refactor: change 'expire' to 'mature' in facility (#1494)

In the context of a facility, 'expired' usually refers to the date that no more drawdowns are allowed from, whereas 'matured' referes to the date where outstanding principal payments are due. In our domain, these are the same thing, but the more relevant concept for our context is the payment due date, so 'mature' makes more sense as the word to use. This refactor would also have the benefit or re-introducing the concept of 'expired' if we decided to stop drawdowns at some point before the facility matures.
GaloyMoney · Feb 25, 2025 · 70a7a0f · 70a7a0f
1 parent a33edf7
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diff --git a/apps/admin-panel/app/command-menu.tsx b/apps/admin-panel/app/command-menu.tsx
@@ -222,7 +222,7 @@ const CommandMenu = () => {
       condition: () =>
         facility?.subjectCanUpdateCollateral &&
         facility?.status !== CreditFacilityStatus.Closed &&
-        facility?.status !== CreditFacilityStatus.Expired,
+        facility?.status !== CreditFacilityStatus.Matured,
     },
     {
       label: "Create Disbursal",

diff --git a/apps/admin-panel/app/credit-facilities/[credit-facility-id]/details.tsx b/apps/admin-panel/app/credit-facilities/[credit-facility-id]/details.tsx
@@ -55,8 +55,8 @@ const CreditFacilityDetailsCard: React.FC<CreditFacilityDetailsProps> = ({
       ),
     },
     {
-      label: "Expires At",
-      value: formatDate(creditFacilityDetails.expiresAt),
+      label: "Matures At",
+      value: formatDate(creditFacilityDetails.maturesAt),
     },
   ]
 

diff --git a/apps/admin-panel/app/credit-facilities/[credit-facility-id]/layout.tsx b/apps/admin-panel/app/credit-facilities/[credit-facility-id]/layout.tsx
@@ -33,7 +33,7 @@ gql`
     creditFacilityId
     status
     facilityAmount
-    expiresAt
+    maturesAt
     collateral
     collateralizationState
     createdAt

diff --git a/apps/admin-panel/codegen.yml b/apps/admin-panel/codegen.yml
@@ -114,7 +114,7 @@ generates:
               createdAt: "generateMockValue.timestamp()"
               updatedAt: "generateMockValue.timestamp()"
               activatedAt: "generateMockValue.timestamp()"
-              expiresAt: "generateMockValue.timestamp()"
+              maturesAt: "generateMockValue.timestamp()"
               recordedAt: "generateMockValue.timestamp()"
               votedAt: "generateMockValue.timestamp()"
               telegramId: "generateMockValue.telegramId()"

diff --git a/apps/admin-panel/lib/graphql/generated/index.ts b/apps/admin-panel/lib/graphql/generated/index.ts
diff --git a/apps/admin-panel/lib/graphql/generated/mocks.ts b/apps/admin-panel/lib/graphql/generated/mocks.ts
@@ -503,9 +503,9 @@ export const mockCreditFacility = (overrides?: Partial<CreditFacility>, _relatio
         currentCvl: overrides && overrides.hasOwnProperty('currentCvl') ? overrides.currentCvl! : relationshipsToOmit.has('FacilityCvl') ? {} as FacilityCvl : mockFacilityCvl({}, relationshipsToOmit),
         customer: overrides && overrides.hasOwnProperty('customer') ? overrides.customer! : relationshipsToOmit.has('Customer') ? {} as Customer : mockCustomer({}, relationshipsToOmit),
         disbursals: overrides && overrides.hasOwnProperty('disbursals') ? overrides.disbursals! : [relationshipsToOmit.has('CreditFacilityDisbursal') ? {} as CreditFacilityDisbursal : mockCreditFacilityDisbursal({}, relationshipsToOmit)],
-        expiresAt: overrides && overrides.hasOwnProperty('expiresAt') ? overrides.expiresAt! : generateMockValue.timestamp(),
         facilityAmount: overrides && overrides.hasOwnProperty('facilityAmount') ? overrides.facilityAmount! : generateMockValue.usdCents(),
         id: overrides && overrides.hasOwnProperty('id') ? overrides.id! : faker.string.uuid(),
+        maturesAt: overrides && overrides.hasOwnProperty('maturesAt') ? overrides.maturesAt! : generateMockValue.timestamp(),
         repaymentPlan: overrides && overrides.hasOwnProperty('repaymentPlan') ? overrides.repaymentPlan! : [relationshipsToOmit.has('CreditFacilityRepaymentInPlan') ? {} as CreditFacilityRepaymentInPlan : mockCreditFacilityRepaymentInPlan({}, relationshipsToOmit)],
         status: overrides && overrides.hasOwnProperty('status') ? overrides.status! : mockEnums.creditFacilityStatus(),
         subjectCanComplete: overrides && overrides.hasOwnProperty('subjectCanComplete') ? overrides.subjectCanComplete! : faker.datatype.boolean(),

