; and (B) for follow-on investments and management fees, during the 10-year period beginning on the date on which the Program participant first accesses amounts from the account. (2) Extension Upon request by a Program participant, the Administrator may grant a 1-year extension of the period described in paragraph (1)(B) not more than 2 times. (3) Use of amounts A Program participant shall invest all amounts in the account during the 10-year period beginning on the date on which the Program participant first accesses amounts from the account. (d) Priority The Administrator shall prioritize making seed investments under this section to Program participants in underlicensed States. (e) Investments in certain businesses (1) In general A Program participant that receives a seed investment under this part shall make all of the investments of such Program participant in small business concerns, of which at least 50 percent shall be in covered small businesses. (2) Minority positions On the date on which a Program participant first accesses amounts from such seed investment, the Program participant may not own or control not more than 50 percent of the shares of any small business concern in which such Program participant invests. A Program participant shall not pursue a buyout strategy as a primary purpose of an investment in such a small business concern, but may take control in follow-on investments if necessary for the success of any such small business concern. (3) Evaluation of compliance The Administrator shall evaluate the compliance of a Program participant with the requirements under this section once such Program participant has expended 75 percent of the amount of a seed investment made under this part. (f) Seed investment interest (1) In general (A) In general Subject to paragraph (4), a Program participant that receives a seed investment under the Program shall convey a seed investment interest to the Administrator in accordance with subparagraph (B). (B) Effect of conveyance The seed investment interest