Contents of obligations

An obligation guaranteed under this chapter must— have a maturity date satisfactory to the Secretary or Administrator, but— if the vessel has been reconstructed or reconditioned, not more than the later of— provide, or a related agreement must provide, that if the vessel used as security for the guarantee is a delivered vessel, the vessel shall be— With the Administrator’s approval, if the vessel used as security for the guarantee is a passenger vessel having the tonnage, speed, passenger accommodations, and other characteristics described in section 503 of the Merchant Marine Act, 1936, an obligation guaranteed under this chapter or a related agreement may provide that— On surrender, the vessel must be— An obligation guaranteed under this chapter and any related agreement must contain other provisions, which shall include—