((a)) ** .—**

((1)) ** .—** The Secretary or Administrator shall approve or deny an application for a loan guarantee under this chapter within 270 days after the date on which the signed application is received by the Secretary or Administrator.

((2)) ** .—** On request by an applicant, the Secretary or Administrator may extend the 270-day period in paragraph (1) to a date not later than 2 years after the date on which the signed application was received by the Secretary or Administrator.

((b)) ** .—** The Secretary or Administrator may not guarantee or make a commitment to guarantee an obligation under this chapter unless the Secretary or Administrator certifies that a full and fair consideration of all the regulatory requirements, including economic soundness and financial requirements applicable to the obligor and related parties, and a thorough assessment of the technical, economic, and financial aspects of the loan application, has been made.

((c))

((1)) ** .—** To assess and mitigate the risks due to factors associated with markets, technology, financial, or legal structures related to an application or guarantee under this chapter, the Secretary or Administrator may utilize third party experts, including legal counsel, to—

((A)) process and review applications under this chapter, including conducting independent analysis and review of aspects of an application;

((B)) represent the Secretary or Administrator in structuring and documenting the obligation guarantee;

((C)) analyze and review aspects of, structure, and document the obligation guarantee during the term of the guarantee;

((D)) recommend financial covenants or financial ratios to be met by the applicant during the time a guarantee under this chapter is outstanding that are—

((i)) based on the financial covenants or financial ratios, if any, that are then applicable to the obligor under private sector credit agreements; and

((ii)) in lieu of other financial covenants applicable to the obligor under this chapter with respect to requirements regarding long-term debt-to-equity, minimum working capital, or minimum amount of equity; and

((E)) represent the Secretary or Administrator to protect the security interests of the Government relating to an obligation guarantee.

((2)) ** .—** Independent analysis, review, and representation conducted under this subsection shall be performed by a private sector expert in the applicable field who is selected by the Secretary or Administrator.

((d))

((1)) ** .—** The Secretary or Administrator may post a notice in the Federal Register regarding the availability of funding for obligation guarantees under this chapter for the construction, reconstruction, or reconditioning of a Vessel of National Interest and include a timeline for the submission of applications for such vessels.

((2))

((A)) ** .—** The Secretary or Administrator, in consultation with the Secretary of Defense, the Secretary of the Department in which the Coast Guard is operating when it is not operating as service in the Department of the Navy, or the heads of other Federal agencies, shall develop and publish a list of vessel types that would be considered Vessels of National Interest.

((B)) ** .—** Such list shall be reviewed and revised every four years or as necessary, as determined by the Administrator.