Exchange of Debentures for Participating Securities.

CFR · 2024-01-01 · US · Title 13

You may, in SBA's discretion, retire a Debenture through the issuance of Participating Securities. To do so, you must: (a) Obtain SBA's approval to issue Participating Securities; (b) Pay all unpaid accrued interest on the Debenture, plus any applicable prepayment penalties, fees, and other charges; (c) Have outstanding Equity Capital Investments (at cost) equal to the amount of the Debenture being refinanced; and (d) Classify all your existing Loans and Investments as Earmarked Assets.

official document · source cfr-2024 · id 13:§ 107.1585