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![](https://i.seadn.io/s/raw/files/27409bcd02eed8189bad3c5dd613226d.png?auto=format&dpr=1&w=1000)
A promissory note minted by the protocol which represents the rights and obligations of a borrower in an active loan. The holder of a borrower note has the right to receive collateral upon repaying a loan. Borrower note holders can also call utility functions on vaults escrowed under their loan.
A promissory note minted by the protocol which represents the rights and obligations of a borrower in an active loan. The holder of a borrower note has the right to receive collateral upon repaying a loan. Borrower note holders can also call utility functions on vaults escrowed under their loan.