diff --git a/.github/workflows/pull-request-token-lending.yml b/.github/workflows/pull-request-token-lending.yml
index d07b8473868..5e88e428059 100644
--- a/.github/workflows/pull-request-token-lending.yml
+++ b/.github/workflows/pull-request-token-lending.yml
@@ -3,13 +3,13 @@ name: Token Lending Pull Request
 on:
   pull_request:
     paths:
-    - 'token-lending/**'
-    - 'token/**'
+      - "token-lending/**"
+      - "token/**"
   push:
     branches: [master]
     paths:
-    - 'token-lending/**'
-    - 'token/**'
+      - "token-lending/**"
+      - "token/**"
 
 jobs:
   cargo-test-bpf:
diff --git a/.github/workflows/pull-request.yml b/.github/workflows/pull-request.yml
index 9f3babb7076..badf172312b 100644
--- a/.github/workflows/pull-request.yml
+++ b/.github/workflows/pull-request.yml
@@ -3,11 +3,11 @@ name: Pull Request
 on:
   pull_request:
     paths-ignore:
-    - 'docs/**'
+      - "docs/**"
   push:
     branches: [master, upcoming]
     paths-ignore:
-    - 'docs/**'
+      - "docs/**"
 
 jobs:
   all_github_action_checks:
diff --git a/token-lending/program/src/processor.rs b/token-lending/program/src/processor.rs
index a932ba65ca4..eda9beb686d 100644
--- a/token-lending/program/src/processor.rs
+++ b/token-lending/program/src/processor.rs
@@ -1540,13 +1540,15 @@ fn _withdraw_obligation_collateral<'a>(
             .clone() // remaining_outflow is a mutable call, but we don't have mutable access here
             .remaining_outflow(clock.slot)?;
 
-        let max_lending_market_outflow_liquidity_amount = withdraw_reserve
-            .usd_to_liquidity_amount_lower_bound(min(
-                max_outflow_usd,
-                // min here bc this function can overflow if max_outflow_usd is u64::MAX
-                // the actual value doesn't matter too much as long as its sensible
-                obligation.deposited_value.try_mul(2)?,
-            ))?;
+        // min here bc this function can overflow if max_outflow_usd is u64::MAX
+        // the actual value doesn't matter too much as long as its sensible
+        let max_outflow_usd_capped = min(
+            max_outflow_usd,
+            Decimal::from(100_000_000_000u64), // enough USD to cover all requests
+        );
+
+        let max_lending_market_outflow_liquidity_amount =
+            withdraw_reserve.usd_to_liquidity_amount_lower_bound(max_outflow_usd_capped)?;
 
