Common use of Administration and Reserves Clause in Contracts

Administration and Reserves. (a) Notwithstanding the provisions of Article III, but subject to any contrary provisions of any Related Agreement, from and after the Distribution Date: (i) Evercel shall be entitled to any reserves established by ERC or any of its Subsidiaries, or the benefit of reserves held by any insurance carrier, with respect to the Evercel Liabilities; and (ii) ERC shall be entitled to any reserves established by ERC or any of its Subsidiaries, or the benefit of reserves held by any insurance carrier, with respect to the ERC Retained Liabilities.