Sec. 602. Definitions
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Section 501 ( 45 U.S.C. 821 ) is amended— by redesignating paragraph
(8)as paragraph (10); by redesignating paragraphs
(6)and
(7)as paragraphs
(7)and (8), respectively; by inserting after paragraph
(5)the following: The term investment-grade rating means a rating of BBB minus, Baa 3, bbb minus, BBB(low), or higher assigned by a rating agency. ; by inserting after paragraph (8), as redesignated, the following: The term master credit agreement means an agreement to make 1 or more direct loans or loan guarantees at future dates for a program of related projects on terms acceptable to the Secretary. ; and by adding at the end the following: The term obligor means a party that— is primarily liable for payment of the principal of or interest on a direct loan or loan guarantee under this section; and may be a corporation, limited liability company, partnership, joint venture, trust, or governmental entity, agency, or instrumentality. The term project obligation means 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 title. The term railroad has the meaning given the term railroad carrier in section 20102 of title 49, United States Code. The term rating agency means a credit rating agency registered with the Securities and Exchange Commission as a nationally recognized statistical rating organization (as defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) )). The term substantial completion means— the opening of a project to passenger or freight traffic; or a comparable event, as determined by the Secretary and specified in the direct loan. .
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- 45 USC 821
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