         let max_reserve_outflow_liquidity_amount = withdraw_reserve
             .rate_limiter
diff --git a/token-lending/program/tests/attributed_borrows.rs b/token-lending/program/tests/attributed_borrows.rs
index 6d62ccfb657..049694882e9 100644
--- a/token-lending/program/tests/attributed_borrows.rs
+++ b/token-lending/program/tests/attributed_borrows.rs
@@ -92,6 +92,7 @@ async fn test_refresh_obligation() {
                         (usdc_mint::id(), 10 * FRACTIONAL_TO_USDC),
                         (wsol_mint::id(), LAMPORTS_PER_SOL),
                     ],
+                    ..Default::default()
                 },
                 ObligationArgs {
                     deposits: vec![
@@ -102,6 +103,7 @@ async fn test_refresh_obligation() {
                         (usdc_mint::id(), 100 * FRACTIONAL_TO_USDC),
                         (wsol_mint::id(), 2 * LAMPORTS_PER_SOL),
                     ],
+                    ..Default::default()
                 },
             ],
         )
@@ -230,6 +232,7 @@ async fn test_calculations() {
                         (usdc_mint::id(), 10 * FRACTIONAL_TO_USDC),
                         (wsol_mint::id(), LAMPORTS_PER_SOL),
                     ],
+                    ..Default::default()
                 },
                 ObligationArgs {
                     deposits: vec![
@@ -240,6 +243,7 @@ async fn test_calculations() {
                         (usdc_mint::id(), 100 * FRACTIONAL_TO_USDC),
                         (wsol_mint::id(), 2 * LAMPORTS_PER_SOL),
                     ],
+                    ..Default::default()
                 },
             ],
         )
@@ -599,6 +603,7 @@ async fn test_withdraw() {
                     (wsol_mint::id(), 2 * LAMPORTS_PER_SOL),
                 ],
                 borrows: vec![(usdc_mint::id(), 10 * FRACTIONAL_TO_USDC)],
+                ..Default::default()
             }],
         )
         .await;
@@ -796,6 +801,7 @@ async fn test_liquidate() {
             &[ObligationArgs {
                 deposits: vec![(usdc_mint::id(), FRACTIONAL_TO_USDC / 2)],
                 borrows: vec![(wsol_mint::id(), LAMPORTS_PER_SOL / 40)],
+                ..Default::default()
             }],
         )
         .await;
diff --git a/token-lending/program/tests/borrow_obligation_liquidity.rs b/token-lending/program/tests/borrow_obligation_liquidity.rs
index 9f23189461b..f8284f627df 100644
--- a/token-lending/program/tests/borrow_obligation_liquidity.rs
+++ b/token-lending/program/tests/borrow_obligation_liquidity.rs
@@ -534,6 +534,7 @@ async fn test_borrow_max_rate_limiter() {
             &[ObligationArgs {
                 deposits: vec![(usdc_mint::id(), 100 * FRACTIONAL_TO_USDC)],
                 borrows: vec![],
+                ..Default::default()
             }],
         )
         .await;
diff --git a/token-lending/program/tests/forgive_debt.rs b/token-lending/program/tests/forgive_debt.rs
index 63c5c0fb702..e439cfbc6b8 100644
--- a/token-lending/program/tests/forgive_debt.rs
+++ b/token-lending/program/tests/forgive_debt.rs
@@ -78,10 +78,12 @@ async fn test_forgive_debt_success_easy() {
                 ObligationArgs {
                     deposits: vec![(usdc_mint::id(), 20 * FRACTIONAL_TO_USDC)],
                     borrows: vec![(wsol_mint::id(), LAMPORTS_PER_SOL)],
+                    ..Default::default()
                 },
                 ObligationArgs {
                     deposits: vec![(wsol_mint::id(), LAMPORTS_PER_SOL)],
                     borrows: vec![],
+                    ..Default::default()
                 },
             ],
         )
@@ -272,6 +274,7 @@ async fn test_forgive_debt_fail_invalid_signer() {
             &[ObligationArgs {
                 deposits: vec![(usdc_mint::id(), 200 * FRACTIONAL_TO_USDC)],
                 borrows: vec![(wsol_mint::id(), 10 * LAMPORTS_PER_SOL)],
+                ..Default::default()
             }],
         )
         .await;
@@ -373,6 +376,7 @@ async fn test_forgive_debt_fail_no_signer() {
             &[ObligationArgs {
                 deposits: vec![(usdc_mint::id(), 200 * FRACTIONAL_TO_USDC)],
                 borrows: vec![(wsol_mint::id(), 10 * LAMPORTS_PER_SOL)],
+                ..Default::default()
             }],
         )
         .await;
diff --git a/token-lending/program/tests/helpers/solend_program_test.rs b/token-lending/program/tests/helpers/solend_program_test.rs
index 83ddd5c1b12..769695e6d06 100644
--- a/token-lending/program/tests/helpers/solend_program_test.rs
+++ b/token-lending/program/tests/helpers/solend_program_test.rs
@@ -1875,6 +1875,17 @@ pub struct ReserveArgs {
 pub struct ObligationArgs {
     pub deposits: Vec<(Pubkey, u64)>,
     pub borrows: Vec<(Pubkey, u64)>,
+    pub should_refresh: bool,
+}
+
+impl Default for ObligationArgs {
+    fn default() -> Self {
+        ObligationArgs {
+            deposits: vec![],
+            borrows: vec![],
+            should_refresh: true,
+        }
+    }
 }
 
 pub async fn custom_scenario(
@@ -1987,17 +1998,19 @@ pub async fn custom_scenario(
         }
     }
 
-    for (i, obligation_arg) in obligation_args.iter().enumerate() {
+    for ((obligation, obligation_owner), obligation_arg) in obligations
+        .iter_mut()
+        .zip(obligation_owners.iter_mut())
+        .zip(obligation_args.iter())
+    {
         for (mint, amount) in obligation_arg.borrows.iter() {
             let reserve = reserves
                 .iter()
                 .find(|reserve| reserve.account.liquidity.mint_pubkey == *mint)
                 .unwrap();
 
-            obligation_owners[i]
-                .create_token_account(mint, &mut test)
-                .await;
-            obligation_owners[i]
+            obligation_owner.create_token_account(mint, &mut test).await;
+            obligation_owner
                 .create_token_account(&reserve.account.collateral.mint_pubkey, &mut test)
                 .await;
 
