A Smart contract can be considered to have a lifecycle; principally based on the hooks that are being executed. A typical lifecycle would be:

The account is first activated, and schedules are defined.

The account becomes operational, receiving postings and running schedules.

Maintenance activities (such as, applying an updated Smart contract to the account or changing the interest rate for the account) may upgrade the account, or change parameters on it.

The account balances may be drained prior to closure.