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The Source Control Repositories link opens a page that allows the user to add, delete and view/edit properties of the repositories on the Vault Professional server. It lists all repositories in the Vault Professional server. By default, a new Vault installation creates an empty repository named "Initial Repository." This repository can be used as is, renamed, or deleted.
A repository is a logical grouping of files. You can create any number of repositories per server. However, files cannot be shared or branched across repositories.