# 33.2 Definitions.
For the purpose of this part, the following terms mean:
*Act.* The Fishermen's Protective Act of 1967 (22 U.S.C. 1971 *et seq.*).
*Capital equipment.* Equipment or other property which may be depreciated for income tax purposes.
*Depreciated replacement costs.* The present replacement cost of capital equipment after being depreciated on a straight line basis over the equipment's depreciable life, which is standardized at ten years.
*Downtime.* The time a vessel normally would be in port or transiting to and from the fishing grounds.
*Expendable items.* Any property, excluding that which may be depreciated for income tax purposes, which is maintained in inventory or expensed for tax purposes.
*Fund.* The Fishermen's Guaranty Fund established in the U.S. Treasury under section 7(c) of the Act (22 U.S.C. 1977(c)).
*Market value.* The price property would command in a market, at the time of property loss, assuming a seller willing to sell and buyer willing to buy.
*Other direct charge.* Any levy which is imposed in addition to, or in lieu of any fine, license fee, registration fee, or other charge.
*Owner.* The owner or charterer of a commercial fishing vessel.
*Secretary.* The Secretary of State or the designee of the Secretary of State.
*Seizure.* Arrest of a fishing vessel by a foreign country for allegedly illegal fishing.
*U.S. fishing vessel.* Any private vessel documented or certified under the laws of the United States as a commercial fishing vessel.