> 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/glossary.md).

# Glossary

A list of terms and definitions relevant to understand our products.

## Book building deadline

A book building deadline is the final time by which investors can subscribe to an eNote issuance.

## Bullet bond

A bullet bond repays its full principal in one payment at maturity. The final payment also includes the last coupon.

## Coupon

A coupon is a periodic interest payment from a bond issuer to its holder. It is usually expressed as a percentage of the bond's face value. Obligate supports fixed or variable coupons paid monthly, annually, or once at maturity.

## Day count convention

A day count convention defines how interest accrues between two dates. Obligate supports the following conventions:

**Actual/360** divides the actual number of days in the interest period by 360. For example, a 45-day period produces an accrual factor of `45 / 360 = 0.125`. This convention is commonly used for short-term money-market instruments.

**Actual/actual** uses the actual number of calendar days in each period. Daily interest can therefore vary between coupon periods. This convention is commonly used for longer-term instruments with periodic coupons.

## eNote

An eNote is an unconditional promise to pay a specified amount on a future date. It can be structured for different financing purposes.

eNotes are debt securities issued as on-chain tokens with custom metadata and settlement features. On Ethereum or Polygon, they use the ERC-20 token standard and can be transferred like USDC. Their metadata supports settlement by the issuer and claims by holders. It also links to permanently stored legal documents digitally signed by participating parties on the Obligate platform.

See [Legal & Regulatory Framework](/legal/legal-and-regulatory-framework.md) for the legal framework of an eNote.

## eNote denomination

An eNote denomination is the principal value of one eNote unit. It equals the par value, or face value.

## Interest rate

The interest rate is the annual return on an investment. It is expressed as a percentage of the invested amount or eNote face value.

## ISIN

An International Securities Identification Number (ISIN) is a 12-digit alphanumeric code that uniquely identifies a specific security.

## Issuance date

The issuance date is when a bond is issued and transferred to investors. It marks the beginning of the bond term and is used to calculate its yield.

## Maturity date

The maturity date is when the issuer repays the principal and any accrued interest to the eNote holder. It is also called the redemption date or final payment date.

For a bullet bond, this repayment occurs in one lump-sum payment.

## Principal

The principal is the amount borrowed under a bond. For a bullet bond, it is repaid at the end of the term with any accrued interest.

## Publishing date

The publishing date is when an issuance program becomes available on the Obligate marketplace. Investors can subscribe until the book building deadline.

## Transferability

Transferability defines whether an eNote can be transferred to another investor after issuance without the issuer's consent.