Standby Mortgage LegislationU.S. Government Printing Office, 1959 - 49 pages Considers S. 1434 and S. 1457, to amend the Merchant Marine Act to revise mortgage procedures for financing ship construction, reconstruction, and reconditioning. |
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Common terms and phrases
75 per centum 75 percent actual cost aid of construction aid of construction-differential amend title XI amended to read American Steamship Lines bill borrowing capital reserve fund CASL's Chairman CLAIR ENGLE Commerce is authorized Committee of American construction-differential subsidy containerization Countryman date such mortgage date the vessel delivery deposit depreciated disbursed downpayment economically sound enacted Ewers existing mortgage finance the construction gage Government industry insure the interest insured mortgage insuring the mortgage interest rates keel loan secured MAGNUSON March 24 Maritime Administration maturity dates ment Merchant Marine Act Morse mort mortgage insured mortgage is executed mortgaged vessel NEMEC payment principal obligation proceeds proposed amendment prospective owner PURDON purpose recon reconstruction or reconditioning refinance a mortgage refinancing mortgages requirements of section Secretary of Commerce section 509 Senator ENGLE shipowner shipyard struction subsidized operator tion U.S. Senate unpaid balance vessel is laid vessel mortgaged vessel or vessels vessel was delivered WARREN G
Popular passages
Page 18 - ... under section 509 of this Act and in respect of which the minimum downpayment by the mortgagor required by that section would be 12% per centum of the cost of such vessel, the obligation may be in an amount which does not exceed 87% per centum of such actual cost...
Page 36 - The contractor may, with the consent of the Commission, pay from said fund any sums owing but not yet due on notes secured by mortgages on subsidized vessels.
Page 41 - ... years computed from the date the vessel was delivered by the shipbuilder or, if the vessel has been reconstructed or reconditioned, do not exceed the remaining years of a useful life of the vessel determined jointly by the Secretary of the Treasury and the Secretary of Commerce; (6) the loan agreement for the making of the loan secured by the mortgage, or the mortgage, provides that the underwriter or mortgagee will disburse the loan for one or more of the following purposes: (a) to pay one of...
Page 46 - Union, and ordered to be printed [Omit the part struck through and Insert the part printed In italic...
Page 40 - Commerce, with all required certificates, including but not limited to, marine inspection certificates of the United States Coast Guard, with all outstanding requirements and recommendations necessary for retention of class accomplished, unless the Secretary of Commerce permits a deferment of such repairs, and shall be tight, stanch, strong, and well and sufficiently tackled, appareled, furnished, and equipped, and in every respect seaworthy and in good running condition and repair, and in all respects...
Page 39 - ... part or all of the loan in the operator's capital reserve fund, if he is a subsidized operator, and in a construction reserve fund, if he is an unsubsidized operator; if any deposit is made in a capital reserve fund, or construction reserve fund under (c) hereof, such deposit may be withdrawn only to pay one of the components of actual cost of the vessels that are to be constructed, reconstructed, or reconditioned, or if for any reason such payments do not exhaust the deposit, then to pay off...
Page 15 - Commerce, economically sound) ; "(4) the mortgage involves a principal obligation which when added to the unpaid balance of the principal obligations of prior mortgages on the vessel (other than mortgages that are being refinanced by this mortgage) will result in a sum which will not, (a) if the vessel was not built with the aid of construction-differential subsidy and complies with the requirements of section...
Page 2 - Commerce] unless he finds, at or prior to the time such commitment is made, that the property or project with respect to which the mortgage or loan will be executed will be, in his opinion, economically sound...
Page 18 - ... resources, and other qualifications necessary to the adequate operation and maintenance of the mortgaged property ; (2) shall involve an obligation in a principal amount which does not exceed 75...
Page 37 - ... vessel determined jointly by the Secretary of the Treasury and the Secretary of Commerce; (6) the loan agreement for the making of the loan secured by the mortgage, or the mortgage, provides that the underwriter or mortgagee will disburse the loan for one or more of the following purposes: (a) to pay one of the components of actual cost of the vessels to be constructed, reconstructed, or reconditioned and, if any such payment is to reimburse the operator for payments made from his capital reserve...