Obligation Receipt

When a borrower accepts a loan, they receive a loan Obligation Receipt in the form of an ERC-721 token. This receipt serves as a digital record of the loan, containing important details such as the loan amount, interest rate, repayment deadline, and collateralized NFT.

It is essential to keep the Obligation Receipt secure. If the Obligation Receipt is lost or burned, the borrower will lose the ability to repay the loan. Only the wallet holding the Obligation Reciept can repay the loan.