The Term Finance Protocol offers noncustodial fixed-rate collateral lending, inspired by traditional tri-party repo arrangements. It uses unique recurring auctions where borrowers submit sealed bids and lenders submit offers, determining the market-clearing interest rate. Above-rate bidders get loans, while below-rate lenders facilitate loans. Unmatched bids and offers remain. After auctions, borrowers receive loan proceeds, and lenders get ERC-20 tokens for redemption. Smart contracts handle repayments and collateral management.