# Sale rules ## Sale Rules for Issuer ### Repay rule * Issuers must repay face assets within 7 days before the maturity date. * If the repayment is not completed within 7 days before the maturity date, issuers’ bonds will be liquidated, which means the collateral will be distributed to bondholders. ### Bond maintaining rule * To maintain the bond, issuers should ensure that the LTV is less than or equal to 65%. ### Liquidate rule * The bond will be liquidated when its LTV reaches 80%. * When a bond is liquidated or matured, you can no longer trade it on Bond Exchange. * The system will distribute the issuer’s collateral to the holder as a percentage of holding. ### Claim Assets rule * Issuers are able to claim assets when bonds are bought. * Issuers must pay issue fee when claiming asset. * Use face assets to purchase the bonds with the issue price. * Bonds will be on-sale when it reaches the on-sale phase. * Bonds will be active once sold out or at an active date. Therefore, the maturity date may be sooner than expected. * When bonds are liquidated, you can claim the underlying assets of bond issuers even though it has not reached the maturity date. * In case the issuers do not pay investment plus interest when bonds reach maturity, the bond will be liquidated, and their collaterals will be used for payment to investors. * Exchange your bonds on tab [Exchange](https://position.exchange/bond-exchange/PBOND-002/POSI?type=bond) after bonds are active. * In normal cases, bondholders can claim face assets when the bond reaches maturity. ## Sale rules for holders * Use face assets to purchase bonds * Bonds can be sold when it reaches the on-sale phase * Bonds are only active once sold out or at an active date * Bonds can be liquidated when the price reaches the liquidation price. * In this case, you can claim underlying assets of bond issuers even though it has not reached the maturity date * Exchange your bonds on tab [Exchange](https://position.exchange/bond-exchange/PBOND-002/POSI?type=bond) after bonds are active * In case the issuers do not pay investment plus interest when bonds reach maturity, their collaterals will be used for payment to investors * YTM is the fixed interest rate of a bond that you are guaranteed to receive at the maturity date --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.position.exchange/products/position-p2p-bond/sale-rules.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.