Sec. 2. definitions

489 words·~2 min read·/statute-compilations/comps-1339/sec-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

## Sec. 2 definitions For purposes of this Act— ####

(1)the term “**Board**” means the Chrysler Corporation Loan Guarantee Board established by section 3; ####

(2)the term “**borrower**” means the Chrysler Corporation, any of its subsidiaries or affiliates, or any other entity the Board may designate from time to time which borrows funds for the benefit or use of the Corporation; ####

(3)the term “**Corporation**” means the Chrysler Corporation and its subsidiaries and affiliates; ####

(4)the term “**financing plan**” means a plan designed to meet the financing needs of the Corporation as reflected in the operating plan and indicating in accordance with the requirements of section 8 the amounts to be provided at dates specified (for each year of the plan) from internally generated sources (including earnings and cost reduction measures), from loans guaranteed under this Act, and from nonfederally guaranteed assistance as required pursuant to section 4(a)(4); ####

(5)the term “**fiscal year**” means the fiscal year of the Corporation; ####

(6)the term “**going concern**” means a corporation the net earnings of which, as projected in the plan required under section 4(a)(3), are determined to be sufficient to maintain long-term profitability after taking into account probable fluctuations in the automobile market, and which meets such other tests of viability as the Board shall prescribe; ####

(7)the term “**labor organization**” has the same meaning as in section 2 of the Natonal2 Labor Relations Act; 2So in law. Probably should read “**National**”. ####

(8)the term “**operating plan**” means a document detailing production, distribution, and sales plans of the Corporation, together with the expenditures needed to carry out those plans (including budget and cash flow projections), on an annual basis, a productivity improvement plan setting forth steps to be taken by the Corporation and its workers to achieve a higher productivity growth rate, and an energy efficiency plan setting forth steps to be taken by the Corporation to reduce United States dependence on petroleum, in accordance with section 4(a)(3); ####

(9)the term “**persons with an existing economic stake in the health of the Corporation**” means banks, financial institutions, and other creditors, suppliers, dealers, stockholders, labor unions, employees, management, State, local, and other governments, and others directly deriving benefit from the production, distribution, or sale of products of the Corporation; and ####

(10)the term “**wages and benefits**” means any direct or indirect compensation paid by the Corporation to employees of the Corporation and shall include, but is not limited to, amounts paid in accordance with wage scales, straight time hourly wage rates, base wage rates, base salary rates, salary scales, and periodic salary grades, overtime premiums, night shift premiums, vacation payments, holiday payments, relocation allowance, call-in pay, bonuses, bereavement pay, jury duty pay, paid absence allowances, short-term military duty pay, paid leaves of absence, holiday pay including personal holidays, and medical, health, accident, sickness, disability, hospitalization, insurance, pension, educational, and supplemental unemployment benefits.