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49 U.S.C. § 22401 — Definitions
Federal law — U.S. Code and appendices · legal_authorities
In this chapter:
(1) **Cost.—**
(A) The term “cost” means the estimated long-term cost to the Government of a direct loan or loan guarantee or modification thereof, calculated on a net present value basis, excluding administrative costs and any incidental effects on governmental receipts or outlays.
(B) The cost of a direct loan shall be the net present value, at the time when the direct loan is disbursed, of the following estimated cash flows:
(i) Loan disbursements.
(ii) Repayments of principal.
(iii) Payments of interest and other payments by or to the Government over the life of the loan after adjusting for estimated defaults, prepayments, fees, penalties, and other recoveries.
Calculation of the cost of a direct loan shall include the effects of changes in loan terms resulting from the exercise by the borrower of an option included in the loan contract.
(C) The cost of a loan guarantee shall be the net present value, at the time when the guaranteed loan is disbursed, of the following estimated cash flows:
(i) Payments by the Government to cover defaults and delinquencies, interest subsidies, or other payments.
(ii) Payments to the Government, including origination and other fees, penalties, and recoveries.
Calculation of the cost of a loan guarantee shall include the effects of changes in loan terms resulting from the exercise by the guaranteed lender of an option included in the loan guarantee contract, or by the borrower of an option included in the guaranteed loan contract.
(D) The cost of a modification is the difference between the current estimate of the net present value of the remaining cash flows under the terms of a direct loan or loan guarantee contract, and the current estimate of the net present value of th
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Source location: Title 49, Chapter 224, § 22401; chapter-224-railroad-rehabilitation-and-improvement-financing.md
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In this chapter:
(1) **Cost.—**
(A) The term “cost” means the estimated long-term cost to the Government of a direct loan or loan guarantee or modification thereof, calculated on a net present value basis, excluding administrative costs and any incidental effects on governmental receipts or outlays.
(B) The cost of a direct loan shall be the net present value, at the time when the direct loan is disbursed, of the following estimated cash flows:
(i) Loan disbursements.
(ii) Repayments of principal.
(iii) Payments of interest and other payments by or to the Government over the life of the loan after adjusting for estimated defaults, prepayments, fees, penalties, and other recoveries.
Calculation of the cost of a direct loan shall include the effects of changes in loan terms resulting from the exercise by the borrower of an option included in the loan contract.
(C) The cost of a loan guarantee shall be the net present value, at the time when the guaranteed loan is disbursed, of the following estimated cash flows:
(i) Payments by the Government to cover defaults and delinquencies, interest subsidies, or other payments.
(ii) Payments to the Government, including origination and other fees, penalties, and recoveries.
Calculation of the cost of a loan guarantee shall include the effects of changes in loan terms resulting from the exercise by the guaranteed lender of an option included in the loan guarantee contract, or by the borrower of an option included in the guaranteed loan contract.
(D) The cost of a modification is the difference between the current estimate of the net present value of the remaining cash flows under the terms of a direct loan or loan guarantee contract, and the current estimate of the net present value of the remaining cash flows under the terms of the contract, as modified.
(E) In estimating net present values, the discount rate shall be the average interest rate on marketable Treasury securities of similar maturity to the cash flows of the direct loan or loan guarantee for which the estimate is being made.
(F) When funds are obligated for a direct loan or loan guarantee, the estimated cost shall be based on the current assumptions, adjusted to incorporate the terms of the loan contract, for the fiscal year in which the funds are obligated.
(2) **Current.—** — The term “current” has the same meaning as in section 250(c)(9) of the Balanced Budget and Emergency Deficit Control Act of 1985.
(3) **Direct loan.—** — The term “direct loan” means a disbursement of funds by the Government to a non-Federal borrower under a contract that requires the repayment of such funds. The term includes the purchase of, or participation in, a loan made by another lender and financing arrangements that defer payment for more than 90 days, including the sale of a Government asset on credit terms. The term does not include the acquisition of a federally guaranteed loan in satisfaction of default claims.