diff --git a/apps/customer-portal/app/credit-facilities/[credit-facility-id]/page.tsx b/apps/customer-portal/app/credit-facilities/[credit-facility-id]/page.tsx
@@ -37,7 +37,7 @@ gql`
       status
       createdAt
       activatedAt
-      expiresAt
+      maturesAt
       disbursals {
         id
         disbursalId
@@ -168,8 +168,8 @@ async function page({ params }: { params: { "credit-facility-id": string } }) {
       value: removeUnderscore(data.creditFacility.collateralizationState),
     },
     {
-      label: "Expires At",
-      value: formatDate(data.creditFacility.expiresAt) || "N/A",
+      label: "Matures At",
+      value: formatDate(data.creditFacility.maturesAt) || "N/A",
     },
     {
       label: "Status",

diff --git a/apps/customer-portal/lib/graphql/generated/index.ts b/apps/customer-portal/lib/graphql/generated/index.ts
@@ -66,7 +66,7 @@ export type CreditFacility = {
   creditFacilityTerms: TermValues;
   currentCvl: FacilityCvl;
   disbursals: Array<CreditFacilityDisbursal>;
-  expiresAt?: Maybe<Scalars['Timestamp']['output']>;
+  maturesAt?: Maybe<Scalars['Timestamp']['output']>;
   facilityAmount: Scalars['UsdCents']['output'];
   id: Scalars['ID']['output'];
   repaymentPlan: Array<CreditFacilityRepaymentInPlan>;
@@ -178,7 +178,7 @@ export enum CreditFacilityRepaymentType {
 export enum CreditFacilityStatus {
   Active = 'ACTIVE',
   Closed = 'CLOSED',
-  Expired = 'EXPIRED',
+  Matured = 'MATURED',
   PendingApproval = 'PENDING_APPROVAL',
   PendingCollateralization = 'PENDING_COLLATERALIZATION'
 }
@@ -415,7 +415,7 @@ export type GetCreditFacilityQueryVariables = Exact<{
 }>;
 
