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§ 1271. Definitions

As used in this subchapter—
(a) The term “mortgage” includes—
(1) a preferred mortgage as defined in section 31301 of title 46; and
(2) a mortgage on a vessel that will become a preferred mortgage when filed or recorded under chapter 313 of title 46.[1]
(b) The term “vessel” includes all types, whether in existence or under construction, of passenger cargo and combination passenger-cargo carrying vessels, tankers, tugs, towboats, barges, dredges and ocean thermal energy conversion facilities or plantships which are or will be documented under the laws of the United States, fishing vessels whose ownership will meet the citizenship requirements for documenting vessels in the coastwise trade within the meaning of sections 802 and 803 of this Appendix, floating drydocks which have a capacity of thirty-five thousand or more lifting tons and a beam of one hundred and twenty-five feet or more between the wing walls and oceanographic research or instruction or pollution treatment, abatement or control vessels;
(c) The term “obligation” shall mean any note, bond, debenture, or other evidence of indebtedness (exclusive of notes or other obligations issued by the Secretary or Administrator pursuant to section 1275 (d) of this Appendix and obligations eligible for investment of funds under sections 1272 and 1279a (d) of this Appendix), issued for one of the purposes specified in section 1274 (a) [2] of this Appendix;
(d) The term “obligor” shall mean any party primarily liable for payment of the principal of or interest on any obligation;
(e) The term “obligee” shall mean the holder of an obligation;
(f) Actual Cost Defined.— The term “actual cost” means the sum of—
(1) all amounts paid by or for the account of the obligor as of the date on which a determination is made under section 1279a (g)(1) of this Appendix; and
(2) all amounts that the Secretary or Administrator reasonably estimates that 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 1274 (e) of this Appendix 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.[1]
(g) The term “depreciated actual cost” of a vessel means the actual cost of the vessel depreciated on a straightline basis over the useful life of the vessel as determined by the Secretary or Administrator, not to exceed twenty-five years from the date the vessel was delivered by the shipbuilder, or, if the vessel has been reconstructed or reconditioned, the actual cost of the vessel depreciated on a straightline basis from the date the vessel was delivered by the shipbuilder to the date of such reconstruction or reconditioning on the basis of the original useful life of the vessel and from the date of such reconstruction or reconditioning on a straightline basis and on the basis of a useful life of the vessel determined by the Secretary or Administrator, plus all amounts paid or obligated to be paid for the reconstruction or reconditioning depreciated on a straightline basis and on the basis of a useful life of the vessel determined by the Secretary or Administrator.[1]
(h) The terms “construction,” “reconstruction,” or “reconditioning” shall include, but shall not be limited to, designing, inspecting, outfitting, and equipping;
(i) The term “ocean thermal energy conversion facility or plantship” means any at-sea facility or vessel, whether mobile, floating unmoored, moored, or standing on the seabed, which uses temperature differences in ocean water to produce electricity or another form of energy capable of being used directly to perform work, and includes any equipment installed on such facility or vessel to use such electricity or other form of energy to produce, process, refine, or manufacture a product, and any cable or pipeline used to deliver such electricity, freshwater, or product to shore, and all other associated equipment and appurtenances of such facility or vessel, to the extent they are located seaward of the highwater mark;
(j) The term “citizen of the Northern Mariana Islands” means—
(1) an individual who qualifies as such under section 8 of the Schedule on Transitional Matters attached to the Constitution of the Northern Mariana Islands; or
(2) a corporation, partnership, association, or other entity formed under the laws of the Northern Mariana Islands, not less than 75 percent of the interest in which is owned by individuals referred to in paragraph (1) or citizens or nationals of the United States, in cases in which “owned” is used in the same sense as in sections 802 and 803 of this Appendix;
(k) The term “fishery facility” means—
(1) for operations on land—
(A) any structure or appurtenance thereto designed for the unloading and receiving from vessels, the processing, the holding pending processing, the distribution after processing, or the holding pending distribution, of fish from one or more fisheries,
(B) the land necessary for any such structure or appurtenance described in subparagraph (A), and
(C) equipment which is for use in connection with any such structure or appurtenance and which is necessary for the performance of any function referred to in subparagraph (A);
(2) for operations other than on land, any vessel built in the United States used for, equipped to be used for, or of a type which is normally used for, the processing of fish; or
(3) for aquaculture, including operations on land or elsewhere—
(A) any structure or appurtenance thereto designed for aquaculture;
(B) the land necessary for any such structure or appurtenance described in subparagraph (A);
(C) equipment which is for use in connection with any such structure or appurtenance and which is necessary for the performance of any function referred to in subparagraph (A); and
(D) any vessel built in the United States used for, equipped to be used for, or of a type which is normally used for aquaculture;
but only if such structure, appurtenance, land, equipment, or vessel is owned by an individual who is a citizen or national of the United States or a citizen of the Northern Mariana Islands or by a corporation, partnership, association, or other entity that is a citizen of the United States within the meaning of sections 802 and 803 of this Appendix, and for purposes of applying such sections 802 and 803 of this Appendix with respect to this section—
(i) the term “State” as used therein includes any State, the District of Columbia, the Commonwealth of Puerto Rico, American Samoa, the Virgin Islands of the United States, Guam, the Northern Mariana Islands, or any other Commonwealth, territory, or possession of the United States; and
(ii) citizens of the United States must own not less than 75 percent of the interest in the entity and nationals of the United States or citizens of the Northern Mariana Islands shall be treated as citizens of the United States in meeting such ownership requirement;
(l) The term “fishing vessel” has the meaning given such term by section 1802 (11) [3] of title 16; and any reference in this subchapter to a vessel designed principally for commercial use in the fishing trade or industry shall be treated as a reference to a fishing vessel;
(m) The term “United States” when used in a geographical context with respect to fishing vessels or fishery facilities includes all States referred to in subsection (k)(i) of this section.[1]
(n) The term “Secretary” means the Secretary of Commerce with respect to fishing vessels and fishing facilities as provided by this subchapter.[1]
(o) The term “eligible export vessel” means a vessel constructed, reconstructed, or reconditioned in the United States for use in world-wide trade which will, upon delivery or redelivery, be placed under or continued to be documented under the laws of a country other than the United States.
(p) The term “Administrator” means the Administrator of the Maritime Administration.


[1] So in original. The period probably should be a semicolon.

[2] See References in Text note below.

[3] See References in Text note below.
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