36 CFR 51.86 : Parks, Forests, And Public Property (§ 1.1 To Parts 1601-1699) — (§ 1.1 To Parts 80-199) — National Park Service, Department Of The Interior (§ 1.1 To Parts 80-199) — Concession Contracts (§ 51.1 To § 51.104) — Assignment Or Encumbrance Of Concession Contracts (§ 51.84 To § 51.97) — What encumbrances require the approval of the Director?

The concessioner may not encumber, pledge, mortgage or otherwise provide as a security interest for any purpose (such transactions collectively referred to as “encumbrances” for purposes of this part), without the prior written approval of the Director, any of the following:

(a) Any concession contract;

(b) Any rights to operate under or manage performance under a concession contract as a subconcessioner or otherwise;

(c) Any controlling interest in a concessioner or concession contract; or

(d) Any leasehold surrender interest or possessory interest obtained under a concession contract.