Business and Industry Guaranteed Loan Program; Correction, 27241 [07-2400]

Download as PDF 27241 Rules and Regulations Federal Register Vol. 72, No. 93 Tuesday, May 15, 2007 This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. The Code of Federal Regulations is sold by the Superintendent of Documents. Prices of new books are listed in the first FEDERAL REGISTER issue of each week. List of Subjects in 7 CFR Part 4279 DEPARTMENT OF TRANSPORTATION Loan programs—Business and Industry—Rural Development assistant, rural areas. Federal Aviation Administration Accordingly, 7 CFR part 4279 is corrected by making the following correcting amendment: I PART 4279—GUARANTEED LOANMAKING 1. The authority citation for part 4279 continues to read as follows: I Rural Business-Cooperative Service Authority: 5 U.S.C. 301; 7 U.S.C. 1989. Rural Utilities Service 7 CFR Part 4279 Subpart B—Business and Industry Loans RIN 0570–AA54 I 2. Revise paragraph (a) of § 4279.149 to read as follows: Business and Industry Guaranteed Loan Program; Correction § 4279.149 Personal and corporate guarantee. Rural Business-Cooperative Service, USDA. AGENCY: Correcting amendment. SUMMARY: This document contains corrections to the final regulations which were published in the Federal Register on Monday, November 20, 2006 [71 FR 67032] regarding personal and corporate guarantees. DATES: Effective on May 15, 2007. FOR FURTHER INFORMATION CONTACT: David Lewis, Business and Industry Loan Servicing Branch, Rural BusinessCooperative Service, U.S. Department of Agriculture, STOP 3224, 1400 Independence Avenue, SW., Washington, DC 20250–3224, telephone (202) 690–0797, or by e-mail to david.lewis@wdc.usda.gov. SUPPLEMENTARY INFORMATION: cprice-sewell on PROD1PC62 with RULES Background The final regulation that is the subject of this correction was intended to require those owning a substantial stock ownership of at least 20 percent to provide a personal or corporate guarantee. Need for Correction As published, the final regulation contained an error, which may prove misleading and cause confusion for the public. VerDate Aug<31>2005 15:26 May 14, 2007 Jkt 211001 [Docket No. 30550; Amdt. No. 3218] Standard Instrument Approach Procedures; Miscellaneous Amendments Federal Aviation Administration (FAA), DOT. ACTION: Final rule. AGENCY: DEPARTMENT OF AGRICULTURE ACTION: 14 CFR Part 97 (a) Unconditional personal and corporate guarantees are part of the collateral for the loan, but are not considered in determining whether a loan is adequately secured for loanmaking purposes. Agency approved personal and corporate guarantees for the full term of the loan and at least equal to the guarantor’s percent interest in the borrower, times the loan amount are required from those owning at least a 20 percent interest in the borrower, unless the lender documents to the Agency’s satisfaction that collateral, equity, cashflow, and profitability indicate an above-average ability to repay the loan. The guarantors will execute an Agency approved unconditional guarantee form. When warranted by an Agency assessment of potential financial risk, Agency approved guarantees may also be required of parent, subsidiaries, or affiliated companies (owning less than a 20 percent interest in the borrower) and require security for any guarantee provided under this section. * * * * * Dated: April 30, 2007. Jackie J. Gleason, Administrator, Rural Business-Cooperative Service. [FR Doc. 07–2400 Filed 5–14–07; 8:45 am] BILLING CODE 3410–XY–P PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 SUMMARY: This amendment amends Standard Instrument Approach Procedures (SIAPs) for operations at certain airports. These regulatory actions are needed because of changes occurring in the National Airspace System, such as the commissioning of new navigational facilities, addition of new obstacles, or changes in air traffic requirements. These changes are designed to provide safe and efficient use of the navigable airspace and to promote safe flight operations under instrument flight rules at the affected airports. This rule is effective May 15, 2007. The compliance date for each SIAP is specified in the amendatory provisions. The incorporation by reference of certain publications listed in the regulations is approved by the Director of the Federal Register as of May 15, 2007. DATES: Availability of matter incorporated by reference in the amendment is as follows: For Examination— 1. FAA Rules Docket, FAA Headquarters Building, 800 Independence Ave., SW., Washington, DC 20591; 2. The FAA Regional Office of the region in which affected airport is located; or 3. The National Flight Procedures Office, 6500 South MacArthur Blvd., Oklahoma City, OK 73169 or, 4. The National Archives and Records Administration (NARA). For information on the availability of this material at NARA, call 202–741–6030, or go to: https://www.archives.gov/ federal_register/ code_of_federal_regulations/ ibr_locations.html. ADDRESSES: E:\FR\FM\15MYR1.SGM 15MYR1

