2012 US Code
Title 46 - Shipping
Subtitle V - Merchant Marine (§§ 50101 - 58109)
Part C - Financial Assistance Programs (§§ 53101 - 54101)
Chapter 537 - LOANS AND GUARANTEES (§§ 53701 - 53735)
Subchapter I - GENERAL (§§ 53701 - 53718)
Section 53704 - Funding limits
Publication Title | United States Code, 2012 Edition, Title 46 - SHIPPING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 46 - SHIPPING Subtitle V - Merchant Marine Part C - Financial Assistance Programs CHAPTER 537 - LOANS AND GUARANTEES SUBCHAPTER I - GENERAL Sec. 53704 - Funding limits |
Contains | section 53704 |
Date | 2012 |
Laws in Effect as of Date | January 15, 2013 |
Positive Law | Yes |
Disposition | standard |
Source Credit | Pub. L. 109-304, §8(c), Oct. 6, 2006, 120 Stat. 1604; Pub. L. 109-163, div. C, title XXXV, §3507(a)(1)(C), 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. |
Statutes at Large References | 52 Stat. 969 67 Stat. 626 68 Stat. 1268 70 Stat. 332, 1087 84 Stat. 1035 86 Stat. 910 87 Stat. 168 89 Stat. 681 92 Stat. 340 94 Stat. 994, 3292 95 Stat. 752 96 Stat. 2167 107 Stat. 1812 110 Stat. 3134 117 Stat. 1802 119 Stat. 3555 120 Stat. 1604 122 Stat. 598 |
Public Law References | Public Law 91-469, Public Law 92-507, Public Law 93-70, Public Law 94-127, Public Law 95-298, Public Law 96-320, Public Law 96-561, Public Law 97-35, Public Law 97-424, Public Law 103-160, Public Law 104-239, Public Law 108-136, Public Law 109-163, Public Law 109-304, Public Law 110-181 |
Download PDF
(a)
(1) $850,000,000 shall be limited to obligations related to fishing vessels and fishery facilities; and
(2) $3,000,000,000 shall be limited to obligations related to eligible export vessels.
(b)
(c)
(1)
(2)
(A) establish, and update annually, a system of risk categories for obligations guaranteed under this chapter that categorizes the relative risk of guarantees based on the risk factors set forth in paragraph (4);
(B) determine annually for each risk category a subsidy rate equivalent to the cost of obligations in the category, expressed as a percentage of the amount guaranteed for obligations in the category; and
(C) ensure that each risk category is comprised of loans that are relatively homogeneous in cost and share characteristics predictive of defaults and other costs, given the facts known at the time of obligation or commitment, using a risk category system that is based on historical analysis of program data and statistical evidence concerning the likely costs of defaults or other costs that are expected to be associated with the loans in the category.
(3)
(A)
(B)
(i) the amount guaranteed under this chapter for an obligation; by
(ii) the subsidy rate for the category in which the obligation is placed under subparagraph (A).
(C)
(D)
(4)
(A) if applicable, the country risk for each eligible export vessel financed or to be financed by an obligation;
(B) the period for which an obligation is guaranteed or to be guaranteed;
(C) the amount of an obligation guaranteed or to be guaranteed in relation to the total cost of the project financed or to be financed by the obligation;
(D) the financial condition of an obligor or applicant for a guarantee;
(E) if applicable, other guarantees related to the project;
(F) if applicable, the projected employment of each vessel or equipment to be financed with an obligation;
(G) if applicable, the projected market that will be served by each vessel or equipment to be financed with an obligation;
(H) the collateral provided for a guarantee for an obligation;
(I) the management and operating experience of an obligor or applicant for a guarantee;
(J) whether a guarantee under this chapter is or will be in effect during the construction period of the project; and
(K) the concentration risk presented by an unduly large percentage of loans outstanding by any one borrower or group of affiliated borrowers.
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1604; Pub. L. 109–163, div. C, title XXXV, §3507(a)(1)(C), 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.)
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
53704(a) | 46 App.:1273(f) (1st sentence). | June 29, 1936, ch. 858, title XI, §1103(f), as added June 23, 1938, ch. 600, §46, 52 Stat. 969; Aug. 15, 1953, ch. 513, §1, 67 Stat. 626; Sept. 3, 1954, ch. 1265, §3, 68 Stat. 1268; June 25, 1956, ch. 438, 70 Stat. 332; Aug. 7, 1956, ch. 1026, §1(a), (c), (d), 70 Stat. 1087; Pub. L. 91–469, §30, Oct. 21, 1970, 84 Stat. 1035; restated Pub. L. 92–507, §3, Oct. 19, 1972, 86 Stat. 910; Pub. L. 93–70, §3, July 10, 1973, 87 Stat. 168; Pub. L. 94–127, §5, Nov. 13, 1975, 89 Stat. 681; Pub. L. 95–298, §5, June 26, 1978, 92 Stat. 340; Pub. L. 96–320, title II, §203(b)(1), Aug. 3, 1980, 94 Stat. 994; Pub. L. 96–561, title II, §220(2), Dec. 22, 1980, 94 Stat. 3292; Pub. L. 97–35, title XVI, §1606(a), (b), Aug. 13, 1981, 95 Stat. 752; Pub. L. 97–424, title IV, §425, Jan. 6, 1983, 96 Stat. 2167; Pub. L. 103–160, title XIII, §1356(2)(A), Nov. 30, 1993, 107 Stat. 1812; Pub. L. 108–136, title XXXV, §3528(b), Nov. 24, 2003, 117 Stat. 1802. |
53704(b) | 46 App.:1273(f) (2d, last sentences). | |
53704(c) | 46 App.:1273(h). | June 29, 1936, ch. 858, title XI, §1103(h), as added Pub. L. 104–239, §13(a), Oct. 8, 1996, 110 Stat. 3134; Pub. L. 108–136, title XXXV, §3528(b), Nov. 24, 2003, 117 Stat. 1802. |
2008—Pub. L. 110–181, §3522(b), repealed Pub. L. 109–163, §3507(a)(1)(C). See 2006 Amendment note below.
Subsec. (c). Pub. L. 110–181, §3522(a)(10)(B), incorporated the substance of the amendment by Pub. L. 109–163, §3507(a)(1)(C), 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)(C), which directed the amendment of section 1273(h) of the former Appendix to this title from which subsec. (c) of this section was derived, was repealed by Pub. L. 110–181, §3522(b). See 2008 Amendment note for subsec. (c) and Historical and Revision notes above.
Disclaimer: These codes may not be the most recent version. The United States Government Printing Office may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the US site. Please check official sources.