 
-export type GetCreditFacilityQuery = { __typename?: 'Query', creditFacility?: { __typename?: 'CreditFacility', id: string, creditFacilityId: any, facilityAmount: any, collateral: any, collateralizationState: CollateralizationState, status: CreditFacilityStatus, createdAt: any, activatedAt?: any | null, expiresAt?: any | null, disbursals: Array<{ __typename?: 'CreditFacilityDisbursal', id: string, disbursalId: any, index: any, amount: any, status: DisbursalStatus, createdAt: any }>, creditFacilityTerms: { __typename?: 'TermValues', annualRate: any, accrualInterval: InterestInterval, incurrenceInterval: InterestInterval, oneTimeFeeRate: any, liquidationCvl: any, marginCallCvl: any, initialCvl: any, duration: { __typename?: 'Duration', period: Period, units: number } }, balance: { __typename?: 'CreditFacilityBalance', facilityRemaining: { __typename?: 'FacilityRemaining', usdBalance: any }, disbursed: { __typename?: 'Disbursed', total: { __typename?: 'Total', usdBalance: any }, outstanding: { __typename?: 'Outstanding', usdBalance: any }, dueOutstanding: { __typename?: 'Outstanding', usdBalance: any } }, interest: { __typename?: 'Interest', total: { __typename?: 'Total', usdBalance: any }, outstanding: { __typename?: 'Outstanding', usdBalance: any }, dueOutstanding: { __typename?: 'Outstanding', usdBalance: any } }, collateral: { __typename?: 'Collateral', btcBalance: any }, dueOutstanding: { __typename?: 'Outstanding', usdBalance: any }, outstanding: { __typename?: 'Outstanding', usdBalance: any } }, currentCvl: { __typename?: 'FacilityCVL', total: any, disbursed: any }, repaymentPlan: Array<{ __typename?: 'CreditFacilityRepaymentInPlan', repaymentType: CreditFacilityRepaymentType, status: CreditFacilityRepaymentStatus, initial: any, outstanding: any, accrualAt: any, dueAt: any }>, transactions: Array<{ __typename?: 'CreditFacilityCollateralUpdated', satoshis: any, recordedAt: any, action: CollateralAction, txId: any } | { __typename?: 'CreditFacilityCollateralizationUpdated', state: CollateralizationState, collateral: any, outstandingInterest: any, outstandingDisbursal: any, recordedAt: any, price: any } | { __typename?: 'CreditFacilityDisbursalExecuted', cents: any, recordedAt: any, txId: any } | { __typename?: 'CreditFacilityIncrementalPayment', cents: any, recordedAt: any, txId: any } | { __typename?: 'CreditFacilityInterestAccrued', cents: any, recordedAt: any, txId: any, days: number } | { __typename?: 'CreditFacilityOrigination', cents: any, recordedAt: any, txId: any }> } | null };
+export type GetCreditFacilityQuery = { __typename?: 'Query', creditFacility?: { __typename?: 'CreditFacility', id: string, creditFacilityId: any, facilityAmount: any, collateral: any, collateralizationState: CollateralizationState, status: CreditFacilityStatus, createdAt: any, activatedAt?: any | null, maturesAt?: any | null, disbursals: Array<{ __typename?: 'CreditFacilityDisbursal', id: string, disbursalId: any, index: any, amount: any, status: DisbursalStatus, createdAt: any }>, creditFacilityTerms: { __typename?: 'TermValues', annualRate: any, accrualInterval: InterestInterval, incurrenceInterval: InterestInterval, oneTimeFeeRate: any, liquidationCvl: any, marginCallCvl: any, initialCvl: any, duration: { __typename?: 'Duration', period: Period, units: number } }, balance: { __typename?: 'CreditFacilityBalance', facilityRemaining: { __typename?: 'FacilityRemaining', usdBalance: any }, disbursed: { __typename?: 'Disbursed', total: { __typename?: 'Total', usdBalance: any }, outstanding: { __typename?: 'Outstanding', usdBalance: any }, dueOutstanding: { __typename?: 'Outstanding', usdBalance: any } }, interest: { __typename?: 'Interest', total: { __typename?: 'Total', usdBalance: any }, outstanding: { __typename?: 'Outstanding', usdBalance: any }, dueOutstanding: { __typename?: 'Outstanding', usdBalance: any } }, collateral: { __typename?: 'Collateral', btcBalance: any }, dueOutstanding: { __typename?: 'Outstanding', usdBalance: any }, outstanding: { __typename?: 'Outstanding', usdBalance: any } }, currentCvl: { __typename?: 'FacilityCVL', total: any, disbursed: any }, repaymentPlan: Array<{ __typename?: 'CreditFacilityRepaymentInPlan', repaymentType: CreditFacilityRepaymentType, status: CreditFacilityRepaymentStatus, initial: any, outstanding: any, accrualAt: any, dueAt: any }>, transactions: Array<{ __typename?: 'CreditFacilityCollateralUpdated', satoshis: any, recordedAt: any, action: CollateralAction, txId: any } | { __typename?: 'CreditFacilityCollateralizationUpdated', state: CollateralizationState, collateral: any, outstandingInterest: any, outstandingDisbursal: any, recordedAt: any, price: any } | { __typename?: 'CreditFacilityDisbursalExecuted', cents: any, recordedAt: any, txId: any } | { __typename?: 'CreditFacilityIncrementalPayment', cents: any, recordedAt: any, txId: any } | { __typename?: 'CreditFacilityInterestAccrued', cents: any, recordedAt: any, txId: any, days: number } | { __typename?: 'CreditFacilityOrigination', cents: any, recordedAt: any, txId: any }> } | null };
 
