# Rollovers

As a convenience feature, borrowers are able to elect to rollover or extend their repo transaction prior to maturity. They may do so by electing a specific auction to extend their [repurchase date ](/protocol/term-repos/terminology.md#repurchase-date)by calling the `borrowerElectRollover`function. Only auctions that (i) settle in the same [Purchase Token ](/protocol/term-repos/terminology.md#purchase-token)and (ii) accept the same [collateral tokens ](/protocol/term-repos/terminology.md#collateral-token)are eligible for rollover. The [auction date ](/protocol/term-auctions/terminology.md#auction-date)and [time ](/protocol/term-auctions/terminology.md#auction-time)of the rollover auction must also fall within the [repurchase window](/protocol/term-repos/maturity.md#repurchase-window).

By electing to rollover an existing Term Repo, a borrower is able to tender a bid in a rollover auction without locking new collateral. Collateral held against an existing Term Repo are credited against their bid in the rollover auction thereby saving the step of obtaining bridge funds between the repurchase date and the clearing of a subsequent auction to refinance an existing position. 

{% hint style="info" %}
Rollovers require that a borrower submit a rollover amount and a bid rate. Rollover bids will only succeed if the rollover bid satisfies the market clearing rate determined in auction. To the extent a rollover bid fails, borrower will be required to repay in the time remaining or face liquidation. 
{% endhint %}

{% hint style="info" %}
When electing rollovers, be sure to have sufficient collateral to satisfy the maintenance margin required in the new Term Repo. Insufficient margin would result in a failed rollover bid and could lead to liquidation if the existing Term Repo is not repaid in the time remaining. 
{% endhint %}

{% hint style="info" %}
To the extent a borrower's remaining repurchase obligation is reduced below the rollover amount in between the time a rollover is elected and the time the rollover bid is processed (perhaps through a liquidation event), the Protocol will attempt to roll the entire amount outstanding unless otherwise edited or cancelled. 
{% endhint %}

{% hint style="info" %}
Where multiple auctions are eligible for rollover, a user is only able to elect into ONE of them. Users can switch, but they cannot elect to roll a single position into multiple auctions.
{% endhint %}


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