> For the complete documentation index, see [llms.txt](https://tex-docs.gitbook.io/tex/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://tex-docs.gitbook.io/tex/legal/product-categories/product-issuance-and-settlement-entities/rebates.md).

# Rebates

GEL-T are issued upon demand with a rebate component. If the purchaser/investor, or a secondary purchaser/possessor wants a refund on the instrument, they have rights to sell the instrument back through TEX at a guaranteed floor price (at a time-premium based discount to the sale price) provided in the smart contract for a certain length of time.

This increases assurance and liquidity to the buyer. exercising a rebate requires that the seller repurchase the instrument at an appropriate discount to the sales price. Time limited repurchase agreements indirectly provide the buyer a right to ‘put back’ collateral/underlying to the seller. this feature is a integral component of enhancing liquidity for TEX product lines. A dedicated TEX spv will act as a repository for this liquidity enhancement facility. Each series of gel-t products will be issued with similar yet bespoke terms of repurchase. These agreements self terminate if unexercised, at which TEX spv provides the seller with their full funds.