A limit order in lending is really a statement about patience. A borrower may know the maximum financing rate worth paying. A lender may know the minimum return that justifies committing capital. Forcing either side to accept the current market rate turns that preference into an execution compromise. TermMax handles this differently. Limit orders let users specify the rate they are willing to accept and leave the order available for matching rather than requiring immediate execution. That fits naturally with the fixed-term structure of TermMax. Maturity already defines when the obligation ends; the limit order adds control over at what rate the position begins. Rate and duration therefore become explicit parameters of the trade instead of variables users simply inherit from current liquidity. For @TermMaxFi, this also changes the role of liquidity. Capital no longer needs to express interest only through whatever price is available at that instant. It can sit at a defined rate and wait for compatible demand. That is a useful distinction in fixed-income infrastructure: execution isn't only about finding liquidity quickly. Sometimes good execution means having enough control to refuse the wrong rate.