> 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/withdrawals-owed-value-and-claims.md).

# Withdrawals and claims

A lender requests a withdrawal by moving shares out of its position for the facility to hold until pricing, execution or cancellation. On an Epochs facility, settlement prices the queued request once and fixes its owed value. The Curator funds that value into the lender's claimable balance (Claimable).

On a Continuous facility, the Curator or Redemption operator executes all or part of a queued request at the current share price, adding the executed value to Claimable. The lender then claims from that balance to its own wallet or another eligible wallet it names. Requesting, pricing, funding and claiming are separate stages.

Each role named here, other than the lender and its delegate, is held by the entity named for that role in the facility's agreement.

![Withdrawal stages from Position to Queued, through Owed on Epochs or execution on Continuous, to Claimable and Paid](https://1212871591-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FAPyk7jtRhMNFPRuPw5d3%2Fuploads%2Fgit-blob-12979ece523643a5a0dae0ca9bbb5796d83caef8%2Fwithdrawal-stages.svg?alt=media)

*Figure: The stages of a withdrawal on Epochs and Continuous facilities.*

A withdrawal is funded only when the facility holds cash to fund it, normally from borrower repayment.

## Withdrawal requests

The lender or its delegate can request a withdrawal while the facility is Open or Winding down. New requests are subject to the facility's current operating status and stop while Settling, in Claims only or In recovery. Restricted addresses cannot request withdrawals; see [Eligibility, compliance and agreements](/getting-started/compliance-perimeter.md).

A whole-position withdrawal takes all of the lender's free shares and is exempt from the minimums. A partial request must satisfy the residual rule below. On an Epochs facility, the request itself must also be worth at least the minimum residual at the current share price.

Request capacity is bounded and set per facility. An Epochs facility limits the current epoch's unpriced requests both for the facility as a whole and for each lender. A request stops counting when no shares remain unpriced, as with full cancellation or settlement pricing. Priced requests from earlier epochs do not count, even while unfunded.

A whole-position Epochs request worth less than the minimum residual is accepted only while the queue is below a set fraction of its capacity, well before it is full. The facility refuses every lender request once the queue is full or the lender reaches its own limit.

A Continuous facility limits each lender's open requests only. A request stops counting when no shares remain in it.

### Residual rule

$$
\lfloor (s\_{free} - s\_{req}) \times I \rfloor \ge m\_{res} \text{ unless } s\_{free} - s\_{req} = 0
$$

Where:

$$s\_{free}$$ is the lender's free shares, not already held for a request, to 18 decimals. $$s\_{req}$$ is the number of shares in the new request, to 18 decimals. $$I$$ is the current share price, in asset units per share to 18 decimals. $$m\_{res}$$ is the minimum residual set per facility, in asset units to 6 decimals.

The remaining shares' value is rounded down to 6 decimals before the comparison with the minimum residual. The minimum residual is subject to its [bounds](/platform/facility-terms.md).

Illustrative example: a lender holds 5,000.000000000000000000 free shares at a share price of 1.043200000000000000 under a minimum residual of 1,000.000000. A request for 4,100.000000000000000000 shares would leave shares worth 938.880000 and is refused. A request for 4,000.000000000000000000 shares leaves shares worth 1,043.200000 and is accepted.

### Maximum partial withdrawal

$$
s\_{max} = \max\left(s\_{free} - \left\lceil \frac{m\_{res}}{I} \right\rceil,; 0\right)
$$

Where:

$$s\_{max}$$ is the largest number of shares a partial request can take, to 18 decimals. $$s\_{free}$$ is the lender's free shares, to 18 decimals. $$m\_{res}$$ is the minimum residual set per facility, in asset units to 6 decimals. $$I$$ is the current share price, in asset units per share to 18 decimals.

The shares kept back are rounded up to 18 decimals, so the remaining position is never worth less than the minimum residual. The maximum has a lower bound of 0 shares; at a share price of 0 it is 0 while a whole-position withdrawal remains possible. On an Epochs facility, it is 0 unless a request of that size is itself worth at least the minimum residual.

