; and (C) have an assigned loading mark. (4) A substitute-eligible vessel shall not be substantially altered without the review and approval of an individual licensed by a State as a naval architect or marine engineer before the beginning of such substantial alteration. (5) A substitute-eligible vessel shall undergo a condition survey at least twice in 5 years, with not more than 3 years between surveys, to the satisfaction of a marine surveyor of an organization accepted by the Secretary. (6) A substitute-eligible vessel shall undergo an out-of-water survey at least once every 5 years to the satisfaction of a certified marine surveyor of an organization accepted by the Secretary. (7) Once every 5 years, and at the time of a substantial alteration to a substitute-eligible vessel, compliance of the vessel with the requirements of paragraph (3) is reviewed and updated as necessary. (8) For the life of a substitute-eligible vessel, the owner of the vessel shall maintain records to demonstrate compliance with this subsection and make such records readily available for inspection by an official authorized to enforce this chapter. (b) Compliance Section 4507 of this title shall not apply to a substitute-eligible vessel that complies with the requirements of the program established under this section. (c) Report Not later than February 8, 2026, the Secretary shall submit to the Committee on Transportation and Infrastructure of the House of Representatives and the Committee on Commerce, Science, and Transportation of the Senate a report that provides an analysis of the adequacy of the substitute safety compliance program requirements established under subsection (a) in maintaining the safety of substitute-eligible fishing vessels and fish tender vessels and that comply with such requirements. 4510. Enhanced substitute safety compliance program (a) In general If the report required under section 4509(c) includes a determination that the substitute safety compliance program established under section 4509(a) is not adequate