PUBLIC LAW 107-171—MAY 13, 2002 116 STAT. 393 "(A) the Secretary determines that the application satisfies the requirements of subsection (b); "(B) the area in which the rural business investment company is to conduct its operations, and establishment of branch offices or agencies (if authorized by the articles), are approved by the Secretary; and "(C) the applicant enters into a participation agreement with the Secretary. "(2) CAPITAL REQUIREMENTS.— "(A) IN GENERAL. — Notwithstanding any other provision of this subtitle, the Secretary may approve an applicant to operate as a rural business investment company under this subtitle and designate the applicant as a rural business investment company, if the Secretary determines that the applicant— "(i) has private capital of more than $2,500,000; "(ii) would otherwise be approved under this subtitle, except that the applicant does not satisfy the requirements of section 3841(c); and "(iii) has a viable business plan that— "(I) reasonably projects profitable operations; and "(II) has a reasonable timetable for achieving a level of private capital that satisfies the requirements of section 3841(c). "(B) LEVERAGE.— An applicant approved under subparagraph (A) shall not be eligible to receive leverage under this subtitle until the applicant satisfies the requirements of section 3841(c). "(C) GRANTS. — An applicant approved under subparagraph (A) shall be eligible for grants under section 384H in proportion to the private capital of the applicant, as determined by the Secretary. "SEC. 384E. DEBENTURES. 7 USC 2009cc-4. "(a) IN GENERAL.— The Secretary may guarantee the timely payment of principal and interest, as scheduled, on debentures issued by any rural business investment company. "(b) TERMS AND CONDITIONS.— The Secretary may make guarantees under this section on such terms and conditions as the Secretary considers 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. —Section Applicabmty. 381H(i) shall apply to any guarantee under this section. "(d) MAXIMUM GUARANTEE. —Under this section, the Secretary may— "(1) guarantee the debentures issued by a rural business investment company only to the extent that the total face amount of outstanding guaranteed debentures of the rural business investment company does not exceed the lesser of— "(A) 300 percent of the private capital of the rural business investment company; or "(B) $105,000,000; and "(2) provide for the use of discounted debentures. "SEC. 384F. ISSUANCE AND GUARANTEE OF TRUST CERTIFICATES. 7 USC 2009cc-5. "(a) ISSUANCE.— The Secretary may issue trust certificates representing ownership of all or a fractional part of debentures issued
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