Page:United States Statutes at Large Volume 101 Part 3.djvu/400

 101 STAT. 1698

PUBLIC LAW 100-233—JAN. 6, 1988 "(1) the characteristics of any pool of qualified loans serving as collateral for such securities; "(2) registration requirements (if any) with respect to such securities; and "(3) transfer requirements. "(f) AGGREGATE PRINCIPAL AMOUNTS OF QUALIFIED LOANS.— "(1) INITIAL YEAR.—During the first year after the effective

date of this title, the Corporation may not provide guarantees for securities representing interests in, or obligations backed by, qualified loans (other than loans which back securities issued by Farm Credit System institutions for which the Corporation provides a guarantee) in an aggregate principal amount in excess of 2 percent of the total agricultural real estate debt outstanding at the close of the prior calendar year (as published by the Board of Governors of the Federal Reserve System), less all Farmers Home Administration agricultural real estate debt. "(2) SECOND YEAR.—During the year following the year referred to in paragraph (1), the Corporation may not provide giiarantees for securities representing interests in, or obligations backed by, qualified loans (other than loans which back securities issued by Farm Credit System institutions for which the (Corporation provides a guarantee) in an additional principal amount in excess of 4 percent of the total agricultural real estate debt outstanding at the close of the prior calendar year, less all Farmers Home Administration agricultural real estate debt. "(3) THIRD YEAR.—During the year following the year referred to in paragraph (2), the (Dorporation may not provide guarantees for securities representing interests in, or obligations backed by, qualified loans (other than loans which back securities issued by Farm Credit System institutions for which the Corporation provides a guarsintee) in an additional principal amount in excess of 8 percent of the total agricultural real estate debt outstanding at the close of the prior calendar year, less all Farmers Home Administration agricultural real estate debt. "(4) SUBSEQUENT YEARS.—In years subsequent to the year referred to in paragraph (3), the (Corporation may provide guarantees without regard to the principal amount of the qualified loans guaranteed. 12 USC 2279aa-7.

"SEC. 8.7. RESERVES AND SUBORDINATED PARTICIPATION INTERESTS OF CERTIFIED FACILITIES. "(a) CASH CONTRIBUTIONS.—

"(1) CONTRIBUTIONS BY ORIGINATORS.—For each pool of loans, a certified facility and the participating originators may each contribute a share of the minimum reserve required under section 8.6(b)(2). "(2) (COMPOSITION OF RESERVES.—The reserves required under this section, other than retained subordinated participation interests, shall be held in the form of United States Treasury securities or other securities issued, guaranteed, or insured by an agency or instrumentality of the United States Government. "(3) USE AND DISPOSITION OF ASSETS IN RESERVE.—Subject to

the requirements of subsection (c), any certified facility that establishes a reserve pursuant to this subsection shall be required by the (Corporation to maintain such reserve as a seg: regated account consisting of the amounts contributed (but not

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