Sec. 8. Master credit agreements
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Section 502 ( 45 U.S.C. 822 ) is amended by adding at the end the following: Subject to section 502(d) and paragraph
(2)of this subsection, the Secretary may enter into a master credit agreement if— the common security pledge receives an investment-grade rating from a rating agency prior to the Secretary entering into the master credit agreement; and all of the conditions for the provision of direct loans or loan guarantees, as applicable, under this title are satisfied. Each master credit agreement shall— establish the maximum amount and general terms and conditions of each applicable direct loan or loan guarantee; identify 1 or more dedicated non-Federal revenue sources that will secure the repayment of each applicable direct loan or loan guarantee; provide for the obligation of funds for the direct loans or loan guarantees after all requirements have been met for the projects subject to the master credit agreement; and unless otherwise extended by the Secretary, require that each applicable direct loan and loan guarantee results in a financial close and obligation of assistance, or release of the master credit agreement, not later than 3 years after the date of entry by the Secretary into the agreement. The proceeds of a direct loan under this title may be used for any non-Federal share of project costs required under chapter 244 of title 49, United States Code, if the loan is repayable from non-Federal funds. .
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Sec. 8
Master credit agreements
Cite45 USC 822
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