46 C.F.R. § 298.16 Substitution of participants.
Title 46 - Shipping
(a) You may request our permission to substitute participants to a Mortgage and/or Security Agreement in a financing that is receiving assistance authorized by Title XI of the Act. (b) A non-refundable fee of $3,000 is due, payable at the time of the request. The fee defrays all costs of processing and reviewing a joint application by a mortgagor and/or Obligor and a proposed transferee of a Vessel or Shipyard Project, which is security for Title XI debt, if the proposed transferee is to assume the Mortgage and/or the Security Agreement.
Title 46: Shipping
PART 298—OBLIGATION GUARANTEES
Subpart B—Eligibility
§ 298.16 Substitution of participants.
