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").

  • 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.

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

  • The Bondholders allege they hold approximately $2 billion worth of the ERS bonds.The Resolution provided the ERS Bonds would be payable “solely from the Pledged Property without re- course against other assets” and not out of “any funds or assets other than the Pledged Property.” Id. at 108a.

  • The claims identified in Appendix I total more than $2.1 billion, which represents approximately 69% of the approximately $3.1 billion of ERS Bonds outstanding.

  • The Security Agreement executed for the ERS Bonds required ERS to “cause UCC financing…statements to be filed, as appropriate.” Pet.App.

  • The ERS Bonds were secured by collateral that included, among other things, all employer contributions from Puerto Rico government employers (including municipal employers, public corporations and the central government of Puerto Rico) and ERS’s legal right to receive those contributions.

  • This original principal amount does not include accretion on capital appreciation bonds, which will amount to an additional $1 billion of principal at maturity.2. As previously raised by the Puerto Rico Fiscal Agency and Financial Advisory Authority (“ AAFAF”) and other government parties in ERS-related adversary proceedings, theissuance of the ERS Bonds was “illegally made” in that the ERS Bonds were issued ultra vires.

Related to ERS Bonds

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

  • 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 has the meaning specified in the recitals of this First Supplemental Indenture.

  • 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 West Virginia Hospital Finance Authority Refunding Revenue Bonds (Thomas Health System, Inc.), Series 2020 A to be issued as a combination of tax-exempt and taxable non-rated fixed rate bonds by the Issuer, subject to its authority and discretion, in the aggregate principal amount of $60,100,000, to (i) refund and retire the Series 2008 Bonds at a discount to the current par amount outstanding, (ii) fund a debt service reserve fund for the Series 2020 Bonds, (iii) fund the Operating Reserve Fund, if necessary, as described in Article IV.C.1 of the Plan and (iv) finance costs of issuance of the Series 2020 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 $2,348,000 of the Series B Bonds now outstanding that are stated to mature on December 1 in each of the years 2021 and 2022 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 7.625% unsecured notes due April 15, 2024, issued pursuant to the 2009 Notes 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.

  • Term Bonds means Bonds that mature on one date and that are subject to mandatory redemption from Amortization Installments or are subject to extraordinary mandatory or mandatory redemption upon receipt of unscheduled Pledged Revenues.