Maturity

On the maturity or repurchase date, borrowers are obligated to repurchase their collateral tokens at the repurchase price.

Repurchase Window

Borrowers must repay within the repurchase window, which is typically a 24 hour window beginning on the repurchase date and time. Failure to do so results in a default and liquidation due to a failure to repurchase. 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 may burn them to convert them into Purchase Tokens.

To the extent there are insufficient purchase tokens to cover the aggregate 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.