Any person who is committed by contract or other arrangement to support the payment of all or part of the obligations on the municipal securities to be sold in an offering of municipal securities. An "obligated person" includes an issuer of municipal securities and any other person committed to support such payment, either generally or through an enterprise, fund, or account of that person. The term is defined in Section 15B(e)(10) of the Securities Exchange Act of 1934, as amended (Exchange Act). Exchange Act Rule 15c2-12(f)(10) has an almost identical definition of the term, but, for purposes of Rule 15c2-12, contains an exception for providers of municipal bond insurance, letters of credit, or other liquidity facilities.
For more information on "obligated persons," see Practice Note: Overview, Municipal Securities Regulation: Overview.