(4) **Direct loan obligation.—** — The term “direct loan obligation” means a binding agreement by the Secretary to make a direct loan when specified conditions are fulfilled by the borrower.
(5) **Intermodal.—** — The term “intermodal” means of or relating to the connection between rail service and other modes of transportation, including all parts of facilities at which such connection is made.
(6) **Investment-grade rating.—** — The term “investment-grade rating” means a rating of BBB minus, Baa 3, bbb minus, BBB(low), or higher assigned by a rating agency.
(7) **Loan guarantee.—** — The term “loan guarantee” means any guarantee, insurance, or other pledge with respect to the payment of all or a part of the principal or interest on any debt obligation of a non-Federal borrower to a non-Federal lender, but does not include the insurance of deposits, shares, or other withdrawable accounts in financial institutions.
(8) **Loan guarantee commitment.—** — The term “loan guarantee commitment” means a binding agreement by the Secretary to make a loan guarantee when specified conditions are fulfilled by the borrower, the lender, or any other party to the guarantee agreement.
(9) **Master credit agreement.—** — 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.
(10) **Modification.—** — The term “modification” means any Government action that alters the estimated cost of an outstanding direct loan (or direct loan obligation) or an outstanding loan guarantee (or loan guarantee commitment) from the current estimate of cash flows. This includes the sale of loan assets, with or without recourse, and the purchase of guaranteed loans. This also includes any action resulting from new legislation, or from the exercise of administrative discretion under existing law, that directly or indirectly alters the estimated cost of outstanding direct loans (or direct loan obligations) or loan guarantees (or loan guarantee commitments) such as a change in collection procedures.
(11) **Project obligation.—** — 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 chapter.
(12) **Railroad.—** — The term “railroad” includes—
(A) any railroad or railroad carrier (as such terms are defined in section 20102); and
(B) any rail carrier (as defined in section 24102).
(13) **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)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a&num=0&edition=prelim))).
(14) **Secretary.—** — The term “Secretary” means the Secretary of Transportation.
(15) **Substantial completion.—** — The term “substantial completion” means—
(A) the opening of a project to passenger or freight traffic; or
(B) a comparable event, as determined by the Secretary and specified in the terms of the direct loan or loan guarantee provided by the Secretary.
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Federal law — U.S. Code and appendices · legal_authorities
In this part—
(1) “Class I railroad”, “Class II railroad”, and “Class III railroad” mean railroad carriers that have annual carrier operating revenues that meet the threshold amount for Class I carriers, Class II carriers, and Class III carriers, respectively, as determined by the Surface Transportation Board under section 1201.1–1 of title 49, Code of Federal Regulations.
(2) “railroad”—
(A) means any form of nonhighway ground transportation that runs on rails or electromagnetic guideways, including—
(i) commuter or other short-haul railroad passenger service in a metropolitan or suburban area and commuter railroad service that was operated by the Consolidated Rail Corporation on January 1, 1979; and
(ii) high speed ground transportation systems that connect metropolitan areas, without regard to whether those systems use new technologies not associated with traditional railroads; but
(B) does not include rapid transit operations in an urban area that are not connected to the general railroad system of transportation.
(3) “railroad carrier” means a person providing railroad transportation, except that, upon petition by a group of commonly controlled railroad carriers that the Secretary determines is operating within the United States as a single, integrated rail system, the Secretary may by order treat the group of railroad carriers as a single railroad carrier for purposes of one or more provisions of part A, subtitle V of this title and implementing regulations and order, subject to any appropriate conditions that the Secretary may impose.
