; and (ii) the principal risk factors associated with such indebtedness, to the extent such risk is incurred by the company; and (C) (i) the application of this paragraph to the company is approved by the required majority (as defined in section 57(o)) of the directors of or general partners of such company who are not interested persons of the business development company, which application shall become effective on the date that is 1 year after the date of the approval, and, with respect to a business development company that issues equity securities that are not registered on a national securities exchange, the company extends, to each person who is a shareholder as of the date of the approval, an offer to repurchase the equity securities held by such person as of such approval date, with 25 percent of such securities to be repurchased in each of the four quarters following such approval date; or (ii) the company obtains, at a special or annual meeting of shareholders or partners at which a quorum is present, the approval of more than 50 percent of the votes cast of the application of this paragraph to the company, which application shall become effective on the date immediately after the date of the approval. ; (3) in paragraph (3) (as redesignated), by inserting or which is a stock after indebtedness ; (4) in subparagraph (A) of paragraph (4) (as redesignated)— (A) in the matter preceding clause (i), by striking voting ; and (B) by amending clause (iii) to read as follows: (iii) the exercise or conversion price at the date of issuance of such warrants, options, or rights is not less than— (I) the market value of the securities issuable upon the exercise of such warrants, options, or rights at the date of issuance of such warrants, options, or rights; or (II) if no such market value exists, the net asset value of the securities issuable upon the exercise of such warrants, options, or rights at the date of issuance of such warrants, options, or rights; and