Common use of Pension Plan Tax-Qualification Status Clause in Contracts

Pension Plan Tax-Qualification Status. Notwithstanding anything else in this Agreement: (1) if any change or amendment made to the Code, ERISA, or other applicable law, or to any regulations (whether final, temporary or proposed) or rulings issued thereunder; (2) if any interpretation, application or enforcement (or any proposed interpretation, application or enforcement), by a court of competent jurisdiction in the United States or by the IRS, of the Code, ERISA, or other applicable law, or any regulations or rulings issued thereunder; (3) if any regulations (whether final, temporary or proposed) or rulings issued by the IRS under the Code or ERISA; or (4) if any provisions of this Agreement, including, without limitation, any of the amendments or benefit increases to be provided under the Pension Plan pursuant to this Section 1, would result in the Pension Plan no longer being a tax-qualified plan under Section 401(a) of the Code, or would require NBA Teams to incur costs over and above any costs required to be incurred to implement the provisions of this Agreement or any prior collective bargaining agreement in order for the Pension Plan to maintain its tax-qualified status under Section 401(a) of the Code (but only to the extent that such additional costs are incurred in connection with the provision of pension benefits to their non-player employees or to non-player employees of affiliates (within the meaning of Sections 414(b), (c) or (m) of the Code) of such Teams), then any obligation to continue to provide for the accrual of additional benefits under the Pension Plan pursuant to this Agreement or pursuant to any prior collective bargaining agreement shall terminate; provided, however, that any such termination shall not impair the legally binding effect of any other provision of this Agreement or the legally binding effect (if any) of any other provision of any prior collective bargaining agreement, nor shall it create any right: (i) to unilaterally implement during the term of this Agreement any terms concerning the provision of pension benefits to the players; (ii) to lockout; or (iii) to strike. In the event of such termination, the NBA and Players Association agree to bargain in good faith with respect to an alternative arrangement to be provided by the NBA Teams to the players. The costs of any such alternative arrangement shall be at an annual cost (as determined on an after-tax basis) to the NBA Teams substantially equal to but no greater than the annual accrual cost that such Teams would have incurred under the Pension Plan to fund the benefit described in this Section 1, commencing on the date of termination. If despite good faith negotiations, the NBA and the Players Association fail to agree with respect to an alternative arrangement as described above, such failure to agree shall not create any right: (A) to unilaterally implement during the term of this Agreement any terms concerning the provision of pension benefits to the players; (B) to lockout; or (C) to strike.

Pension Plan Tax-Qualification Status. Notwithstanding anything else in this Agreement: (1) if any change or amendment made to the Code, the Employee Retirement Income Security Act of 1974, as amended (“ERISA, or other applicable law”), or to any regulations (whether final, temporary or proposed) or rulings issued thereunder; (2) if any interpretation, application or enforcement (or any proposed interpretation, application or enforcement), by a court of competent jurisdiction in the United States or by the IRS, of the Code, ERISA, or other applicable law, or any regulations or rulings issued thereunder; (3) if any regulations (whether final, temporary or proposed) or rulings issued by the IRS under the Code or ERISA; or (4) if any provisions of this Agreement, including, without limitation, including any of the amendments or benefit increases to be provided under the Pension Plan pursuant to this Section 1, would result in the Pension Plan no longer being a tax-qualified plan under Section 401(a) of the Code, or would require NBA Teams to incur costs over and above any costs required to be incurred to implement the provisions of this Agreement or any prior collective bargaining agreement in order for the Pension Plan to maintain its tax-qualified status under Section 401(a) of the Code (but only to the extent provided, however, that such additional costs are incurred solely in connection with the provision of pension benefits to their non-player employees or to non-player employees of affiliates (within the meaning of Sections 414(b), (c) or (m) of the Code) of such Teams), then any obligation to continue maintain and/or make contributions to provide for the accrual of additional benefits under the Pension Plan pursuant to this Agreement or pursuant to any prior collective bargaining agreement shall terminate; provided, however, that any such termination shall not impair the legally binding effect of any other provision of this Agreement or the legally binding effect (if any) of any other provision of any prior collective bargaining agreement, nor shall it create any right: right (i) to unilaterally implement during the term of this Agreement any terms concerning the provision of pension benefits to the players; , (ii) to lockout; , or (iii) to strike. In the event of such termination, the NBA Teams shall provide an alternative arrangement to the players. The NBA and the Players Association shall agree upon the type(s) of alternative arrangement to bargain in good faith with respect to an be provided. The costs of the alternative arrangement to be provided by the NBA Teams to the players. The costs of any such alternative arrangement shall be at an annual cost (as determined on an after-tax basis) to the NBA Teams substantially equal to but no greater than the annual accrual cost that such Teams would have incurred under the Pension Plan to fund the benefit described in this Section 1, commencing on the date of termination. If despite good faith negotiations, the NBA and the Players Association fail to agree with respect to an alternative arrangement as described above, such failure to agree shall not create any right: (A) to unilaterally implement during the term of this Agreement any terms concerning the provision of pension benefits to the players; (B) to lockout; or (C) to strike.