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

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 


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