Common use of Administration of Current Insurance Arrangements Clause in Contracts

Administration of Current Insurance Arrangements. (a) From and after the completion of the Arrangement, Colliers shall be responsible for Insurance Administration under the Current Insurance Arrangements with respect to all Losses and Liabilities including any claims with respect to the New FSV Assets and New FSV Liabilities arising prior to the completion of the Arrangement or arising after the completion of the Arrangement but relating to the period prior to the completion of the Arrangement and covered by the Current Insurance Arrangements. All Post-Closing Cooperation Costs relating to Insurance Administration and claimed with respect to the New FSV Interests as contemplated by this subsection 4.2(a) shall be borne by FSV Holdco; provided that, prior to incurring any material disbursement or engaging any agent with respect thereto, Colliers shall consult with New FSV with respect to same. Insurance Proceeds with respect to claims, costs and expenses under the Current Insurance Arrangements which relate to the New FSV Interests shall be paid by Colliers to New FSV. In the event New FSV or any Affiliate of New FSV makes an Insured Claim under a Current Insurance Arrangement, New FSV shall deliver notice to Colliers of such Insured Claim and Colliers shall promptly and diligently either: (i) appoint New FSV as its agent for the limited purpose of making and administering such Insured Claim, keeping Colliers periodically updated as to the status of such Insured Claim; or (ii) proceed to do whatever may be required and necessary under the Current Insurance Arrangements to make such a claim on behalf of New FSV or its Affiliate, as the case may be, keeping New FSV periodically updated as to the status of such Insured Claim. In making any such claims on behalf of New FSV or its Affiliate, as the case may be, Colliers shall exercise the same degree of diligence as it would normally exercise in connection with insurance claims made on its own behalf.

Administration of Current Insurance Arrangements. (a) From and after the completion of the Arrangement, Colliers EnCana shall be responsible for Insurance Administration under the Current Insurance Arrangements with respect to all Losses and Liabilities including any claims with respect to the New FSV Cenovus Assets and New FSV Cenovus Liabilities arising prior to the completion of the Arrangement or arising after the completion of the Arrangement but relating to the period prior to the completion of the Arrangement and covered by the Current Insurance Arrangements. All Post-Closing Cooperation Costs relating to Insurance Administration and claimed with respect to the New FSV Cenovus Interests as contemplated by this subsection Section 4.2(a) shall be borne by FSV HoldcoSubco; provided that, prior to incurring any material disbursement or engaging any agent with respect thereto, Colliers EnCana shall consult with New FSV Subco with respect to same. Insurance Proceeds with respect to claims, costs and expenses under the Current Insurance Arrangements which relate to the New FSV Cenovus Interests shall be paid by Colliers EnCana to New FSVSubco. In the event New FSV Subco or any Affiliate of New FSV Subco makes an Insured Claim under a Current Insurance Arrangement, New FSV Subco shall deliver notice to Colliers EnCana of such Insured Claim and Colliers EnCana shall promptly and diligently either: (i) appoint New FSV Subco as its agent for the limited purpose of making and administering such Insured Claim, keeping Colliers EnCana periodically updated as to the status of such Insured Claim; or (ii) proceed to do whatever may be required and necessary under the Current Insurance Arrangements to make such a claim on behalf of New FSV Subco or its Affiliate, as the case may be, keeping New FSV Subco periodically updated as to the status of such Insured Claim. In making any such claims on behalf of New FSV Subco or its Affiliate, as the case may be, Colliers EnCana shall exercise the same degree of diligence as it would normally exercise in connection with insurance claims made on its own behalf.