Common use of Transportation Benefit Programs Clause in Contracts

Transportation Benefit Programs. (a) Effective as of December 31, 2013, Time Employees and Salary Continuation Former Employees (and their respective dependents and beneficiaries) ceased participation in the transportation benefit programs sponsored by any member of the TWX Group (the “TWX Transportation Benefit Program”). Effective as of January 1, 2014, Time or its Subsidiaries established a transportation benefit program (the “Time Transportation Benefit Program”) that was substantially similar to the TWX Transportation Benefit Program as in effect as of immediately prior to the Establishment Date for the purpose of providing continued transportation benefits to Time Employees and Salary Continuation Former Employees, and, from and after such date, the Time Group is solely responsible for all transportation benefit claims by participants in the Time Transportation Benefit Program, other than claims for expenses incurred relating to amounts contributed to the TWX Transportation Benefit Program prior to January 1, 2014. The TWX Group is solely responsible for all transportation benefit claims by Time Employees, Salary Continuation Former Employees and Former Time Employees participating in the TWX Transportation Benefit Program prior to January 1, 2014, relating to amounts contributed to the TWX Transportation Benefit Program prior to January 1, 2014. (b) Promptly following the Transfer Time, with respect to each Transferred To Time Employee who has any benefits under the TWX Transportation Benefit Program, TWX shall transfer to Time all relevant records relating to the benefits of such Transferred To Time Employee under the TWX Transportation Benefit Program and any other information necessary for the administration of the Time Transportation Benefit Program with respect to such Employee. Time shall, or shall cause its Subsidiaries to, cause the Time Transportation Benefit Program to accept, effective as of the relevant Transfer Time, a spin-off of the benefits of each individual who is a Transferred To Time Employee and who has any benefits under the TWX Transportation Benefit Program from the TWX Transportation Benefit Program except for any benefits relating to contributions to the TWX Transportation Benefit Program prior to January 1, 2014 (which shall be retained by the TWX Transportation Benefit Program to satisfy claims for which the TWX Group is responsible pursuant to Section 12.01(a)), and to honor and continue, through the end of the plan year in which the Transfer Time occurs, the elections made by such employee with respect to the benefits under the TWX Transportation Benefit Program for such plan year. The Time Group shall be solely responsible for all claims by all individuals whose benefits transfer pursuant to this Section 12.01(b) under the TWX Transportation Benefit Program that were incurred in the year in which the Transfer Time occurs, whether incurred prior to, at or after the Transfer Time, that have not been paid in full as of the Transfer Time. (c) Promptly following the Transfer Time, with respect to each Transferred To TWX Employee who has any benefits under the Time Transportation Benefit Program, Time shall transfer to TWX all relevant records relating to the benefits of such Transferred To TWX Employee under the Time Transportation Benefit Program and any other information necessary for the administration of the TWX Transportation Benefit Program with respect to such account. TWX shall, or shall cause its Subsidiaries to, cause the TWX Transportation Benefit Program to accept, effective as of the relevant Transfer Time, a spin-off of the benefits of each individual who is a Transferred To TWX Employee and who has any benefits under the Time Transportation Benefit Program from the Time Transportation Benefit Program, and to honor and continue, through the end of the plan year in which the Transfer Time occurs, the elections made by such employee with respect to the benefits under the Time Transportation Benefit Program for such plan year. The TWX Group shall be solely responsible for all claims by all individuals whose benefits transfer pursuant to this Section 12.01(c) under the Time Transportation Benefit Program that were incurred in the year in which the Transfer Time occurs, whether incurred prior to, at or after the Transfer Time, that have not been paid in full as of the Transfer Time.