Page:United States Statutes at Large Volume 120.djvu/1632

 PUBLIC LAW 109–304—OCT. 6, 2006 ‘‘53732. ‘‘53733. ‘‘53734. ‘‘53735.

120 STAT. 1601

Eligible export vessels. Shipyard modernization and improvement. Replacement of vessels because of changes in operating standards. Fisheries financing and capacity reduction.

‘‘SUBCHAPTER I—GENERAL ‘‘§ 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 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) CONSTRUCTION, RECONSTRUCTION, AND RECONDITIONING.—The terms ‘construction’, ‘reconstruction’, and ‘reconditioning’ include designing, inspecting, outfitting, and equipping. ‘‘(3) 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, 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; and ‘‘(ii) any amount paid or obligated to be paid for the reconstruction or reconditioning, depreciated on a straight line basis using a useful life of the vessel determined by the Secretary. ‘‘(4) ELIGIBLE EXPORT VESSEL.—The term ‘eligible export vessel’ means a vessel that— ‘‘(A) is constructed, reconstructed, or reconditioned in the United States for use in world-wide trade; and ‘‘(B) will, on delivery or redelivery, become or remain documented under the laws of a country other than the United States. ‘‘(5) FISHERY FACILITY.— ‘‘(A) IN GENERAL.—Subject to subparagraph (B), the term ‘fishery facility’ means— ‘‘(i) for operations on land—

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