@@ -2007,8 +2020,8 @@ pub async fn custom_scenario(
                 .borrow_obligation_liquidity(
                     &mut test,
                     reserve,
-                    &obligations[i],
-                    &obligation_owners[i],
+                    obligation,
+                    obligation_owner,
                     fee_receiver.get_account(mint),
                     *amount,
                 )
@@ -2017,7 +2030,11 @@ pub async fn custom_scenario(
         }
     }
 
-    for obligation in obligations.iter_mut() {
+    for obligation in obligations
+        .iter_mut()
+        .zip(obligation_args.iter())
+        .filter_map(|(obligation, arg)| arg.should_refresh.then_some(obligation))
+    {
         lending_market
             .refresh_obligation(&mut test, obligation)
             .await
diff --git a/token-lending/program/tests/isolated_tier_assets.rs b/token-lending/program/tests/isolated_tier_assets.rs
index e6615ce95cc..657b0821321 100644
--- a/token-lending/program/tests/isolated_tier_assets.rs
+++ b/token-lending/program/tests/isolated_tier_assets.rs
@@ -67,6 +67,7 @@ async fn test_refresh_obligation() {
         &[ObligationArgs {
             deposits: vec![(usdc_mint::id(), 100 * FRACTIONAL_TO_USDC)],
             borrows: vec![],
+            ..Default::default()
         }],
     )
     .await;
@@ -173,6 +174,7 @@ async fn borrow_isolated_asset() {
         &[ObligationArgs {
             deposits: vec![(usdc_mint::id(), 100 * FRACTIONAL_TO_USDC)],
             borrows: vec![],
+            ..Default::default()
         }],
     )
     .await;
@@ -269,6 +271,7 @@ async fn borrow_isolated_asset_invalid() {
         &[ObligationArgs {
             deposits: vec![(usdc_mint::id(), 100 * FRACTIONAL_TO_USDC)],
             borrows: vec![(wsol_mint::id(), 1)],
+            ..Default::default()
         }],
     )
     .await;
@@ -354,6 +357,7 @@ async fn borrow_regular_asset_invalid() {
         &[ObligationArgs {
             deposits: vec![(usdc_mint::id(), 100 * FRACTIONAL_TO_USDC)],
             borrows: vec![(bonk_mint::id(), 1)],
+            ..Default::default()
         }],
     )
     .await;
@@ -449,6 +453,7 @@ async fn invalid_borrow_due_to_reserve_config_change() {
             &[ObligationArgs {
                 deposits: vec![(usdc_mint::id(), 100 * FRACTIONAL_TO_USDC)],
                 borrows: vec![(bonk_mint::id(), 1), (wsol_mint::id(), LAMPORTS_PER_SOL)],
+                ..Default::default()
             }],
         )
         .await;
diff --git a/token-lending/program/tests/liquidate_obligation_and_redeem_collateral.rs b/token-lending/program/tests/liquidate_obligation_and_redeem_collateral.rs
index 009fe817e8c..de6aa759d93 100644
--- a/token-lending/program/tests/liquidate_obligation_and_redeem_collateral.rs
+++ b/token-lending/program/tests/liquidate_obligation_and_redeem_collateral.rs
@@ -576,6 +576,7 @@ async fn test_liquidity_ordering() {
                     (wsol_mint::id(), LAMPORTS_PER_SOL),
                     (usdc_mint::id(), FRACTIONAL_TO_USDC),
                 ],
+                ..Default::default()
             }],
         )
         .await;
@@ -705,6 +706,7 @@ async fn test_liquidate_closeable_obligation() {
             &[ObligationArgs {
                 deposits: vec![(usdc_mint::id(), 20 * FRACTIONAL_TO_USDC)],
                 borrows: vec![(wsol_mint::id(), LAMPORTS_PER_SOL)],
+                ..Default::default()
             }],
         )
         .await;
diff --git a/token-lending/program/tests/mark_obligation_as_closeable.rs b/token-lending/program/tests/mark_obligation_as_closeable.rs
index 16b81c45ff5..23032dd4d8a 100644
--- a/token-lending/program/tests/mark_obligation_as_closeable.rs
+++ b/token-lending/program/tests/mark_obligation_as_closeable.rs
@@ -61,6 +61,7 @@ async fn test_mark_obligation_as_closeable_success() {
             &[ObligationArgs {
                 deposits: vec![(usdc_mint::id(), 20 * FRACTIONAL_TO_USDC)],
                 borrows: vec![(wsol_mint::id(), LAMPORTS_PER_SOL)],
+                ..Default::default()
             }],
         )
         .await;
@@ -176,6 +177,7 @@ async fn invalid_signer() {
             &[ObligationArgs {
                 deposits: vec![(usdc_mint::id(), 20 * FRACTIONAL_TO_USDC)],
                 borrows: vec![(wsol_mint::id(), LAMPORTS_PER_SOL)],
+                ..Default::default()
             }],
         )
         .await;
diff --git a/token-lending/program/tests/refresh_obligation.rs b/token-lending/program/tests/refresh_obligation.rs
index b16a0f3a519..80258ef0cbb 100644
--- a/token-lending/program/tests/refresh_obligation.rs
+++ b/token-lending/program/tests/refresh_obligation.rs
@@ -397,6 +397,7 @@ async fn test_obligation_liquidity_ordering() {
                     (usdc_mint::id(), 1),
                     (bonk_mint::id(), 1),
                 ],
+                ..Default::default()
             }],
         )
         .await;
diff --git a/token-lending/program/tests/two_prices.rs b/token-lending/program/tests/two_prices.rs
index 463b562fb06..2334807d2ff 100644
--- a/token-lending/program/tests/two_prices.rs
+++ b/token-lending/program/tests/two_prices.rs
@@ -66,6 +66,7 @@ async fn test_borrow() {
         &[ObligationArgs {
             deposits: vec![(usdc_mint::id(), 100 * FRACTIONAL_TO_USDC)],
             borrows: vec![(wsol_mint::id(), LAMPORTS_PER_SOL)],
+            ..Default::default()
         }],
     )
     .await;
@@ -204,6 +205,7 @@ async fn test_withdraw() {
                 (usdt_mint::id(), 20 * FRACTIONAL_TO_USDC),
             ],
             borrows: vec![(wsol_mint::id(), LAMPORTS_PER_SOL)],
+            ..Default::default()
         }],
     )
     .await;
@@ -340,6 +342,7 @@ async fn test_liquidation_doesnt_use_smoothed_price() {
         &[ObligationArgs {
             deposits: vec![(usdc_mint::id(), 100 * FRACTIONAL_TO_USDC)],
             borrows: vec![(wsol_mint::id(), LAMPORTS_PER_SOL)],
+            ..Default::default()
         }],
     )
     .await;
diff --git a/token-lending/program/tests/withdraw_obligation_collateral_and_redeem_reserve_collateral.rs b/token-lending/program/tests/withdraw_obligation_collateral_and_redeem_reserve_collateral.rs
index 7206f25006a..7b516104953 100644
--- a/token-lending/program/tests/withdraw_obligation_collateral_and_redeem_reserve_collateral.rs
+++ b/token-lending/program/tests/withdraw_obligation_collateral_and_redeem_reserve_collateral.rs
@@ -191,6 +191,7 @@ async fn test_withdraw_max_rate_limiter() {
             &[ObligationArgs {
                 deposits: vec![(wsol_mint::id(), 50 * LAMPORTS_PER_SOL)],
                 borrows: vec![],
+                ..Default::default()
             }],
         )
         .await;
@@ -299,11 +300,50 @@ async fn test_withdraw_no_borrows() {
         &[ObligationArgs {
             deposits: vec![(usdc_mint::id(), 100_000 * FRACTIONAL_TO_USDC)],
             borrows: vec![],
+            ..Default::default()
         }],
     )
     .await;
 
