Definitions

In this title, the following definitions shall apply: (1) Commercial sports The term commercial sport means a sports enterprise of which profit-making forms a major part. (2) Eligible entity The term eligible entity means an entity eligible pursuant to section 203 to receive financial assistance under section 208. (3) Eligible project The term eligible project means a project for which financial assistance under section 208 may be provided, pursuant to section 204. (4) Eligible project costs The term eligible project costs means, with respect to an eligible project, any costs of the project eligible under section 205 to be paid with amounts from a loan made or guaranteed pursuant to section 208. (5) Federal credit instrument The term Federal credit instrument means a secured loan made, or loan guarantee provided, under section 208. (6) Investment-grade rating The term investment-grade rating means, with respect to project obligations, a rating of BBB minus, Baa3, bbb minus, BBB (low), or higher as assigned by a rating agency. (7) 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. (8) Obligor The term obligor means— (A) with respect to a Federal credit instrument that is a secured loan under section 208, the eligible entity that is primarily liable for payment of the principal of, or interest on, the loan; and (B) with respect to a Federal credit instrument that is a loan guarantee under section 208(h), the eligible entity that is primarily liable for payment of the loan or other debt obligation repayment of which is guaranteed pursuant to such section. (9) Project obligation The term project obligation means, with respect to an eligible project, any note, bond, debenture, or other debt obligation issued by an obligor in connection with the financing of the project. Such term does not include a Federal credit instrument. (10) Qualified lender (A) In general The term qualified lender means any non-Federal qualified institutional buyer, as such term is 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.). (B) Inclusions Such term includes— (i) a qualified retirement plan (as defined in section 4974(c) of the Internal Revenue Code of 1986) that is a qualified institutional buyer; and (ii) a governmental plan (as defined in section 414(d) of the Internal Revenue Code of 1986) that is a qualified institutional buyer. (11) Rating agency 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))). (12) Secretary The term Secretary means the Secretary of Housing and Urban Development. (13) Secured loan The term secured loan means a direct loan or other debt obligation issued by an obligor and funded by the Secretary pursuant to section 208. (14) State The term State means a State, the District of Columbia, the Commonwealth of Puerto Rico, and any other territory or possession of the United States. (15) State infrastructure financing authority The term State infrastructure financing authority means the State entity established or designated by the Governor of a State to receive assistance under this title. (16) Subsidy amount The term subsidy amount means, with respect to a Federal credit instrument, the amount of budget authority sufficient to cover the estimated long-term cost to the Federal Government of the Federal credit instrument, as calculated on a net present value basis, excluding administrative costs and any incidental effects on governmental receipts or outlays in accordance with the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.). (17) Substantial completion The term substantial completion means, with respect to a project, the earliest date on which a project is considered capable of performing the functions for which the project is designed.