Source: https://www.law.cornell.edu/uscode/text/46/53734?quicktabs_8=3
Timestamp: 2016-02-10 14:14:57
Document Index: 770812154

Matched Legal Cases: ['§ 53734', '§\u202f53734', '§\u202f8', '§\u202f3507', '§\u202f3522', '§\u202f1104', '§\u202f4115', '§\u202f6204', '§\u202f1356', '§\u202f11', '§\u202f3522', '§\u202f3507', '§\u202f3522', '§\u202f3507', '§\u202f3507', '§\u202f3522']

46 U.S. Code § 53734 - Replacement of vessels because of changes in operating standards | US Law | LII / Legal Information Institute
§ 53734.
Replacement of vessels because of changes in operating standards
(a)General Authority.—Notwithstanding any other provision of this chapter, the Secretary or Administrator, on terms the Secretary or Administrator may prescribe, may guarantee or make a commitment to guarantee the payment of the principal of and interest on an obligation that aids in financing or refinancing (including reimbursement of an obligor for expenditures previously made for) a contract for the construction or reconstruction of a vessel if—
the Secretary or Administrator has considered the criteria specified in section 53708(a)(3)–(5) of this title.
(b)Term and Amount of Obligation.—
(1)Term.—
The term of an obligation guaranteed under this section may not exceed 25 years.
(2)Amount.—
The amount of an obligation guaranteed under this section may not exceed 87.5 percent of the actual cost or depreciated actual cost to the applicant for the construction or reconstruction of the vessel. The Secretary or Administrator may not establish a percentage under this paragraph that is to be applied uniformly to all guarantees or commitments to guarantee made under this section.
(c)Applicability of Other Provisions.—
A guarantee or commitment to guarantee under this section is also subject to sections 53701, 53702(a), 53704, 53705, 53707(a), 53708(d) and (e), 53709(a), 53710(a)(1), (2), and (4) and (c), 53711(a), 53713, 53714, 53717, and 53721–53725 of this title.
(d)Security Against Default.—
The Secretary or Administrator shall require by regulation that an applicant under this section provide adequate security against default.
(e)Guarantee Fees.—The Secretary or Administrator may establish a fee for the guarantee of an obligation under this section that is in addition to the fee established under section 53714 of this title. The fee may be—
(Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1624; Pub. L. 109–163, div. C, title XXXV, § 3507(a)(1)(E), Jan. 6, 2006, 119 Stat. 3555; Pub. L. 110–181, div. C, title XXXV, § 3522(a)(10)(B), (b), Jan. 28, 2008, 122 Stat. 598.)
53734(a)
June 29, 1936, ch. 858, title XI, § 1104B, as added Pub. L. 101–380, title IV, § 4115(f)(2), Aug. 18, 1990, 104 Stat. 521; amended Pub. L. 102–587, title VI, § 6204, Nov. 4, 1992, 106 Stat. 5094; Pub. L. 103–160, div. A, title XIII, § 1356(4), Nov. 30, 1993, 107 Stat. 1814; Pub. L. 104–239, § 11(2), Oct. 8, 1996, 110 Stat. 3134.
In subsection (a), in paragraph (1), the words “as defined in section 1244 of this Appendix” are omitted because the definition of “foreign commerce or trade” in chapter 1 of the revised title applies without having to say so specifically. Paragraph (6) is substituted for 46 App. U.S.C. 1274a(b)(3) to improve the organization of the source provisions.
2008—Pub. L. 110–181, § 3522(b), repealed Pub. L. 109–163, § 3507(a)(1)(E). 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)(E), 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)(E), which directed the amendment of section 1274a 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.