,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #cgid  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #ba1 #bjbj,mr4    
,?une 7= himself & ,ms4 ,hassan7        
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,comm]ce1 ,sci5ce1 & ,transportation  ,a
 ,,bill  ,to exp$ite transportation     
project deliv]y1 facilitate             
infra/ructure improvem5t1 & = o!r       
purposes4  #a4 ,%ort title2 table (     
cont5ts  7a7 ,%ort title ,?is ,act may  
be cit$ z ! ,railroad ,rehabilitation & 
,f9anc+ ,innovation ,act4  7b7 ,table ( 
cont5ts ,! table ( cont5ts = ?is ,act is
 z foll[s3 ,sec4 #a4 ,%ort title2 table 
( cont5ts4,sec4 #b4 ,railroad           
,rehabilitation & ,improvem5t ,f9anc+   
,program4,sec4 #c4 ,con=m+              
am5dm5ts4,sec4 #d4 ,transitional & sav+s
 provisions4,sec4 #e4 ,repeals4  #b4    
,railroad ,rehabilitation & ,improvem5t 
,f9anc+ ,program  7a7 ,am5dm5t to title 
#di1 ,unit$ ,/ates ,code ,"p ,b (       
subtitle ,v ( title #di1 ,unit$ ,/ates  

,code1 is am5d$ by ins]t+ aft] *apt]    
#bbc ! foll[+3  #bbd ,railroad          
,rehabilitation & ,improvem5t ,f9anc+   
,program  #bbdja4 ,def9itions4 #bbdjb4  
,direct loans & loan gu>antees4 #bbdjc4 
,adm9i/ration ( direct loans & loan     
gu>antees4 #bbdjd4 ,employee protection4
 #bbdje4 ,sub/antive crit]ia & /&>ds4   
#bbdjf4 ,fund+4  #bbdja4 ,def9itions ,9 
?is *apt]3 7#a7 ,co/  7,a7 ,9 g5]al ,!  
t]m co/ means ! e/imat$ long-t]m co/ to 
! ,gov]nm5t ( a direct loan or loan     
gu>antee1 or modification ( ! direct    
loan or loan gu>antee1 calculat$ on a   
net pres5t value basis1 exclud+         
adm9i/rative co/s & any incid5tal       
effects on gov]nm5tal receipts or       
outlays4  7,b7 ,co/ ( direct loans  7i7 
,9 g5]al ,! co/ ( a direct loan %all be 
! net pres5t value1 at ! "t :5 ! direct 
loan is disburs$1 ( ! foll[+ e/imat$ ca%
 fl[s3 7,i7 ,loan disbursem5ts4  7,,ii7 
,repaym5ts ( pr9cipal4  7,,iii7 ,paym5ts
 ( int]e/ & o!r paym5ts by or to !      
,gov]nm5t ov] ! life ( ! loan4  7ii7    

,calculation ,calculation ( ! co/ ( a   
direct loan %all include ! effects (    
*anges 9 loan t]ms result+ f ! ex]cise  
by ! borr[] ( an option includ$ 9 ! loan
 contract4  7,c7 ,co/ ( loan gu>antee   
7i7 ,9 g5]al ,! co/ ( a loan gu>antee   
%all be ! net pres5t value1 at ! "t :5 !
 gu>ante$ loan is disburs$1 ( ! foll[+  
e/imat$ ca% fl[s3 7,i7 ,paym5ts by !    
,gov]nm5t to cov] defaults &            
del9qu5cies1 int]e/ subsidies1 or o!r   
paym5ts4  7,,ii7 ,paym5ts to !          
,gov]nm5t1 includ+ orig9ation & o!r     
fees1 p5alties1 & recov]ies4  7ii7      
,calculation ,calculation ( ! co/ ( a   
loan gu>antee %all include ! effects (  
*anges 9 loan t]ms result+ f ! ex]cise  
by ! gu>ante$ l5d] ( an option includ$ 9
 ! loan gu>antee1 or by ! borr[] ( an   
option includ$ 9 ! gu>ante$ loan        
contract4  7,d7 ,co/ ( modification ,!  
co/ ( a modification is ! diff]5ce      
betwe5 ! curr5t e/imate ( ! net pres5t  
value ( ! rema9+ ca% fl[s "u ! t]ms ( a 
direct loan or loan gu>antee contract1 &

 ! curr5t e/imate ( ! net pres5t value (
 ! rema9+ ca% fl[s "u ! t]ms ( !        
contract1 z modifi$4  7,e7 ,e/imation ( 
net pres5t values2 disc\nt rate ,9      
e/imat+ net pres5t values1 ! disc\nt    
rate %all be ! av]age int]e/ rate on    
m>ketable ,treasury securities ( simil> 
maturity to ! ca% fl[s ( ! direct loan  
or loan gu>antee = :i* ! e/imate is be+ 
made4  7,f7 ,e/imat$ co/2 basis ,:5     
funds are obligat$ = a direct loan or   
loan gu>antee1 ! e/imat$ co/ %all be    
bas$ on ! curr5t assumptions1 adju/$ to 
incorporate ! t]ms ( ! loan contract1 = 
! fiscal ye> 9 :i* ! funds are obligat$4
  7#b7 ,curr5t ,! t]m curr5t has ! same 
mean+ giv5 ! t]m 9 section #bej7;c77#i7 
( ! ,balanc$ ,budget & ,em]g5cy ,deficit
 ,control ,act ( #aihe 7#b ,u4,s4,c4    
#ijj7;c77#i774  7#c7 ,direct loan  7,a7 
,9 g5]al ,! t]m direct loan means a     
disbursem5t ( funds by ! ,gov]nm5t to a 
non-,f$]al borr[] "u a contract t       
requires ! repaym5t ( ! funds4  7,b7    
,inclusions ,! t]m direct loan includes 

! pur*ase (1 or p>ticipation 91 a loan  
made by ano!r l5d] & f9anc+ arrangem5ts 
t def] paym5t = m ?an #ij days1 includ+ 
! sale ( a ,gov]nm5t asset on cr$it     
t]ms4  7,c7 ,exclusion ,! t]m direct    
loan does n include ! acquisition ( a   
f$]ally gu>ante$ loan 9 satisfaction (  
default claims4  7#d7 ,direct loan      
obligation ,! t]m direct loan obligation
 means a b9d+ agreem5t by ! ,secret>y to
 make a direct loan :5 specifi$         
conditions are fulfill$ by ! borr[]4    
7#e7 ,int]modal ,! t]m int]modal means (
 or relat+ to ! connection betwe5 rail  
s]vice & o!r modes ( transportation1    
includ+ all p>ts ( facilities at :i* !  
connection is made4  7#f7               
,inve/m5t-grade rat+ ,! t]m             
inve/m5t-grade rat+ means a rat+ ( ,,bbb
 m9us1 ,baa#c1 bbb m9us1 ,,bbb7l[71 or  
high] assign$ by a rat+ ag5cy4  7#g7    
,loan gu>antee ,! t]m loan gu>antee     
means any gu>antee1 insurance1 or o!r   
pl$ge ) respect to ! paym5t ( all or a  
"p ( ! pr9cipal or int]e/ on any debt   

obligation ( a non-,f$]al borr[] to a   
non-,f$]al l5d]1 b does n include !     
insurance ( deposits1 %>es1 or o!r      
)drawable acc\nts 9 f9ancial            
in/itutions4  7#h7 ,loan gu>antee       
commitm5t ,! t]m loan gu>antee commitm5t
 means a b9d+ agreem5t by ! ,secret>y to
 make a loan gu>antee :5 specifi$       
conditions are fulfill$ by ! borr[]1 !  
l5d]1 or any o!r p>ty to ! gu>antee     
agreem5t4  7#i7 ,ma/] cr$it agreem5t ,! 
t]m ma/] cr$it agreem5t means an        
agreem5t to make #a or m direct loans or
 loan gu>antees at future dates = a     
program ( relat$ projects on t]ms       
acceptable to ! ,secret>y4  7#aj7       
,modification  7,a7 ,9 g5]al ,! t]m     
modification means any ,gov]nm5t action 
t alt]s ! e/imat$ co/ ( an out/&+ direct
 loan 7or direct loan obligation7 or an 
out/&+ loan gu>antee 7or loan gu>antee  
commitm5t7 f ! curr5t e/imate ( ca%     
fl[s4  7,b7 ,inclusions ,! t]m          
modification includes-- 7i7 ! sale (    
loan assets1 ) or )\t rec\rse1 & !      

pur*ase ( gu>ante$ loans2 &  7ii7 any   
action result+ f new legislation1 or f !
 ex]cise ( adm9i/rative discretion "u   
exi/+ law1 t directly or indirectly     
alt]s ! e/imat$ co/ ( out/&+ direct     
loans 7or direct loan obligations7 or   
loan gu>antee 7or loan gu>antee         
commitm5t71 su* z a *ange 9 collection  
proc$ures4  7#aa7 ,project obligation ,!
 t]m project obligation means a note1   
bond1 deb5ture1 or o!r debt obligation  
issu$ by a borr[] 9 connection ) !      
f9anc+ ( a project1 o!r ?an a direct    
loan or loan gu>antee "u ?is *apt]4     
7#ab7 ,railroad ,! t]m railroad has !   
mean+ giv5 ! t]m railroad c>ri] 9       
section #bjajb4  7#ac7 ,rat+ ag5cy ,!   
t]m rat+ ag5cy means a cr$it rat+ ag5cy 
regi/]$ ) ! ,securities & ,ex*ange      
,commission z a nationally recogniz$    
/ati/ical rat+ organization 7z def9$ 9  
section #c7;a7 ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a7774 
7#ad7 ,secret>y ,! t]m ,secret>y means !
 ,secret>y ( ,transportation4  7#ae7    

