Basket One Benefits Clause Samples
The "Basket One Benefits" clause defines a specific set of benefits or entitlements grouped together under a single category within an agreement. Typically, this clause outlines which benefits are included in the first basket, such as health insurance, retirement contributions, or other employee perks, and may set limits or conditions for their use. By clearly delineating these benefits, the clause ensures both parties understand what is provided and helps prevent disputes over eligibility or scope, thereby promoting transparency and efficient administration of benefits.
Basket One Benefits. Except as otherwise provided in this Section 6.02(b), all Tax Benefit Payments in respect of Basket One Amounts shall be paid by Marathon directly to New Ashland Inc. and shall not be placed in Escrow. Notwithstanding the foregoing, Tax Benefit Payments in respect of Basket One Amounts shall be placed in Escrow in the following circumstances:
(i) If New Ashland Inc. has undergone a Bankruptcy Event, all Tax Benefit Payments in respect of Basket One Amounts otherwise payable by Marathon to New Ashland Inc. on or after the date of such Bankruptcy Event shall be placed in Escrow as if they were in respect of Basket Two Amounts until such time that any judgment, order, proceeding or petition that constitutes a Bankruptcy Event has been dismissed or discharged.
(ii) In the circumstances described in Section 6.02(d) below.