Rules and Regulations
promulgated
under the
Investment Company Act of 1940
Rule 18c-1 -- Exemption of Privately Held Indebtedness
The issuance or sale of more than one class of senior securities representing indebtedness
by a small business investment company, licensed under the Small Business Investment
Act of 1958, shall not be prohibited by section
18(c) so long as such small business investment company does not have outstanding
any publicly held indebtedness, and all securities of any such class are (a) privately
held by the Small Business Administration, or banks, insurance companies or other
institutional investors, (b) not intended to be publicly distributed, and (c) not
convertible into, exchangeable for, or accompanied by any option to acquire, any
equity security.
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