Liquidity requirements for Licensees issuing Participating Securities.

CFR · 2024-01-01 · US · Title 13

If you have outstanding Participating Securities, you must maintain sufficient liquidity to avoid a condition of Liquidity Impairment. Such a condition will constitute noncompliance with the terms of your Leverage under § 107.1820(e). (a) (1) As of the close of your fiscal year; (2) At the time you apply for Leverage, unless SBA permits otherwise; and (3) At such time as you contemplate making any Distribution. (b)

official document · source cfr-2024 · id 13:§ 107.1505