§ 298.7 Qualifications.
(a) The Applicant must provide the information contained in Form MA-163 or 163A, available on MARAD's website, submit a complete application, pay the application fee, and meet the following criteria:
(1) Be a U.S. Citizen and eligible to document a Vessel with the U.S. registry, if the Application is for a Vessel Project, or be an entity formed in the U.S., if the Application is for a Shipyard Project;
(2) Be the legal title holder of Project property, or its parent company (or the lessee of an appropriate long-term lease); and
(3) Show that the majority of its principals or officers generally have the ability, experience, resources, character, reputation, and other qualifications necessary for successfully operating, utilizing, or carrying out the Project and protecting MARAD's interest.
(b) [Reserved]