### Question
Can you define what project obligation means?


### Answer
**Project obligation** is defined as the following in *49 U.S.C. § 22401*:

> a note, bond, debenture, or other debt obligation issued by a borrower in connection with the financing of a project, other than a direct loan or loan guarantee under this chapter

#### Citation:
  - *49 U.S.C. § 22401*
  - Heading: **SUBTITLE V-RAIL PROGRAMS > PART B-ASSISTANCE > CHAPTER 224-RAILROAD REHABILITATION AND IMPROVEMENT FINANCING**