,sub/antial completion ,! t]m sub/antial
 completion means-- 7,a7 ! op5+ ( a     
project to pass5g] or freight traffic2  
or  7,b7 a comp>able ev5t1 z det]m9$ by 
! ,secret>y & specifi$ 9 ! t]ms ( !     
direct loan or loan gu>antee4  #bbdjb4  
,direct loans & loan gu>antees  7a7     
,g5]al au?ority ,! ,secret>y %all       
provide direct loans & loan gu>antees-- 
7#a7 to ,/ate & local gov]nm5ts2  7#b7  
to int]/ate compacts cons5t$ to by      
,congress "u section #daj7;a7 ( !       
,amtrak ,re=m & ,acc\ntability ,act (   
#aiig 7,public ,law #aje-acd2 #di       
,u4,s4,c4 #bdaja note72  7#c7 to        
gov]nm5t-sponsor$ au?orities &          
corporations2  7#d7 to railroads2  7#e7 
to jo9t v5tures t include at lea/ #a ( !
 entities describ$ 9 p>agraph 7#a71     
7#b71 7#c71 7#d71 or 7#f72  7#f7 to     
private entities ) controll+ own]%ip 9  
#a or m freight railroads o!r ?an ,class
 #a c>ri]s2 &  7#g7 solely = ! purpose (
 con/ruct+ a rail connection betwe5 a   
plant or facility & a railroad1 limit$  

option freight %ipp]s t own or op]ate a 
plant or o!r facility4  7b7 ,eligible   
purposes  7#a7 ,9 g5]al ,direct loans & 
loan gu>antees provid$ "u ?is section   
%all be us$ to-- 7,a7 7i7 acquire1      
improve1 or rehabilitate int]modal or   
rail equipm5t or facilities1 includ+    
track1 compon5ts ( track1 civil works   
su* z cuts & fills1 bridges1 y>ds1      
build+s1 & %ops2 &  7ii7 f9ance co/s    
relat$ to ! activities describ$ 9 clause
 7i71 includ+ precon/ruction co/s2  7,b7
 develop or e/abli% new int]modal or    
railroad facilities2  7,c7 ref9ance     
out/&+ debt incurr$ = ! purposes        
describ$ 9 subp>agraph 7,a7 or 7,b72    
7,d7 reimburse plann+1 p]mitt+1 & design
 exp5ses relat+ to activities describ$ 9
 subp>agraph 7,a7 or 7,b72 or  7,e7     
f9ance economic developm5t1 includ+     
comm]cial & resid5tial developm5t1 &    
relat$ infra/ructure & activities t--   
7i7 incorporates private inve/m5t2  7ii7
 is physically or functionally relat$ to
 a pass5g] rail /ation or multimodal    

/ation t includes rail s]vice2  7iii7   
has a high probability ( ! applicant    
comm5c+ ! contract+ process =           
con/ruction n lat] ?an #ij days aft] !  
date on :i* ! direct loan or loan       
gu>antee is obligat$ = ! project "u ?is 
*apt]2 &  7iv7 has a high probability ( 
r$uc+ ! ne$ = f9ancial assi/ance "u any 
o!r ,f$]al program = ! relevant pass5g] 
rail /ation or s]vice by increas+       
rid]%ip1 t5ant lease paym5ts1 or o!r    
activities t g5]ate rev5ue exce$+ co/s4 
7#b7 ,op]at+ exp5ses n eligible ,direct 
loans & loan gu>antees "u ?is section   
%all n be us$ = railroad op]at+ exp5ses4
  7#c7 ,sunset ,! ,secret>y may provide 
a direct loan or loan gu>antee "u ?is   
section = a project describ$ 9 p>agraph 
7#a77;,e7 only dur+ ! #d-ye> p]iod      
beg9n+ on ,decemb] #d1 #bjae4  7c7      
,priority projects ,9 grant+            
applications = direct loans or gu>ante$ 
loans "u ?is section1 ! ,secret>y %all  
give priority to projects t-- 7#a7      
enhance public safety1 includ+ projects 

= ! in/allation ( a positive tra9       
control sy/em 7z def9$ 9 section        
#bjaeg7;i772  7#b7 promote economic     
developm5t2  7#c7 enhance ! environm5t2 
7#d7 enable ,unit$ ,/ates companies to  
be m competitive 9 int]national m>kets2 
7#e7 are endors$ by ! plans prep>$ "u   
*apt] #bbg ( ?is title or section #ace (
 title #bc by ! ,/ate or ,/ates 9 :i* ! 
projects are locat$2  7#f7 improve      
railroad /ations & pass5g] facilities & 
increase transit-ori5t$ developm5t2     
7#g7 pres]ve or enhance rail or         
int]modal s]vice to small communities or
 rural areas2  7#h7 enhance s]vice &    
capacity 9 ! national rail sy/em2 or    
7#i7 7,a7 w\ld mat]ially alleviate rail 
capacity problems t degrade ! provision 
( s]vice to %ipp]s2 &  7,b7 w\ld fulfill
 a ne$ 9 ! national transportation      
sy/em4  7d7 ,ext5t ( au?ority  7#a7     
,limitation on aggregate unpaid pr9cipal
 am\nts ( obligations ,! aggregate      
unpaid pr9cipal am\nts ( obligations "u 
direct loans & loan gu>antees made "u   

?is section may n exce$ #ce1jjj1jjj1jjj 
at any "t4  7#b7 ,m9imum am\nt = freight
 railroads ,( ! am\nt "u p>agraph 7#a71 
n less ?an #g1jjj1jjj1jjj %all be       
available solely = projects prim>ily    
b5efitt+ freight railroads o!r ?an      
,class ,i c>ri]s4  7#c7 ,proportion (   
unus$ am\nt ,! ,secret>y %all n e/abli% 
any limit on ! proportion ( ! unus$     
am\nt au?oriz$ "u ?is subsection t may  
be us$ = #a loan or loan gu>antee4  7e7 
,rates ( int]e/  7#a7 ,direct loans ,!  
int]e/ rate on a direct loan "u ?is     
section %all be n less ?an ! yield on   
,unit$ ,/ates ,treasury securities ( a  
simil> maturity to ! maturity ( ! secur$
 loan on ! date ( execution ( ! loan    
agreem5t4  7#b7 ,loan gu>antees ,!      
,secret>y %all n make a loan gu>antee "u
 ?is section if ! int]e/ rate = ! loan  
exce$s t :i* ! ,secret>y det]m9es to be 
reasonable1 tak+ into consid]ation !    
prevail+ int]e/ rates & cu/om>y fees    
incurr$ "u simil> obligations 9 !       
private capital m>ket4  7f7             

,infra/ructure p>tn]s  7#a7 ,au?ority ( 
,secret>y  7,a7 ,9 g5]al ,9 lieu ( or 9 
comb9ation ) appropriations ( budget    
au?ority to cov] ! co/s ( direct loans &
 loan gu>antees z requir$ "u section    
#ejd7;b77#a7 ( ! ,f$]al ,cr$it ,re=m    
,act ( #aiij 7#b ,u4,s4,c4              
#ffa;c7b77#a771 includ+ ! co/ ( a       
modification ( a direct loan or loan    
gu>antee1 ! ,secret>y may accept on     
behalf ( an applicant = assi/ance "u ?is
 section a commitm5t f a non-,f$]al     
s\rce1 includ+ a ,/ate or local gov]nm5t
 or ag5cy1 or public b5efit corporation 
or public au?ority ( a ,/ate or local   
gov]nm5t1 to fund1 9 :ole or 9 "p1 cr$it
 risk premiums & modification co/s )    
respect to ! loan t is ! subject ( !    
application or modification4  7,b7      
,limitation ,! aggregate (              
appropriations ( budget au?ority & cr$it
 risk premiums describ$ 9 ?is p>agraph )
 respect to a direct loan or loan       
gu>antee %all n be less ?an ! co/ ( t   
direct loan or loan gu>antee4  7#b7     

