> For the complete documentation index, see [llms.txt](https://developers.term.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://developers.term.finance/term-finance-protocol/term-repo.md).

# 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](/term-finance-protocol/terminology.md#purchase-token) or token that is borrowed                                                                                                                                                                                                                  |
| Collateral Token(s)      | Initialized by Deployer | Address(es) of [collateral token(s)](/term-finance-protocol/terminology.md#collateral-token) eligible to be pledged as collateral                                                                                                                                                                                                |
| Repurchase Date          | Initialized by Deployer | Timestamp of the date and time on which [repurchase ](/term-finance-protocol/terminology.md#repurchase-price)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](/term-finance-protocol/terminology.md#collateral-token) 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](/term-finance-protocol/terminology.md#collateral-token) to the [repurchase price](/term-finance-protocol/terminology.md#repurchase-price) (the amount due at maturity) required to avoid a [margin deficit](/term-finance-protocol/terminology.md#margin-deficit) (default) |
| Price Feed               | Initialized by Deployer | Address of the oracle price feed used to value [collateral tokens](/term-finance-protocol/terminology.md#collateral-token)                                                                                                                                                                                                       |
| Repo Rate                | Determined by Auction   | The [pricing rate](/term-finance-protocol/terminology.md#pricing-rate-repo-rate) that determines the [repurchase price](/term-finance-protocol/terminology.md#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](/term-finance-protocol/terminology.md#collateral-token) 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. |