(a) In General.— The principal of an obligation may not be guaranteed in an amount greater than the amount determined by multiplying the percentage applicable under subsection (b) by
(1) the amount paid by or for the account of the obligor (as determined by the Secretary, which determination shall be conclusive) for the construction, reconstruction, or reconditioning of the vessel used as security for the guarantee; or
(2) if the obligor creates an escrow fund under section
53715 of this title, the actual cost of the vessel.
(b) Limitations on Amount Borrowed.—
(1) In general.—
Except as otherwise provided, the principal amount of an obligation guaranteed under this chapter may not exceed 75 percent of the actual cost or depreciated actual cost, as determined by the Secretary, of the vessel used as security for the guarantee.
(2) Certain approved vessels.— The principal amount may not exceed 87.5 percent of the actual cost or depreciated actual cost if
(A) the size and speed of the vessel are approved by the Secretary;
(B) the vessel is or would have been eligible for mortgage aid for construction under section 509 of the Merchant Marine Act, 1936, or would have been eligible except that the vessel was built with a construction-differential subsidy and the subsidy has been repaid; and
(C) the vessel is of a type described in that section for which the minimum down payment required by that section is 12.5 percent of the cost of the vessel.
(3) Barges.—
For a barge constructed without a construction-differential subsidy or for which the subsidy has been repaid, the principal amount may not exceed 87.5 percent of the actual cost or depreciated actual cost.
(4) Fishing vessels and fishery facilities.—
For a fishing vessel or fishery facility, the principal amount may not exceed 80 percent of the actual cost or depreciated actual cost. However, debt for the vessel or facility may not be placed through the Federal Financing Bank.
(5) OTEC.—
For an ocean thermal energy conversion facility or plantship constructed without a construction-differential subsidy, the principal amount may not exceed 87.5 percent of the actual cost or depreciated actual cost of the facility or plantship.
(6) Eligible export vessels.—
For an eligible export vessel, the principal amount may not exceed 87.5 percent of the actual cost or depreciated actual cost.