Development company debentures

No guarantee may be made with respect to any debenture under subsection (a) unless— with respect to each loan made from the proceeds of such debenture, the Administration— assesses and collects a fee, which shall be payable by the borrower, in an amount established annually by the Administration, which amount shall not exceed— the lesser of— The Administration may impose an additional charge for administrative expenses with respect to each debenture for which payment of principal and interest is guaranteed under subsection (a). The Administration shall collect a one-time fee in an amount equal to 50 basis points on the total participation in any project of any institution described in subclause (I), (II), or (III) of section 696(3)(B)(i) of this title. Such fee shall be imposed only when the participation of the institution will occupy a senior credit position to that of the development company. All proceeds of the fee shall be used to offset the cost (as that term is defined in section 661a of title 2) to the Administration of making guarantees under subsection (a). The Administration shall collect annually from each development company a fee of 0.125 percent of the outstanding principal balance of any guaranteed debenture authorized by the Administration after September 30, 1996. Such fee shall be derived from the servicing fees collected by the development company pursuant to regulation, and shall not be derived from any additional fees imposed on small business concerns. All proceeds of the fee shall be used to offset the cost (as that term is defined in section 661a of title 2) to the Administration of making guarantees under subsection (a). For purposes of this section, the term “qualified State or local development company” means any State or local development company which, as determined by the Administration, has— The fees authorized by subsections (b) and (d) shall apply to financings approved by the Administration on or after October 1, 1996. All fees, interest, and profits received and retained by the Administration under this section shall be included in the calculations made by the Director of the Office of Management and Budget to offset the cost (as that term is defined in section 661a of title 2) to the Administration of purchasing and guaranteeing debentures under this chapter. Not later than the 45th day after the date on which a payment on a loan funded through a debenture guaranteed under this section is due and not received, the Administration shall— Not later than the 65th day after the date on which a payment on a loan described in paragraph (1) is due and not received, and absent a formal written deferral agreement, the administration 11 So in original. Probably should be capitalized. shall take all necessary steps to purchase or accelerate the debenture. With respect to the portion of any project derived from funds set forth in section 696(3) of this title, the Administration— The Administration may not assess or collect any up front guarantee fee with respect to loans made under this subchapter during the 2-year period beginning on October 1, 2002.