100 
and commitments raised under para-
graph (1); or 
‘‘(iii) shall have binding commitments 
(for contributions in cash or in kind) of the 
type described in clause (i) and shall have 
purchased an annuity of the type described 
in clause (ii), which in the aggregate make 
available, over a multiyear period accept-
able to the Administrator (not to exceed 10 
years), an amount not less than 30 percent 
of the total amount of capital and commit-
ments raised under paragraph (1). 
‘‘(B) 
EXCEPTION.—The 
Administrator 
may, in the discretion of the Administrator and 
based upon a showing of special circumstances 
and good cause, consider an applicant to have 
satisfied the requirements of subparagraph (A) 
if the applicant has— 
‘‘(i) a viable plan that reasonably 
projects the capacity of the applicant to 
raise the amount (in cash or in-kind) re-
quired under subparagraph (A); and 
‘‘(ii) binding commitments in an 
amount equal to not less than 20 percent 
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of the total amount required under para-
graph (A). 
‘‘(C) LIMITATION.—In order to comply 
with the requirements of subparagraphs (A) 
and (B), the total amount of a company’s in- 
kind contributions may not exceed 50 percent 
of the company’s total contributions. 
‘‘(e) FINAL APPROVAL; DESIGNATION.—The Admin-
istrator shall, with respect to each applicant conditionally 
approved to operate as a Renewable Fuel Capital Invest-
ment Company under subsection (c), either— 
‘‘(1) grant final approval to the applicant to op-
erate as a Renewable Fuel Capital Investment com-
pany under this part and designate the applicant as 
such a company, if the applicant— 
‘‘(A) satisfies the requirements of sub-
section (d) on or before the expiration of the 
time period described in that subsection; and 
‘‘(B) enters into a participation agreement 
with the Administrator; or 
‘‘(2) if the applicant fails to satisfy the require-
ments of subsection (d) on or before the expiration 
of the time period described in that subsection, re-
voke the conditional approval granted under that 
subsection. 
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102 
‘‘SEC. 385. DEBENTURES. 
‘‘(a) IN GENERAL.—The Administrator may guar-
antee the timely payment of principal and interest, as 
scheduled, on debentures issued by any Renewable Fuel 
Capital Investment company. 
‘‘(b) TERMS AND CONDITIONS.—The Administrator 
may make guarantees under this section on such terms 
and conditions as it deems appropriate, except that the 
term of any debenture guaranteed under this section shall 
not exceed 15 years. 
‘‘(c) FULL FAITH AND CREDIT OF THE UNITED 
STATES.—The full faith and credit of the United States 
is pledged to pay all amounts that may be required to be 
paid under any guarantee under this part. 
‘‘(d) MAXIMUM GUARANTEE.— 
‘‘(1) IN GENERAL.—Under this section, the Ad-
ministrator may guarantee the debentures issued by 
a Renewable Fuel Capital Investment company only 
to the extent that the total face amount of out-
standing guaranteed debentures of such company 
does not exceed 150 percent of the private capital of 
the company, as determined by the Administrator. 
‘‘(2) 
TREATMENT
OF
CERTAIN
FEDERAL 
FUNDS.—For the purposes of paragraph (1), private 
capital shall include capital that is considered to be 
Federal funds, if such capital is contributed by an 
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103 
investor other than an agency or department of the 
Federal Government. 
‘‘SEC. 386. ISSUANCE AND GUARANTEE OF TRUST CERTIFI-
CATES. 
‘‘(a) ISSUANCE.—The Administrator may issue trust 
certificates representing ownership of all or a fractional 
part of debentures issued by a Renewable Fuel Capital 
Investment company and guaranteed by the Administrator 
under this part, if such certificates are based on and 
backed by a trust or pool approved by the Administrator 
and composed solely of guaranteed debentures. 
‘‘(b) GUARANTEE.— 
‘‘(1) IN
GENERAL.—The Administrator may, 
under such terms and conditions as it deems appro-
priate, guarantee the timely payment of the principal 
of and interest on trust certificates issued by the 
Administrator or its agents for purposes of this sec-
tion. 
‘‘(2) LIMITATION.—Each guarantee under this 
subsection shall be limited to the extent of principal 
and interest on the guaranteed debentures that com-
pose the trust or pool. 
‘‘(3) PREPAYMENT OR DEFAULT.—In the event 
that a debenture in a trust or pool is prepaid, or in 
the event of default of such a debenture, the guar-
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antee of timely payment of principal and interest on 
the trust certificates shall be reduced in proportion 
to the amount of principal and interest such prepaid 
debenture represents in the trust or pool. Interest on 
prepaid or defaulted debentures shall accrue and be 
guaranteed by the Administrator only through the 
date of payment of the guarantee. At any time dur-
ing its term, a trust certificate may be called for re-
demption due to prepayment or default of all deben-
tures. 
‘‘(c) FULL FAITH AND CREDIT OF THE UNITED 
STATES.—The full faith and credit of the United States 
is pledged to pay all amounts that may be required to be 
paid under any guarantee of a trust certificate issued by 
the Administrator or its agents under this section. 
‘‘(d) FEES.—The Administrator shall not collect a fee 
for any guarantee of a trust certificate under this section, 
but any agent of the Administrator may collect a fee ap-
proved by the Administrator for the functions described 
in subsection (f )(2). 
‘‘(e) SUBROGATION AND OWNERSHIP RIGHTS.— 
‘‘(1) SUBROGATION.—In the event the Adminis-
trator pays a claim under a guarantee issued under 
this section, it shall be subrogated fully to the rights 
satisfied by such payment. 
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