,cr$it risk premium am\nt ,! ,secret>y  
%all det]m9e ! am\nt requir$ = cr$it    
risk premiums "u ?is subsection on !    
basis (-- 7,a7 ! circum/ances ( !       
applicant1 includ+ ! am\nt ( collat]al  
(f]$1 if any2  7,b7 ! propos$ s*$ule (  
loan disbursem5ts2  7,c7 hi/orical data 
on ! repaym5t hi/ory ( simil> borr[]s2  
7,d7 consultation ) ! ,congressional    
,budget ,(fice2 &  7,e7 any o!r factors 
! ,secret>y consid]s relevant4  7#c7    
,cr$itwor?9ess ,^u receipt ( a proposal 
f an applicant = assi/ance "u ?is       
section1 ! ,secret>y %all accept1 z a   
basis = det]m9+ ! am\nt ( ! cr$it risk  
premium "u p>agraph 7#b71 9 addition to 
! value ( any collat]al describ$ 9      
p>agraph 7#e71 any ( ! foll[+3 7,a7 ,!  
net pres5t value ( a future /ream (     
,/ate or local subsidy income or o!r    
d$icat$ rev5ues to secure ! direct loan 
or loan gu>antee4  7,b7 ,adequate       
cov]age requirem5ts to ensure repaym5t1 
on a nonrec\rse basis1 f ca% fl[s g5]at$
 by ! project or any o!r d$icat$ rev5ue 

s\rce1 includ+-- 7i7 tolls2  7ii7 us]   
fees1 includ+ op]at+ or t5ant *>ges1    
facility r5ts1 or o!r fees paid by      
transportation s]vice provid]s or       
op]ators = access to1 or ! use (1       
infra/ructure1 includ+ rail l9es1       
bridges1 tunnels1 y>ds1 or /ations2 &   
7iii7 paym5ts ow+ to ! obligor "u a     
public-private p>tn]%ip4  7,c7 ,an      
inve/m5t-grade rat+ on ! direct loan or 
loan gu>antee1 z applicable1 unless !   
total am\nt ( ! direct loan or loan     
gu>antee is great] ?an #aej1jjj1jjj1 9  
:i* case ! applicant %all h an          
inve/m5t-grade rat+ f n few] ?an #b rat+
 ag5cies reg>d+ ! direct loan or loan   
gu>antee4  7,d7 ,a projection ( freight 
or pass5g] dem& = ! project bas$ on     
regionally develop$ economic =eca/s1    
includ+ projections ( any modal div]sion
 result+ f ! project4  7#d7 ,paym5t (   
premiums ,cr$it risk premiums "u ?is    
subsection %all be paid to ! ,secret>y  
be=e ! disbursem5t ( loan am\nts 7& 9 ! 
case ( a modification1 be=e !           

modification is execut$71 to ! ext5t    
appropriations are n available to !     
,secret>y to meet ! co/s ( direct loans 
& loan gu>antees1 includ+ co/s (        
modifications ( direct loans & loan     
gu>antees4  7#e7 ,collat]al  7,a7 ,types
 ( collat]al ,an applicant or           
infra/ructure p>tn] may propose tangible
 & intangible assets z collat]al1       
exclusive ( goodwill4 ,! ,secret>y1 aft]
 evaluat+ ea* su* asset-- 7i7 %all      
accept a net liquidation value (        
collat]al2 &  7ii7 %all consid] & may   
accept-- 7,i7 ! m>ket value ( collat]al2
 or  7,,ii7 9 ! case ( a blanket pl$ge  
or assignm5t ( an entire op]at+ asset or
 basket ( assets z collat]al1 ! net     
liquidation value1 ! m>ket value (      
assets1 or1 ! m>ket value ( ! go+       
conc]n1 consid]+-- 7aa7 inclusion 9 !   
pl$ge ( all ! assets necess>y =         
indep5d5t op]ational utility ( !        
collat]al1 includ+ tangible assets su* z
 real prop]ty1 track & /ructure1        
equipm5t & roll+ /ock1 /ations1 sy/ems &

 ma9t5ance facilities & intangible      
assets su* z long-t]m %ipp+ agreem5ts1  
easem5ts1 leases & access rights su* z =
 trackage & haulage2  7bb7 int]*ange    
commitm5ts2 &  7cc7 ! value ( ! asset z 
det]m9$ ?r\gh ! co/ or m>ket approa*es1 
or ! m>ket value ( ! go+ conc]n1 ) !    
latt] consid]+ disc\nt$ ca% fl[s = a    
p]iod n to exce$ ! t]m ( ! direct loan  
or loan gu>antee4  7,b7 ,appraisal /&>ds
 ,9 evaluat+ appraisals ( collat]al "u  
subp>agraph 7,a71 ! ,secret>y %all      
consid]-- 7i7 adh]5ce to ! sub/ance &   
pr9ciples ( ! ,uni=m ,/&>ds (           
,pr(essional ,appraisal ,practice1 z    
develop$ by ! ,appraisal ,/&>ds ,bo>d ( 
! ,appraisal ,f\ndation2  7ii7 p]=mance 
( ! appraisal by lic5s$ or c]tifi$      
apprais]s z may be requir$ by ! ,/ate ( 
jurisdiction = ! type ( asset be+       
apprais$2 &  7iii7 ! qualifications ( ! 
apprais]s to value ! type ( collat]al   
(f]$4  7g7 ,pr]equisites = assi/ance ,! 
,secret>y %all n make a direct loan or  
loan gu>antee "u ?is section unless !   

,secret>y has made a writt5 f9d+ t--    
7#a7 repaym5t ( ! obligation is requir$ 
to be made )9 a t]m ( ! less] (-- 7,a7  
#ce ye>s aft] ! date ( sub/antial       
completion ( ! project2 or  7,b7 ) reg>d
 to rail equipm5t or facilities )       
e/imat$ useful lives t exce$ ! t]m      
describ$ 9 subp>agraph 7,a7-- 7i7 #ej   
ye>s aft] ! date ( sub/antial completion
 ( ! project2 or  7ii7 ! e/imat$ useful 
life ( ! rail equipm5t or facilities to 
be acquir$1 rehabilitat$1 improv$1      
develop$1 or e/abli%$1 subject to an    
adequate det]m9ation ( long-t]m risk2   
7#b7 ! direct loan or loan gu>antee is  
ju/ifi$ by ! pres5t & probable future   
dem& = rail s]vices or int]modal        
facilities2  7#c7 ! applicant has giv5  
reasonable assurances t ! facilities or 
equipm5t to be acquir$1 rehabilitat$1   
improv$1 develop$1 or e/abli%$ ) !      
proce$s ( ! obligation w be economically
 & effici5tly utiliz$2  7#d7 !          
obligation c reasonably be repaid1 us+  
an appropriate comb9ation ( cr$it risk  

premiums & collat]al (f]$ by ! applicant
 to protect ! ,f$]al ,gov]nm5t2 &  7#e7 
! purposes ( ! direct loan or loan      
gu>antee are consi/5t ) subsection 7b74 
7h7 ,conditions ( assi/ance  7#a7 ,9    
g5]al ,! ,secret>y1 be=e grant+         
assi/ance "u ?is section1 %all require !
 applicant to agree to su* t]ms &       
conditions z are suffici5t1 9 ! judgm5t 
( ! ,secret>y1 to ensure t1 z long z any
 pr9cipal or int]e/ is due & payable on 
! obligation1 ! applicant1 & any        
railroad or railroad p>tn] = ^: b5efit !
 assi/ance is int5d$-- 7,a7 w n use any 
funds or assets f railroad or int]modal 
op]ations = purposes n relat$ to !      
op]ations1 if ! use-- 7i7 w\ld impair ! 
ability ( ! applicant1 railroad1 or     
railroad p>tn] to provide rail or       
int]modal s]vices 9 an effici5t &       
economic mann]2 or  7ii7 w\ld adv]sely  
affect ! ability ( ! applicant1         
railroad1 or railroad p>tn] to p]=m any 
obligation ent]$ into by ! applicant "u 
?is section2  7,b7 w1 consi/5t ) its    

capital res\rces1 ma9ta9 its capital    
program1 equipm5t1 facilities1 &        
op]ations on a cont9u+ basis2 &  7,c7 w 
n make any discretion>y divid5d paym5ts 
t unreasonably conflict ) ! purposes    
/at$ 9 subsection 7b74  7#b7 ,collat]al 
& reque/ = assi/ance f ano!r s\rce n    
requir$  7,a7 ,collat]al  7i7 ,9 g5]al  
,! ,secret>y %all n require an applicant
 = a direct loan or loan gu>antee "u ?is
 section to provide collat]al4  7ii7    
,valuation ,any collat]al provid$ or    
enhanc$ aft] be+ provid$ %all be valu$ z
 a go+ conc]n aft] giv+ effect to !     
pres5t value ( improvem5ts contemplat$  
by ! completion & op]ation ( ! project1 
if applicable4  7,b7 ,reque/ = assi/ance
 f ano!r s\rce ,! ,secret>y %all n      
require an applicant = a direct loan or 
loan gu>antee "u ?is section to h       
previ\sly s\ght ! f9ancial assi/ance    
reque/$ f ano!r s\rce4  7#c7 ,requir$   
compliance ,! ,secret>y %all require    
recipi5ts ( direct loans or loan        
gu>antees "u ?is section to comply )--  

7,a7 ! /&>ds ( section #bdcab1 z 9      
effect on ,septemb] #a1 #bjjb1 ) respect
 to ! project 9 ! same mann] t ,amtrak  
is requir$ to comply ) ! /&>ds =        
con/ruction "w f9anc$ "u an agreem5t    
made "u section #bdcjh7;a72 &  7,b7 !   
protective arrangem5ts e/abli%$ "u      
section #bbdjd1 ) respect to employees  
affect$ by actions tak5 9 connection ) !
 project to be f9anc$ by ! direct loan  
or loan gu>antee4  7#d7 ,mat*+ funds ,! 
,secret>y %all require ea* recipi5t ( a 
direct loan or loan gu>antee "u ?is     
section1 = a project describ$ 9         
subsection 7b77#a77;,e71 to provide a   
non-,f$]al mat* ( n less ?an #be p]c5t (
 ! total am\nt exp5d$ by ! recipi5t = ! 
project4  7i7 ,application process+     
proc$ures  7#a7 ,application /atus      
notices ,n lat] ?an #cj days aft] ! date
 on :i* ! ,secret>y receives an         
application "u ?is section1 or          
additional in=mation & mat]ial "u       
p>agraph 7#b77;,b71 ! ,secret>y %all    
provide ! applicant writt5 notice z to  

