§ 56501. Definition

In this chapter, the term “essential vessel” means a vessel that is—

• (1)
  • (A) security for a mortgage indebtedness to the United States Government; or
  • (B) constructed under this subtitle or required by a contract under this subtitle to be operated on a certain essential foreign trade route; and
• (2) necessary in the interests of commerce and national defense to be maintained in condition for prompt use.