> For the complete documentation index, see [llms.txt](https://docs.bima.money/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.bima.money/the-collar-loan/deposit-and-claim.md).

# Deposit and Claim

## Phase 1  Deposit

<figure><img src="https://1150339483-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FuV0XpSBB66aR52DO5D6k%2Fuploads%2Ft0F49o7Y9HGXBzT2vqxv%2Fdeposit-and-shares.svg?alt=media&amp;token=2b5d2efd-1c4b-4e43-af94-032c8a2af2c6" alt=""><figcaption></figcaption></figure>

Deposits are open for the **first seven days** of the month.

{% stepper %}
{% step %}

### Check the open vault

Check which vault is accepting deposits, which assets it takes, and its maturity date. See [Vault Schedule](file:///introduction/vault-schedule.md).
{% endstep %}

{% step %}

### Verify the contract address

Verify the contract address against the official source before approving anything. See [Contract Addresses](file:///operations/contract-addresses.md).
{% endstep %}

{% step %}

### Approve and deposit

Approve and deposit your tokenised BTC.
{% endstep %}

{% step %}

### Receive vault shares

Receive vault shares your on-chain record of what you deposited and what you can claim, repay and redeem.
{% endstep %}
{% endstepper %}

{% hint style="warning" %}
Once the window closes the vault is sealed and the collar is placed. There is no withdrawal, no cancellation and no cooling-off period. Deposit only what you can leave untouched for twelve months.
{% endhint %}

## Phase 2  The collar is placed

After the window closes:

* Pooled collateral is placed with **FalconX** under a collar, through vault infrastructure operated by **Accountable**.
* **Your put and call strike levels are set** against market conditions on that date, and published to you.
* FalconX provides the capital released against the collared position, which returns to the vault.

You take no action during this phase, but this is the phase that determines your economics for the next twelve months. Read your published strike levels before claiming.

## Phase 3  Claim your USDC

Once capital has arrived, claiming opens. You claim directly from the vault.

### How much you can claim

<figure><img src="https://1150339483-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FuV0XpSBB66aR52DO5D6k%2Fuploads%2FXHF7laXoz8OoE6SltBF1%2Fltv-example.svg?alt=media&amp;token=e16a42f2-06e8-4bdb-98aa-cc561cf57c39" alt=""><figcaption></figcaption></figure>

**50% of the value of the BTC you deposited**, in USDC, at **0% interest**.

The amount is fixed by your deposit and does not move afterwards. See [Borrowing Terms](file:///8003494/borrowing-terms.md).

### Claiming is optional

You are not required to claim. If you deposit and never claim, you hold a collared BTC position with nothing to repay at maturity  you keep the downside protection and still give up upside above the call strike.

Most users claim in full. Claim less if you want a smaller obligation at maturity.

## After you claim

The USDC is yours to use for the term. Nothing to service, no rate that moves, no payment schedule. The next event is [repayment at maturity](broken://pages/69115d38b853de5d489ee42ad0e821759c5f85d5), twelve months from your vault's start date.