(4) “safety-related railroad employee” means—
(A) a railroad employee who is subject to chapter 211;
(B) another operating railroad employee who is not subject to chapter 211;
(C) an employee who maintai
Source: Supplied U.S. Code snapshot — release unconfirmed · 49 U.S.C. § 20102
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Purpose** The purpose of this Act and chapter 224 of title 49, United States Code, is to provide the means to rehabilitate and maintain the physical facilities, improve the operations and structure, and restore the financial stability of the railway system of the United States, and to promote the revitalization of such railway system, so that this mode of transportation will remain viable in the private sector of the economy and will be able to provide energy-efficient, ecologically compatible transportation services with greater efficiency, effectiveness, and economy, through—
(1) ratemaking and regulatory reform;
(2) the encouragement of efforts to restructure the system on a more economically justified basis, including planning authority in the Secretary of Transportation, an expedited procedure for determining whether merger and consolidation applications are in the public interest, and continuing reorganization authority;
(3) financing mechanisms that will assure adequate rehabilitation and improvement of facilities and equipment, implementation of the final system plan, and implementation of the Northeast Corridor project;
(4) transitional continuation of service on light-density rail lines that are necessary to continued employment and community well-being throughout the United States;
(5) auditing, accounting, reporting, and other requirements to protect Federal funds and to assure repayment of loans and financial responsibility; and
(6) necessary studies.
**(b) Policy** The policy of this Act and chapter 224 of title 49, United States Code, is to—
(1) balance the needs of carriers, shippers, and the public;
(2) foster competition among all carriers by railroad and other modes of transportation, to promote more adequate and efficient transportatio
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 821, Pub. L. 94–210, title V, § 501, as added Pub. L. 105–178, title VII, § 7203(a)(1), June 9, 1998, 112 Stat. 471; amended Pub. L. 114–94, div. A, title XI, § 11602, Dec. 4, 2015, 129 Stat. 1693, defined terms for purposes of this subchapter. See [section 22401 of Title 49](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title49-section22401&num=0&edition=prelim), Transportation.
A prior section 821, Pub. L. 94–210, title V, § 501, Feb. 5, 1976, 90 Stat. 66; Pub. L. 95–620, title VIII, § 803(c)(1), Nov. 9, 1978, 92 Stat. 3347; Pub. L. 96–101, § 24(b), Nov. 4, 1979, 93 Stat. 747; Pub. L. 96–448, title IV, § 405(d), Oct. 14, 1980, 94 Stat. 1947; Pub. L. 97–35, title XI, § 1162(b), Aug. 13, 1981, 95 Stat. 684; Pub. L. 99–509, title IV, § 4033(c)(2), Oct. 21, 1986, 100 Stat. 1908, defined terms for purposes of this subchapter, prior to repeal by Pub. L. 105–178, title VII, § 7203(a)(1), June 9, 1998, 112 Stat. 471.
Section 822, Pub. L. 94–210, title V, § 502, as added Pub. L. 105–178, title VII, § 7203(a)(1), June 9, 1998, 112 Stat. 473; amended Pub. L. 109–59, title IX, § 9003(b)–(g), Aug. 10, 2005, 119 Stat. 1921–1923; Pub. L. 110–432, div. A, title VII, § 701(e), Oct. 16, 2008, 122 Stat. 4906; Pub. L. 114–94, div. A, title XI, §§ 11603–11605(a), 11606, 11607(a), 11608, 11609, Dec. 4, 2015, 129 Stat. 1694, 1695, 1697–1700; Pub. L. 116–94, div. H, title I, § 192, Dec. 20, 2019, 133 Stat. 2972; Pub. L. 116–159, div. B, title I, § 1104(b), Oct. 1, 2020, 134 Stat. 727, related to direct loans and loan guarantees. See [section 22402 of Title 49](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title49-section22402&num=0&edition=prelim), Transportation.
A prior section 822, Pub. L. 94–210, title V, § 502, Feb. 5, 1976,
Source: Supplied U.S. Code snapshot — release unconfirmed · 45 U.S.C. § 821 to 823
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** When used in this chapter, unless the context otherwise requires—
(1) The term “exchange” means any organization, association, or group of persons, whether incorporated or unincorporated, which constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange as that term is generally understood, and includes the market place and the market facilities maintained by such exchange.
(2) The term “facility” when used with respect to an exchange includes its premises, tangible or intangible property whether on the premises or not, any right to the use of such premises or property or any service thereof for the purpose of effecting or reporting a transaction on an exchange (including, among other things, any system of communication to or from the exchange, by ticker or otherwise, maintained by or with the consent of the exchange), and any right of the exchange to the use of any property or service.
