> For the complete documentation index, see [llms.txt](https://docs.obligate.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.obligate.com/obligate-for-investors/fees.md).

# Fees

We charge fees based on the volume of securities (i.e total issuance amount) that are issued through our platform. Our fees are structured on a sliding scale (see the table below), with the rate decreasing as the volume of securities increases. The fee rate is annualized.

For the first year, a minimal fee of 50 USDC/EUROe is applicable.

<table data-full-width="false"><thead><tr><th width="168">Issuance size</th><th width="181">1st Year fee (p.a.)</th><th width="132">2nd Year fee (p.a.)</th><th width="128">3rd Year fee (p.a.)</th><th width="127">4th Year fee (p.a.)</th><th width="129">5th Year fee (p.a.)</th></tr></thead><tbody><tr><td>0 - 25 million</td><td>50.0 b.p.</td><td>45.0 b.p.</td><td>40.5 b.p.</td><td>36.5 b.p.</td><td>32.8 b.p.</td></tr><tr><td>25 - 50 million</td><td>40.0 b.p.</td><td>36.0 b.p.</td><td>32.4 b.p.</td><td>29.2 b.p.</td><td>26.2 b.p.</td></tr><tr><td>50 - 75 million</td><td>30.0 b.p.</td><td>27.0 b.p.</td><td>24.3 b.p.</td><td>21.9 b.p.</td><td>19.7 b.p.</td></tr><tr><td>75 - 100 million</td><td>20.0 b.p.</td><td>18.0 b.p.</td><td>16.2 b.p.</td><td>14.6 b.p.</td><td>13.1 b.p.</td></tr><tr><td>100+ million</td><td>10.0 b.p. </td><td>9.0 b.p.</td><td>8.1 b.p.</td><td>7.3 b.p.</td><td>6.6 b.p.</td></tr><tr><td>Min fee</td><td>50 USDC/EUROe</td><td></td><td></td><td></td><td></td></tr></tbody></table>

### Fee claiming process

Fees start accruing upon successful delivery of eNotes to the investor's wallet. Accrued fees are invoiced quarterly, covering all issuances you participated in during that period. Fees are invoiced in the currency of the issuance.\
Please note that fee payments must be made via traditional bank transfer — web3 / on-chain transfers are not accepted.

There are no fees incurred for unsuccessful book-building programs.