[Code of Federal Regulations]
[Title 13, Volume 1]
[Revised as of January 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 13CFR400.210]

[Page 554-555]
 
                TITLE 13--BUSINESS CREDIT AND ASSISTANCE
 
            CHAPTER IV--EMERGENCY STEEL GUARANTEE LOAN BOARD
 
PART 400--EMERGENCY STEEL GUARANTEE LOAN PROGRAM--Table of Contents
 
                    Subpart C--Steel Guarantee Loans
 
Sec. 400.210  Assignment or transfer of loans.

    (a) Neither the Loan Documents nor the Guarantee of the Board, or 
any interest therein, may be modified, assigned, conveyed, sold or 
otherwise transferred by the Lender, in whole or in part, without the 
prior written approval of the Board.
    (b) Under no circumstances will the Board permit an assignment or 
transfer of less than 100 percent of a Lender's interest in the Loan 
Documents and Guarantee, nor will it permit an assignment or transfer to 
be made to a party which the Board determines not to be an Eligible 
Lender pursuant to Sec. 400.201.
    (c) The proscription under paragraph (a) of this section shall not 
apply to:
    (1) Transfers which occur by operation of law, unless a primary 
purpose of the transaction leading to such a transfer was to assign, 
convey or sell the loan note or Guarantee without the necessity of 
securing the Board's prior written approval; or
    (2) Transfers by a non-Agent Lender of the non-guaranteed portion of 
the loan after payment of the guaranteed portion of the loan has been 
made under the Guarantee.
    (d) The Agent must hold and may not assign or transfer an interest 
in a loan guaranteed under the Program equal to at least the lesser of 
$25 million or 15 percent of the aggregate amount of the loan. The Agent 
must hold and may not assign or transfer an interest in the

[[Page 555]]

unguaranteed portion of the loan which as a percentage of the Agent's 
overall interest in the loan is no less than the aggregate percentage of 
the loan which is not guaranteed. A non-Agent Lender must hold and may 
not transfer or assign an interest in the unguaranteed portion of the 
loan representing no less than five percent of such Lender's total 
interest in the Loan, except as provided paragraph (c)(2) of this 
section.

[64 FR 57933, Oct. 27, 1999, as amended at 65 FR 24104, Apr. 25, 2000; 
65 FR 70294, Nov. 22, 2000]