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, § 401, as added Pub. L. 89–117, title III, § 316(a), Aug. 10, 1965, 79 Stat. 482; amended Pub. L. 90–104, title II, § 209, Oct. 11, 1967, 81 Stat. 271; Pub. L. 91–609, title IX, § 911(a)(2), Dec. 31, 1970, 84 Stat. 1812.) Editorial Notes AMENDMENTS 1970—Subsecs. (b), (c)(4). Pub. L. 91–609 substituted ‘‘part’’ for ‘‘title’’. 1967—Subsec. (a). Pub. L. 90–104 struck out from in- troductory text ‘‘that are (1) eligible for loans under section 636(b)(3) of this title, or (2) eligible for loans under subchapter IV of chapter 34 of Title 42,’’ after ‘‘small business concerns’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1967 AMENDMENT Amendment by Pub. L. 90–104 effective 90 days after Oct. 11, 1967, see section 211 of Pub. L. 90–104, set out as a note under section 681 of this title. § 693. Powers of Administration respecting loans; liquidation of obligations through creation of new leases, execution of subleases, and as- signments of leases Without limiting the authority conferred upon the Administrator and the Administration by section 671 of this title, the Administrator and the Administration shall have, in the perform- ance of and with respect to the functions, pow- ers, and duties conferred by this part, all the au- thority and be subject to the same conditions prescribed in section 634(b) of this title with re- spect to loans, including the authority to exe- cute 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. (Pub. L. 85–699, title IV, § 402, as added Pub. L. 89–117, title III, § 316(a), Aug. 10, 1965, 79 Stat. 483; amended Pub. L. 91–609, title IX, § 911(a)(2), Dec. 31, 1970, 84 Stat. 1812.) Editorial Notes AMENDMENTS 1970—Pub. L. 91–609 substituted ‘‘part’’ for ‘‘title’’. § 694. Repealed. Pub. L. 100–590, title I, § 111(b), Nov. 3, 1988, 102 Stat. 2995 Section, Pub. L. 85–699, title IV, § 403, as added Pub. L. 89–117, title III, § 316(a), Aug. 10, 1965, 79 Stat. 484; amended Pub. L. 91–609, title IX, § 911(a)(3), Dec. 31, 1970, 84 Stat. 1812; Pub. L. 93–386, § 6(a)(2), Aug. 23, 1974, 88 Stat. 747; Pub. L. 94–305, title I, § 103, June 4, 1976, 90 Stat. 665; Pub. L. 95–89, title I, § 103, Aug. 4, 1977, 91 Stat. 556, provided for revolving fund for commercial or industrial lease guarantees. Statutory Notes and Related Subsidiaries TRANSFER OF REMAINING LEASE GUARANTEE FUND MONEYS Pub. L. 100–590, title I, § 111(b), Nov. 3, 1988, 102 Stat. 2995, provided in part that: ‘‘Any moneys remaining in the Lease Guarantee Fund on the date of enactment of this Act [Nov. 3, 1988] shall be transferred to the Small Business Administration’s business loan and invest- ment fund.’’ § 694–1. Planning design or installation of pollu- tion control facilities (a) Definitions For purposes of this section, the term— (1) ‘‘pollution control facilities’’ means such property (both real and personal) as the Ad- ministration in its discretion determines is likely to help prevent, reduce, abate, or con- trol noise, air or water pollution or contami- nation by removing, altering, disposing or storing pollutants, contaminants, wastes, or heat, and such property (both real and per- sonal) 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, compa- nies, associations, firms, partnerships, soci- eties, joint stock companies, States, terri- tories, 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, sub- lease, loan agreement, installment sales con- tract, or similar instrument, entered into be- tween a small business concern and any per- son.