arXiv:2610.14772v2 Announce Type: replace-cross Abstract: Camera-first agents must act on the visual world as it unfolds. We argue that the central obstacle for future camera-first agents is not recognition ability - multimodal models (vision-language and live/streaming alike) generalize well through language and remain the right tool for semantic reasoning - but time. Many visual targets are ephemeral: they appear, are query-relevant, and leave within a short window. Binding memory to the same end-to-end path as reasoning means that by the time a monolithic pipeline completes, the evidence is gone. We formalize this as Ephemeral-Target Interaction (ETI) and a Perceptual Deadline Contract separating a hard memory deadline from a soft reasoning deadline, grounded in the bounded, passive nature of sensory and working memory. We propose a two-deadline architecture: an always-on, bounded, non-semantic fast path; an active remembering mechanism that commits a moment to durable memory before it is overwritten (event-driven in v1); and a deferred deliberation layer (multimodal model + tools). We instantiate the contract on real MOT17 track windows, a consistency check, and calibrate the single-path baseline from measured frontier-model latency: even a short answer takes 1.2-9.3 s, and an agentic identify-and-search longer. Answers can be late; evidence cannot be missed.