:e!r ! application is complete or       
incomplete4  7#b7 ,incomplete           
applications ,if ! ,secret>y det]m9es t 
an application is incomplete1 !         
,secret>y %all-- 7,a7 provide !         
applicant ) a description ( all ( !     
specific in=mation or mat]ial t is ne$$ 
to complete ! application1 includ+ any  
in=mation requir$ by an indep5d5t       
f9ancial analy/2 &  7,b7 all[ !         
applicant to resubmit ! application ) ! 
in=mation & mat]ial describ$ "u         
subp>agraph 7,a7 to complete !          
application4  7#c7 ,application         
approvals & disapprovals  7,a7 ,9 g5]al 
,n lat] ?an #de days aft] ! date on :i* 
! ,secret>y notifies an applicant t an  
application is complete "u p>agraph     
7#a71 ! ,secret>y %all provide !        
applicant writt5 notice z to :e!r !     
,secret>y has approv$ or disapprov$ !   
application4  7,b7 ,actions by ! (fice (
 managem5t & budget ,9 ord] to enable   
compliance ) ! "t limit "u subp>agraph  
7,a71 ! ,(fice ( ,managem5t & ,budget   

%all take any action requir$ ) respect  
to ! application )9 t #fj-;day p]iod4   
7#d7 ,/reaml9$ application review       
process  7,a7 ,9 g5]al ,consi/5t )      
section #aaf1 & n lat] ?an #ahj days    
aft] date ( ! enactm5t ( ! ,railroad    
,rehabilitation & ,f9anc+ ,innovation   
,act1 ! ,secret>y %all make available an
 exp$it$ application process or         
processes at ! reque/ ( applicants seek+
 loans or loan gu>antees4  7,b7 ,crit]ia
 ,applicants seek+ loans & loan         
gu>antees issu$ "u ?is subsection %all--
 7i7 seek a total loan or loan gu>antee 
value n exce$+ #ajj1jjj1jjj2  7ii7 meet 
eligible project purposes includ$ 9     
subp>agraphs 7,a77i71 7,a77ii71 & 7,b7 (
 subsection 7b77#a72 &  7iii7 meet o!r  
crit]ia consid]$ appropriate by !       
,secret>y1 9 consultation ) ! ,dep>tm5t 
( ,transportation ,c\ncil on ,cr$it &   
,f9ance4  7,c7 ,exp$it$ cr$it review ,! 
total "t betwe5 ! submission ( a draft  
application & ! approval or disapproval 
( a loan or loan gu>antee = an applicant

 "u ?is p>agraph %all n exce$ #ij days4 
,if an application review conduct$ "u   
?is p>agraph exce$s #ij days1 !         
,secret>y %all-- 7i7 provide writt5     
notice to ! applicant1 includ+ a        
ju/ification = ! delay & updat$ e/imate 
( ! "t ne$$ = approval or disapproval2 &
  7ii7 publi% ! notice on ! da%bo>d     
describ$ 9 p>agraph 7#e74  7#e7 ,da%bo>d
 ,! ,secret>y %all po/1 on ! ,dep>tm5t (
 ,transportation's int]net website1 a   
mon?ly report t includes1 = ea*         
application-- 7,a7 ! applicant type2    
7,b7 ! location ( ! project2  7,c7 a    
brief description ( ! project1 includ+  
its purpose2  7,d7 ! reque/$ direct loan
 or loan gu>antee am\nt2  7,e7 ! date on
 :i* ! ,secret>y provid$ application    
/atus notice "u p>agraph 7#a72  7,f7 !  
date t ! ,secret>y provid$ notice (     
approval or disapproval "u p>agraph     
7#c72 &  7,g7 :e!r ! project utiliz$ !  
exp$it$ application process "u p>agraph 
7#d74  7#f7 ,regul> cr$itwor?9ess review
 /atus reports  7,a7 ,9 g5]al ,!        

,secret>y %all provide to ! applicant a 
regul> report conta9+ in=mation relat$  
to ! application = a loan or loan       
gu>antee1 includ+-- 7i7 a summ>y ( !    
propos$ transaction1 includ+-- 7,i7 !   
total value ( ! propos$ loan or loan    
gu>antee2  7,,ii7 ! "n ( ! applicant or 
applicants submitt+ an application2     
7,,iii7 ! propos$ capital /ructure ( !  
project to :i* ! loan or loan gu>antee  
w\ld be appli$1 includ+ ! propos$ ,f$]al
 & non-,f$]al %>es ( ! total project    
co/2  7,,iv7 ! type ( activity to       
receive cr$it assi/ance1 includ+ :e!r ! 
project-- 7aa7 is new con/ruction or    
rehabilitation ( exi/+ rail equipm5t or 
facilities2  7bb7 is a ref9anc+ ( an    
exi/+ loan or loan gu>antee2 &  7,v7 if 
a def]r$ paym5t is propos$1 ! l5g? ( su*
 def]m5t2  7,,vi7 ! cr$it rat+ or rat+s 
provid$ = ! applicant2  7,,vii7 if o!r  
cr$it in/rum5ts are involv$1 ! propos$  
subord9ation relation%ip & a description
 ( su* o!r cr$it in/rum5ts2  7,,viii7 a 
s*$ule = ! read9ess ( propos$ inve/m5ts 

= f9anc+2  7,,ix7 a description ( any   
,f$]al p]mits requir$1 includ+ "u !     
,national ,environm5tal ,policy ,act (  
#aifi 7#db ,u4,s4,c4 #dcba et seq47 &   
any waiv]s "u section #ecbc7;j7 ( title 
#di1 ,unit$ ,/ates ,code 7commonly      
ref]r$ to z ! ,buy ,am]ica ,act72 &     
7,x7 o!r *>act]i/ics ( ! propos$        
activity to be f9anc$1 borr[]1 key      
agreem5ts1 or ! nature ( ! cr$it t !    
,secret>y consid]s to be fundam5tal to !
 cr$itwor?9ess review2  7ii7 ! /atus ( !
 application 9 ! pre-application review 
& selection process2  7iii7 ! cumulative
 am\nts paid by ! ,secret>y to outside  
advisors relat$ to ! application1       
includ+ f9ancial & legal advisors2  7iv7
 a description ( ! key rat+ factors us$ 
by ! ,secret>y to det]m9e cr$it risk1   
includ+-- 7,i7 ! qualitative &          
quantitative factors us$ to det]m9e risk
 = ! propos$ application2  7,,ii7 an    
adjectival risk rat+ = ea* id5tifi$     
factor1 rank$ z ei!r l[1 mod]ate1 or    
high2 &  7v7 a nonb9d+ e/imate ( ! cr$it

 risk premium1 :i* may be 9 ! =m (--    
7,i7 a range1 bas$ on ! assessm5t ( risk
 factors describ$ 9 clause 7iv72 or     
7,,ii7 a ju/ification = :y ! e/imate ( !
 cr$it risk premium _c be det]m9$ bas$  
on available in=mation2 &  7vi7 a       
description ( key in=mation ! ,secret>y 
ne$s f ! applicant to complete ! cr$it  
review process & make a f9al det]m9ation
 ( ! cr$it risk premium4  7,b7 ,report  
,! ,secret>y %all submit ! report       
describ$ 9 subp>agraph 7,a7 n less      
frequ5tly ?an e #de days aft] ! date on 
:i* ! ,secret>y pres5ts ! fir/ reque/ to
 ! applicant = fund+ to pay fees =      
advisors describ$ 9 subp>agraph         
7,a77iii74  7,c7 ,exception ,! report   
requir$ "u ?is p>agraph %all n be appli$
 to applications process$ us+ ! exp$it$ 
cr$it review process "u p>agraph        
7#e77;,b74  7j7 ,repaym5t s*$ules  7#a7 
,9 g5]al ,! ,secret>y %all e/abli% a    
repaym5t s*$ule requir+ paym5ts to      
comm5ce n lat] ?an #e ye>s aft] ! date (
 sub/antial completion4  7#b7 ,accrual  

