### Question
How is the "obligation" defined?


### Answer
The term **obligation** is defined in *46 U.S.C. § 53701* as follows -

> an instrument of indebtedness issued for a purpose described in section 53706 of this title, except—


(A) an obligation issued by the Secretary or Administrator under section 53723 of this title

#### Citation:
  - *46 U.S.C. § 53701*
  - Heading: **Subtitle V-Merchant Marine > Part C-Financial Assistance Programs > CHAPTER 537-LOANS AND GUARANTEES > SUBCHAPTER I-GENERAL**

