Direct loans and loan guarantees

The Secretary shall provide direct loans and loan guarantees to— Direct loans and loan guarantees authorized under this section shall be used— to finance economic development, including commercial and residential development, and related infrastructure and activities, that— In granting applications for direct loans or guaranteed loans under this section, the Secretary shall give priority to projects that— The Secretary shall determine the amount required for credit risk premiums under this subsection on the basis of— Upon receipt of a proposal from an applicant under this section, the Secretary shall accept as a basis for determining the amount of the credit risk premium under paragraph (2) any of the following in addition to the value of any collateral described in paragraph (6): Adequate coverage requirements to ensure repayment, on a non-recourse basis, from cash flows generated by the project or any other dedicated revenue source, including— Subject to the availability of funds appropriated by Congress under section 22406(a)(2), for any direct loan issued before the date of enactment of the Fixing America’s Surface Transportation Act (Public Law 114–94) pursuant to sections 501 through 504 of the Railroad Revitalization and Regulatory Reform Act of 1976 (Public Law 94–210), the Secretary shall repay the credit risk premiums of such loan, with interest accrued thereon, not later than— An applicant or infrastructure partner may propose tangible and intangible assets as collateral, exclusive of goodwill. The Secretary, after evaluating each such asset— shall consider and may accept— in the case of a blanket pledge or assignment of an entire operating asset or basket of assets as collateral, the market value of assets, or, the market value of the going concern, considering— In evaluating appraisals of collateral under subparagraph (A), the Secretary shall consider— The Secretary shall not make a direct loan or loan guarantee under this section unless the Secretary has made a finding in writing that— repayment of the obligation is required to be made within a term that is not longer than the shorter of— for projects determined to have an estimated useful life that is longer than 35 years, the period that is equal to the sum of— the product of— The Secretary shall, before granting assistance under this section, require the applicant to agree to such terms and conditions as are sufficient, in the judgment of the Secretary, to ensure that, as long as any principal or interest is due and payable on such obligation, the applicant, and any railroad or railroad partner for whose benefit the assistance is intended— The Secretary shall require recipients of direct loans or loan guarantees under this section to comply with— If the Secretary determines that an application is incomplete, the Secretary shall— Applicants seeking loans and loan guarantees under this section shall— The total period between the submission of an application and the approval or disapproval of an application for a direct loan or loan guarantee under this paragraph may not exceed 90 days. If an application review conducted under this paragraph exceeds 90 days, the Secretary shall— The Secretary shall post on the Department of Transportation’s Internet Web site a monthly report that includes, for each application— The Secretary shall maintain status information related to each application for a loan or loan guarantee, which shall be provided to the applicant upon request, including— a description of the key rating factors used by the Secretary to determine credit risk, including— a nonbinding estimate of the credit risk premium, which may be in the form of— A payment deferred under subparagraph (A) shall— The Secretary may waive the requirement under paragraph (1) for a public agency borrower that is financing ongoing capital programs and has outstanding senior bonds under a preexisting indenture if— Each master credit agreement shall—