### 1579 Federal Register / Vol. 80, No. 7 / Monday, January 12, 2015 / Notices

based on the submitted application materials, Investment Committee interviews with the applicant’s management team, and the results of background investigations, public record searches, and other due diligence conducted by SBA and other Federal agencies. SBA will evaluate an Early Stage SBIC license applicant based on the same factors applicable to other license applicants, as set forth in 13 CFR 107.305, with particular emphasis on managers’ skills and experience in evaluating and investing in early stage companies. As discussed in the Final Rule, evaluation criteria fall into four areas: (A) Management Team; (B) Track Record; (C) Proposed Investment Strategy; and (D) Organizational Structure and Fund Economics. You should review these regulations prior to completing your MAQ.

B. Managing SBA Leverage. SBA will pay particular attention to how a team’s investment strategy works with proposed SBA leverage. Early Stage Debenture leverage either requires a 5 year interest and annual charge reserve from the date of issue or is structured with an original issue discount that covers the interest and annual charges for the first 5 years. In either case, Early Stage SBICs must identify how quarterly interest payments beginning in the 6th year from Debenture issue will be met. Sources of liquidity to make interest payments may include (a) private capital; (b) realizations; or (c) current income. As part of your plan of operations, you should carefully consider how your investment strategy will work with SBA leverage and make appropriate suggestions to manage risk. Risk mitigation strategies might include making some investments in current pay instruments, taking down less than a full tier of leverage ( i.e., leverage less than 100% of Regulatory Capital), taking leverage down later in the fund’s life, lowering management expenses, and reserving more private capital. The strategies you choose to employ should be appropriate for your management team’s track record and investment strategy.

C. SBA Diversification Rights. Per 13 CFR 107.320, SBA reserves the right to maintain diversification among Early Stage SBICs with respect to (i) the year in which they commence operations (‘‘vintage year’’) and (ii) geographic location.

1 . Vintage Year Diversification. Vintage year has a major impact on the return expectations of a fund and excessive concentration in a single year could substantially increase program risk. Therefore, SBA reserves the right, when licensing Early Stage SBICs, to maintain diversification across vintage years. SBA believes that it will be able to manage vintage year diversification through its call process. If SBA receives an extraordinary number of qualified applicants in FY 2015, it may not approve all such applicants.

2 . Geographic Diversification. All Early Stage SBICs must first meet SBA’s basic licensing criteria. After those criteria are met, SBA reserves the right to maintain diversification among Early Stage SBICs with respect to the geographic location in which the Early Stage SBIC expects to invest.

Pravina Raghavan, Deputy Associate Administrator, Office of Investment and Innovation.

[FR Doc. 2015–00247 Filed 1–9–15; 8:45 am]

**BILLING CODE 8025–01–P**

**DEPARTMENT OF TRANSPORTATION**

**Federal Aviation Administration**

**Agency Information Collection Activities: Requests for Comments;**  **Clearance of Renewed Approval of Information Collection: Reduced**  **Vertical Separation Minimum**

**AGENCY :**  Federal Aviation Administration (FAA), DOT.

**ACTION :**  Notice and request for

comments.

**SUMMARY :**  In accordance with the Paperwork Reduction Act of 1995, FAA invites public comments about our intention to request the Office of Management and Budget (OMB) approval to renew an information collection. The Federal Register Notice with a 60-day comment period soliciting comments on the following collection of information was published on November 6, 2014. Aircraft operators seeking operational approval to conduct Reduced Vertical Separation Minimum (RVSM) operations within the 48 contiguous United States (U.S.), Alaska and a portion of the Gulf of Mexico must submit an application to the Certificate Holding District Office.

**DATES :**  Written comments should be submitted by February 11, 2015.

**ADDRESSES :**  Interested persons are invited to submit written comments on the proposed information collection to the Office of Information and Regulatory Affairs, Office of Management and Budget. Comments should be addressed to the attention of the Desk Officer, Department of Transportation/FAA, and sent via electronic mail to
oira

_submission@omb.eop.gov, or faxed to (202) 395–6974, or mailed to the Office of Information and Regulatory Affairs, Office of Management and Budget, Docket Library, Room 10102, 725 17th Street NW., Washington, DC

20503.

Public Comments Invited: You are asked to comment on any aspect of this information collection, including (a) Whether the proposed collection of information is necessary for FAA’s performance; (b) the accuracy of the estimated burden; (c) ways for FAA to enhance the quality, utility and clarity of the information collection; and (d) ways that the burden could be minimized without reducing the quality of the collected information. The agency will summarize and/or include your comments in the request for OMB’s clearance of this information collection.

**FOR FURTHER INFORMATION CONTACT :**  Kathy DePaepe at (405) 954–9362, or by email at: Kathy.DePaepe@faa.gov.

**SUPPLEMENTARY INFORMATION :** 

OMB Control Number: 2120–0679.
Title: Reduced Vertical Separation
Minimum.

Form Numbers: There are no FAA forms associated with this collection.

Type of Review: Renewal of an information collection.

Background: The Federal Register Notice with a 60-day comment period soliciting comments on the following collection of information was published on November 6, 2014 (79 FR 66028). The authority to collect data from aircraft operators seeking operational approval to conduct RVSM operations is contained in part 91, Section 91.180. Aircraft operators seeking operational approval to conduct RVSM operations within the 48 contiguous States of the United States (U.S.), Alaska and that portion of the Gulf of Mexico where the FAA provides air traffic services must submit their application to the Certificate Holding District Office (CHDO).

Respondents: Approximately 1,560 operators.

Frequency: Information is collected
on occasion.

Estimated Average Burden per Response: 30 hours.

Estimated Total Annual Burden: 46,800 hours.

Issued in Washington, DC, on January 5,

2015. Albert R. Spence, FAA Assistant Information Collection Clearance Officer, IT Enterprises Business Services Division, ASP–110.

[FR Doc. 2015–00255 Filed 1–9–15; 8:45 am]

**BILLING CODE 4910–13–P**