[Code of Federal Regulations]
[Title 13, Volume 1]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 13CFR400.210]

[Page 672-673]
 
                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 may be 
modified, in whole or in part, without

[[Page 673]]

the prior written approval of the Board.
    (b) Upon notice to the Board and a certification by the assignor 
that the assignee is an Eligible Lender, and subject to the provisions 
of paragraphs (c) and (d) of this section and other provisions of this 
part, a Lender may assign or transfer its interest in the loan including 
the Loan documents and the Guarantee to a party that qualifies as an 
Eligible Lender pursuant to Sec.  400.201. Any other assignment or 
transfer will require the prior written approval of the Board.
    (c) The provisions of paragraph (b) of this section shall not apply 
to transfers which occur by operation of law.
    (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 fifteen percent of the aggregate amount of the loan. In 
addition, the Agent must hold and may not assign or transfer an interest 
the Unguaranteed Portion of the loan equal to at least the minimum 
amount of the loan required to be held by the Agent under the preceding 
sentence multiplied by the percentage of the loan represented by the 
Unguaranteed Portion. A non-Agent Lender must hold and may not assign or 
transfer an interest in the Unguaranteed Portion of the loan 
representing no less than five percent of such Lender's total interest 
in the loan; provided, that a non-Agent Lender may transfer its interest 
in the Unguaranteed Portion after payment of the Guaranteed Portion has 
been made under the Guarantee.

[66 FR 53080, Oct. 19, 2001]