Sec. 5. Required assurances
419 words·~2 min read·
/bill/116/hr/8504/ih/section-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
To be eligible for financial assistance under this Act, an air carrier or contractor shall enter into an agreement with the Secretary, or otherwise certify in such form and manner as the Secretary shall prescribe, that the air carrier or contractor shall— refrain from conducting involuntary furloughs or reducing pay rates and benefits until— with respect to air carriers, March 31, 2021; or with respect to contractors, March 31, 2021, or the date on which the contractor exhausts such financial assistance, whichever is later; ensure that neither the air carrier or contractor nor any affiliate of the air carrier or contractor may, in any transaction, purchase an equity security of the air carrier or contractor or the parent company of the air carrier or contractor that is listed on a national securities exchange through— with respect to air carriers, March 31, 2022; or with respect to contractors, March 31, 2022, or the date on which the contractor exhausts such financial assistance, whichever is later; ensure that the air carrier or contractor shall not pay dividends, or make other capital distributions, with respect to common stock (or equivalent interest) of the air carrier or contractor through— with respect to air carriers, March 31, 2022; or with respect to contractors, March 31, 2022, or the date on which the contractor exhausts such financial assistance, whichever is later; meet the requirements of sections 6 and 7; and affirm that the air carrier or contractor has— in the case of an air carrier or contractor that received loans, loan guarantees, other investments, or financial assistance under title IV of the CARES Act, recalled any employees involuntarily furloughed by such air carrier or contractor between March 27, 2020, and the date such air carrier or contractor enters into an agreement with the Secretary for financial assistance under this Act, compensated such employees for lost pay and benefits, and restored the rights and protections for such employees as if they had not been involuntarily furloughed; or in the case of an air carrier or contractor that did not receive loans, loan guarantees, other investments, or financial assistance under title IV of the CARES Act, recalled any employees involuntarily furloughed by such air carrier or contractor between October 1, 2020, and the date such air carrier or contractor enters into an agreement with the Secretary for financial assistance under this Act, compensated such employees for lost pay and benefits, and restored the rights and protections for such employees as if they had not been involuntarily furloughed.