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To start borrowing, you need to have some MATIC to cover gas fees. Furthermore, you need to register the wallets you would like to use in your account. This allows Obligate to approve and whitelist the wallets within our platform.
1. Select issuance programs in the menu navigation and click on "new issuance +", this will start the process for setting up a new issuance program
3. Review your company description. If you have not added a company description yet, you can add this in your account settings.
4. Fill out the issuance terms: total issuance amount, eNote denomination, interest rate etc. and select any of the additional options you wish to include in your issuance program, i.e. generate an ISIN, secure with collateral off-chain and limit transferability to whitelisted ecosystem.
5. Add any additional documents to the issuance program and add a deal overview. The deal overview helps investors understand what the financing amount will be used for.
6. Next, you can sign and publish the issuance program with your wallet.
7. The issuance program needs to be reviewed by obligate.com member. We will notify you once the program is approved and published on the obligate.com marketplace.
8. If the issuance program meets its financing goal by the book building deadline, you will need to execute the program on-chain. This will open funding for the investors. Investors can pay their investments by the issuance date.
9. If the financing goal is not met, the you can decide to either execute the issuance partially and the investors having subscribed proceed to pay their investment amounts, or to cancel the issuance.
On the issuance date, the funds paid by the investors will be released from the escrow account and transferred to your wallet. In return the eNotes will be issued and transferred to the investors.
You can cancel an issuance program any time, as long as no investor has subscribed to it yet.
1. Before the scheduled payment deadline, access the issued eNotes in the menu navigation and click on the eNotes, that need to be repaid. Click on repay and approve the transaction with your wallet. The wallet you are connected to in Obligate is the wallet we will deduct the repayment amount from.
2. It is possible to repay coupons earlier, but they must be repaid in order. You can't repay coupons 1, 2, and 4 ignoring the 3rd one. The principal can be repaid only after all of the coupons.
3. The eNotes are now repaid and the redemption amount can be claimed by the investors. Once all investors have reclaimed their redemption, the eNote status will change to "settled".
Please remember eNote protocol does not suggest any grace period for scheduled payments. If the payment deadline is missed, the security will be flagged as defaulted the very next second. Plan your operations accordingly.