,int]e/ %all accrue z ( ! date (        
disbursem5t1 & %all be amortiz$ ov] !   
rema9+ t]m ( ! loan1 beg9n+ at ! "t !   
paym5ts beg94  7#c7 ,def]r$ paym5ts     
7,a7 ,9 g5]al ,if1 at any "t ! date (   
sub/antial completion1 ! obligor is     
unable to pay ! s*$ul$ loan repaym5ts ( 
pr9cipal & int]e/ on a direct loan      
provid$ "u ?is section1 ! ,secret>y1    
subject to subp>agraph 7,b71 may all[1 =
 a maximum aggregate "t ( #a ye> ov] !  
duration ( ! direct loan1 ! obligor to  
add unpaid pr9cipal & int]e/ to ! out/&+
 balance ( ! direct loan4  7,b7 ,int]e/ 
,a paym5t def]r$ "u subp>agraph 7,a7    
%all-- 7i7 cont9ue to accrue int]e/ "u  
p>agraph 7#b7 until ! loan is fully     
repaid2 &  7ii7 be s*$ul$ to be amortiz$
 ov] ! rema9+ t]m ( ! loan4  7#d7       
,prepaym5ts  7,a7 ,use ( excess rev5ues 
,) respect to a direct loan provid$ by !
 ,secret>y "u ?is section1 any excess   
rev5ues t rema9 aft] satisfy+ s*$ul$    
debt s]vice requirem5ts on ! project    
obligations & direct loan & all deposit 

requirem5ts "u ! t]ms ( any tru/        
agreem5t1 bond resolution1 or simil>    
agreem5t secur+ project obligations may 
be appli$ annually to prepay ! direct   
loan )\t p5alty4  7,b7 ,use ( proce$s ( 
ref9anc+ ,! direct loan may be prepaid  
at any "t )\t p5alty f ! proce$s (      
ref9anc+ f non-,f$]al fund+ s\rces4  7k7
 ,sale ( direct loans  7#a7 ,9 g5]al    
,subject to p>agraph 7#b7 & z soon z    
practicable aft] sub/antial completion (
 a project1 ! ,secret>y1 aft] notify+ ! 
obligor1 may sell to ano!r entity or    
re(f] into ! capital m>kets a direct    
loan = ! project if ! ,secret>y det]m9es
 t ! sale or re(f]+ has a high          
probability ( be+ made on favorable     
t]ms4  7#b7 ,cons5t ( obligor ,9 mak+ a 
sale or re(f]+ "u p>agraph 7#a71 !      
,secret>y %all n *ange ! orig9al t]ms & 
conditions ( ! secur$ loan )\t ! prior  
writt5 cons5t ( ! obligor4  7l7         
,nonsubord9ation  7#a7 ,9 g5]al ,except 
z provid$ 9 p>agraph 7#b71 a direct loan
 provid$ by ! ,secret>y "u ?is section  

%all n be subord9at$ to ! claims ( any  
hold] ( project obligations 9 ! ev5t (  
bankruptcy1 insolv5cy1 or liquidation ( 
! obligor4  7#b7 ,preexi/+ ind5tures    
7,a7 ,9 g5]al ,! ,secret>y may waive !  
requirem5t "u p>agraph 7#a7 = a public  
ag5cy borr[] t is f9anc+ ongo+ capital  
programs & has out/&+ s5ior bonds "u a  
preexi/+ ind5ture if-- 7i7 ! direct loan
 is rat$ 9 ! ,a category or high]2  7ii7
 ! direct loan is secur$ & payable f    
pl$g$ rev5ues n affect$ by project      
p]=mance1 su* z a tax-bas$ rev5ue pl$ge 
or a sy/em-back$ pl$ge ( project        
rev5ues2 &  7iii7 ! program %>e1 "u ?is 
*apt]1 ( eligible project co/s is #ej   
p]c5t or less4  7,b7 ,limitation ,!     
,secret>y may impose limitations = !    
waiv] ( ! nonsubord9ation requirem5t "u 
?is p>agraph if ! ,secret>y det]m9es t !
 limitations w\ld be 9 ! f9ancial int]e/
 ( ! ,f$]al ,gov]nm5t4  7m7 ,ma/] cr$it 
agreem5ts  7#a7 ,9 g5]al ,subject to    
p>agraph 7#b7 & to subsection 7d71 !    
,secret>y may ent] into a ma/] cr$it    

agreem5t t is cont+5t on all ( !        
conditions = ! provision ( a direct loan
 or loan gu>antee1 z applicable1 "u ?is 
*apt] & o!r applicable requirem5ts be+  
satisfi$ prior to ! issuance ( ! direct 
loan or loan gu>antee4  7#b7 ,conditions
 ,ea* ma/] cr$it agreem5t %all-- 7,a7   
e/abli% ! maximum am\nt & g5]al t]ms &  
conditions ( ea* applicable direct loan 
or loan gu>antee2  7,b7 id5tify #a or m 
d$icat$ non-,f$]al rev5ue s\rces t w    
secure ! repaym5t ( ea* applicable      
direct loan or loan gu>antee2  7,c7     
provide = ! obligation ( funds-- 7i7 = !
 direct loans or loan gu>antees cont+5t 
on ! meet+ ( all applicable requirem5ts 
& aft] all requirem5ts h be5 met1 = !   
projects subject to ! ma/] cr$it        
agreem5t2 &  7,d7 provide #a or m dates1
 z det]m9$ by ! ,secret>y1 be=e :i* !   
ma/] cr$it agreem5t results 9 !         
disbursem5t issuance ( ea* ( ! direct   
loans or loan gu>antees or 9 ! release (
 ! ma/] cr$it agreem5t4  #bbdjc4        
,adm9i/ration ( direct loans & loan     

gu>antees  7a7 ,applications  7#a7 ,9   
g5]al ,! ,secret>y %all prescribe ! =m &
 cont5ts requir$ ( applications =       
assi/ance "u section #bbdjb1 to enable !
 ,secret>y to det]m9e ! eligibility ( ! 
applicant's proposal1 & %all e/abli%    
t]ms & conditions = direct loans & loan 
gu>antees made "u t section1 includ+ a  
program guide1 a /&>d t]m %eet1 &       
specific timetables4  7#b7 ,docum5tation
 ,an applicant meet+ ! size /&>d = small
 bus9ess conc]ns e/abli%$ "u section    
#c7;a77#b7 ( ! ,small ,bus9ess ,act 7#ae
 ,u4,s4,c4 #fcb7;a77#b77 may provide    
unaudit$ f9ancial /atem5ts z            
docum5tation ( hi/orical f9ancial       
in=mation if su* /atem5ts are accompani$
 by ! applicant's ,f$]al tax returns &  
,int]nal ,rev5ue ,s]vice tax            
v]ifications = ! correspond+ ye>s4  7b7 
,full fai? & cr$it ,all gu>antees ent]$ 
into by ! ,secret>y "u section #bbdjb   
%all con/itute g5]al obligations ( !    
,unit$ ,/ates ( ,am]ica & %all be back$ 
by ! full fai? & cr$it ( ! ,unit$ ,/ates

 ( ,am]ica4  7c7 ,assignm5t ( loan      
gu>antees ,! hold] ( a loan gu>antee    
made "u section #bbdjb may assign ! loan
 gu>antee 9 :ole or 9 "p1 subject to su*
 requirem5ts z ! ,secret>y may          
prescribe4  7d7 ,modifications ,!       
,secret>y may approve ! modification (  
any t]m or condition ( a direct loan1   
loan gu>antee1 direct loan obligation1  
or loan gu>antee commitm5t1 includ+ !   
rate ( int]e/1 "t ( paym5t ( int]e/ or  
pr9cipal1 or security requirem5ts1 if ! 
,secret>y f9ds 9 writ+ t-- 7#a7 !       
modification is equitable & is 9 !      
ov]all be/ int]e/s ( ! ,unit$ ,/ates2   
7#b7 cons5t has be5 obta9$ f ! applicant
 & 9 ! case ( a loan gu>antee or loan   
gu>antee commitm5t1 ! hold] ( !         
obligation2 &  7#c7 ! modification co/  
has be5 cov]$ "u section #bbdjb7;f74    
7e7 ,compliance ,! ,secret>y %all ensure
 compliance by an applicant1 any o!r    
p>ty to ! loan1 & any railroad or       
railroad p>tn] = ^: b5efit assi/ance is 
int5d$1 ) ! provisions ( ?is *apt]1     

regulations issu$ "u ?is *apt]1 & ! t]ms
 & conditions ( ! direct loan or loan   
gu>antee1 includ+ ?r\gh regul> p]iodic  
inspections4  7f7 ,comm]cial validity   
7#a7 ,9 g5]al ,= purposes ( claims by   
any p>ty o!r ?an ! ,secret>y1 a loan    
gu>antee or loan gu>antee commitm5t %all
 be conclusive evid5ce t ! und]ly+      
obligation is 9 compliance ) !          
provisions ( ?is *apt]1 & t ! obligation
 has be5 approv$ & is legal z to        
pr9cipal1 int]e/1 & o!r t]ms4  7#b7     
,valid & inconte/able ,a gu>antee or    
commitm5t "u p>agraph 7#a7 %all be valid
 & inconte/able 9 ! h&s ( a hold] ( !   
gu>antee or commitm5t1 includ+ ! orig9al
 l5d] or any o!r hold]1 z ( ! date :5 ! 
,secret>y grant$ ! application = !      
gu>antee or commitm5t1 except z to fraud
 or mat]ial misrepres5tation by ! hold]4
  7g7 ,default  7#a7 ,9 g5]al ,!        
,secret>y %all prescribe regulations    
sett+ =? proc$ures 9 ! ev5t ( default on
 a loan made or gu>ante$ "u section     
#bbdjb4  7#b7 ,loan gu>antees ,!        

