# Conventions

### Day-count convention

In calculating servicing fees and the repurchase price due at maturity based on the market clearing repo rate, we follow an Actual/360 day count convention.

$$
\text{DayCountFactor} = \frac{\text{Days}(\text{AuctionDate},\text{ MaturityDate})}{360}
$$

### Repurchase Price

The Repurchase Price, given the Purchase Price and any given repo rate is calculated as follows:

$$
\text{RepurchasePrice} = \text{PurchasePrice} \left(1+ \text{RepoRate}\*\text{DayCountFactor}\right)\
$$