> For the complete documentation index, see [llms.txt](https://docs.term.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.term.finance/protocol.md).

# Protocol

- [Term Repos](https://docs.term.finance/protocol/term-repos.md)
- [Key terms](https://docs.term.finance/protocol/term-repos/key-terms.md)
- [Margin maintenance](https://docs.term.finance/protocol/term-repos/margin-maintenance.md): Borrowers may manage their collateral during the term of a Term Repo transaction by calling certain external functions.
- [Maturity](https://docs.term.finance/protocol/term-repos/maturity.md): On the maturity or repurchase date, borrowers are obligated to repurchase their collateral tokens at the repurchase price.
- [Collapse position](https://docs.term.finance/protocol/term-repos/collapse-position.md): Borrowers may not repurchase ahead of the repurchase date, but may collapse their position by obtaining and burning corresponding Term Repo Tokens.
- [Defaults](https://docs.term.finance/protocol/term-repos/defaults.md): Default occurs when a borrower (i) fails to maintain sufficient margin or (ii) fails to repurchase on time (or within the repurchase window).
- [Liquidation](https://docs.term.finance/protocol/term-repos/defaults/liquidation.md): Liquidation is the process whereby collateral tokens are seized and sold to a liquidator in the event of default.
- [Liquidation protection](https://docs.term.finance/protocol/term-repos/defaults/liquidation-protection.md): Liquidations are limited only to the amount necessary to cure default.
- [Terminology](https://docs.term.finance/protocol/term-repos/terminology.md): Definitions and terminology relating to Term's digital repo transactions.
- [Conventions](https://docs.term.finance/protocol/term-repos/conventions.md): Conventions used by Term Finance.
- [Rollovers](https://docs.term.finance/protocol/term-repos/rollovers.md): Borrowers may elect to rollover or extend the term of their repo transactions.
- [Term Auctions](https://docs.term.finance/protocol/term-auctions.md): Term Auctions are sealed-bid, single-shot, double-auctions, also known as "call-markets" where bids and offers are batched by an auctioneer for matching and execution at pre-specified times.
- [Auction characteristics](https://docs.term.finance/protocol/term-auctions/auction-characteristics.md): Defining characteristics of Term Auctions.
- [Auction timeline](https://docs.term.finance/protocol/term-auctions/auction-timeline.md): Timeline of a typical Term Auction.
- [Complete Auction](https://docs.term.finance/protocol/term-auctions/complete-auction.md): The complete auction process is where a clearing rate is determined and the auction is cleared and settled.
- [Clearing rate](https://docs.term.finance/protocol/term-auctions/complete-auction/clearing-rate.md)
- [Assignment](https://docs.term.finance/protocol/term-auctions/complete-auction/assignment.md)
- [Settlement](https://docs.term.finance/protocol/term-auctions/complete-auction/settlement.md)
- [Terminology](https://docs.term.finance/protocol/term-auctions/terminology.md): Definitions and terminology relating to Term Auctions.
- [Term Repo Tokens](https://docs.term.finance/protocol/term-repo-tokens.md): Term repo tokens are composable ERC-20 tokens that represent a claim to payment on a specific maturity date from a specific Term Repo.
- [Key metadata](https://docs.term.finance/protocol/term-repo-tokens/key-metadata.md)
- [Valuation](https://docs.term.finance/protocol/term-repo-tokens/valuation.md)
- [Fees and Penalties](https://docs.term.finance/protocol/fees-and-penalties.md): Overview of applicable protocol fees.
- [Servicing Fee](https://docs.term.finance/protocol/fees-and-penalties/servicing-fee.md): Borrowers are charged a loan servicing fee, typically ranging from 0.30%-0.50% per annum applied to the purchase price received in auction.
- [Liquidated Damages](https://docs.term.finance/protocol/fees-and-penalties/liquidated-damages.md): Borrowers in default are subject to liquidated damages typically set at 8% of any debt covered in liquidation.
- [Risk Disclosures](https://docs.term.finance/protocol/risk-disclosures.md)
- [Term Repo Risks](https://docs.term.finance/protocol/risk-disclosures/term-repo-risks.md)
- [Smart Contract Risk](https://docs.term.finance/protocol/risk-disclosures/smart-contract-risk.md)
- [Digital Asset Risk](https://docs.term.finance/protocol/risk-disclosures/digital-asset-risk.md)
- [Ethereum Network Risk](https://docs.term.finance/protocol/risk-disclosures/ethereum-network-risk.md)
- [FAQ](https://docs.term.finance/protocol/faq.md)