Local Obligation definition

Local Obligation or “Note” means the Borrower’s $2,500,000.00 Revenue Anticipation Note, Series 2017, executed and delivered by the Borrower to the Issuer to evidence the Loan, in the form attached hereto as Appendix C.
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Local Obligation means the Debt of a Local Obligor.
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Examples of Local Obligation in a sentence

  • Nothing in this Loan Agreement shall be construed as imposing any obligation upon the Bank to complete the Financing, to cure any Default or Event of Default of the Borrower under this Loan Agreement or under the Local Obligation or the Security Instruments, if any, or otherwise to perform any of the Borrower’s obligations hereunder or thereunder.

  • The Borrower agrees that the Bank may, in accordance with the Reimbursement Agreement, sell or grant participation to any other persons in the rights of the Bank under this Loan Agreement, the Local Obligation and the Security Instruments, if any.

  • The Borrower shall, at the request of the Issuer, the Trustee or the Bank execute, acknowledge and deliver such further resolutions, conveyances, transfers, assurances, financing statements and other instruments as may be necessary or desirable for better assuring, conveying, granting, assigning and confirming the rights, security interests and agreements granted or intended to be granted by this Loan Agreement, the Local Obligation and the Security Instruments, if any.

  • Subsection 7.2 – Revenue Sources for Local Obligation of Part II, Section 7.0 – Contract Financing of the MDHHS/CMHSP master contract describes several potential revenue sources for fulfilling the CMHSP’s local obligation.

  • In the event of any conflict between the terms and provisions of this Loan Agreement, the Local Obligation and the Security Instruments, if any, with any commitment letter issued by the Bank or any other previous oral or written communications between the parties, this Loan Agreement, the Local Obligation and the Security Instruments, if any, shall control.

  • The proceeds of the Authority Bonds were used to purchase the 2003 Local Obligation Bonds of CFD Nos.

  • Subsection 7.2 – Revenue Sources for Local Obligation of Part II, Section 7.0 – Contract Financing of the MDCH/CMHSP master contract describes several potential revenue sources for fulfilling the CMHSP’s local obligation.

  • Pursuant to Subsection 7.1 – Local Obligation of Part II, Section 7.0 – Contract Financing of the current MDCH/CMHSP Managed Mental Health Supports and Services Contract (contract), the Community Mental Health Services program (CMHSP) has to provide the local financial obligation for services requiring local match, as stipulated by the Michigan Mental Health Code (MHC).

  • The Local Obligation Bonds were purchased through funds generated from the issuance of the 2007 Revenue Bonds of the Authority on June 20, 2007.

  • This Local Obligation Purchase Contract shall be governed by the laws of the State.

Related to Local Obligation

  • Principal Obligations means, as of any date of determination, the sum of (a) the aggregate outstanding principal amount of the Loans as of such date plus (b) the aggregate Letter of Credit Liability as of such date.

  • Financial Obligation means a (i) debt obligation; (ii) derivative instrument entered into in connection with, or pledged as security or a source of payment for, an existing or planned debt obligation; or (iii) guarantee of (i) or (ii). The term Financial Obligation shall not include municipal securities as to which a final official statement has been provided to the MSRB consistent with the Rule.

  • Municipal Obligation means municipal securities as described in the prospectus or other offering document for a Series.

  • Additional Obligations as defined in the Base Intercreditor Agreement.

  • Original Obligations means the “Obligations” as defined in the Original Credit Agreement.

  • Municipal Obligations means Municipal Bonds as described in the Offering Memorandum.

  • Legal financial obligation means a sum of money that is

  • Material Obligation means an obligation of the Recipient that is material to this transaction.

  • Credit Facility Obligations means all “Obligations” (or any other defined term having a similar purpose) as defined in the Credit Agreement.

