's locked range until settlement starts. On a fixed-rate Epochs facility, the Admin can stage a rate for the next epoch's opening. [How yield accrues](/platform/yield-accrual.md) gives the rule. On a Continuous facility, a scheduled rate applies from its scheduled time, and a compounding-period change starts a new period immediately. A liquidity sleeve split change affects future deliveries only. Changing the share name or symbol leaves balances and accounting unchanged. ### Changes during settlement During settlement, the facility refuses term changes, yield declarations and epoch-length changes. The Admin can stage a fixed rate for the next epoch only if the settling epoch's protected classification stays unchanged. This leaves the pinned settlement prices unchanged. ## Fees and rounding ### Participant actions Under the current release, the actions below carry no platform fee on any facility. This rule is separate from configurable facility terms. Each action carries a network fee. | Action | Platform fee | Who pays | Classification | | ----------------------------------------------------- | ------------ | ---------------------------------------------------------------------------------------- | -------------- | | Deposit | None | Network fee only, paid by the depositing wallet | Platform rule | | Cancellation of a pending deposit (Epochs facilities) | None | Network fee only, paid by the signer (the lender or its delegate) | Platform rule | | Withdrawal request | None | Network fee only, paid by the signer (the lender or its delegate) | Platform rule | | Claim | None | Network fee only, paid by the signer (the lender or its delegate) | Platform rule | | Repayment | None | Network fee only, paid by the repaying wallet (the borrower or any other eligible payer) | Platform rule | | Recovery claim (after a default) | None | Network fee only, paid by the signer (the lender or its delegate) | Platform rule | The facility deducts no fee from deposits, pending-deposit refunds, claims or repayments. Deposits convert into shares at the share price under the [rounding rule](#rounding). ### Network fees The signing wallet pays each onchain transaction's network fee in the network's currency, including when the facility refuses the transaction. Network fees are separate from platform fees, and the facility receives no part of them. The Curator signs settlement and owed-value funding transactions; the Curator or Redemption operator signs Continuous withdrawal execution. The signing role pays the network fee. These actions carry no platform fee. ### Rounding Asset-share conversions round down to the result's smallest unit under [Glossary and notation](/reference/glossary.md) and the formulas on [Shares and the share price](/platform/shares-and-the-share-price.md). The facility retains the difference. Post-default conversion follows the separate rule under [Converting an unpaid withdrawal](/platform/after-a-default.md#converting-an-unpaid-withdrawal). Rounding is not a platform fee.