Act means ch. 537 of title 46 of the U.S. Code (46 U.S.C. 53701-53735), as amended from time to time.
Actual Cost of a Vessel Project or Shipyard Project means the sum of all amounts for a Vessel Project or Shipyard Project paid by the Borrower (or related Person), as well as all amounts that MARAD determines the Borrower will become obligated to pay under these regulations.
Applicant means the Person applying for financing with the Program (the prospective Borrower).
Application means the information contained in form MA-163 or MA-163A for use by Applicants to apply for financing with the Program.
Borrower means any Person primarily liable for payment of principal of and/or interest on any Note.
Capital Construction Fund (CCF) means the program authorized by ch. 535 of title 46 of the U.S. Code.
Citizen of the United States or U.S. Citizen means any Person who is a United States citizen, or any entity organized under the laws of any state that meets the requirements of 46 U.S.C. 50501.
Construction, Reconstruction, Reconditioning, or Repair means designing, engineering, constructing, inspecting, outfitting, and equipping processes performed during a Vessel Project.
Depository means the U.S. Department of Treasury, acting in its capacity under 46 U.S.C. 53716.
Escrow Fund means any monies held as security under section 53715 of the Act.
Federal Financing Bank (FFB) means the corporate body and instrumentality of the United States of America, authorized by the Federal Financing Bank Act of 1973, as amended (12 U.S.C. ch. 24), under the general supervision and direction of the Secretary of the Treasury.
Financing Documents means all documents related to the collateral securing repayment of any Note and all other assurances, undertakings, and contractual arrangements associated with financing through the Program.
Financing Documents Closing means the execution and release of the Financing Documents and other related documents.
Generally Accepted Accounting Principles (GAAP) means the body of conventions, rules, and procedures that define accepted accounting practices, as promulgated by the Financial Accounting Standards Board (FASB) and other authoritative sources recognized as setting standards for the accounting profession in the United States. GAAP includes not only broad guidelines of general application but also detailed practices and procedures that constitute standards by which financial presentations are evaluated.
Guarantee means a parent or affiliate guarantor's contractual promise to repay indebtedness if a Borrower fails to repay as agreed.
Guarantee Fee means the fee payable to MARAD as consideration for guaranteeing a Note. MARAD means the Maritime Administration, an agency and operating administration of the U.S. Department of Transportation.
MARAD Guarantee means the contractual commitment of the United States of America, represented by MARAD, to make payment to FFB, upon demand, of the unpaid principal and interest of such Note, including interest accruing between the date of default and the date of payment.
Mortgage means a Preferred Mortgage on any Vessel with respect to a Vessel Project or a mortgage with respect to a Shipyard Project.
Note means a promissory note from the Borrower to FFB, which is issued simultaneously with a MARAD guarantee of such promissory note to FFB.
Note Closing means the execution of a Note or other evidence of indebtedness and the related Note documents that are also either agreed upon or executed.
Paying Agent means any Person appointed by the Borrower to pay the principal or interest on a Note on behalf of the Borrower.
Person means any individual, estate, foundation, corporation, partnership, limited partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or other acceptable legal business entity, government, or any agency or political subdivision thereof.
Preferred Mortgage means a mortgage as defined at 46 U.S.C. 31322.
Program means the Vessel and Shipyard Financing Program authorized by the Act.
Project means a Vessel Project or Shipyard Project.
Refinancing means newer debt that either replaces older debt or reimburses an Applicant for previous expenditures.
Related Party means that term as defined by GAAP outlined in paragraph 24 of Statement of Financial Accounting Standards No. 57, Related Party Disclosures, as may be amended or its successor statement if repealed and replaced.
Shipyard Project means a project that consists of either Advanced Shipbuilding Technology or Modern Shipbuilding Technology, each as defined in the Act, or both unless otherwise specified.
Useful Life means the period during which project property will, as determined by MARAD, remain economically productive.
Vessel means a vessel as defined at 1 U.S.C. 3 and 46 U.S.C. 53701(14).
Vessel Project means a project that consists of the Construction, Reconstruction, Reconditioning, or Repair of one or more Vessels.
Vessels of National Interest means Vessels determined under § 298.37 of this part to be of importance for the support of U.S. shipyards and the U.S. Merchant Marine.