# Execution Lifecycle

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When Curator vaults allocate capital and participants delegate $YODL, the Operator receives a USD-denominated execution-credit ceiling that defines how much liquidity can be mobilized.

**Activation:** Execution-credit ceiling = (delegated YODL × credit multiplier × RM).

**Utilization:** Strict on-chain checks prevent overspending or unauthorized access.

**Repayment:** All utilized Curator capital must be restored before epoch end.

**Liquidation:** If HF ≤ 1.0, a Bounded Liquidation restores the vault’s balance.

**Renewal:** Restored capital immediately frees up execution credit, which is reusable within the same epoch.