Federal Register / Vol. 76, No. 33 / Thursday, February 17, 2011 / Rules and Regulations 9219 

be subordinate to the 504 loan if the 

Note and the 504 loan are secured by 

any of the same collateral. The Note is 

subject to any other restrictions that 

SBA may establish to protect its creditor 

position, including standby 

requirements; 

(8) The Third Party Lender must have 

a first lien position, and the 504 loan 

must have a second lien position, on all 

Eligible Fixed Assets securing the 

Refinancing Project. Any other lien 

must be junior in priority to these lien 

positions. For other fixed assets serving 

as collateral for the Refinancing Project, 

the lien positions of the Third Party 

Lender and the 504 loan may be junior 

to any existing liens acceptable to SBA; 

(9) Eligible Project costs which may 

be paid with the proceeds of the 504 

loan are the amount used to refinance 

the qualified debt and other costs under 

§ 120.882(c) and (d) and eligible 

administrative costs under § 120.883; 

(10) Notwithstanding § 120.860, a 

debt may be refinanced under this 

paragraph (g) if it does not meet the job 

creation or other economic development 

objectives set forth in § 120.861 or 

§ 120.862. In such case, the 504 loan 

may not exceed the product obtained by 

multiplying the number of employees of 

the Borrower by $65,000. The number of 

employees of the Borrower is equal to 

the sum of: 

(i) The number of full-time employees 

of Borrower on the date of application, 

and 

(ii) The product obtained by 

multiplying: 

(A) The number of part-time 

employees of the Borrower on the date 

of application; by 

(B) The quotient obtained by dividing 

the average number of hours each part 

time employee of the Borrower works 

each week by 40. 

Example: 30 full-time employees and 35 

part-time employees working 20 hours per 

week is calculated as follows: 30 + (35 × (20/ 

40)) = 47.5. The maximum amount of the 504 

loan would be 47.5 multiplied by $65,000, or 

$3,087,500. 

(11) The authority to approve the 

refinancing under this paragraph (g) is 

not delegated to PCLP CDCs; 

(12) The 504 loans approved under 

this paragraph (g) must be disbursed 

within 6 months after loan approval. 

The Director, Office of Financial 

Assistance, or his or her designee may 

approve any request for extension of the 

disbursement period for good cause; 

(13) The Third Party Loan may not be 

sold on the secondary market as a part 

of a pool guaranteed under subpart J of 

this part 120 when the debt being 

refinanced is same institution debt; 

(14) The Third Party Lender must 

certify that it would not refinance the 

qualified debt except for the assistance 

provided under this paragraph (g); 

(15) Definitions. For the purposes of 

this paragraph (g), the terms below are 

defined as follows: 

Date of application refers to the date 

the 504 loan application is received by 

SBA. 

Eligible Fixed Assets are one or more 

long-term fixed assets, such as land, 

buildings, machinery, and equipment, 

acquired, constructed or improved by a 

small business for use in its business 

operations. 

Fair market value refers to the current 

appraised value of an asset that is 

established by an independent appraiser 

in accordance with the standards 

established by SBA in its SOPs. 

Qualified debt is a commercial loan: 

(i) That was incurred not less than 2 

years before the date of the application 

for the refinancing available under this 

paragraph (g); 

(ii) That is not subject to a guarantee 

by a Federal agency or department; 

(iii) Substantially all (85% or more) of 

which was for the acquisition of Eligible 

Fixed Assets; 

(iv) That was for the benefit of the 

small business concern; 

(v) That is collateralized by Eligible 

Fixed Assets; 

(vi) That is not a Third Party Loan 

that is part of an existing 504 Project; 

and 

(vii) For which the applicant for the 

refinancing available under this 

paragraph (g) has been current on all 

payments due for not less than 1 year 

preceding the date of application. For 

the purposes of this subparagraph (vi), 

‘‘current on all payments due’’ means 

that no payment scheduled to be made 

during the one year period was either 

deferred or more than 30 days past due. 

Any delinquency in payment of the loan 

to be refinanced after approval and 

before debenture funding must be 

reported to SBA as an adverse change. 

Refinancing Project means the fair 

market value of the Eligible Fixed 

Asset(s) securing the qualified debt and 

any other fixed assets acceptable to 

SBA. 

Same institution debt means any debt 

of the Third Party Lender that is 

providing funds for the refinancing, or 

of its affiliates. 

■ 4. Amend § 120.884 by revising 

paragraph (a) to read as follows: 

§ 120.884 Ineligible costs for 504 loans. 

* * * * * 

(a) Debt refinancing (other than 

interim financing), except as provided 

in § 120.882(e) and (g). 

