# 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 %} --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.term.finance/protocol/term-repos/maturity.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.