Page:United States Statutes at Large Volume 112 Part 1.djvu/268

 112 STAT. 242 PUBLIC LAW 105-178—JUNE 9, 1998 environmental mitigation, construction contingencies, and acquisition of equipment; and "(C) capitalized interest necessary to meet market requirements, reasonably required reserve funds, capital issuance expenses, and other carrying costs during construction. "(2) FEDERAL CREDIT INSTRUMENT. —The term 'Federal credit instrument' means a secured loan, loan guarantee, or line of credit authorized to be made available under this subchapter with respect to a project. "(3) INVESTMENT-GRADE RATING. —The term 'investmentgrade rating* means a rating category of BBB minus, Baa3, or higher assigned by a rating agency to project obligations offered into the capital markets. "(4) LENDER.— The term 'lender' means any non-Federal qualified institutional buyer (as defined in section 230.144A(a) of title 17, Code of Federal Regulations (or any successor regulation), known as Rule 144A(a) of the Securities and Exchange Commission and issued under the Securities Act of 1933 (15 U.S.C. 77a et seq.)), including— "(A) a qualified retirement plan (as defined in section 4974(c) of the Internal Revenue Code of 1986) that is a qualified institutional buyer; and "(B) a governmental plan (as defined in section 414(d) of the Internal Revenue Code of 1986) that is a qualified institutional buyer. "(5) LINE OF CREDIT. — The term 'line of credit' means an agreement entered into by the Secretary with an obligor under section 184 to provide a direct loan at a future date upon the occurrence of certain events. "(6) LOAN GUARANTEE. —The term 'loan guarantee' means any guarantee or other pledge by the Secretary to pay all or part of the principal of and interest on a loan or other debt obligation issued by an obligor and funded by a lender. "(7) LOCAL SERVICER. — The term 'local servicer* means— "(A) a State infrastructure bank established under this title; or "(B) a State or local government or any agency of a State or local government that is responsible for servicing a Federal credit instrument on behalf of the Secretary. "(8) OBLIGOR.— The term 'obligor' means a party primarily liable for payment of the principal of or interest on a Federal credit instrument, which party may be a corporation, partnership, joint venture, trust, or governmental entity, agency, or instrumentality. "(9) PROJECT.— The term 'project' means— "(A) any surface transportation project eligible for Federal assistance under this title or chapter 53 of title 49; "(B) a project for an international bridge or tunnel for which an international entity authorized under Federal or State law is responsible. "(C) a project for intercity passenger bus or rail facilities and vehicles, including facilities and vehicles owned by the National Railroad Passenger Corporation and components of magnetic levitation transportation systems; and

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