> 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/term-repos/maturity.md).

# Maturity

## Repurchase Window

Borrowers must repay within the [repurchase window](broken://pages/qAu1HYuKYRubps7ZHmbW), which is typically a 24 hour window beginning on the [repurchase date](/protocol/term-repos/terminology.md#repurchase-date) and time. Failure to do so results in a default and liquidation due to a [failure to repurchase](broken://pages/hMmexk0Cy8zR9nHeZwoc). Lenders cannot burn Term Repo Tokens to obtain repayment during the repurchase window.

## Redemption Window

Once the repurchase window closes, the redemption window begins. The redemption window is open ended. Lenders holding [Term Repo Tokens](/protocol/term-repo-tokens.md) may burn them to convert them into Purchase Tokens.

{% hint style="info" %}
To the extent there are insufficient purchase tokens to cover the aggregate [repurchase price ](/protocol/term-repos/terminology.md#repurchase-price)owed across all borrowers party to a Term Repo, the redemption rate of the Term Repo's corresponding Term Repo Tokens will be subject to a haircut applied equally across all lenders. 
{% endhint %}