Debt obligations refer to a legal agreement between an individual or entity (borrower) and another person or institution (lender). The borrower receives money, property or services from the lender in exchange for their promise to repay the loan on specified terms. Debt obligations can take many forms such as loans, bonds, mortgages, leases, etc., but they all involve a borrowing and repayment process. The borrower is obliged to make regular payments until the debt is fully paid off while the lender has an interest in receiving timely payment of both principal and interest as per the agreed terms.