§298.25. Excess interest or other consideration.
46 C.F.R. § 298.25
We shall not execute Guarantees if any agreement in the Documentation directly or indirectly provides for:
The payment to an Obligee of interest, or other compensation for services which have not been performed, in a manner that such compensation or payment is being provided as interest in excess of the rate approved by us; or
Grants of security to an Obligee in addition to the Guarantees.
Notes, amendments, and revision history
Authority
Authority: 46 U.S.C. chapter 537; 49 CFR 1.93.
Source
Source: 65 FR 45152, July 20, 2000, unless otherwise noted.