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15 U.S.C. § 693 — Powers of Administration respecting loans; liquidation of obligations through creation of new leases, execution of subleases, and assignments of leases

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 693 — Powers of Administration respecting loans; liquidation of obligations through creation of new leases, execution of subleases, and assignments of leases

Without limiting the authority conferred upon the Administrator and the Administration by [section 671 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section671&num=0&edition=prelim), the Administrator and the Administration shall have, in the performance of and with respect to the functions, powers, and duties conferred by this part, all the authority and be subject to the same conditions prescribed in [section 634(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section634/b&num=0&edition=prelim) with respect to loans, including the authority to execute subleases, assignments of lease and new leases with any person, firm, organization, or other entity, in order to aid in the liquidation of obligations of the Administration hereunder.

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Source file: Laws/federal/codes/united-states-code/title-15/section-693-powers-of-administration-respecting-loans-liquidation-of-obligations-thr--9aef6eed8b.md
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Source location: Title 15, Chapter 14B, § 693; chapter-14b-small-business-investment-program.md

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 671 — Establishment; Associate Administrator; appointment and compensation

There is hereby established in the Small Business Administration a division to be known as the Small Business Investment Division. The Division shall be headed by an Associate Administrator who shall be appointed by the Administrator, and shall receive compensation at the rate provided by law for other Associate Administrators of the Small Business Administration.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 694–1 — Planning design or installation of pollution control facilities

**(a) Definitions** For purposes of this section, the term— (1) “pollution control facilities” means such property (both real and personal) as the Administration in its discretion determines is likely to help prevent, reduce, abate, or control noise, air or water pollution or contamination by removing, altering, disposing or storing pollutants, contaminants, wastes, or heat, and such property (both real and personal) as the Administration determines will be used for the collection, storage, treatment, utilization, processing, or final disposal of solid or liquid waste. (2) “person” includes corporations, companies, associations, firms, partnerships, societies, joint stock companies, States, territories, and possessions of the United States, or subdivisions of any of the foregoing, and the District of Columbia, as well as individuals. (3) “qualified contract” means a lease, sublease, loan agreement, installment sales contract, or similar instrument, entered into between a small business concern and any person. **(b) Financing disadvantage; guarantee of payment by Administration; restrictions and limitations** The Administration may, whenever it determines that small business concerns are or are likely to be at an operational or financing disadvantage with other business concerns with respect to the planning, design, or installation of pollution control facilities, or the obtaining of financing therefor (including financing by means of revenue bonds issued by States, political subdivisions thereof, or other public bodies), guarantee the payment of rentals or other amounts due under qualified contracts. Any such guarantee may be made or effected either directly or in cooperation with any qualified surety company or other qualified company through a participation agreem

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 694b — Surety bond guarantees

**(a) Authority of Administration to guarantee surety against loss from principal’s breach of bond** (1) (A) The Administration may, upon such terms and conditions as it may prescribe, guarantee and enter into commitments to guarantee any surety against loss resulting from a breach of the terms of a bid bond, payment bond, performance bond, or bonds ancillary thereto, by a principal on any total work order or contract amount at the time of bond execution that does not exceed $6,500,000, as adjusted for inflation in accordance with [section 1908 of title 41](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title41-section1908&num=0&edition=prelim). (B) The Administrator may guarantee a surety under subparagraph (A) for a total work order or contract amount that does not exceed $10,000,000, if a contracting officer of a Federal agency certifies that such a guarantee is necessary. (2) The terms and conditions of said guarantees and commitments may vary from surety to surety on the basis of the Administration’s experience with the particular surety. (3) The Administration may authorize any surety, without further administration approval, to issue, monitor, and service such bonds subject to the Administration’s guarantee. (4) No such guarantee may be issued, unless— (A) the person who would be principal under the bond is a small business concern; (B) the bond is required in order for such person to bid on a contract, or to serve as a prime contractor or subcontractor thereon; (C) such person is not able to obtain such bond on reasonable terms and conditions without a guarantee under this section; and (D) there is a reasonable expectation that such principal will perform the covenants and conditions of the contract with respect to which such

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 693 — Powers of Administration respecting loans;

Page 1128 TITLE 15—COMMERCE AND TRADE § 693 tive expenses that are incurred in connection therewith. (c) Escrow; default; additional discretionary pro- visions In connection with the guarantee of rentals under any lease pursuant to authority conferred by this section, the Administrator may require, in order to minimize the financial risk assumed under such guarantee— (1) that the lessee pay an amount, not to ex- ceed one-fourth of the minimum guaranteed annual rental required under the lease, which shall be held in escrow and shall be available (A) to meet rental charges accruing in any month for which the lessee is in default, or (B) if no default occurs during the term of the lease, for application (with accrued interest) toward final payments of rental charges under the lease; (2) that upon occurrence of a default under the lease, the lessor shall, as a condition precedent to enforcing any claim under the lease guarantee, utilize the entire period, for which there are funds available in escrow for payment of rentals, in reasonably diligent ef- forts to eliminate or minimize losses, by re- leasing the commercial or industrial property covered by the lease to another qualified ten- ant, and no claim shall be made or paid under the guarantee until such effort has been made and such escrow funds have been exhausted; (3) that any guarantor of the lease will be- come a successor of the lessor for the purpose of collecting from a lessee in default rentals which are in arrears and with respect to which the lessor has received payment under a guar- antee made pursuant to this section; and (4) such other provisions, not inconsistent with the purposes of this part, as the Adminis- trator may in his discretion require. (Pub. L. 85–699, title IV, §

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