Term Repo

Each deployment of a Term Repo is comprised of a set of smart contracts broadly divided into three groups: (i) the Term Auction Group, (ii) the Term Servicer Group and (iii) the Term Repo Token. It's key economic parameters are set out in the table below:

Parameter	Method	Description
Purchase Token	Initialized by Deployer	Address of the purchase token or token that is borrowed
Collateral Token(s)	Initialized by Deployer	Address(es) of collateral token(s) eligible to be pledged as collateral
Repurchase Date	Initialized by Deployer	Timestamp of the date and time on which repurchase is due
Repurchase Window	Initialized by Deployer	Time delta (typically 12-24 hours) that specifies the grace period during which repurchase payments may be submitted without default
Initial Margin Ratio	Initialized by Deployer	The ratio of the market value of collateral tokens and the amount tendered in a Term Auction bid required for a bid to be confirmed
Maintenance Margin Ratio	Initialized by Deployer	The ratio of the market value of collateral tokens to the repurchase price (the amount due at maturity) required to avoid a margin deficit (default)
Price Feed	Initialized by Deployer	Address of the oracle price feed used to value collateral tokens
Repo Rate	Determined by Auction	The pricing rate that determines the repurchase price (principal plus interest) due on the repurchase date

Other relevant economic parameters include:

Parameter	Method	Description
Servicing Fee	Initialized by Deployer	An annualized rate applied to accepted bid amounts and charged to borrowers who receive a loan in auction
Liquidated Damages	Initialized by Deployer	The additional amount of collateral tokens forfeited by a borrower in liquidation, due to a failure to repurchase or margin deficiency, expressed as an annualized percentage rate. Liquidated damages are split between the liquidator and the Protocol.