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46 U.S.C. § 53714 — Guarantee fees

Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 53714 — Guarantee fees

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Source location: Title 46, Chapter 537, § 53714; chapter-537-loans-and-guarantees.md

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**(a) Regulations.—** Subject to this section, the Secretary or Administrator shall prescribe regulations to assess a fee for guaranteeing an obligation under this chapter. **(b) Computation of Fee.—** (1) **In general.—** — The amount of the fee for a guarantee under this chapter shall be equal to the sum of the amounts determined under paragraph (2) for the years in which the guarantee is in effect. (2) **Present value for each year.—** — The amount referred to in paragraph (1) for a year in which the guarantee is in effect is the present value of the amount calculated under paragraph (3). To determine the present value, the Secretary or Administrator shall apply a discount rate determined by the Secretary of the Treasury, considering current market yields on outstanding obligations of the United States Government having periods to maturity comparable to the period to maturity for the guaranteed obligation. (3) **Calculation of amount.—** — The amount referred to in paragraph (2) shall be calculated by multiplying— (A) the estimated average unpaid principal amount of the obligation that will be outstanding during the year (excluding the average amount, other than interest, on deposit during the year in an escrow fund under [section 53715 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53715&num=0&edition=prelim)); by (B) the fee rate set under paragraph (4). (4) **Setting fee rates.—** — To set the fee rate referred to in paragraph (3)(B), the Secretary or Administrator shall establish a formula that— (A) takes into account the security provided for the guaranteed obligation; and (B) is a sliding scale based on the creditworthiness of the obligor, using— (i) the lowest allowable rate under paragraph (5) for the most creditworthy obligors; and (ii) the highest allowable rate under paragraph (5) for the least creditworthy obligors. (5) **Permissible range of rates.—** — The fee rate set under paragraph (4) shall be— (A) for a delivered vessel or equipment, at least 0.5 percent and not more than 1 percent; and (B) for a vessel to be constructed, reconstructed, or reconditioned or equipment to be delivered, at least 0.25 percent and not more than 0.5 percent. **(c) When Fee Collected.—** A fee for the guarantee of an obligation under this chapter shall be collected not later than the date on which an amount is first paid on the obligation. **(d) Financing the Fee.—** A fee paid under this section is eligible to be financed under this chapter and shall be included in the actual cost of the obligation guaranteed. **(e) Not Refundable.—** A fee paid under this section is not refundable. However, an obligor shall receive credit for the amount paid for the remaining term of the obligation if the obligation is refinanced and guaranteed under this chapter after the refinancing.

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Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 101 — Agency

In this title, the term “agency” means a department, agency, or instrumentality of the United States Government.

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Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 53715 — Escrow fund

**(a) In General.—** If the proceeds of an obligation guaranteed under this chapter are to be used to finance the construction, reconstruction, or reconditioning of a vessel that will serve as security for a guarantee under this chapter, the Secretary or Administrator may accept and hold in escrow, under an escrow agreement with the obligor, a portion of the proceeds of all obligations guaranteed under this chapter whose proceeds are to be so used which is equal to— (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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53709/b&num=0&edition=prelim), 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) Security Involving Both Uncompleted and Delivered Vessels.—** If the security for the guarantee of an obligation relates both to a vessel to be constructed, reconstructed, or reconditioned and to a delivered vessel, the principal amount of the obligation shall be prorated for purposes of subsection (a) under regulations prescribed by the Secretary or Administrator. **(c) Disbursement Before Termination of Agreement.—** (1) **Purposes.—** — The Secretary or Administrator shall disburse amounts in the escrow fund, as specified in the escrow agreement, to— (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)

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Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 53701 — Definitions