Agencies

[Federal Register Volume 72, Number 93 (Tuesday, May 15, 2007)]
[Rules and Regulations]
[Page 27241]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 07-2400]



========================================================================
Rules and Regulations
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains regulatory documents 
having general applicability and legal effect, most of which are keyed 
to and codified in the Code of Federal Regulations, which is published 
under 50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by the Superintendent of Documents. 
Prices of new books are listed in the first FEDERAL REGISTER issue of each 
week.

========================================================================


Federal Register / Vol. 72, No. 93 / Tuesday, May 15, 2007 / Rules 
and Regulations

[[Page 27241]]



DEPARTMENT OF AGRICULTURE

Rural Business-Cooperative Service

Rural Utilities Service

7 CFR Part 4279

RIN 0570-AA54


Business and Industry Guaranteed Loan Program; Correction

AGENCY: Rural Business-Cooperative Service, USDA.

ACTION: Correcting amendment.

-----------------------------------------------------------------------

SUMMARY: This document contains corrections to the final regulations 
which were published in the Federal Register on Monday, November 20, 
2006 [71 FR 67032] regarding personal and corporate guarantees.

DATES: Effective on May 15, 2007.

FOR FURTHER INFORMATION CONTACT: David Lewis, Business and Industry 
Loan Servicing Branch, Rural Business-Cooperative Service, U.S. 
Department of Agriculture, STOP 3224, 1400 Independence Avenue, SW., 
Washington, DC 20250-3224, telephone (202) 690-0797, or by e-mail to 
david.lewis@wdc.usda.gov.

SUPPLEMENTARY INFORMATION:

Background

    The final regulation that is the subject of this correction was 
intended to require those owning a substantial stock ownership of at 
least 20 percent to provide a personal or corporate guarantee.

Need for Correction

    As published, the final regulation contained an error, which may 
prove misleading and cause confusion for the public.

List of Subjects in 7 CFR Part 4279

    Loan programs--Business and Industry--Rural Development assistant, 
rural areas.

0
Accordingly, 7 CFR part 4279 is corrected by making the following 
correcting amendment:

PART 4279--GUARANTEED LOANMAKING

0
1. The authority citation for part 4279 continues to read as follows:

    Authority: 5 U.S.C. 301; 7 U.S.C. 1989.

Subpart B--Business and Industry Loans

0
2. Revise paragraph (a) of Sec.  4279.149 to read as follows:


Sec.  4279.149  Personal and corporate guarantee.

    (a) Unconditional personal and corporate guarantees are part of the 
collateral for the loan, but are not considered in determining whether 
a loan is adequately secured for loanmaking purposes. Agency approved 
personal and corporate guarantees for the full term of the loan and at 
least equal to the guarantor's percent interest in the borrower, times 
the loan amount are required from those owning at least a 20 percent 
interest in the borrower, unless the lender documents to the Agency's 
satisfaction that collateral, equity, cashflow, and profitability 
indicate an above-average ability to repay the loan. The guarantors 
will execute an Agency approved unconditional guarantee form. When 
warranted by an Agency assessment of potential financial risk, Agency 
approved guarantees may also be required of parent, subsidiaries, or 
affiliated companies (owning less than a 20 percent interest in the 
borrower) and require security for any guarantee provided under this 
section.
* * * * *

    Dated: April 30, 2007.
Jackie J. Gleason,
Administrator, Rural Business-Cooperative Service.
[FR Doc. 07-2400 Filed 5-14-07; 8:45 am]
BILLING CODE 3410-XY-P

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