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Title 46, United States Code

The section of federal law that deals with shipping, vessels, and maritime affairs, including financing programs for certain types of vessels.

Direct Loans

Money lent directly by the government (in this case, through the Maritime Administration) to an individual or entity, rather than through a private bank.

Loan Guarantee

A promise by a third party (like a government agency) to pay back a loan if the borrower cannot. This makes it less risky for banks to lend money.

Maritime Administration

An agency within the U.S. Department of Transportation that promotes the development and maintenance of a U.S. merchant marine, including managing financing programs for vessels.

Magnuson-Stevens Fishery Conservation and Management Act

A primary law governing marine fisheries management in U.S. federal waters, aiming to prevent overfishing, rebuild overfished stocks, and ensure sustainable use of marine resources.

Obligation

In this context, it refers to a financial commitment, such as a loan or a loan guarantee, made by the government.

Depreciated Cost