46 U.S.C. § 53703 — Application and administration

(a) Time for Decision. (1) The Secretary or Administrator must approve or deny a loan guarantee application within 270 days after receiving the signed application. (2) At the applicant's request, this 270-day period may be extended, but not to more than 2 years after the signed application was received. (b) Certification of Review. The Secretary or Administrator can't guarantee or promise to guarantee an obligation unless they certify that all regulatory requirements — including economic soundness and the obligor's and related parties' financial condition — were fully and fairly considered, along with a thorough technical, economic, and financial review of the application. (c) Independent Analysis. (1) To assess and reduce risks from markets, technology, finance, or legal structure, the Secretary or Administrator may use outside experts, including lawyers, to: (A) process and review applications; (B) represent the Secretary or Administrator in structuring and documenting the guarantee; (C) analyze, structure, and document the guarantee throughout its term; (D) recommend financial covenants or ratios based on what's typical in private-sector credit deals, to use instead of the usual covenants on long-term debt-to-equity, minimum working capital, or minimum equity; and (E) represent the Secretary or Administrator in protecting the government's security interests. (2) This independent work must be done by a private-sector expert in the relevant field, chosen by the Secretary or Administrator. (d) Vessels of National Interest. (1) The Secretary or Administrator may publish a Federal Register notice announcing available funding for guarantees to build, rebuild, or recondition a Vessel of National Interest, including a timeline for applications. (2)(A) Working with the Secretary of Defense, the Secretary over the Coast Guard (when not under the Navy), or other agency heads, the Secretary or Administrator must publish a list of vessel types that count as Vessels of National Interest. (B) The Administrator must review and update that list at least every four years, or more often if needed.