### Question
How is the "project obligation" defined?


### Answer
The term **project obligation** is defined in *45 U.S.C. § 821* as follows -

> 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 subchapter

#### Citation:
  - *45 U.S.C. § 821*
  - Heading: **CHAPTER 17-RAILROAD REVITALIZATION AND REGULATORY REFORM > SUBCHAPTER II-RAILROAD REHABILITATION AND IMPROVEMENT FINANCING**