  • Loan Document Obligations means (a) the due and punctual payment by the Borrower of (i) the principal of and interest at the applicable rate or rates provided in the Credit Agreement (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by the Borrower under the Credit Agreement in respect of any Letter of Credit, when and as due, including payments in respect of reimbursement of disbursements, interest thereon and obligations to provide cash collateral, and (iii) all other monetary obligations of the Borrower under or pursuant to the Credit Agreement and each of the other Loan Documents, including obligations to pay fees, expense reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), (b) the due and punctual payment and performance of all other obligations of the Borrower under or pursuant to each of the Loan Documents and (c) the due and punctual payment and performance of all the obligations of each other Loan Party under or pursuant to this Agreement and each of the other Loan Documents (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding).

  • Credit Document Obligations shall have the meaning provided in the definition of "Obligations" in this Article IX.

  • Credit Improved Obligation means any Collateral Debt Obligation which, in the Investment Manager’s judgment, has significantly improved in credit quality and in respect of which one of the following is satisfied:

  • U.S. Obligations means non-redeemable securities evidencing an obligation to timely pay principal and/or interest in a full and timely manner that are direct obligations of the United States of America for the payment of which its full faith and credit is pledged.

  • Compliance obligation means the quantity of verified reported emissions or assigned emissions for which an entity must submit compliance instruments to ARB.

  • Sukuk Obligation means any undertaking or other obligation to pay any money given in connection with any issue of trust certificates or other securities intended to be issued in compliance with the principles of Shari’a, whether or not in return for consideration of any kind;

  • Loan obligation means a bond, note, or other evidence of an obligation issued by a qualified borrower.

  • Delayed Drawdown Collateral Obligation A Collateral Obligation that (a) requires the Issuer to make one or more future advances to the borrower under the Underlying Documents relating thereto, (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the borrower thereunder; but any such Collateral Obligation will be a Delayed Drawdown Collateral Obligation only until all commitments by the Issuer to make advances to the borrower expire or are terminated or are reduced to zero.

  • Net Obligation means the amount owed to PJMSettlement and PJM for purchases from the PJM Markets, Transmission Service, (under Tariff, Parts II and III , and other services pursuant to the Agreements, after applying a deduction for amounts owed to a Participant by PJMSettlement as it pertains to monthly market activity and services. Should other markets be formed such that Participants may incur future Obligations in those markets, then the aggregate amount of those Obligations will also be added to the Net Obligation.

  • Overdraft Obligations means, with respect to any Portfolio, the amount of any outstanding Overdraft(s) provided by the Custodian to such Portfolio together with all accrued interest thereon.

  • Compliance Obligations means obligations of the AMC to comply with: (a) laws or international guidance and internal policies or procedures, (b) any demand or request from authorities or reporting, disclosure or other obligations under laws, and (c) laws requiring us to verify the identity of our customers.

  • Liquidity Obligations means all principal, interest, fees and other amounts owing to the Liquidity Providers under the Liquidity Facilities, Section 8.1 of the Participation Agreements or the Fee Letters.

  • Collateral Obligation means a Loan owned by the Borrower, excluding the Retained Interest thereon.

  • Guarantor Subordinated Obligation means, with respect to a Subsidiary Guarantor, any Indebtedness of such Subsidiary Guarantor (whether outstanding on the Issue Date or thereafter Incurred) which is expressly subordinate in right of payment to the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee pursuant to a written agreement.

  • Finance Obligations means, at any date, (i) all Senior Credit Obligations, (ii) all Swap Obligations of a Loan Party permitted hereunder owed or owing to any Swap Creditor and (iii) all Cash Management Obligations.

  • Credit Facility Documents means the collective reference to any Credit Facility, any notes issued pursuant thereto and the guarantees thereof, and the collateral documents relating thereto, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified, in whole or in part, from time to time.

  • Other First Lien Obligations means (a) the due and punctual payment by any Loan Party of (i) the unpaid principal of and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable as a claim in such proceeding) on Indebtedness under any Other First Lien Agreement, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, and (ii) all other monetary obligations of such Loan Party to any Secured Party under any Other First Lien Agreement, including obligations to pay fees, expense reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable as a claim in such proceeding), (b) the due and punctual performance of all other obligations of such Loan Party under or pursuant to any Other First Lien Agreement and (c) the due and punctual payment and performance of all the obligations of each other Loan Party under or pursuant to any Other First Lien Agreement.