Demand Obligation definition

Demand Obligation has the meaning set forth in the Trust Agreement.
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Demand Obligation means any Senior Lien Obligation the principal of which is payable by the Authority on demand of the owner or holder thereof.
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Demand Obligation means Indebtedness that has a stated maturity of 365 days or more after the date of incurrence and is payable or required to be purchased or redeemed at the option of the thereof or upon the occurrence of events specified in the underlying legal documents (other than upon mandatory tender in connection with the conversion of such Indebtedness to another interest rate mode or the replacement of a credit or liquidity provider) prior to its stated maturity date and any other obligation of an Obligated Group Member to pay or purchase securities or obligations of another person or entity upon demand of the holder thereof.
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Examples of Demand Obligation in a sentence

  • Description of Moody’s Demand Obligation Ratings In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned: a long or short-term debt rating and a demand obligation rating.

  • On June 18, 2008 the Bank exercised its option to convert the interest rate mode from the Auction Rate mode to a Variable Rate Demand Obligation mode for the Series 2003B Bonds.

  • Pension Obligation Bonds (POB’s) In 2002, the city refinanced its unfunded pension liability with the Maine State Retirement system through Variable Rate Demand Obligation (VRDO) financing.

  • Description of Moody’s Demand Obligation Ratings In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned.

  • The County shall use the proceeds of the Notes only to repay the County’s outstanding Xxxxxx Plan Obligations Commercial Paper Notes, Series A, the Notes or to refund a Demand Obligation evidencing the County's obligation to make distributions to the participating taxing agencies under the Related Lien or to pay costs of issuance of the Notes.

  • The bonds were converted from R-Floats, a form of auction rate bonds, to Variable Rate Demand Obligation bonds.Single Family Mortgage Revenue bonds, 2007 Series C (non-AMT) for $1,000,000, 2007 Series D (AMT) for $20,000,000, Series E (Federally Taxable) for $13,000,000, and Series F (AMT) for$10,000,000 were issued in October 2007 to refund outstanding bonds and provide funds to make or purchase qualified mortgage loans.

  • Refer to Auction Rate Securities and Variable Rate Demand Obligation Exposures below for further discussion.

  • Pursuant to Section 3.03 and 3.04 of the Master Trust Agreement, the County is issuing $ aggregate principal amount of the Series B Notes on the Original Date of Issuance, of which $ shall be deposited in the Refunding Fund (which fund is hereby established with the Trustee) and applied to refund the outstanding Series B Notes, $ shall be applied to refund a Demand Obligation and $ shall be deposited in the Costs of Issuance Fund and applied to pay Initial Costs of Issuance.

  • Single Family Mortgage Revenue Bonds, 2008 Series A (non- AMT) for $13,205,000, 2008 Series B (AMT) for $3,900,000, 2008 Series C (AMT) for $8,450,000and 2008 Series D (Federally taxable) for $17,200,000 were issued in June 2008.The Commission remarketed $16,890,000 of Single Family Mortgage Revenue Bonds 2002 Series C (non-AMT) as Variable Rate Demand Obligation bonds in December 2007 and replaced the liquidity facility meeting the requirements of the Series Resolution.

  • The proceeds of the Notes will be used to [repay the County’s outstanding Xxxxxx Plan Obligations Commercial Paper Notes, Series B, to refund a Demand Obligation evidencing the County's obligation to make distributions to the participating taxing agencies under the Related Law and to pay costs of issuance of the Notes].

Related to Demand Obligation

  • Bond Obligation means, as of the date of computation, the principal amount of the Bonds then Outstanding.

  • L/C Obligation means, as at any date of determination, the aggregate maximum amount then available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts in respect of Letters of Credit, including all L/C Borrowings.

  • 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:

  • Defaulting Lender means any Lender with respect to which a Lender Default is in effect.

  • Applicable Participation Agreement Has the meaning specified in Section 5.01(b) of this Trust Supplement.

  • 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.

  • Participation Commitment means each Lender’s obligation to buy a participation of the Letters of Credit issued hereunder.

  • Commitment Transfer Supplement means a document in the form of Exhibit 15.3 hereto, properly completed and otherwise in form and substance satisfactory to Agent by which the Purchasing Lender purchases and assumes a portion of the obligation of Lenders to make Advances under this Agreement.

  • Ineligible Assignee has the meaning specified in Section 10.07(b).

  • Participation Notice has the meaning set forth in Section 4.2;

  • Lender Participation Notice has the meaning specified in Section 2.05(d)(iii).

