Loan
(11) Loan. Loans made and held in the Agricultural Credit Insurance Fund, Rural Development Insurance Fund, or the Rural Housing Insurance Fund. (12) National Office. The Administrator or other authorized officer of Rural Development in Washington, DC. (13) Option period. Any period during which the insured holder has the optional right to require Rural Development to purchase the insured note, as specified in the insurance agreement. (14) Par value. The total amount to which the insured holder is entitled under the terms of the insurance agreement. (15) Private buyer. A buyer of an insured note other than Rural Development. (16) Private holder. An insured holder other than Rural Development. (17) Repurchase agreement. A provision in the insurance agreement obligating Rural Development to buy the insured note at the option of the holders. (18) Sale, or seller, and buyer. The transfer of ownership (including possession or the right of possession), the transferor, and the transferee respectively. (19) State Director. The State Director of Rural Development for the State in which is located the real estate improved, purchased, or refinanced with the loan evidenced by the insured note.