103 STAT. 1026 PUBLIC LAW 101-162—NOV. 21, 1989 and prior to any distribution (other than to the Administration) the Administration shall be paid any amounts as may be due pursuant to subparagraph (A) of this paragraph; "(C) the purchase price shall be at par value and, in any one sale, $50,000 or more; "(D) the amount of such securities purchased and outstanding ^' at any one time shall not exceed— "(i) from a company licensed on or before October 13, 1971, 200 per centum of the combined private paid-in cap- ital and paid-in surplus of such company, or "(ii) from any such company licensed after October 13, 1971, and having a combined paid-in capital and paid-in surplus of less than $500,000,100 per centum of such capital and surplus, or "(iii) from any such company licensed after October 13, 1971, and having a combined private paid-in capital and paid-in surplus of $500,000 or more, 200 per centum of such capital and surplus; and "(E) the amount of such securities purchased by the Adminis- tration in excess of 100 per centum of such capital and surplus from any company described in clause (i) or (iii) may not exceed an amount equal to the amount of its funds invested in or legally committed to be invested in equity securities; for the purposes of this subsection, the term 'equity securities' means ' stock of any class (including preferred stock) or limited partner- ship interests, or shares in a sjnidicate, business trust, joint stock company or association, mutual corporation, cooperative or other joint venture for profit, or unsecured debt instruments which are subordinated by their terms to all other borrowings of the issuer. "(2) The Administration may purchase or guarantee debentures subordinated pursuant to subsection (b) of this section (other than securities purchased under psiragraph (1) of this subsection (c)): Provided, That— "(A) such debentures are issued for a term of not to exceed fifteen years; "(B) the interest rate is determined pursuant to this section or section 317; and "(C) the amount of debentures purchased or guaranteed and outstanding at any one time pursuant to this paragraph (2) from a company having combined private paid-in capital and paid-in surplus of less than $500,000 shall not exceed 300 per centum of its combined private paid-in capital and paid-in surplus less the amount of preferred securities outstanding under paragraph (1) of this subsection, nor from a company having combined private paid-in capital and paid-in surplus of $500,000 or more, 400 per centum of its combined private paid-in capital and paid-in surplus less the amount of such preferred securities. "(3) Debentures purchased and outstanding pursuant to section 303(b) of this section may be retired simultaneously with the issu- ance of preferred securities to meet the requirements of subpara- graph (2)(C) of this subsection (c). "(4) The Administration may require, as a condition of the pur- chase or guarantee of any securities in excess of 300 per centum of the combined private paid-in capital and paid-in surplus of a com- pany, that the company maintain a percentage of its total funds available for investment in small business concerns invested or
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