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HR 6 EAS
project costs of an eligible project if a delay in
commercial operations occurs due to a regulatory
failure or other condition determined by the Sec-
retary.
‘‘(2) TERMS AND LIMITATIONS.—
‘‘(A) IN GENERAL.—Standby interest cov-
erage under this subsection with respect to an el-
igible project shall be made on such terms and
conditions (including a requirement for an
audit) as the Secretary determines appropriate.
‘‘(B) MAXIMUM AMOUNTS.—
‘‘(i) 
TOTAL
AMOUNT.—The 
total
amount of standby interest coverage for an
eligible project under this subsection shall
not exceed 25 percent of the reasonably an-
ticipated eligible project costs of the eligible
project.
‘‘(ii) 1-YEAR
DRAWS.—The amount
drawn in any 1 year for an eligible project
under this subsection shall not exceed 25
percent of the total amount of the standby
interest coverage for the eligible project.
‘‘(C) PERIOD OF AVAILABILITY.—The stand-
by interest coverage for an eligible project shall
be available during the period—
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HR 6 EAS
‘‘(i) beginning on a date following sub-
stantial completion of the eligible project
that regulatory approval to operate a facil-
ity under the eligible project is suspended as
a result of regulatory failure or other condi-
tion determined by the Secretary; and
‘‘(ii) ending on a date that is not later
than 5 years after the eligible project is
scheduled to commence commercial oper-
ations.
‘‘(D) COST OF COVERAGE.—Subject to sub-
section (c)(4)(E), the cost of standby interest cov-
erage for an eligible project under this subsection
shall be borne by the Secretary.
‘‘(E) DRAWS.—Any draw on the standby
interest coverage for an eligible project shall—
‘‘(i) represent a loan;
‘‘(ii) be made only if there is a delay
in commercial operations after the substan-
tial completion of the eligible project; and
‘‘(iii) be subject to the overall credit
support limitations established under sub-
section (c)(5).
‘‘(F) INTEREST RATE.—
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HR 6 EAS
‘‘(i) IN
GENERAL.—Subject to clause
(ii), the interest rate on a loan resulting
from a draw on standby interest coverage
under this subsection shall be established by
the Secretary.
‘‘(ii) MINIMUM
RATE.—The interest
rate on a loan resulting from a draw on
standby interest coverage under this sub-
section shall not be less than the current av-
erage market yield on outstanding market-
able obligations of the United States with a
maturity of 10 years, as of the date on
which the standby interest coverage is obli-
gated.
‘‘(G) SECURITY.—The standby interest cov-
erage for an eligible project—
‘‘(i) shall be payable, in whole or in
part, from dedicated revenue sources gen-
erated by the eligible project;
‘‘(ii) shall require security for the
project obligations; and
‘‘(iii) may have a lien on revenues de-
scribed in clause (i), subject to any lien se-
curing project obligations.
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HR 6 EAS
‘‘(H) RIGHTS
OF
THIRD-PARTY
CREDI-
TORS.—
‘‘(i) 
AGAINST
FEDERAL
GOVERN-
MENT.—A third-party creditor of the obligor
shall not have any right against the Federal
Government with respect to any draw on
standby interest coverage under this sub-
section.
‘‘(ii) ASSIGNMENT.—An obligor may
assign the standby interest coverage to 1 or
more lenders or to a trustee on behalf of the
lenders.
‘‘(I) SUBORDINATION.—A secured loan for
an eligible project made under this subsection
shall be subordinate to senior private debt issued
by a lender for the eligible project.
‘‘(J) NONRECOURSE
STATUS.—A secured
loan for an eligible project under this subsection
shall be nonrecourse to the obligor in the event
of bankruptcy, insolvency, or liquidation of the
eligible project.
‘‘(K) FEES.—The Board may impose fees at
a level sufficient to cover all or part of the costs
to the Federal Government of providing standby