,secret>y %all ensure t ea* loan        
gu>antee made "u section #bbdjb conta9s 
t]ms & conditions t provide t-- 7,a7 if 
a paym5t ( pr9cipal or int]e/ "u ! loan 
is 9 default = m ?an #cj days1 !        
,secret>y %all pay to ! hold] ( !       
obligation1 or ! hold]'s ag5t1 ! am\nt (
 unpaid gu>ante$ int]e/2  7,b7 if !     
default has cont9u$ = m ?an #ij days1 ! 
,secret>y %all pay to ! hold] ( !       
obligation1 or ! hold]'s ag5t1 #ij p]c5t
 ( ! unpaid gu>ante$ pr9cipal2  7,c7    
aft] f9al resolution ( ! default1 ?r\gh 
liquidation or o!rwise1 ! ,secret>y %all
 pay to ! hold] ( ! obligation1 or !    
hold]'s ag5t1 any rema9+ am\nts gu>ante$
 b t 7 n recov]$ ?r\gh ! default's      
resolution2  7,d7 ! ,secret>y %all n be 
requir$ to make any paym5t "u           
subp>agraphs 7,a7 ?r\gh 7,c7 if !       
,secret>y f9ds1 be=e ! expiration ( !   
p]iods describ$ 9 su* subp>agraphs1 t ! 
default has be5 rem$i$2 &  7,e7 ! hold] 
( ! obligation %all n receive paym5t or 
be entitl$ to reta9 paym5t 9 a total    

am\nt t1 toge!r ) all o!r recov]ies     
7includ+ any recov]y bas$ ^u a security 
int]e/ 9 equipm5t or facilities7 exce$s 
! actual loss ( ! hold]4  7h7 ,rights ( 
! ,secret>y  7#a7 ,subrogation ,if !    
,secret>y makes paym5t to a hold]1 or a 
hold]'s ag5t1 "u subsection 7g7 9       
connection ) a loan gu>antee made "u    
section #bbdjb1 ! ,secret>y %all be     
subrogat$ to all ( ! rights ( ! hold] ) 
respect to ! obligor "u ! loan4  7#b7   
,disposition ( prop]ty ,! ,secret>y may 
complete1 recondition1 recon/ruct1      
r5ovate1 repair1 ma9ta91 op]ate1 *>t]1  
r5t1 sell1 or o!rwise dispose ( any     
prop]ty or o!r int]e/s obta9$ pursuant  
to ?is section4 ,! ,secret>y %all n be  
subject to any ,f$]al or ,/ate          
regulatory requirem5ts :5 c>ry+ out ?is 
p>agraph4  7i7 ,action aga9/ obligor    
7#a7 ,9 g5]al ,! ,secret>y may br+ a    
civil action 9 an appropriate ,f$]al    
c\rt 9 ! "n ( ! ,unit$ ,/ates 9 ! ev5t (
 a default on a direct loan made "u     
section #bbdjb or 9 ! "n ( ! ,unit$     

,/ates or ( ! hold] ( ! obligation 9 !  
ev5t ( a default on a loan gu>ante$ "u  
section #bbdjb4  7#b7 ,records & evid5ce
 ,! hold] ( a gu>antee %all make        
available to ! ,secret>y all records &  
evid5ce necess>y to prosecute ! civil   
action4  7#c7 ,prop]ty z satisfaction ( 
sums ow$ ,! ,secret>y may accept prop]ty
 9 full or p>tial satisfaction ( any    
sums ow$ z a result ( a default4  7#d7  
,excess am\nt  7,a7 ,paym5t to obligor  
,if ! ,secret>y receives1 ?r\gh ! sale  
or o!r disposition ( ! prop]ty describ$ 
9 p>agraph 7#c71 an excess am\nt        
describ$ 9 subp>agraph 7,b71 ! ,secret>y
 %all pay to ! obligor ! excess am\nt4  
7,b7 ,am\nt ,an excess am\nt "u ?is     
subp>agraph is an am\nt ! exce$s !      
aggregate (-- 7i7 ! am\nt paid to !     
hold] ( a gu>antee "u subsection 7g72 & 
7ii7 any o!r co/ to ! ,unit$ ,/ates (   
rem$y+ ! default4  7j7 ,brea* (         
conditions ,! ,attorney ,g5]al %all     
comm5ce a civil action 9 an appropriate 
,f$]al c\rt to enjo9 any activity t !   

,secret>y f9ds is 9 violation ( ?is     
*apt]1 regulations issu$ "u ?is *apt]1  
or any conditions t 7 agre$ to1 & to    
secure any o!r appropriate relief4  7k7 
,atta*m5t ,no atta*m5t or execution may 
be issu$ aga9/ ! ,secret>y1 or any      
prop]ty 9 ! control ( ! ,secret>y1 prior
 to ! entry ( f9al judgm5t to t effect 9
 any ,f$]al1 ,/ate1 or o!r c\rt4  7l7   
,*>ges & loan s]vic+  7#a7 ,purposes ,! 
,secret>y may collect f ea* applicant1  
obligor1 or loan p>ty a reasonable *>ge 
=-- 7,a7 ! co/ ( evaluat+ ! application1
 am5dm5ts1 modifications1 & waiv]s1     
includ+ = evaluat+ project viability1   
applicant cr$itwor?9ess1 & ! appraisal (
 ! value ( ! equipm5t or facilities =   
:i* ! direct loan or loan gu>antee is   
s\ght1 & = mak+ necess>y det]m9ations & 
f9d+s2  7,b7 to co/ ( aw>d managem5t &  
project managem5t ov]sight2  7,c7 ! co/ 
( s]vices f exp]t firms1 includ+ c\nsel1
 & indep5d5t f9ancial advisors to assi/ 
9 ! und]writ+1 audit+1 s]vic+1 & ex]cise
 ( rights ) respect to direct loans &   

loan gu>antees2 &  7,d7 ! co/ ( all o!r 
exp5ses incurr$ z a result ( a brea* (  
any t]m or condition or any ev5t (      
default on a direct loan or loan        
gu>antee4  7#b7 ,*>ge diff]5t am\nts ,! 
,secret>y may *>ge diff]5t am\nts "u ?is
 subsection bas$ on ! diff]5t co/s      
incurr$ "u p>agraph 7#a74  7#c7 ,s]vic] 
7,a7 ,9 g5]al ,! ,secret>y may appo9t a 
f9ancial entity to assi/ ! ,secret>y 9  
s]vic+ a direct loan or loan gu>antee "u
 ?is *apt]4  7,b7 ,duties ,a s]vic]     
appo9t$ "u subp>agraph 7,a7 %all act z !
 ag5t ( ! ,secret>y 9 s]vic+ a direct   
loan or loan gu>antee "u ?is *apt]4     
7,c7 ,fees ,a s]vic] appo9t$ "u         
subp>agraph 7,a7 %all receive a s]vic+  
fee f ! obligor or o!r loan p>ty1       
subject to approval by ! ,secret>y4     
7#d7 ,national surface transportation & 
innovative f9ance bureau acc\nt ,am\nts 
collect$ "u ?is subsection %all-- 7,a7  
be cr$it$ directly to ! ,national       
,surface ,transportation & ,innovative  
,f9ance ,bureau ,acc\nt2 &  7,b7 rema9  

available until exp5d$ to pay = ! co/s  
describ$ 9 ?is subsection4  7m7 ,fees & 
*>ges ,except z provid$ 9 ?is *apt]1 !  
,secret>y may n assess fees1 includ+ us]
 fees1 or *>ges 9 connection ) a direct 
loan or loan gu>antee provid$ "u section
 #bbdjb4  #bbdjd4 ,employee protection  
7a7 ,9 g5]al  7#a7 ,fair & equitable    
arrangem5ts ,fair & equitable           
arrangem5ts %all be provid$1 9          
accordance ) ?is section1 to protect !  
int]e/s ( any employees :o may be       
affect$ by actions tak5 pursuant to     
au?orizations or approval obta9$ "u ?is 
*apt]4  7#b7 ,arrangem5ts by agreem5ts  
,! arrangem5ts "u p>agraph 7#a7 %all be 
det]m9$ by ! execution ( an agreem5t    
betwe5 ! repres5tatives ( ! railroads & 
! repres5tatives ( _! employees n lat]  
?an ,june #d1 #aigf4  7#c7 ,prescrib$   
arrangem5ts ,9 ! abs5ce ( an execut$    
agreem5t "u p>agraph 7#b71 ! ,secret>y (
 ,labor %all prescribe ! applicable     
protective arrangem5ts n lat] ?an ,july 
#d1 #aigf4  7b7 ,t]ms  7#a7             

,applicability to exi/+ employees ,!    
arrangem5ts requir$ "u subsection 7a7   
%all apply to ea* employee :o has an    
employm5t relation%ip ) a railroad on ! 
date on :i* ! railroad fir/ applies =   
f9ancial assi/ance "u ?is *apt]4  7#b7  
,inclusions ,su* arrangem5ts %all       
include su* provisions z may be necess>y
 = ! negotiation & execution ( agreem5ts
 z to ! mann] 9 :i* ! protective        
arrangem5ts %all be appli$1 includ+     
notice requirem5ts4  7#c7 ,execution    
prior to implem5tation ( "w ,! agreem5ts
 %all be execut$ prior to implem5tation 
( "w fund$ f f9ancial assi/ance "u ?is  
*apt]4  7#d7 ,arbitration  7,a7 ,9 g5]al
 ,if an agreem5t describ$ 9 subsection  
7a77#b7 is n rea*$ )9 #cj days aft] !   
date on :i* an application = ! assi/ance
 is approv$1 ei!r p>ty to ! dispute may 
submit ! issue = f9al & b9d+            
arbitration4  7,b7 ,decision  7i7 ,:5   
decision is to be r5d]$ ,! decision on  
any arbitration "u ?is p>agraph %all be 
r5d]$ )9 #cj days aft] ! submission4    

