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 53715 - Escrow fund
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. 53715 - Escrow fund |
Contains | section 53715 |
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. 1614; Pub. L. 109-163, div. C, title XXXV, §3507(a)(1)(H), (3), Jan. 6, 2006, 119 Stat. 3555; Pub. L. 110-181, div. C, title XXXV, §3522(a)(10)(B), (11), (b), Jan. 28, 2008, 122 Stat. 598. |
Statutes at Large References | 73 Stat. 272 86 Stat. 916 95 Stat. 166 117 Stat. 1799 119 Stat. 3555 120 Stat. 1614 122 Stat. 598 |
Public Law References | Public Law 86-127, Public Law 92-507, Public Law 97-31, Public Law 108-136, Public Law 109-163, Public Law 109-304, Public Law 110-181 |
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(a)
(1) the excess of—
(A) the principal amount of all obligations whose proceeds are to be so used; over
(B) 75 percent or 87.5 percent, whichever is applicable under section 53709(b) of this title, of the amount paid by or for the account of the obligor for the construction, reconstruction, or reconditioning of the vessel; plus
(2) any interest the Secretary or Administrator may require on the amount described in paragraph (1).
(b)
(c)
(1)
(A) pay amounts the obligor is obligated to pay for—
(i) the construction, reconstruction, or reconditioning of a vessel used as security for the guarantee; and
(ii) interest on the obligations;
(B) redeem the obligations under a refinancing guaranteed under this chapter; and
(C) pay any excess interest deposits to the obligor at times provided for in the escrow agreement.
(2)
(d)
(1)
(2)
(e)
(1)
(A) prepay the excess of—
(i) the principal amount of all obligations whose proceeds are to be used to finance the construction, reconstruction, or reconditioning of the vessel used or to be used as security for the guarantee; over
(ii) 75 percent or 87.5 percent, whichever is applicable under section 53709(b) of this title, of the actual cost of the vessel to the extent paid; and
(B) pay interest on that prepaid amount of principal.
(2)
(f)
(g)
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1614; Pub. L. 109–163, div. C, title XXXV, §3507(a)(1)(H), (3), Jan. 6, 2006, 119 Stat. 3555; Pub. L. 110–181, div. C, title XXXV, §3522(a)(10)(B), (11), (b), Jan. 28, 2008, 122 Stat. 598.)
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
53715(a) | 46 App.:1279a(a) (less proviso). | June 29, 1936, ch. 858, title XI, §1108, formerly §1111, as added Pub. L. 86–127, §1(2), July 31, 1959, 73 Stat. 272; renumbered Pub. L. 92–507, §5, Oct. 19, 1972, 86 Stat. 916; Pub. L. 97–31, §12(136), Aug. 6, 1981, 95 Stat. 166; Pub. L. 108–136, title XXXV, §3521(a), Nov. 24, 2003, 117 Stat. 1799. |
53715(b) | 46 App.:1279a(a) (proviso). | |
53715(c) | 46 App.:1279a(b). | |
53715(d) | 46 App.:1279a(g). | |
53715(e) | 46 App.:1279a(c). | |
53715(f) | 46 App.:1279a(d), (e). | |
53715(g) | 46 App.:1279a(f). |
2008—Pub. L. 110–181, §3522(b), repealed Pub. L. 109–163, §3507(a)(1)(H), (3). See 2006 Amendment note below.
Pub. L. 110–181, §3522(a)(10)(B), (11), incorporated the substance of the amendment by Pub. L. 109–163, §3507(a)(1)(H), (3), into this section by inserting “or Administrator” after “Secretary” wherever appearing and “or Administrator's” after “Secretary's” in subsec. (d)(1). 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)(H), (3), which directed the amendment of section 1279a 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.
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