(3)
(A) The term “member” when used with respect to a national securities exchange means (i) any natural person permitted to effect transactions on the floor of the exchange without the services of another person acting as broker, (ii) any registered broker or dealer with which such a natural person is associated, (iii) any registered broker or dealer permitted to designate as a representative such a natural person, and (iv) any other registered broker or dealer which agrees to be regulated by such exchange and with respect to which the exchange undertakes to enforce compliance with the provisions of this chapter, the rules and regulations thereunder, and its own rules. For purposes of section
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78c
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Federal law — U.S. Code and appendices · legal_authorities
Page 207
TITLE 15—COMMERCE AND TRADE
§ 78c
submit to Congress an interim report twelve months
after Oct. 26, 1974, and not later than one and one-half
years after Oct. 26, 1974, a full and complete report of
the findings made under the study authorized, together
with such recommendations as they considered appro-
priate.
Executive Documents
EX. ORD. NO. 12631. WORKING GROUP ON FINANCIAL
MARKETS
Ex. Ord. No. 12631, Mar. 18, 1988, 53 F.R. 9421, provided:
By virtue of the authority vested in me as President
by the Constitution and laws of the United States of
America, and in order to establish a Working Group on
Financial Markets, it is hereby ordered as follows:
SECTION 1. Establishment. (a) There is hereby estab-
lished a Working Group on Financial Markets (Working
Group). The Working Group shall be composed of:
(1) the Secretary of the Treasury, or his designee;
(2) the Chairman of the Board of Governors of the
Federal Reserve System, or his designee;
(3) the Chairman of the Securities and Exchange
Commission, or his designee; and
(4) the Chairman of the Commodity Futures Trading
Commission, or her designee.
(b) The Secretary of the Treasury, or his designee,
shall be the Chairman of the Working Group.
SEC. 2. Purposes and Functions. (a) Recognizing the
goals of enhancing the integrity, efficiency, orderli-
ness, and competitiveness of our Nation’s financial
markets and maintaining investor confidence, the
Working Group shall identify and consider:
(1) the major issues raised by the numerous studies
on the events in the financial markets surrounding Oc-
tober 19, 1987, and any of those recommendations that
have the potential to achieve the goals noted above;
and
(2) the actions, including governmental actions under
existing laws and regu
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 78c
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Federal law — U.S. Code and appendices · legal_authorities
Page 631
TITLE 49—TRANSPORTATION
§ 22401
1 So in original. The word ‘‘the’’ probably should not appear.
grant funds be contractually obligated for a
project later than the end of the third Federal
fiscal year following the year in which the grant
was awarded. Any funds not so obligated by the
end of such fiscal year shall be returned to the
Secretary for reallocation.
(d) EMPLOYEE
PROTECTION.—The Secretary
shall require as a condition of any grant made
under this section that the recipient railroad
provide a fair arrangement at least as protective
of the interests of employees who are affected by
the project to be funded with the grant as the
terms imposed under section 11326(a), as in ef-
fect on the date of the enactment of this chap-
ter.
(e) LABOR STANDARDS.—
(1) PREVAILING WAGES.—The Secretary shall
ensure that laborers and mechanics employed
by contractors and subcontractors in con-
struction work financed by a grant made
under this section will be paid wages not less
than those prevailing on similar construction
in the locality, as determined by the Sec-
retary of Labor under subchapter IV of chap-
ter 31 of title 40 (commonly known as the
‘‘Davis-Bacon
Act’’).
The
Secretary
shall
make a grant under this section only after
being assured that required labor standards
will be maintained on the construction work.
(2) WAGE RATES.—Wage rates in a collective
bargaining agreement negotiated under the
Railway Labor Act (45 U.S.C. 151 et seq.) are
deemed for purposes of this subsection to com-
ply with the 1 subchapter IV of chapter 31 of
title 40.
(f) STUDY.—The Secretary shall conduct a
study of the projects carried out with grant as-
sistance under this section to determine the ex-
tent to which the program helps promote a re-
duction i
Source: Supplied 2024 U.S. Code historical extraction · 49 U.S.C. § 22401
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