ERS Bonds definition

ERS Bonds means the securities issued by ERS and outstanding as of the ERS Petition Date.
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Examples of ERS Bonds in a sentence

  • The funds hold significant amounts of both COFINA and ERS Bonds and the defaults on interest payments are expected to adversely affect dividends from the funds.

  • In May and June 2017, the oversight board placed the GO, COFINA and ERS Bonds, among others, into a bankruptcy-like proceeding under the supervision of a Federal District Judge as authorized by the oversight board's enabling statute.

  • In 2015, certain agencies and public corporations of the Commonwealth of Puerto Rico ("Commonwealth") defaulted on certain interest payments, in 2016, the Commonwealth defaulted on payments on its general obligation debt ("GO Bonds"), and in 2017 the Commonwealth defaulted on payments on its debt backed by the Commonwealth's Sales and Use Tax ("COFINA Bonds") as well as on bonds issued by the Commonwealth's Employee Retirement System ("ERS Bonds").

  • Most of the ERS Bonds were sold to individual residents of the Commonwealth and to local businesses.

  • In May and June 2017, the oversight board placed the GO, COFINA and ERS Bonds, among others, into a bankruptcy-like proceeding under the supervision of a Federal District Judge as authorized by the oversight board’s enabling statute.

  • Of course, the Committee has not assumed any obligation of ERS with respect to the ERS Bonds.

  • In the Commonwealth Court Action, the individual plaintiffs and the ERS seek the recovery of damages caused by the tortious misconduct of UBS, in connection with the underwriting and issuance of the ERS Bonds in 2008, irrespective of whether the ERS Bonds are legal and binding obligations of the ERS and irrespective of the validity of such bonds.

  • In that Motion for Summary Judgment, there is not one single allegation that puts the validity of the ERS Bonds at issue to attach liability upon UBS.

  • In other words, the Commonwealth Court Action is grounded on misconduct by UBS that occurred prior the issuance of the ERS Bonds which UBS underwrote, irrespective of the validity of said bonds.

  • In 2011, the Puerto Rico Legislative Assembly stated that the issuance of the ERS Bonds “was illegally made by [ERS] even though such transaction was submitted to the LegislativeAssembly for approval and rejected by the House of Representatives for deeming it detrimental to the System.” Act 116-2011 at Statement of Motives (emphasis added).

Related to ERS Bonds

  • Issuer’s Bonds means any Bonds which are owned by the Issuer or any Affiliate of the Issuer.

  • Original Bonds has the meaning set forth in the recitals hereto.

  • Covered Bonds means any and all the covered bonds (obbligazioni bancarie garantite) issued or to be issued by the Issuer pursuant to the terms and subject to the conditions of the Programme Agreement.

  • 2028 Notes means those 6.500% Senior Notes due 2028 issued by the Borrower in an aggregate principal amount of $400,000,000 pursuant to the 2028 Notes Documents.

  • Series 2019 Bonds means, collectively, the Series 2019A Bonds and the Series 2019B Bonds.

  • Existing Bonds means the following obligations of Seller:

  • Transition bonds means bonds, notes, certificates of

  • Series A Bonds means the Series A Senior Secured Nuclear Asset-Recovery Bonds issued by the Issuer on June 22, 2016.

  • Series 2017 Bonds means, collectively, the Series 2017A Bonds and the Series 2017B Bonds.

  • Series 2020 Bonds means the Series 2020A Bonds and the Series 2020B Bonds.

  • Additional Bonds means the debt instruments issued under a Tap Issue, including any Temporary Bonds.

  • Completion Bonds means Bonds issued pursuant to a Supplemental Indenture ranking on parity with the Series of Bonds issued under such Supplemental Indenture, the proceeds of which are to be used to complete the Project.

  • Refunded Bonds means the portion of the $15,757,000 of the Series A Bonds now outstanding that are stated to mature on December 1 in each of the years 2021 through 2024 that is to be refunded by the Bonds, as determined by the Fiscal Officer and specified in the Certificate of Award at the time of the sale of the Bonds in accordance with Section 2, and may include all of those Original Bonds.

  • Bank Bonds means any Bonds purchased with moneys received under the Letter of Credit in connection with a Liquidity Drawing and held by the Tender Agent, or its agent, in each case, for the account of the Issuing Bank.

  • Prior Bonds means the assessment bonds that are refunded in part or in whole by refunding assessment bonds.

  • 2014 Notes means (i) the 4.850% Senior Secured Notes due 2024 issued by the Issuer on March 18, 2014 and (ii) the 4.45% Senior Secured Notes due 2025 and the 5.45% Senior Secured Notes due 2034 issued by the Issuer on August 21, 2014.

  • 2024 Notes means the 7.000% Senior Notes due 2024, issued pursuant to the 2024 Indenture.

  • Replacement Bonds means Bonds issued to the Beneficial Owners of the Bonds in accordance with Section 210 hereof.

  • 2019 Notes has the meaning set forth in the definition of “2018 Exchange Offers”.

  • 2021 Notes means the 4.700% Senior Notes due 2021, originally issued by Ensco plc (now Valaris), a public limited company organized under the laws of England and Wales.

  • Initial Bonds means the Bonds issued on the First Issue Date.

  • 2011 Notes means those certain notes issued pursuant to the Note Purchase Agreement dated as of March 22, 2011 among the Company and the purchasers named in Schedule A thereto.

  • Outstanding Bonds means any Bonds not redeemed or otherwise discharged.

  • Senior Bonds means all Bonds issued as Senior Bonds in compliance with the provisions of the Indenture.

  • 2023 Notes means the 6 7/8% Notes due 2023 issued by NTL pursuant to the 1988 Indenture.

  • School Bonds means School Obligations issued as Bonds.