 export type MeQueryVariables = Exact<{ [key: string]: never; }>;
 
@@ -447,7 +447,7 @@ export const GetCreditFacilityDocument = gql`
     status
     createdAt
     activatedAt
-    expiresAt
+    maturesAt
     disbursals {
       id
       disbursalId

diff --git a/bats/admin-gql/find-credit-facility.gql b/bats/admin-gql/find-credit-facility.gql
@@ -2,7 +2,7 @@ query creditFacility($id: UUID!) {
   creditFacility(id: $id) {
     creditFacilityId
     status
-    expiresAt
+    maturesAt
     collateralizationState
     facilityAmount
     disbursals {

diff --git a/bats/credit-facility.bats b/bats/credit-facility.bats
@@ -178,8 +178,8 @@ ymd() {
   [[ "$amount" -gt "0" ]] || exit 1
 
   last_accrual_at=$(echo $last_accrual | jq -r '.recordedAt' | ymd)
-  expires_at=$(graphql_output '.data.creditFacility.expiresAt' | ymd)
-  [[ "$last_accrual_at" == "$expires_at" ]] || exit 1
+  matures_at=$(graphql_output '.data.creditFacility.maturesAt' | ymd)
+  [[ "$last_accrual_at" == "$matures_at" ]] || exit 1
 
   assert_accounts_balanced
 }
diff --git a/core/credit/src/credit_facility/entity.rs b/core/credit/src/credit_facility/entity.rs
@@ -322,7 +322,7 @@ pub struct CreditFacility {
     #[builder(setter(strip_option), default)]
     pub activated_at: Option<DateTime<Utc>>,
     #[builder(setter(strip_option), default)]
-    pub expires_at: Option<DateTime<Utc>>,
+    pub matures_at: Option<DateTime<Utc>>,
 
     #[es_entity(nested)]
     #[builder(default)]
@@ -383,7 +383,7 @@ impl CreditFacility {
     }
 
     fn disbursed_due(&self) -> UsdCents {
-        if self.is_expired() {
+        if self.is_matured() {
             self.total_disbursed()
         } else {
             UsdCents::ZERO
@@ -468,16 +468,16 @@ impl CreditFacility {
         false
     }
 
-    pub fn is_expired(&self) -> bool {
+    pub fn is_matured(&self) -> bool {
         let now = crate::time::now();
-        self.expires_at.is_some_and(|expires_at| now > expires_at)
+        self.matures_at.is_some_and(|matures_at| now > matures_at)
     }
 
     pub fn status(&self) -> CreditFacilityStatus {
         if self.is_completed() {
             CreditFacilityStatus::Closed
-        } else if self.is_expired() {
-            CreditFacilityStatus::Expired
+        } else if self.is_matured() {
+            CreditFacilityStatus::Matured
         } else if self.is_activated() {
             CreditFacilityStatus::Active
         } else if self.is_fully_collateralized() {
@@ -532,7 +532,7 @@ impl CreditFacility {
             .check_approval_allowed(self.terms)?;
 
         self.activated_at = Some(activated_at);
-        self.expires_at = Some(self.terms.duration.expiration_date(activated_at));
+        self.matures_at = Some(self.terms.duration.maturity_date(activated_at));
         let tx_id = LedgerTxId::new();
         self.events.push(CreditFacilityEvent::Activated {
             ledger_tx_id: tx_id,
@@ -564,9 +564,9 @@ impl CreditFacility {
         approval_process_id: Option<ApprovalProcessId>,
         audit_info: AuditInfo,
     ) -> Result<NewDisbursal, CreditFacilityError> {
-        if let Some(expires_at) = self.expires_at {
-            if initiated_at > expires_at {
-                return Err(CreditFacilityError::DisbursalPastExpiryDate);
+        if let Some(matures_at) = self.matures_at {
+            if initiated_at > matures_at {
+                return Err(CreditFacilityError::DisbursalPastMaturityDate);
             }
         }
 
