Default on payment or maintenance of reserves

is in default on a mortgage, note, purchase contract, or other obligation to the Secretary; or has not maintained, in a manner satisfactory to the Secretary, all of the reserves provided for in this subtitle. The Secretary of Transportation may supervise the number and compensation of all officers and employees of a contractor under the operating-differential subsidy program or a charterer under chapter 575 of this title, receiving an operating-differential subsidy, if the contractor or charterer— (Source: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1671.))