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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53715/d/1&num=0&edition=prelim); 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 53714 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53714&num=0&edition=prelim) in connection with all obligations issued for construction, reconstruction, or reconditioning of the vessel or equipment to be delivered, and all obligations issued for the delivered vessel or equipment. (2) **Administrator.—** — The term “Administrator” means the Administrator of the Maritime Administration. (3) **Construction, reconstruction, and reconditioning.—** — The terms “construction”, “reconstruction”, and “reconditioning” include designing, inspecting, outfitting, and equipping. (4) **Depreciated actual cost.—** — The term “depreciated actual cost” of a vessel means— (A) if the vessel was not reconstructed or reconditioned, the actual cost of the vessel depreciated on a straight line basis over the useful life of the vessel as determined by the Secretary or Administrator, not to exceed 25 years from the date of delivery by the builder; or (B) if the vessel was reconstructed or reconditioned, the sum of— (i) the actual cost of the vessel depreciated on a straight line basis from the date of delivery by the

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Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 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— (1) the vessel is designed and to be used for commercial use in coastwise, intercoastal, or foreign trade; (2) the construction or reconstruction is necessary to replace a vessel that cannot continue to be operated because of a change required by law in the standards for the operation of vessels, and the applicant for the guarantee or commitment would not otherwise legally be able to continue operating vessels in the trades in which the applicant operated vessels before the change; (3) the applicant is presently engaged in transporting cargoes in vessels of the type and class that will be constructed or reconstructed under this section and agrees to employ vessels constructed or reconstructed under this section as replacements only for vessels made obsolete by the change in operating standards; (4) the capacity of the vessels to be constructed or reconstructed under this section will not increase the cargo carrying capacity of the vessels being replaced; (5) the Secretary or Administrator has not determined that the market demand for the vessel over its useful life will diminish so as to make granting the guarantee fiduciarily imprudent; (6) the vessel, if to be reconstructed, will have a useful life of at least 15 years after the reconstruction; and (7) the Secretary or Administrator has considered the criteria

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Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 53714 — Guarantee fees

Page 450 TITLE 46—SHIPPING § 53714 HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 53713(a) ...... 46 App.:1274(f)(1) (words before pro- viso). June 29, 1936, ch. 858, title XI, § 1104A(f)(1), (4) [§ 1104A formerly § 1104], as added June 23, 1938, ch. 600, § 46, 52 Stat. 970; Aug. 4, 1939, ch. 417, § 14, 53 Stat. 1187; Sept. 28, 1950, ch. 1093, § 4, 64 Stat. 1078; Aug. 15, 1953, ch. 513, § 2, 67 Stat. 626; Sept. 3, 1954, ch. 1265, § 4, 68 Stat. 1269; Pub. L. 86–123, §§ 1(3), 2, July 31, 1959, 73 Stat. 269, 271; Pub. L. 86–127, § 1(3), (4), July 31, 1959, 73 Stat. 273; Pub. L. 86–518, § 1, June 12, 1960, 74 Stat. 216; Pub. L. 86–685, §§ 2, 3, Sept. 2, 1960, 74 Stat. 733; Pub. L. 90–341, June 15, 1968, 82 Stat. 180; Pub. L. 91–469, §§ 31, 32, Oct. 21, 1970, 84 Stat. 1035; restated Pub. L. 92–507, § 3, Oct. 19, 1972, 86 Stat. 913; Pub. L. 97–31, § 12(136), Aug. 6, 1981, 95 Stat. 166; § 1104 renumbered as § 1104A, Pub. L. 101–380, title IV, § 4115(f)(1), Aug. 18, 1990, 104 Stat. 521; Pub. L. 107–314, title XXXV, § 3503(2), Dec. 2, 2002, 116 Stat. 2754; Pub. L. 108–136, title XXXV, § 3526(2), Nov. 24, 2003, 117 Stat. 1801. 53713(b) ...... 46 App.:1274(f)(1) (proviso). 53713(c) ...... 46 App.:1274(f)(4). Editorial Notes AMENDMENTS 2019—Subsec. (a). Pub. L. 116–92, § 3506(h)(1)(A), sub- stituted ‘‘reasonable for processing the application and monitoring the loan guarantee, including for—’’ for ‘‘reasonable for—’’ in introductory provisions. Subsec. (a)(4). Pub. L. 116–92, § 3506(h)(1)(B), sub- stituted ‘‘or a deposit fund under section 53716 of this title;’’ for ‘‘; and’’. Subsec. (a)(6). Pub. L. 116–92, § 3506(h)(1)(C), (D), added par. (6). Subsec. (c). Pub. L. 116–92, §

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