§ 1241r. Designation of American Great Lakes vessels
(a) In general
The Secretary shall designate a vessel as an American Great Lakes vessel for purposes of sections 1241q to 1241v of this Appendix if—
(2) the Secretary receives an application for such designation submitted in accordance with regulations issued by the Secretary under subsection (d) of this section;
(3) the owner of the vessel enters into an agreement in accordance with subsection (b) of this section;
(A) the vessel is not more than 6 years old, and not less than 1 year old, on the effective date of the designation; or
(b) Construction and purchase agreement
As a condition of designating a vessel as an American Great Lakes vessel under this section, the Secretary shall require the person who will be the owner of the vessel at the time of that designation to enter into an agreement with the Secretary which provides that if the Secretary determines that the vessel is necessary to the defense of the United States, the United States Government shall have, during the 120-day period following the date of any revocation of such designation under section 1241t of this Appendix, an exclusive right to purchase the vessel for a price equal to—
(2) the cost of the vessel to the owner less an amount representing reasonable depreciation of the vessel;
whichever is greater.
(c) Certain foreign registry and sale not prohibited
Notwithstanding any other provision of law, if the United States does not purchase a vessel in accordance with its right of purchase under a construction and purchase agreement under subsection (b) of this section, the owner of the vessel shall not be prohibited from—
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