Common use of Contributions/Funding Clause in Contracts

Contributions/Funding. The NBA and Players Association acknowledge and agree that the Teams shall continue at all times to contribute to the Plan at least the amount necessary to meet the Pension Plan’s statutory minimum funding requirements under Section 412, Section 431 and, if applicable, Section 432 of the Code, or any other applicable law (the “Minimum Funding Standards”) for such Plan Year, as determined by the actuaries of the Pension Plan. For any period during the term of this Agreement during which a new “funding improvement plan” (a “FIP”) is required to be adopted by the Pension Plan under the Minimum Funding Standards, the funding benchmark for such FIP shall equal the funding benchmark required by the Minimum Funding Standards. The Teams may, in the sole discretion of the NBA, contribute to the Pension Plan more than the amount necessary to meet the Minimum Funding Standards; provided, however, that any such additional contribution amount shall not be greater than the contribution amount determined by the actuaries of the Pension Plan in accordance with the Pension Plan’s historical scheduled contribution methodology. All contributions shall be conditioned on their being fully deductible by the Teams when paid.

Contributions/Funding. The NBA and Players Association acknowledge and agree that the Teams shall continue at all times to contribute to the Plan at least the amount necessary to meet the Pension Plan’s statutory minimum funding requirements under Section 412, Section 431 431, and, if applicable, Section 432 of the Code, or any other applicable law (the “Minimum Funding Standards”) for such Plan Year, as determined by the actuaries of the Pension Plan. For any period during the term of this Agreement during which a new “funding improvement plan” (a “FIP”) is required to be adopted by the Pension Plan under the Minimum Funding Standards, the funding benchmark for such FIP shall equal the funding benchmark required by the Minimum Funding Standards. The Teams may, in the sole discretion of the NBA, contribute to the Pension Plan more than the amount necessary to meet the Minimum Funding Standards; provided, however, that any such additional contribution amount shall not be greater than the contribution amount determined by the actuaries of the Pension Plan in accordance with the Pension Plan’s historical scheduled contribution methodology. All contributions shall be conditioned on their being fully deductible by the Teams when paid.