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

Ownership of Existing Policies and Programs. TXI or one or more of the other TXI Parties shall continue to own all property damage and business interruption, and liability insurance policies and programs, including, without limitation, primary and excess general liability, executive liability, automobile, workers’ compensation, property damage and business interruption, crime and surety insurance policies, in effect on or before the Distribution Date (collectively, the “TXI Policies” and individually, a “TXI Policy”). Subject to the provisions of this Agreement, the TXI Parties shall retain all of their respective rights, benefits and privileges, if any, under the TXI Policies. Nothing contained herein shall be construed to be an attempted assignment of or a change to any part of the ownership of the TXI Policies. With respect to any claim relating to the Chaparral Business or the Transferred Assets, TXI shall have sole responsibility for claims administration and financial administration of the TXI Policies and such administration shall be governed solely by the terms of Sections 8.5 and 8.6.