(a) ORGANIZATION AND MISSION.-The Maritime Administration is an administration in the Department of Transportation. The mission of the Maritime Administration is to foster, promote, and develop the merchant maritime industry of the United States. (b) MARITIME ADMINISTRATOR.-The head of the Maritime Administration is the Maritime Administrator, who is appointed by the President by and with the advice and consent of the Senate. The Administrator shall report directly to the Secretary of Transportation
(a) IN GENERAL.- (1) GUARANTEE OF PAYMENTS.-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 eligible to be guaranteed under this chapter. A guarantee or commitment to guarantee shall cover 100 percent of the principal and interest. (2) PREFERRED ELIGIBLE LENDER.-The Federal Financing Bank shall be the preferred eligible lender of the principal and interest
In this chapter: (1) ACTUAL COST.-The term "actual cost" means the sum of- (A) all amounts paid by or for the account of the obligor as of the date on which a determination is made under section 53715(d)(1) of this title; and (B) all amounts that the Secretary or Administrator reasonably estimates the obligor will become obligated to pay from time to time thereafter, for the construction, reconstruction, or reconditioning of the vessel, including guarantee fees that will become payable under section
(a) In evaluating project applications, we shall also consider whether the application provides for: (1) The capability of the Vessel(s) serving as a naval and military auxiliary in time of war or national emergency. (2) The financing of the Vessel(s) within one year after delivery. (3) The acquisition of Vessel(s) currently financed under Title XI by assumption of the total obligation(s). (4) The Guarantees extend for less than the normal term for that class of vessel. (5) In the case of an Eligible
(a)Economic evaluation. We shall not issue a Letter Commitment for guarantees unless we find that the proposed project, regarding the Vessel(s) or Shipyard Project for which you seek Title XI financing or refinancing, will be economically sound. The economic soundness and your ability to repay the Obligations will be the primary basis for our approval of a Letter Commitment. We will consider the value of the collateral for which we will issue the Obligations as only a secondary consideration in determining
(a)In general. The maturity date of the Obligations must be satisfactory to us and must not exceed the anticipated physical and economic life of the Vessel or Vessels or Shipyard Project, and may be less than but no more than: (1) Twenty-five years from the date of delivery from the shipbuilder of a single new Vessel which is to be security for Guarantees; (2) Twenty-five years from the date of delivery from the shipyard of the last of multiple Vessels which are to be security for the Guarantees
(a)Process and certification. When you apply for a commitment to execute Guarantees, you must: (1) Complete Form MA-163 and send it to the Secretary, Maritime Administration, U.S. Department of Transportation, 400 Seventh Street, SW., Washington, DC 20590. [Note: MARAD will accept electronic options (such as facsimile and Internet) for transmission of required information (excluding closing documents and documents submitted in connection with defaults) to MARAD, if practicable.] (2) Certify the application
(a)Actual Cost basis. We will issue a guarantee on an amount of the Obligation satisfactory to us based on the economic soundness of the transaction. The Obligation amount may be less than but not more than 75 percent or 871/2 percent, whichever is applicable, under the provisions of section 1104A(b)(2) or section 1104B(b)(2) of the Act of the Actual Cost of the Vessel or Vessels or Shipyard Project asset(s). (1) If minimum horsepower of the main engine is a requirement for Guarantees up to 871/2
(a) We may approve guarantees of Obligations to be secured by one or more Vessels or a Shipyard Project issued to refinance existing Title XI debt for either Vessels or for Shipyard Project and existing non-Title XI debt, so long as the existing debt has been previously issued for one of the purposes set forth in sections 1104(a)(1) through (4) of the Act. Section 1104 (a) (1) of the Act requires that, if the existing indebtedness was incurred more than one year after the delivery or redelivery of