Once my losses cross the basket threshold, can I claim the whole amount or just the excess?

It depends entirely on how the basket is drafted, because Ontario purchase agreements use both approaches and neither is a legal default. A "tipping" basket lets the buyer claim the entire amount of qualifying losses once the threshold is crossed, working like an all-or-nothing trigger rather than a true deductible. A "deductible" basket, by contrast, only ever lets the buyer recover the amount by which losses exceed the threshold, similar to an insurance deductible that is never itself paid out.

The two produce very different results on a marginal claim, so this is one of the more consequential drafting choices in the indemnity section, and it is worth checking closely rather than assuming either structure applies. Some agreements also distinguish how the basket works for ordinary representation claims versus fundamental representation claims, so a single agreement can use different mechanics for different categories of loss. Because the difference between "tipping" and "deductible" language can be a few words buried in a longer clause, a buyer negotiating or reviewing a purchase agreement should have a Treadstone business lawyer confirm exactly which version is in play before relying on either reading.