* * * * * 

Dated: February 10, 2011. 

Karen G. Mills, 

Administrator. 

[FR Doc. 2011–3470 Filed 2–16–11; 8:45 am] 

BILLING CODE 8025–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 71 

[Docket No. FAA–2010–1032; Airspace 

Docket No. 10–AGL–20] 

Amendment of Class E Airspace; 

Muncie, IN 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Final rule. 

SUMMARY: This action amends Class E 

airspace at Muncie, IN, to accommodate 

new Area Navigation (RNAV) Standard 

Instrument Approach Procedures (SIAP) 

at Ball Memorial Hospital Heliport, 

Muncie, IN. The FAA is taking this 

action to enhance the safety and 

management of Instrument Flight Rule 

(IFR) operations at the heliport. 

DATES: Effective date: 0901 UTC, May 5, 

2011. The Director of the Federal 

Register approves this incorporation by 

reference action under 1 CFR part 51, 

subject to the annual revision of FAA 

Order 7400.9 and publication of 

conforming amendments. 

FOR FURTHER INFORMATION CONTACT: 

Scott Enander, Central Service Center, 

Operations Support Group, Federal 

Aviation Administration, Southwest 

Region, 2601 Meacham Blvd., Fort 

Worth, TX 76137; telephone (817) 321– 

7716. 

SUPPLEMENTARY INFORMATION: 

History 

On November 8, 2010, the FAA 

published in the Federal Register a 

notice of proposed rulemaking to amend 

Class E airspace for Muncie, IN, creating 

controlled airspace at Ball Memorial 

Hospital Heliport (75 FR 68552) Docket 

No. FAA–2010–1032. Interested parties 

were invited to participate in this 

rulemaking effort by submitting written 

comments on the proposal to the FAA. 

No comments were received. 

Subsequent to publication, an error was 

found in the regulatory text noting the 

wrong airport name. This rule will make 

the correction. 


jlentini on DSKJ8SOYB1PROD with RULES
9220 Federal Register / Vol. 76, No. 33 / Thursday, February 17, 2011 / Rules and Regulations 

Class E airspace designations are 

published in paragraph 6005 of FAA 

Order 7400.9U dated August 18, 2010, 

and effective September 15, 2010, which 

is incorporated by reference in 14 CFR 

71.1. The Class E airspace designations 

listed in this document will be 

published subsequently in the Order. 

The Rule 

This action amends Title 14 Code of 

Federal Regulations (14 CFR) part 71 by 

creating Class E airspace extending 

upward from 700 feet above the surface 

to accommodate the new COPTER 

RNAV (POINT–IN–SPACE) standard 

instrument approach procedures at Ball 

Memorial Hospital Heliport, Muncie, 

IN. This action is necessary for the 

safety and management of IFR 

operations at the heliport. This action 

also corrects the airport name listed in 

the regulatory text for Muncie, IN, from 

‘‘Purdue University Airport’’ to 

‘‘Delaware County Regional Airport’’. 

With the exception of editorial changes 

and the changes described above, this 

action is the same as that proposed in 

the NPRM. 

The FAA has determined that this 

regulation only involves an established 

body of technical regulations for which 

frequent and routine amendments are 

necessary to keep them operationally 

current. Therefore, this regulation: (1) Is 

not a ‘‘significant regulatory action’’ 

under Executive Order 12866; (2) is not 

a ‘‘significant rule’’ under DOT 

Regulatory Policies and Procedures (44 

FR 11034; February 26, 1979); and (3) 

does not warrant preparation of a 

regulatory evaluation as the anticipated 

impact is so minimal. Since this is a 

routine matter that will only affect air 

traffic procedures and air navigation, it 

is certified that this rule, when 

promulgated, will not have a significant 

economic impact on a substantial 

number of small entities under the 

criteria of the Regulatory Flexibility Act. 

The FAA’s authority to issue rules 

regarding aviation safety is found in 

Title 49 of the U.S. Code. Subtitle 1, 

section 106, describes the authority of 

the FAA Administrator. Subtitle VII, 

Aviation Programs, describes in more 

detail the scope of the agency’s 

authority. This rulemaking is 

promulgated under the authority 

described in subtitle VII, part A, subpart 

I, section 40103. Under that section, the 

FAA is charged with prescribing 

regulations to assign the use of airspace 

necessary to ensure the safety of aircraft 

and the efficient use of airspace. This 

regulation is within the scope of that 

authority as it creates controlled 

airspace at Ball Memorial Hospital 

Heliport, Muncie, IN. 

List of Subjects in 14 CFR Part 71 

Airspace, Incorporation by reference, 

Navigation (Air). 

