The payout account defines where outbound payments are sent, and it is used in two operational contexts.

• Capitalization flow: When the capitalization mode is set to PAYOUT, the capitalized interest is directed to this account. If the mode is REINVEST, the payout account is not involved because the interest is added to the principal instead.
• Maturity instruction flow: At maturity, this account receives principal or interest whenever the maturity instructions specify PAY for either maturity_instructions.principal or maturity_instructions.interest. This flow always relies on the payout account, regardless of how capitalization is configured.

Both flows reference the same payout account settings. Choosing REINVEST for capitalization does not remove or disable the payout account, and it remains fully available for maturity‑related payments.