§ 689d. Debentures

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(a)In general The Administrator may guarantee the timely payment of principal and interest, as scheduled, on debentures issued by any New Markets Venture Capital 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 Administrator may guarantee the debentures issued by a New Markets Venture Capital company only to be 1 extent that the total face amount of outstanding 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 investor other than an agency or department of the Federal Government.

(e)Investment limitations

(1)Definition In this subsection, the term “covered New Markets Venture Capital company” means a New Markets Venture Capital company—

(A)granted final approval by the Administrator under section 689c(e) of this title on or after March 1, 2002; and

(B)that has obtained a financing from the Administrator.

(2)Limitation Except to the extent approved by the Administrator, a covered New Markets Venture Capital company may not acquire or issue commitments for securities under this subchapter for any single enterprise in an aggregate amount equal to more than 10 percent of the sum of—

(A)the regulatory capital of the covered New Markets Venture Capital company; and

(B)the total amount of leverage projected in the participation agreement of the covered New Markets Venture Capital.

(Pub. L. 85–699, title III, § 355, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–658; amended Pub. L. 111–240, title I, § 1115, Sept. 27, 2010, 124 Stat. 2508.)

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U.S. Code

statute-compilations

statutes-at-large

Public Law 111–240
To create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business

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U.S. Code

Selection of New Markets Venture Capital companies
§ 689c

7 references not yet in our index

1
Pub. L. 85–699, title III, § 355
Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)]
114 Stat. 2763
Pub. L. 111–240, title I, § 1115
124 Stat. 2508
Pub. L. 111–240

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cites case law

§ 689d

Debentures

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U.S.C.×2

Stat.×1

U.S.C.§ 689c

Cite1

Pub. L.Pub. L. 85–699, title III, § 355

Pub. L.Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)]

Stat.114 Stat. 2763

Pub. L.Pub. L. 111–240, title I, § 1115

Cites 8 · showing 6Cited by 5 across 3 sources