15 USC 9074 - Required assurances

U.S Code last checked for updates: Jan 19, 2025

§ 9074.

Required assurances

(a)

In general

To be eligible for financial assistance under this part, 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—

(1)

refrain from conducting involuntary furloughs or reducing pay rates and benefits until September 30, 2020;

(2)

through September 30, 2021, 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;

(3)

through September 30, 2021, ensure that the air carrier or contractor shall not pay dividends, or make other capital distributions, with respect to the common stock (or equivalent interest) of the air carrier or contractor; and

(4)

meet the requirements of sections 9075 and 9076 of this title.

(b)

Department of Transportation Authority to condition assistance on continuation of service

(1)

In general

(2)

Required considerations

(3)

Sunset

(c)

Continued application

(1)

In general

(2)

Special rule

(d)

Recall of employees

(1)

In general

(2)

Waiver

(3)

Audits

(Pub. L. 116–136, div. A, title IV, § 4114, Mar. 27, 2020, 134 Stat. 499; Pub. L. 116–260, div. N, title IV, § 412(a), Dec. 27, 2020, 134 Stat. 2060.)

cite as: 15 USC 9074