; and (ii) access leverage in an amount that is not more than 100 percent of the private capital of the applicant. (E) Investment committee (i) In general Each company licensed pursuant to this paragraph shall have not fewer than 2 independent members on the investment committee of the company in a manner that complies with the following requirements: (I) The independent members of the investment committee are or have been licensed managers of small business investment companies within the preceding 10-year period. (II) No small business investment company described in subclause (I) may adversely affected by the relationship of the independent members of the investment committee with the company licensed pursuant to this paragraph. (III) The independent members of the investment committee are required to approve each investment made by the company. (IV) The independent members of the investment committee shall not be paid a management fee, but may receive paid expenses and a portion of any carried interest. (ii) Leverage limits Any leverage associated with a company licensed pursuant to this paragraph shall not be counted toward the leverage limits of the independent members of the investment committee of the company under this title. ; and (2) in section 303(d) ( 15 U.S.C. 683(d) ), by inserting (or, with respect to a company licensed under section 301(c)(5), 50 percent) after 25 percent . (b) SBA requirements (1) Definitions In this subsection— (A) the term Administrator means the Administrator of the Small Business Administration