Illustrative example: with 5,000.000000000000000000 free shares, a share price of 1.043200000000000000 and a minimum residual of 1,000.000000, the shares kept back are 958.588957055214723927 and the maximum partial withdrawal is 4,041.411042944785276073 shares. The remaining position is worth 1,000.000000.

### Reducing or canceling a request

The lender or its delegate can reduce or cancel its own request before settlement prices it on an Epochs facility or before execution on a Continuous facility. Removed shares return to the lender's position. A partial Epochs reduction must leave a request worth at least the minimum residual at the current share price. Reductions and cancellations are unavailable while Settling.

## Pricing and funding

### Owed value on an Epochs facility

An Epochs settlement cancels each queued request's shares and fixes its owed value at the pinned withdrawal price, described on [Epochs and settlement](/platform/epochs-and-settlement.md).

**Owed value at settlement**

$$
o = \lfloor s\_{req} \times I\_{exit} \rfloor
$$

Where:

$$o$$ is the owed value of one withdrawal request, in asset units to 6 decimals. $$s\_{req}$$ is the number of shares in the request, to 18 decimals. $$I\_{exit}$$ is the withdrawal price pinned at settlement, in asset units per share to 18 decimals.

Owed value is rounded down to 6 decimals for each request separately, under the withdrawal-price [bounds](/platform/epochs-and-settlement.md). It is never repriced: funding and claim dates do not change it.

Illustrative example: a request for 2,000.000000000000000000 shares priced at a withdrawal price of 1.004500000000000000 has an owed value of 2,009.000000.

### Funding owed value

As cash becomes available, the Curator funds selected requests by moving any amount up to their remaining owed value into the lender's Claimable. Partial funding leaves the rest owed. Funding uses free cash, the amount above the facility's reserve floor; see [Liquidity accounting](/platform/liquidity-accounting.md).

When settlement opens a protected withdrawal window, its owed value has funding priority. Withheld principal funds it before free cash, and it must be funded in full before any other owed value is funded or the next settlement begins.

Funding is available while Open, Winding down or Claims only, subject to the facility's current operating status, and stops while Settling. After a default, owed value is no longer funded and is handled through the recovery pot.

### Execution on a Continuous facility

The Curator or Redemption operator executes all or part of a Continuous request at the current share price. The facility cancels the executed shares and credits their value to the lender's Claimable.

**Continuous execution value**

$$
a = \lfloor s\_{exec} \times I \rfloor
$$

Where:

$$a$$ is the executed value added to the lender's Claimable, in asset units to 6 decimals. $$s\_{exec}$$ is the number of shares executed from the request, to 18 decimals. $$I$$ is the share price at execution, in asset units per share to 18 decimals.

The executed value is rounded down to 6 decimals and must be greater than 0; the facility refuses an execution that would pay nothing. An execution funded by the facility's own cash cannot exceed free cash, the amount above the [reserve floor](/platform/liquidity-accounting.md).

Illustrative example: executing 1,500.000000000000000000 shares at a share price of 1.012345678901234567 adds 1,518.518518 to the lender's Claimable, rounded down from 1,518.5185183518518505.

The Redemption operator can supply execution cash in the same step, which the facility records as a repayment. Execution is available while Open or Winding down, subject to the facility's current operating status.

## Claims

A claim pays any positive amount up to the lender's Claimable through a wallet transaction. Claims do not expire and remain available in every state after activation, including Settling.

The lender may choose another eligible wallet to receive a claim. A restricted lender must name its own wallet, and the facility credits the amount to the compliance escrow under that lender. The [compliance rules](/getting-started/compliance-perimeter.md) describe the hold.

### Delegates

A lender may authorize a delegate to act on its deposits, withdrawal requests and claims, and revoke that authority at any time. The facility checks the delegate's eligibility on authorization and each time it acts; a restricted delegate cannot act.

A delegate may pay only the lender: its claims go to the lender's wallet. Refunds and payouts remain attributed to the lender, and only the lender can choose another receiving wallet.

### After a default

In recovery, withdrawal requests stop: they cannot be accepted, reduced, canceled, priced, executed or funded. Claimable balances remain claimable. Shares held for open requests and owed value unfunded at default share in the recovery pot; see [Recovery](/platform/after-a-default.md#recovery).