The Federal Ship Financing Program also allows for vessel refinancing on amounts existing on the existing Federal Ship Financing Program obligations or amounts existing on obligations not previously guaranteed up to the applicable financing level of 75% or 87.5% of the depreciated Actual Cost not to exceed the amount of the existing obligations to be refinanced.  Refinancing under the Federal Ship Financing Program must meet all of the applicable requirements of the existing regulations and statutes and the original debt must have been issued within one year after vessel delivery or within one year of the date the Technology was placed into service.