Terms Used In Texas Natural Resources Code 161.515

  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

In making rules and administering this subchapter, the board may not impose on or grant a loan recipient or a transferee under § 161.511 a right, benefit, condition, or obligation that, in any way, may impair:
(1) the ability of the board to sell a loan made under this subchapter; or
(2) the market value of a loan made under this subchapter.

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