(A) process and review applications under this chapter, including conducting independent analysis and review of aspects of an application;
(B) represent the Secretary or Administrator in structuring and documenting the obligation guarantee;
(C) analyze and review aspects of, structure, and document the obligation guarantee during the term of the guarantee;
(D) recommend financial covenants or financial ratios to be met by the applicant during the time a guarantee under this chapter is outstanding that are—
(i) based on the financial covenants or financial ratios, if any, that are then applicable to the obligor under private sector credit agreements; and
(ii) in lieu of other financial covenants applicable to the obligor under this chapter with respect to requirements regarding long-term debt-to-equity, minimum working capital, or minimum amount of equity; and
(E) represent the Secretary or Administrator to protect the security interests of the Government relating to an obligation guarantee.
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1604; Pub. L. 109–163, div. C, title XXXV, §3507(a)(1)(D), (2)(G), (b)(7), Jan. 6, 2006, 119 Stat. 3555, 3556; Pub. L. 110–181, div. C, title XXXV, §3522(a)(10)(B), (b), Jan. 28, 2008, 122 Stat. 598; Pub. L. 116–92, div. C, title XXXV, §3506(c), Dec. 20, 2019, 133 Stat. 1971.)
|Source (U.S. Code)||Source (Statutes at Large)|
|53703(a)||46 App.:1274(n).||June 29, 1936, ch. 858, title XI, §1104A(l), (n), as added Pub. L. 108–136, title XXXV, §§3523(b), 3525, Nov. 24, 2003, 117 Stat. 1800, 1801.|
"(A) in the development and submission of initial applications;
"(B) in meeting requests for supplemental information made by the Administrator; and
"(C) to comply with other requirements made by the Administrator to ensure the expedited consideration of applications.
"(1) The maritime loan guarantee program was established by the Congress through the Merchant Marine Act, 1936 [see Short Title of 1936 Amendment note set out under section 101 of this title] to encourage domestic shipbuilding by making available federally backed loan guarantees for new construction to ship owners and operators.
"(2) The maritime loan guarantee program has a long and successful history of ship construction with a low historical default rate.
"(3) The current process for review of applications for maritime loans in the Department of Transportation has effectively discontinued the program as envisioned by the Congress.
"(4) The President has requested no funding for the loan guarantee program despite the stated national policy to foster the development and encourage the maintenance of a merchant marine in section 50101 of title 46, United States Code.
"(5) United States commercial shipyards were placed at a competitive disadvantage in the world shipbuilding market by government subsidized foreign commercial shipyards.
"(6) The maritime loan guarantee program has the potential to modernize shipyards and the ships of the United States coastwise trade and restore a competitive position in the world shipbuilding market for United States shipyards.
"(7) The maritime loan guarantee program is a useful tool to encourage domestic shipbuilding, preserving a vital industrial capacity critical to the security of the United States.
2019—Pub. L. 116–92, §3506(c)(1), substituted "and administration" for "procedures" in section catchline.
Subsecs. (c), (d). Pub. L. 116–92, §3506(c)(2), added subsecs. (c) and (d).
2008—Pub. L. 110–181, §3522(b), repealed Pub. L. 109–163, §3507(a)(1)(D), (2)(G), (b)(7). See 2006 Amendment note below.
Pub. L. 110–181, §3522(a)(10)(B), incorporated the substance of the amendment by Pub. L. 109–163, §3507(a)(1)(D), (2)(G), (b)(7), into this section by inserting "or Administrator" after "Secretary" wherever appearing. See 2006 Amendment note below and section 18(a) of Pub. L. 109–304, set out as a Legislative Purpose and Construction note preceding section 101 of this title.
2006—Pub. L. 109–163, §3507(a)(1)(D), (2)(G), (b)(7), which directed the amendment of section 1274(l), (n) of the former Appendix to this title from which this section was derived, was repealed by Pub. L. 110–181, §3522(b). See 2008 Amendment notes and Historical and Revision notes above.
Disclaimer: Lawrina maintains this website to enhance public access to information about its activities. We make an effort to keep the information about codes timely and accurate. Please note that we cannot guarantee that the U.S.C, Title 46, Section 53703 — Application and administration — exactly reproduces the officially adopted text.