Common use of Ownership of Existing Policies and Programs Clause in Contracts

Ownership of Existing Policies and Programs. Xxxxxx Oil or any member of the Xxxxxx Oil Group will continue to own all insurance policies, insurance contracts and claim administration contracts of any kind of any member of the Xxxxxx Oil Group which were or are in effect at any time at or prior to the Distribution Time (other than insurance policies, insurance contracts and claim administration contracts established in contemplation of the Distribution to cover only the Xxxxxx USA Group after the Distribution Time), together with all rights, benefits and privileges under any of the foregoing (collectively, the “Xxxxxx Oil Policies”). Subject to the provisions of this Agreement, including the Xxxxxx USA Group’s rights under Section 4.04, (a) the members of the Xxxxxx Oil Group shall retain all of their respective rights, benefits and privileges, if any, under the Xxxxxx Oil Policies and (b) coverage of the Xxxxxx USA Group under the Xxxxxx Oil Policies shall cease as of the Distribution Time with respect to all Losses to the extent incurred or suffered by the Xxxxxx USA Group in connection with, relating to, arising out of or due to, directly or indirectly, any event or occurrence at or after the Distribution Time. Nothing contained herein shall be construed to be an attempted assignment of or a change to any part of the ownership of the Xxxxxx Oil Policies or shall be construed to waive any right or remedy of any member of the Xxxxxx Oil Group in respect thereof. No provision of this Agreement is intended to relieve any insurer of any Liability under any policy.

Ownership of Existing Policies and Programs. Xxxxxx Mxxxxx Oil or any member of the Xxxxxx Mxxxxx Oil Group will continue to own all insurance policies, insurance contracts and claim administration contracts of any kind of any member of the Xxxxxx Mxxxxx Oil Group which were or are in effect at any time at or prior to the Distribution Time (other than insurance policies, insurance contracts and claim administration contracts established in contemplation of the Distribution to cover only the Xxxxxx Mxxxxx USA Group after the Distribution Time), together with all rights, benefits and privileges under any of the foregoing (collectively, the “Xxxxxx Mxxxxx Oil Policies”). Subject to the provisions of this Agreement, including the Xxxxxx Mxxxxx USA Group’s rights under Section 4.04, (a) the members of the Xxxxxx Mxxxxx Oil Group shall retain all of their respective rights, benefits and privileges, if any, under the Xxxxxx Mxxxxx Oil Policies and (b) coverage of the Xxxxxx Mxxxxx USA Group under the Xxxxxx Mxxxxx Oil Policies shall cease as of the Distribution Time with respect to all Losses to the extent incurred or suffered by the Xxxxxx Mxxxxx USA Group in connection with, relating to, arising out of or due to, directly or indirectly, any event or occurrence at or after the Distribution Time. Nothing contained herein shall be construed to be an attempted assignment of or a change to any part of the ownership of the Xxxxxx Mxxxxx Oil Policies or shall be construed to waive any right or remedy of any member of the Xxxxxx Mxxxxx Oil Group in respect thereof. No provision of this Agreement is intended to relieve any insurer of any Liability under any policy.