Settlement is permissionless and a pure function of realized fees: the fee source collects the position's fees, converts the non-USDG leg in the same pool, and the vault books RB = min(realized, F), UT = the rest. The LP NFT goes back to the depositor on the first call, even when the conversion has to wait for a fair price; later calls finish it. Calling settle on a settled series is a no-op.
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PRD §2 worked example·not a live series
F 1,200·P 1,714·73 % haircut in the PRD text; contract uses 70 %
RB face $1,200, sold at $1,100 (9.1% return over 30 days). UT = residual above $1,200.