7ii7 ,effect ,! arbitration decision--  
7,i7 %all n modify ! protection af=d$ 9 
! protective arrangem5ts e/abli%$       
pursuant to ?is section2  7,,ii7 %all be
 f9al & b9d+ on ! p>ties to !           
arbitration2 &  7,,iii7 %all become a "p
 ( ! agreem5t4  7#e7 ,o!r inclusions ,! 
arrangem5ts %all also include su*       
provisions z may be necess>y-- 7,a7 = ! 
pres]vation ( comp5sation 7includ+      
subsequ5t g5]al wage increases1 vacation
 all[ances1 & mon?ly comp5sation        
gu>antees71 "r1 privileges1 & b5efits   
7includ+ fr+e b5efits su* z p5sions1    
hospitalization1 & vacations1 "u ! same 
conditions & s long z ! b5efits cont9ue 
to be accord$ to o!r employees ( !      
employ+ railroad 9 active s]vice or on  
furl\gh1 z ! case may be7 to ! employees
 "u exi/+ collective-b>ga9+ agreem5ts or
 o!rwise2  7,b7 to provide = f9al & b9d+
 arbitration ( any dispute t _c be      
settl$ by ! p>ties ) respect to !       
int]pretation1 application1 or en=cem5t 
( ! provisions ( ! protective           

arrangem5ts2  7,c7 to provide t an      
employee :o is unable to secure         
employm5t by ! ex]cise ( ! employee's   
s5iority rights1 z a result ( actions   
tak5 ) f9ancial assi/ance obta9$ "u ?is 
*apt]1 %all be (f]$ reassignm5t &1 :]e  
necess>y1 retra9+ to fill a position    
comp>able to ! position held at ! "t ( !
 adv]se effect & = :i* ! employee is1 or
 by tra9+ & retra9+ c become1 physically
 & m5tally qualifi$1 s long z ! (f] is n
 9 contrav5tion ( collective b>ga9+     
agreem5ts relat+ to ! provisions 9 ?is  
p>agraph2 &  7,d7 to provide t !        
protection af=d$ pursuant to ?is section
 %all n be applicable to employees      
b5efitt$ solely z a result ( ! "w t is  
f9anc$ by funds provid$ pursuant to ?is 
*apt]4  7c7 ,subcontract+ ,! arrangem5ts
 t are requir$ to be negotiat$ by !     
p>ties or prescrib$ by ! ,secret>y (    
,labor1 pursuant to subsections 7a7 &   
7b71 %all include provisions regulat+   
subcontract+ by ! railroads ( "w t is   
f9anc$ by funds provid$ pursuant to ?is 

*apt]4  #bbdje4 ,sub/antive crit]ia &   
/&>ds ,! ,secret>y %all publi% 9 !      
,f$]al ,regi/] & po/ on ! ,dep>tm5t (   
,transportation website ! sub/antive    
crit]ia & /&>ds us$ by ! ,secret>y to   
det]m9e :e!r to approve or disapprove   
applications submitt$ "u section #bbdjd4
 ,! ,secret>y %all ensure adequate      
proc$ures & guidel9es are 9 place to    
p]mit ! fil+ ( complete applications )9 
#cj days ( ! publication4  #bbdjf4      
,fund+  7a7 ,au?orization (             
appropriations  7#a7 ,9 g5]al ,!re are  
au?oriz$ to be appropriat$ out ( !      
,g5]al ,fund = cr$it assi/ance "u ?is   
*apt]-- 7,a7 #cj1jjj1jjj = fiscal ye>   
#bjba2  7,b7 #ca1jjj1jjj = fiscal ye>   
#bjbb2  7,c7 #cb1jjj1jjj = fiscal ye>   
#bjbc2  7,d7 #cc1jjj1jjj = fiscal ye>   
#bjbd2 &  7,e7 #cd1jjj1jjj = fiscal ye> 
#bjbe4  7#b7 ,availability ,am\nts      
appropriat$ pursuant to ?is subsection  
%all rema9 available until exp5d$4  7b7 
,use ( funds  7#a7 ,9 g5]al ,except z   
provid$ 9 p>agraph 7#b71 am\nts         

appropriat$ pursuant to ?is section %all
 be us$ = loans & loan gu>antees ) a    
total value ( n m ?an #bjj1jjj1jjj4     
7#b7 ,adm9i/rative co/s ,9 ea* fiscal   
ye>1 n less ?an #c1jjj1jjj ( ! am\nts   
appropriat$ pursuant to subsection 7a7  
%all be made available = ! ,secret>y =  
use 9 lieu ( *>ges collect$ "u section  
#bbdjc7l77#a7 = freight railroads o!r   
?an ,class ,i c>ri]s & pass5g]          
railroads4  7#c7 ,%ort l9e set-aside ,9 
ea* fiscal ye>1 n less ?an #ej p]c5t ( !
 am\nts appropriat$ pursuant to         
subsection 7a7 t rema9 available aft] ! 
set aside describ$ 9 p>agraph 7#b7 %all 
be set aside = freight railroads o!r ?an
 ,class ,i c>ri]s4  7#d7 ,pass5g] rail  
set-aside ,any am\nts appropriat$       
pursuant to subsection 7a7 t rema9      
available aft] ! set-asides describ$ 9  
p>agraphs 7#b7 & 7#c7 %all be set aside 
= pass5g] railroads4  4  7b7 ,cl]ical   
am5dm5t ,! table ( *apt]s = title #di1  
,unit$ ,/ates ,code1 is am5d$ by ins]t+ 
aft] ! item relat+ to *apt] #bbc !      

foll[+3  ,*apt] #bbd--,railroad         
,rehabilitation & ,improvem5t ,f9anc+   
,program  4  #c4 ,con=m+ am5dm5ts  7a7  
,national ,trails ,sy/em ,act ,section  
#h7;d7 ( ! ,national ,trails ,sy/em ,act
 7#af ,u4,s4,c4 #abdg7;d77 is am5d$ by  
ins]t+ 7#de ,u4,s4,c4 #hja et seq47 &   
*apt] #bbd ( title #di1 ,unit$ ,/ates   
,code aft] #aigf4  7b7 ,pass5g] ,rail   
,re=m & ,inve/m5t ,act ,section         
#aacae7;c7 ( ! ,pass5g] ,rail ,re=m &   
,inve/m5t ,act ( #bjae 7#bc ,u4,s4,c4   
#cbb note2 ,public ,law #aad-id7 is     
am5d$ by /rik+ sections #ejb & #ejc ( ! 
,railroad ,revitalization & ,regulatory 
,re=m ,act ( #aigf & ins]t+ sections    
#bbdjb & #bbdjc ( title #di1 ,unit$     
,/ates ,code4  7c7 ,provisions classifi$
 9 title #de1 ,unit$ ,/ates ,code  7#a7 
,section #aja ( ! ,railroad             
,revitalization & ,regulatory ,re=m ,act
 ( #aigf 7#de ,u4,s4,c4 #hja7 is am5d$--
 7,a7 9 subsection 7a71 9 ! matt] prec$+
 p>agraph 7#a71 by /rik+ ,x is ! purpose
 ( ! ,congress 9 ?is ,act to & ins]t+ ,!

 purpose ( ?is ,act & *apt] #bbd (      
subtitle ,v ( title #di1 ,unit$ ,/ates  
,code1 is to2 &  7,b7 9 subsection 7b71 
9 ! matt] prec$+ p>agraph 7#a71 by /rik+
 ,x is decl>$ to be ! policy ( !        
,congress 9 ?is ,act & ins]t+ ,! policy 
( ?is ,act & *apt] #bbd ( title #di1    
,unit$ ,/ates ,code1 is4  7#b7 ,section 
#aafjg7;b7 ( ! ,railroad ,infra/ructure 
,f9anc+ ,improvem5t ,act 7,public ,law  
#aad-id2 #de ,u4,s4,c4 #hba note7 is    
am5d$ by /rik+ ,all provisions "u       
sections #ejb ?r\gh #ejd ( ! ,railroad  
,revitalization & ,regulatory ,re=m ,act
 ( #aigf 7#de ,u4,s4,c4 #hcja et seq47 &
 ins]t+ ,all provisions "u section      
#bbdjd ?r\gh #bbdjd ( title #di1 ,unit$ 
,/ates ,code14  7#c7 ,section #aafaj7;b7
 ( ! ,railroad ,infra/ructure ,f9anc+   
,improvem5t ,act 7,public ,law #aad-id2 
#de ,u4,s4,c4 #hba note7 is am5d$ by    
/rik+ section #ejb7;f7 ( ! ,railroad    
,revitalization & ,regulatory ,re=m ,act
 ( #aigf 7#de ,u4,s4,c4 #hbb7;f771 z    
am5d$ by section #aafjg ( ?is ,act &    

ins]t+ section #bbdjb7;f7 ( title #di1  
,unit$ ,/ates ,code4  7#d7 ,section     
#gbjc7;b77#b7 ( ! ,transportation       
,equity ,act = ! #ba/ ,c5tury 7,public  
,law #aje-agh2 #de ,u4,s4,c4 #hba note7 
is am5d$ by /rik+ title ,v ( ! ,railroad
 ,revitalization & ,regulatory ,re=m    
,act ( #aigf 7#de ,u4,s4,c4 #hba et     
seq47 & ins]t+ *apt] #bbd ( title #di1  
,unit$ ,/ates ,code14  7#e7 ,section    
#bab7;d77#a7 ( ,hamm ,al]t ,m>itime     
,safety ,act ( #bjah 7title ,,ii (      
,public ,law #aae-bfe2 #de ,u4,s4,c4    
#hbb note7 is am5d$1 9 ! matt] prec$+   
subp>agraph 7,a71 by /rik+ = purposes ( 
section #ejb7;f77#d7 ( ! ,railroad      
,revitalization & ,regulatory ,re=m ,act
 ( #aigf 7#de ,u4,s4,c4 #hbb7;f77#d77 & 
ins]t+ = purposes ( section #bbdjb (    
title #di1 ,unit$ ,/ates ,code4  7#f7   
,section #ae7;f7 ( ! ,milwaukee         
,railroad ,re/ructur+ ,act 7#de         
,u4,s4,c4 #iad7;f77 is am5d$ by /rik+   
,section #eaf ( ! ,railroad             
,revitalization & ,regulatory ,re=m ,act