     test.advance_clock_by_slots(1).await;
+    lending_market
+        .withdraw_obligation_collateral_and_redeem_reserve_collateral(
+            &mut test,
+            &reserves[0],
+            &obligations[0],
+            &users[0],
+            100_000 * FRACTIONAL_TO_USDC,
+        )
+        .await
+        .unwrap();
+}
+
+/// If someone creates an obligation, deposits collateral, then they should be
+/// able to withdraw that collateral without ever refreshing the obligation.
+#[tokio::test]
+async fn test_withdraw_no_borrows_no_refresh() {
+    let (mut test, lending_market, reserves, obligations, users, _) = custom_scenario(
+        &[ReserveArgs {
+            mint: usdc_mint::id(),
+            config: test_reserve_config(),
+            liquidity_amount: 100_000 * FRACTIONAL_TO_USDC,
+            price: PriceArgs {
+                price: 10,
+                conf: 0,
+                expo: -1,
+                ema_price: 10,
+                ema_conf: 1,
+            },
+        }],
+        &[ObligationArgs {
+            deposits: vec![(usdc_mint::id(), 100_000 * FRACTIONAL_TO_USDC)],
+            borrows: vec![],
+            should_refresh: false,
+        }],
+    )
+    .await;
+
+    test.advance_clock_by_slots(100).await;
 
     lending_market
         .withdraw_obligation_collateral_and_redeem_reserve_collateral(