(a) Designations.—The Secretary of Transportation shall designate a vessel as an American Great Lakes vessel if—
(1)
an application for designation is submitted to the Secretary under regulations prescribed by the Secretary;
(b) Agreements.—A vessel may be designated as an American Great Lakes vessel only if the person that will be the owner of the vessel at the time of the designation makes an agreement with the Secretary providing that if the Secretary determines that the vessel is necessary to the defense of the United States, the United States Government will have an exclusive right, during the 120-day period following the date of a revocation of the designation under section 55335 of this title, to purchase the vessel for a price equal to the greater of—
(c) Certain Foreign Documentation and Sale Not Prohibited.—Notwithstanding any other law, if the Government does not exercise its right of purchase under an agreement under subsection (b), the owner of the vessel is not prohibited from—