  • Defaulting Bank means, at any time, subject to Section 2.18(d), (i) any Bank that has failed for two or more consecutive Business Days to comply with its obligations under this Agreement to make available its ratable portion of a Borrowing (each, a “funding obligation”), unless such Bank has notified the Agent and a Borrower in writing that such failure is the result of such Bank’s determination that one or more conditions precedent to funding has not been satisfied (which conditions precedent, together with the applicable default, if any, will be specifically identified in such writing), (ii) any Bank that has notified the Agent or a Borrower in writing, or has stated publicly, that it does not intend to comply with its funding obligations hereunder, unless such writing or statement states that such position is based on such Bank’s determination that one or more conditions precedent to funding cannot be satisfied (which conditions precedent, together with the applicable default, if any, will be specifically identified in such writing or public statement), (iii) any Bank that has, for three or more Business Days after written request of the Agent or a Borrower, failed to confirm in writing to the Agent and the Borrowers that it will comply with its prospective funding obligations hereunder (provided that such Bank shall cease to be a Defaulting Bank pursuant to this clause (iii) upon the Agent’s and the Borrowers’ receipt of such written confirmation), (iv) any Bank with respect to which a Bank Insolvency Event has occurred and is continuing with respect to such Bank or its Parent Company, or (v) any Bank that has become the subject of a Bail-In Action; provided that a Bank shall not be a Defaulting Bank solely by virtue of the ownership or acquisition of any equity interest in such Bank or its Parent Company by a Governmental Authority or an instrumentality thereof. Any determination by the Agent that a Bank is a Defaulting Bank under any of clauses (i) through (v) above will be conclusive and binding absent manifest error, and such Bank will be deemed to be a Defaulting Bank (subject to Section 2.18(d)) upon notification of such determination by the Agent to the Borrowers and the Banks. The Agent will promptly send to all parties hereto a copy of any notice to the Borrowers provided for in this definition.

  • Extended Revolving Commitment shall have the meaning assigned to such term in Section 2.19(a).

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

  • Commitment means, as to each Lender, its obligation to (a) make Committed Loans to the Borrower pursuant to Section 2.01, (b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

  • Revolving Commitment means, as to each Lender, its obligation to (a) make Revolving Loans to the Borrower pursuant to Section 2.01, (b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

  • L/C Obligations means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

  • Eligible Assignee means any Person that meets the requirements to be an assignee under Section 10.06(b)(iii) and (v) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)).

  • Retained Obligations shall have the meaning set forth in Section 2.6.

  • Modified Commitment Transfer Supplement shall have the meaning set forth in Section 16.3(d) hereof.

  • Impacted Lender means any Lender as to which (a) L/C Issuer has a good faith belief that the Lender has defaulted in fulfilling its obligations under one or more other syndicated credit facilities or (b) an entity that controls the Lender has been deemed insolvent or become subject to a bankruptcy or other similar proceeding.

  • Reimbursement Obligation the obligation of the Borrower to reimburse the Issuing Lender pursuant to Section 3.5 for amounts drawn under Letters of Credit.

  • Revolving Commitment Amount means, as to any Lender, the Revolving Commitment amount (if any) set forth opposite such Lender’s name on Schedule 1.1 hereto (or, in the case of any Lender that became party to this Agreement after the Closing Date pursuant to Section 16.3(c) or (d) hereof, the Revolving Commitment amount (if any) of such Lender as set forth in the applicable Commitment Transfer Supplement).

  • U.S. Revolving Commitment means the commitment of a Lender to make or otherwise fund any U.S. Revolving Loan and to acquire participations in U.S. Letters of Credit and Swing Line Loans hereunder and “U.S. Revolving Commitments” means such commitments of all Lenders in the aggregate. The amount of each Lender’s U.S. Revolving Commitment, if any, is set forth on Schedule 1.01(c) or in the applicable Assignment Agreement or Joinder Agreement, as applicable, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the U.S. Revolving Commitments as of the Restatement Date is $265,000,000.

  • Potential Defaulting Lender means, at any time, (i) any Lender with respect to which an event of the kind referred to in the definition of “Lender Insolvency Event” has occurred and is continuing in respect of any Subsidiary of such Lender, or (ii) any Lender that has notified, or whose Lender Parent or a Subsidiary thereof has notified, the Administrative Agent, the Borrower or any LC Issuing Bank in writing, or has stated publicly, that it does not intend to comply with its funding obligations generally under other loan agreements, credit agreements and other similar agreements, unless such writing or statement states that such position is based on such Lender’s determination that one or more conditions precedent to funding cannot be satisfied (which conditions precedent, together with the applicable default, if any, will be specifically identified in such writing or public statement). Any determination by the Administrative Agent that a Lender is a Potential Defaulting Lender under any of clauses (i) and (ii) above will be conclusive and binding absent manifest error, and such Lender will be deemed a Potential Defaulting Lender (subject to Section 2.19(f) hereof) upon notification of such determination by the Administrative Agent to the Borrower, the LC Issuing Banks and the Lenders.

  • Multiple Holder Obligation means an Obligation that (i) at the time of the event which constitutes a Restructuring, is held by more than three holders that are not Affiliates of each other and (ii) with respect to which a percentage of holders (determined pursuant to the terms of the Obligation as in effect on the date of such event) at least equal to sixty-six-and-two-thirds is required to consent to the event which constitutes a Restructuring, provided that any Obligation that is a Bond shall be deemed to satisfy the requirement in clause (ii) of this definition.