PUBLIC LAW 95-89—AUG. 4, 1977
91 STAT. 559
tion of any small business concern's obligation under this subsection, the Administration, consistent with the purposes sought to be achieved herein, shall require the small business concern to agree in writing to repay to it the aggregate amount of the payments which were required under the loan during the period for which such obligation was undertaken or suspended, either— "(i) by periodic payments not less in amount or less frequently falling due than those which were due under the loan during such period, or "(ii) pursuant to a repayment schedule agreed upon by the - Administration and the small business concern, or "(iii) by a combination of the payments described in clause (i) and clause (ii). "(B) In addition to requiring the small business concern to execute the agreement described in subparagraph (A), the Administration shall, prior to the undertaking or suspension of the obligation, take such action, and require the small business concern to take such action as the Administration deems appropriate in the circumstances, including the provision of such security as the Administration deems necessary or appropriate to insure that the rights and interests of the lender (Small Business Administration or participant) will be safeguarded adequately during and after the period in which such obligation is so undertaken or suspended. "(5) The term 'required payments' with respect to any loan means "Required payments." payments of principal and interest under the loan.". SEC. 304. Section 4(c) of the Small Business Act is amended by 15 USC 633. inserting in paragraphs (1)(A) and (2)(A) thereof "5(e)," after the word "sections". TITLE IV—AMENDMENTS TO SMALL BUSINESS ADMINISTRATION DISASTER LOAN AUTHORITY SEC. 401. Section 4(c) of the Small Business Act is amended as follows: (1) by inserting in paragraph (1)(A) after the figure "7(b)(2)," the figure "7(b)(3)," and by striking from paragraph (1)(B) thereof the figure "7(b)(8),"; and (2) by inserting in paragraph (2)(A) after the figure "7(b)(2)," the figure "7(b)(3)," and by striking from paragraph (2)(B) thereof the figure "7(b)(3),". SEC. 402. Section 7(b)(3) of the Small Business Act is amended by 15 USC 636. striking "federally aided urban renewal program or a highway project or any other construction constructed by or with funds provided in whole or in part by the Federal Government" and by inserting in lieu thereof "program or project constructed by or with funds provided in whole or m part by the Federal Government or by a program or project by a State or local government or public service entity, providing such government or public service entity has the authority to exercise the right of eminent domain on such program or project". SEC. 403. Section 7(b)(2) of the Small Business Act is amended by adding "or" after the semicolon at the end of section 7(b)(2)(B) and by adding the following: "(C) a disaster, as determined by the Administrator of the Small Business Administration pursuant to the Disaster Relief 42 USC 4401 Act of 1970: or note.
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