114 STAT. 2763A-658 PUBLIC LAW 106-554—APPENDIX H "(i) a viable plan that reasonably projects the capacity of the applicant to raise the amount (in cash or in-kind) required under subparagraph (A); and "(ii) binding commitments in an amount equal to not less than 20 percent of the total amount required under paragraph (A). "(C) LIMITATION. —In order to comply with the requirements of subparagraphs (A) and (B), the total amount of a company's in-kind contributions may not exceed 50 percent of the company's total contributions. "(e) FINAL APPROVAL; DESIGNATION.— The Administrator shall, with respect to each applicant conditionally approved to operate as a New Markets Venture Capital company under subsection (c), either— "(1) grant final approval to the applicant to operate as a New Markets Venture Capital company under this part and designate the applicant as such a company, if the applicant— "(A) satisfies the requirements of subsection (d) on or before the expiration of the time period described in that subsection; and "(B) enters into a participation agreement with the Administrator; or "(2) if the applicant fails to satisfy the requirements of subsection (d) on or before the expiration of the time period described in that subsection, revoke the conditional approval granted under that subsection. "SEC. 355. 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 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. "SEC. 356. ISSUANCE AND GUARANTEE OF TRUST CERTIFICATES. "(a) ISSUANCE.— The Administrator may issue trust certificates representing ownership of all or a fractional part of debentures issued by a New Markets Venture Capital company and guaranteed by the Administrator under this part, if such certificates are based
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