limited buydown
Defined in 1 place of the United States Code.
Limited buydown.—The term "limited buydown" means, subject to the conditions described in section 603(b)(4)(C), a buydown of the interest rate by the obligor if the interest rate has increased between—
(A) (i) the date on which a project application acceptable to the Secretary is submitted; or
(ii) the date on which the Secretary entered into a master credit agreement; and
(B) the date on which the Secretary executes the Federal credit instrument.
Source
- 2012–202223 U.S.C. § 601Highways · Generally applicable provisions · in this section
The term “limited buydown” means, subject to the conditions described in section 603(b)(4)(C), a buydown of the interest rate by the obligor if the interest rate has increased between—
(A)
(i) the date on which a project application acceptable to the Secretary is submitted; or
(ii) the date on which the Secretary entered into a master credit agreement; and
(B) the date on which the Secretary executes the Federal credit instrument.
Source
- 2021–present23 U.S.C. § 601Highways · Generally applicable provisions · in this section