Us Code § 689d - Debentures
Full text of Us Code United States Code § 689d — Debentures, with citation guidance and answers to common questions.
§ 689d. Debentures
(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.)
Editorial Notes
Amendments
2010—Subsec. (e). Pub. L. 111–240 added subsec. (e).
About This Section
15 U.S.C. § 689d is part of Title 15 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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