; (2) limit the right of any unit of State or local government to approve or regulate any rate of return on private equity invested in the project; or (3) otherwise supersede any State or local law or regulation applicable to the construction or operation of the project. 211. 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