 ( #aigf 7#de ,u4,s4,c4 #hcf7 & ins]t+  
,section #bbdjd ( title #di1 ,unit$     
,/ates ,code14  7#g7 ,section #ajd7;b7 (
 ! ,rock ,isl& ,railroad ,transition &  
,employee ,assi/ance ,act 7#de ,u4,s4,c4
 #ajjc7;b77 is am5d$-- 7,a7 9 p>agraph  
7#a71 by /rik+ title ,v ( ! ,railroad   
,revitalization & ,regulatory ,re=m ,act
 ( #aigf 7#de ,u4,s4,c4 #hba et seq47 & 
ins]t+ *apt] #bbd ( title #di1 ,unit$   
,/ates ,code12 &  7,b7 9 p>agraph 7#b71 
by /rik+ title ,v ( ! ,railroad         
,revitalization & ,regulatory ,re=m ,act
 ( #aigf1 & section #eaf ( su* ,act 7#de
 ,u4,s4,c4 #hcf7 & ins]t+ *apt] #bbd (  
title #di1 ,unit$ ,/ates ,code1 &       
section #bbdjd ( title #di1 ,unit$      
,/ates ,code14  7#h7 ,section           
#ajd7;b77#b7 ( ! ,rock ,isl& ,railroad  
,transition & ,employee ,assi/ance ,act 
7#de ,u4,s4,c4 #ajjc7;b77#b77 is am5d$  
by /rik+ title ,v ( ! ,railroad         
,revitalization & ,regulatory ,re=m ,act
 ( #aigf1 & section #eaf ( su* ,act 7#de
 ,u4,s4,c4 #hcf7 & ins]t+ *apt] #bbd (  

title #di1 ,unit$ ,/ates ,code1 &       
section #bbdjd ( su* title #di14  7d7   
,title #di  7#a7 ,section               
#aaf7;d77#a77;,b7 ( title #di1 ,unit$   
,/ates ,code1 is am5d$ by /rik+ sections
 #eja ?r\gh #ejc ( ! ,railroad          
,revitalization & ,regulatory ,re=m ,act
 ( #aigf 7#de ,u4,s4,c4 #hba-hbc7 &     
ins]t+ sections #bbdja ?r\gh #bbdjc (   
?is title4  7#b7 ,section #cjf7;b7 (    
title #di1 ,unit$ ,/ates ,code1 is      
am5d$-- 7,a7 by /rik+ *apt] #bba or #bdi
 ( ?is title1 & ins]t+ *apt] #bba1 #bbd1
 or #bdi ( ?is title12 &  7,b7 by /rik+ 
1 or title ,v ( ! ,railroad             
,revitalization & ,regulatory ,re=m ,act
 ( #aigf 7#de ,u4,s4,c4 #hba et seq474  
7#c7 ,section #aacaa7;d7 ( ! ,pass5g]   
,rail ,re=m & ,inve/m5t ,act ( #bjae    
7,public ,law #aad-id2 #di ,u4,s4,c4    
#bjaja note7 is am5d$ by /rik+ 1 &      
section #ejb ( ! ,railroad              
,revitalization & ,regulatory ,re=m ,act
 ( #aigf 7#de ,u4,s4,c4 #hbb74  7#d7    
,section #bje7;g7 ( ! ,pass5g] ,rail    

,inve/m5t & ,improvem5t ,act ( #bjjh    
7division ,b ( ,public ,law #aaj-dcb2   
#di ,u4,s4,c4 #bdaja note7 is am5d$ by  
/rik+ title ,v ( ! ,railroad            
,revitalization & ,regulatory ,re=m ,act
 ( #aigf 7#de ,u4,s4,c4 #hba et seq47 & 
ins]t+ *apt] #bbd ( title #di1 ,unit$   
,/ates ,code4  7#e7 ,section            
#bbije7;c77#b77;,b7 ( title #di1 ,unit$ 
,/ates ,code1 is am5d$ by /rik+ section 
#ejd ( ! ,railroad ,revitalization &    
,regulatory ,re=m ,act ( #aigf 7#de     
,u4,s4,c4 #hcf7 & ins]t+ section #bbdjd 
( ?is title4  7#f7 ,section #bdijc (    
title #di1 ,unit$ ,/ates ,code1 is      
am5d$-- 7,a7 9 subsection 7a77#f71 by   
/rik+ & ! ,railroad ,revitalization &   
,regulatory ,re=m ,act ( #aigf 7#de     
,u4,s4,c4 #hja et seq47 & ins]t+ 1 !    
,railroad ,revitalization & ,regulatory 
,re=m ,act ( #aigf 7#de ,u4,s4,c4 #hja  
et seq471 & *apt] #bbd ( ?is title2 &   
7,b7 9 subsection 7c77#b71 by /rik+ & ! 
,railroad ,revitalization & ,regulatory 
,re=m ,act ( #aigf 7#de ,u4,s4,c4 #hja  

et seq47 & ins]t+ 1 ! ,railroad         
,revitalization & ,regulatory ,re=m ,act
 ( #aigf 7#de ,u4,s4,c4 #hja et seq471 &
 *apt] #bbd ( ?is title4  #d4           
,transitional & sav+s provisions  7a7   
,def9itions ,9 ?is section3 7#a7 ,re/at$
 provision ,! t]m re/at$ provision means
 a provision ( *apt] #bbd ( title #di1  
,unit$ ,/ates ,code1 z add$ by section  
#b4  7#b7 ,s\rce provision ,! t]m s\rce 
provision means a provision ( law t is  
replac$ by a re/at$ provision4  7b7     
,cut(f date  7#a7 ,9 g5]al ,! re/at$    
provisions replace c]ta9 s\rce          
provisions enact$ on or be=e ,m>* #ab1  
#bjai4  7#b7 ,subsequ5t am5dm5ts &      
repeals ,if a law enact$ aft] ,m>* #ab1 
#bjai1 am5ds or repeals a s\rce         
provision1 t law is deem$ to am5d or    
repeal1 z ! case may be1 ! correspond+  
re/at$ provision4 ,if a law enact$ aft] 
,m>* #ab1 #bjai1 is o!rwise inconsi/5t )
 a re/at$ provision ( ?is ,act1 t law   
sup]s$es ! re/at$ provision ( ?is ,act  
to ! ext5t ( ! inconsi/5cy4  7c7        

,orig9al date ( enactm5t un*ang$ ,a     
re/at$ provision is deem$ to h be5      
enact$ on ! date ( enactm5t ( !         
correspond+ s\rce provision4  7d7       
,ref]5ces to re/at$ provisions ,a       
ref]5ce to a re/at$ provision is deem$  
to ref] to ! correspond+ s\rce          
provision4  7e7 ,ref]5ces to s\rce      
provisions ,a ref]5ce to a s\rce        
provision1 includ+ a ref]5ce 9 a        
regulation1 ord]1 or o!r law1 is deem$  
to ref] to ! correspond+ re/at$         
provision4  7f7 ,regulations1 ord]s1 &  
o!r adm9i/rative actions ,a regulation1 
ord]1 or o!r adm9i/rative action 9      
effect "u a s\rce provision cont9ues 9  
effect "u ! correspond+ re/at$          
provision4  7g7 ,actions tak5 & (f5ses  
committ$ ,an action tak5 or an (f5se    
committ$ "u a s\rce provision is deem$  
to h be5 tak5 or committ$ "u !          
correspond+ re/at$ provision4  #e4      
,repeals ,! foll[+ provisions ( law are 
repeal$1 except ) respect to rights &   
duties t matur$1 p5alties t 7 incurr$1  

or proce$+s t 7 begun be=e ! date (     
enactm5t ( ?is ,act3 ,s*$ule ( ,laws    
,repealed,act,section,united ,/ates     
,code,former ,classification ,railroad  
,revitalization & ,regulatory ,re=m ,act
 ( #aigf 7,public ,law #id-baj7 #eja #de
 ,u4,s4,c4 #hba4 #ejb #de ,u4,s4,c4     
#hbb4 #ejc #de ,u4,s4,c4 #hbc4 #ejd #de 
,u4,s4,c4 #hcf4 ,safe1 ,acc\ntable1     
,flexible1 ,effici5t ,transportation    
,equity ,act3 ,a ,legacy = ,us]s or     
,,safetea-,,lu 7,public ,law #aji-ei7   
#ijjc7;j7 #de ,u4,s4,c4 #hbb note4