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Borrowers that fail to make regular monthly payments risk having their down payment and purchased NFT liquidated.
The borrower's down payment and the purchased NFT will be liquidated and used to pay back the lender. Any remaining funds will be returned to the borrower.
The borrower's down payment is used in conjunction with the lender's committed funds to purchase the requested NFT on the open market.
Once the NFT has been purchsed using the borrower's down payment and the lender's funds, the NFT is transferred to Ape Now's BNPLMarket contract and held in escrow until the loan is fully paid back by the borrower. Borrower's can see their escorwed NFT through the dApp, and also through the contract by calling the following method:
* @notice Returns the details of the escrowed NFT details for a given loan.
* @param bidId The bidId for the loan from the TellerV2 protocol.