§ 53701. Definitions
In this chapter:
(1)
Actual cost.—
The term “actual cost” means the sum of—
(A)
all amounts paid by or for the account of the obligor as of the date on which a determination is made under section
53715
(d)(1) of this title; and
(B)
all amounts that the Secretary or Administrator reasonably estimates the obligor will become obligated to pay from time to time thereafter, for the construction, reconstruction, or reconditioning of the vessel, including guarantee fees that will become payable under section
53714 of this title in connection with all obligations issued for construction, reconstruction, or reconditioning of the vessel or equipment to be delivered, and all obligations issued for the delivered vessel or equipment.
(2)
Administrator.—
The term “Administrator” means the Administrator of the Maritime Administration.
(3)
Construction, reconstruction, and reconditioning.—
The terms “construction”, “reconstruction”, and “reconditioning” include designing, inspecting, outfitting, and equipping.
(4)
Depreciated actual cost.—
The term “depreciated actual cost” of a vessel means—
(A)
if the vessel was not reconstructed or reconditioned, the actual cost of the vessel depreciated on a straight line basis over the useful life of the vessel as determined by the Secretary or Administrator, not to exceed 25 years from the date of delivery by the builder; or
(B)
if the vessel was reconstructed or reconditioned, the sum of—
(i)
the actual cost of the vessel depreciated on a straight line basis from the date of delivery by the builder to the date of the reconstruction or reconditioning, using the original useful life of the vessel, and from the date of the reconstruction or reconditioning, using a useful life of the vessel determined by the Secretary or Administrator; and
(5)
Eligible export vessel.—
The term “eligible export vessel” means a vessel that—
(6)
Fishery facility.—
(A)
In general.—
Subject to subparagraph (B), the term “fishery facility” means—
(i)
for operations on land—
(ii)
for operations not on land, a vessel built in the United States and used for, equipped to be used for, or of a type normally used for, the processing of fish; or
(B)
Required ownership.—
Under subparagraph (A), the structure, appurtenance, land, equipment, or vessel must be owned by—
(ii)
an entity that is a citizen of the United States under section
50501 of this title and that is at least 75 percent owned (as determined under that section) by citizens of the United States.
(7)
Fishing vessel.—
The term “fishing vessel” has the meaning given that term in section 3 of the Magnuson-Stevens Fishery Conservation and Management Act (16 U.S.C. 1802), and any reference in this chapter to a vessel designed principally for commercial use in the fishing trade or industry is deemed to be a reference to a fishing vessel.
(8)
Mortgage.—
The term “mortgage” includes—
(B)
a mortgage on a vessel that will become a preferred mortgage when filed or recorded under chapter
313 of this title.
(9)
Obligation.—
The term “obligation” means an instrument of indebtedness issued for a purpose described in section
53706 of this title, except—
(11)
Obligor.—
The term “obligor” means a party primarily liable for payment of the principal of or interest on an obligation.
(12)
Ocean thermal energy conversion facility or plantship.—
The term “ocean thermal energy conversion facility or plantship” means an at-sea facility or vessel, whether mobile, floating unmoored, moored, or standing on the seabed, that uses temperature differences in ocean water to produce electricity or another form of energy capable of being used directly to perform work, and includes—
(13)
Secretary.—
The term “Secretary” means the Secretary of Commerce with respect to fishing vessels and fishery facilities.
(14)
Vessel.—
The term “vessel” means any type of vessel, whether in existence or under construction, including—
(H)
a floating drydock with a capacity of at least 35,000 lifting tons and a beam of at least 125 feet between the wing walls;
(L)
a fishing vessel whose ownership meets the citizenship requirements under section
50501 of this title for documenting vessels to operate in the coastwise trade; and