Adoption of the Amendment 

In consideration of the foregoing, the 

Federal Aviation Administration 

amends 14 CFR part 71 as follows: 

PART 71—DESIGNATION OF CLASS A, 

B, C, D, AND E AIRSPACE AREAS; AIR 

TRAFFIC SERVICE ROUTES; AND 

REPORTING POINTS 

■ 1. The authority citation for 14 CFR 

part 71 continues to read as follows: 

Authority: 49 U.S.C. 106(g), 40103, 40113, 

40120; E. O. 10854, 24 FR 9565, 3 CFR, 1959– 

1963 Comp., p. 389. 

§ 71.1 [Amended] 

■ 2. The incorporation by reference in 

14 CFR 71.1 of the Federal Aviation 

Administration Order 7400.9U, 

Airspace Designations and Reporting 

Points, dated August 18, 2010, and 

effective September 15, 2010, is 

amended as follows: 

Paragraph 6005 Class E airspace areas 

extending upward from 700 feet or more 

above the surface. 

* * * * * 

AGL IN E5 Muncie, IN [Amended] 

Muncie, Delaware County Regional Airport, 

IN 

(Lat. 40°14′33′′ N., long. 85°23′45′′ W.) 

Muncie, Ball Memorial Hospital Heliport, IN 

Point In Space 

(Lat. 40°11′50′′ N., long. 85°25′52′′ W.) 

That airspace extending upward from 700 

feet above the surface within a 7-mile radius 

of Delaware County Regional Airport, and 

within a 6-mile radius of the Ball Memorial 

Hospital Heliport point in space coordinates 

at lat. 40°11′50′′ N., long. 85°25′52′′ W. 

Issued in Fort Worth, Texas, on February 

8, 2011. 

Richard J. Kervin, Jr. 

Acting Manager, Operations Support Group, 

ATO Central Service Center. 

[FR Doc. 2011–3549 Filed 2–16–11; 8:45 am] 

BILLING CODE 4910–13–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 71 

[Docket No. FAA–2010–1031; Airspace 

Docket No. 10–AGL–19] 

Establishment of Class E Airspace; 

Martinsville, IN 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Final rule. 

SUMMARY: This action establishes Class 

E airspace at Martinsville, IN, to 

accommodate new Area Navigation 

(RNAV) Standard Instrument Approach 

Procedures (SIAP) at Morgan Hospital 

Heliport, Martinsville, IN. The FAA is 

taking this action to enhance the safety 

and management of Instrument Flight 

Rule (IFR) operations at the heliport. 

DATES: Effective date: 0901 UTC, May 5, 

2011. The Director of the Federal 

Register approves this incorporation by 

reference action under 1 CFR part 51, 

subject to the annual revision of FAA 

Order 7400.9 and publication of 

conforming amendments. 

FOR FURTHER INFORMATION CONTACT: 

Scott Enander, Central Service Center, 

Operations Support Group, Federal 

Aviation Administration, Southwest 

Region, 2601 Meacham Blvd., Fort 

Worth, TX 76137; telephone (817) 321– 

7716. 

SUPPLEMENTARY INFORMATION: 

History 

On November 8, 2010, the FAA 

published in the Federal Register a 

notice of proposed rulemaking to 

establish Class E airspace for 

Martinsville, IN, creating additional 

controlled airspace at Morgan Hospital 

Heliport (75 FR 68557) Docket No. 

FAA–2010–1031. Interested parties 

were invited to participate in this 

rulemaking effort by submitting written 

comments on the proposal to the FAA. 

No comments were received. Class E 

airspace designations are published in 

paragraph 6005 of FAA Order 7400.9U 

dated August 18, 2010, and effective 

September 15, 2010, which is 

incorporated by reference in 14 CFR 

71.1. The Class E airspace designations 

listed in this document will be 

published subsequently in the Order. 

The Rule 

This action amends Title 14 Code of 

Federal Regulations (14 CFR) part 71 by 

establishing Class E airspace extending 

upward from 700 feet above the surface 

to accommodate the new COPTER 

RNAV (POINT-IN-SPACE) standard 

instrument approach procedures at 

Morgan Hospital Heliport, Martinsville, 

IN. This action is necessary for the 

safety and management of IFR 

operations at the heliport. 

The FAA has determined that this 

regulation only involves an established 

body of technical regulations for which 

frequent and routine amendments are 

necessary to keep them operationally 

current. Therefore, this regulation: (1) Is 

not a ‘‘significant regulatory action’’ 

under Executive Order 12866; (2) is not 

a ‘‘significant rule’’ under DOT 


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