; and (B) shall sell any rare disease therapy owned by the Corporation prior to the commencement of a phase 3 study (as such term is defined in section 312.21(b) of title 21, Code of Federal Regulations (or any successor regulations)). (2) Sale requirements In any sale of a rare disease therapy, the Corporation shall make such sale through an open and transparent arms-length process and on commercially reasonable terms, which may include lump sum, upfront payments, milestone payments, royalty payments, or any combination thereof. (e) Funding through bond issuances (1) In general The Corporation shall issue one or more classes of bonds, with a maturity of no more than 12 years and carrying such interest as the Corporation determines appropriate: (A) Guaranteed bonds The Corporation shall issue a class of bonds, in an aggregate amount of not more than $350,000,000, that is guaranteed by the United States. (B) Unguaranteed bonds The Corporation may issue one or more classes of bonds that are backed by the Corporation, but are not guaranteed by the United States. (2) Debt-to-equity ratio of guaranteed bonds The Corporation may not issue any guaranteed bond pursuant to paragraph (1)(A) if the issuance of such bond would cause the Corporation to exceed a debt-to-equity ratio of 1 to 1. (3) Guarantee fee The Corporation shall pay the Secretary a guarantee fee, which shall be set by the Secretary in an amount equal to the expected cost of guaranteeing bonds of the Corporation under paragraph (1)(A). (f) Treatment under the securities laws (1) In general For purposes only of the securities laws— (A) securities of the Corporation shall be deemed to be securities that are not issued or guaranteed by the Government