@@ -647,7 +647,7 @@ impl CreditFacility {
             ),
         };
 
-        Ok(full_period.truncate(self.expires_at.expect("Facility is already active")))
+        Ok(full_period.truncate(self.matures_at.expect("Facility is already active")))
     }
 
     pub(crate) fn start_interest_accrual(
@@ -686,7 +686,7 @@ impl CreditFacility {
             .credit_facility_id(self.id)
             .idx(idx)
             .started_at(accrual_period.start)
-            .facility_expires_at(self.expires_at.expect("Facility is already approved"))
+            .facility_matures_at(self.matures_at.expect("Facility is already approved"))
             .terms(self.terms)
             .audit_info(audit_info)
             .build()
@@ -898,7 +898,7 @@ impl CreditFacility {
                 | CreditFacilityStatus::PendingApproval => facility_cvl
                     .total
                     .collateralization_update(self.terms, last_collateralization_state, None, true),
-                CreditFacilityStatus::Active | CreditFacilityStatus::Expired => {
+                CreditFacilityStatus::Active | CreditFacilityStatus::Matured => {
                     let cvl = if self.total_disbursed() == UsdCents::ZERO {
                         facility_cvl.total
                     } else {
@@ -1126,11 +1126,11 @@ impl TryFromEvents<CreditFacilityEvent> for CreditFacility {
                         .approval_process_id(*approval_process_id)
                 }
                 CreditFacilityEvent::Activated { activated_at, .. } => {
-                    builder = builder.activated_at(*activated_at).expires_at(
+                    builder = builder.activated_at(*activated_at).matures_at(
                         terms
                             .expect("terms should be set")
                             .duration
-                            .expiration_date(*activated_at),
+                            .maturity_date(*activated_at),
                     )
                 }
                 CreditFacilityEvent::ApprovalProcessConcluded { .. } => (),
@@ -1381,7 +1381,7 @@ mod test {
     }
 
     #[test]
-    fn outstanding_from_due_before_expiry() {
+    fn outstanding_from_due_before_maturity() {
         let mut events = initial_events();
         let activated_at = Utc::now();
         let disbursal_id = DisbursalId::new();
@@ -1415,7 +1415,7 @@ mod test {
     }
 
     #[test]
-    fn outstanding_from_due_after_expiry() {
+    fn outstanding_from_due_after_maturity() {
         let mut events = initial_events();
         let activated_at = "2023-01-01T00:00:00Z".parse::<DateTime<Utc>>().unwrap();
         let disbursal_id = DisbursalId::new();
@@ -1613,9 +1613,9 @@ mod test {
                 .credit_facility_id(credit_facility.id)
                 .idx(new_idx)
                 .started_at(accrual_starts_at)
-                .facility_expires_at(
+                .facility_matures_at(
                     credit_facility
-                        .expires_at
+                        .matures_at
                         .expect("Facility is already approved"),
                 )
                 .terms(credit_facility.terms)
@@ -1631,7 +1631,7 @@ mod test {
         assert_eq!(
             accrual_period.start.format("%Y-%m").to_string(),
             credit_facility
-                .expires_at
+                .matures_at
                 .unwrap()
                 .format("%Y-%m")
                 .to_string()
@@ -1699,7 +1699,7 @@ mod test {
     fn check_activated_at() {
         let mut credit_facility = facility_from(initial_events());
         assert_eq!(credit_facility.activated_at, None);
-        assert_eq!(credit_facility.expires_at, None);
+        assert_eq!(credit_facility.matures_at, None);
 
         credit_facility
             .record_collateral_update(
@@ -1720,7 +1720,7 @@ mod test {
             .unwrap()
             .did_execute());
         assert_eq!(credit_facility.activated_at, Some(approval_time));
-        assert!(credit_facility.expires_at.is_some())
+        assert!(credit_facility.matures_at.is_some())
     }
 
