Common use of Policies and Rights Prior to Spin Clause in Contracts

Policies and Rights Prior to Spin. Off. Prior to the Spin-Off Date, Monterey shall be entitled to any and all rights of an insured party under each of the Policies, specifically including rights of indemnity and the right to be defended by or at the expense of the insurer, with respect to all injuries, losses, liabilities, damages, and expenses incurred or claimed to have been incurred prior to the Spin-Off Date (to the extent covered) by any party in connection with the conduct of the Business. Nothing in this clause shall be deemed to constitute (or to reflect) the assignment of the Policies, or any of them, to Monterey. From and after the Spin-Off Date (or earlier upon mutual agreement), Monterey agrees that it shall be responsible for obtaining and maintaining, on such terms as Monterey determines to be appropriate, insurance policies for injuries, claims, liabilities, losses, costs, and expenses arising with respect to occurrences after the Spin-Off Date.