     #[test]
@@ -2017,7 +2017,7 @@ mod test {
         }
 
         #[test]
-        fn initiate_repayment_before_expiry_errors_for_amount_above_interest() {
+        fn initiate_repayment_before_maturity_errors_for_amount_above_interest() {
             let activated_at = Utc::now();
             let mut credit_facility = credit_facility_with_interest_accrual(activated_at);
             let interest = credit_facility.outstanding().interest;
@@ -2043,7 +2043,7 @@ mod test {
         }
 
         #[test]
-        fn initiate_repayment_after_expiry_errors_for_amount_above_total() {
+        fn initiate_repayment_after_maturity_errors_for_amount_above_total() {
             let activated_at = "2023-01-01T00:00:00Z".parse::<DateTime<Utc>>().unwrap();
             let mut credit_facility = credit_facility_with_interest_accrual(activated_at);
             let outstanding = credit_facility.outstanding().total();
@@ -2069,7 +2069,7 @@ mod test {
         }
 
         #[test]
-        fn confirm_repayment_before_expiry() {
+        fn confirm_repayment_before_maturity() {
             let activated_at = Utc::now();
             let mut credit_facility = credit_facility_with_interest_accrual(activated_at);
 
@@ -2094,7 +2094,7 @@ mod test {
         }
 
         #[test]
-        fn confirm_partial_repayment_after_expiry() {
+        fn confirm_partial_repayment_after_maturity() {
             let activated_at = "2023-01-01T00:00:00Z".parse::<DateTime<Utc>>().unwrap();
             let mut credit_facility = credit_facility_with_interest_accrual(activated_at);
 

diff --git a/core/credit/src/credit_facility/error.rs b/core/credit/src/credit_facility/error.rs
@@ -18,8 +18,8 @@ pub enum CreditFacilityError {
     ApprovalInProgress,
     #[error("CreditFacilityError - Denied")]
     Denied,
-    #[error("CreditFacilityError - DisbursalExpiryDate")]
-    DisbursalPastExpiryDate,
+    #[error("CreditFacilityError - DisbursalMaturityDate")]
+    DisbursalPastMaturityDate,
     #[error("CreditFacilityError - NotActivatedYet")]
     NotActivatedYet,
     #[error("CreditFacilityError - InterestAccrualNotCompletedYet")]

diff --git a/core/credit/src/credit_facility/repayment_plan.rs b/core/credit/src/credit_facility/repayment_plan.rs
@@ -120,13 +120,13 @@ pub(super) fn project<'a>(
         .map(CreditFacilityRepaymentInPlan::Interest)
         .collect();
 
-    let expiry_date = terms.duration.expiration_date(activated_at);
+    let maturity_date = terms.duration.maturity_date(activated_at);
     let last_interest_payment = last_interest_accrual_at.unwrap_or(activated_at);
     let mut next_interest_period = terms
         .accrual_interval
         .period_from(last_interest_payment)
         .next()
-        .truncate(expiry_date);
+        .truncate(maturity_date);
 
     if !due_and_outstanding.is_zero() {
         while let Some(period) = next_interest_period {
@@ -142,7 +142,7 @@ pub(super) fn project<'a>(
                 due_at: period.end,
             }));
 
-            next_interest_period = period.next().truncate(expiry_date);
+            next_interest_period = period.next().truncate(maturity_date);
         }
     }
 
@@ -154,8 +154,8 @@ pub(super) fn project<'a>(
         },
         initial: total_disbursed,
         outstanding: due_and_outstanding_disbursed,
-        accrual_at: expiry_date,
-        due_at: expiry_date,
+        accrual_at: maturity_date,
+        due_at: maturity_date,
     }));
 
     res