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, 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 Cenovus Assets and 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 Cenovus Interests as contemplated by this Section 4.2(a) shall be borne by Subco; provided that, prior to incurring any material disbursement or engaging any agent with respect thereto, EnCana shall consult with Subco with respect to same. Insurance Proceeds with respect to claims, costs and expenses under the Current Insurance Arrangements which relate to the Cenovus Interests shall be paid by EnCana to Subco. In the event Subco or any Affiliate of Subco makes an Insured Claim under a Current Insurance Arrangement, Subco shall deliver notice to EnCana of such Insured Claim and EnCana shall promptly and diligently either: (i) appoint Subco as its agent for the limited purpose of making and administering such Insured Claim, keeping 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 Subco or its Affiliate, as the case may be, keeping Subco periodically updated as to the status of such Insured Claim. In making any such claims on behalf of Subco or its Affiliate, as the case may be, EnCana shall exercise the same degree of diligence as it would normally exercise in connection with insurance claims made on its own behalf. (b) From and after the completion of the Arrangement, EnCana or any Affiliate of EnCana on the one hand, and Subco and its Affiliates, on the other hand, shall have the right to claim coverage for Insured Claims under the Current Insurance Arrangements with respect to any claim covered by such Current Insurance Arrangements as and to the extent that such insurance is available, up to the full extent of the applicable limits of liability, if any, and subject to the terms and conditions, of such Current Insurance Arrangements (and may receive any Insurance Proceeds with respect thereto). In the event that the total Insurance Proceeds payable to the Parties and their respective Affiliates under the Current Insurance Arrangements shall have exhausted the limits of liability, if any, under such Current Insurance Arrangements, payment of any future claims which are not reimbursed under such Current Insurance Arrangements as a result of such exhaustion of the limits of liability shall be the sole responsibility of the Party to which such Loss or Liability is allocated under the terms of this Agreement. EnCana and Subco agree to cooperate with each other in a reasonable manner in asserting any Insured Claim pursuant to this Section 4.2.

Administration of Current Insurance Arrangements. (a) From and after the completion of the Arrangement, EnCana 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 Cenovus New FSV Assets and Cenovus 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 Cenovus New FSV Interests as contemplated by this Section subsection 4.2(a) shall be borne by SubcoFSV Holdco; provided that, prior to incurring any material disbursement or engaging any agent with respect thereto, EnCana Colliers shall consult with Subco New FSV with respect to same. Insurance Proceeds with respect to claims, costs and expenses under the Current Insurance Arrangements which relate to the Cenovus New FSV Interests shall be paid by EnCana Colliers to SubcoNew FSV. In the event Subco New FSV or any Affiliate of Subco New FSV makes an Insured Claim under a Current Insurance Arrangement, Subco New FSV shall deliver notice to EnCana Colliers of such Insured Claim and EnCana Colliers shall promptly and diligently either: (i) appoint Subco New FSV as its agent for the limited purpose of making and administering such Insured Claim, keeping EnCana 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 Subco New FSV or its Affiliate, as the case may be, keeping Subco New FSV periodically updated as to the status of such Insured Claim. In making any such claims on behalf of Subco New FSV or its Affiliate, as the case may be, EnCana Colliers shall exercise the same degree of diligence as it would normally exercise in connection with insurance claims made on its own behalf. (b) From and after the completion of the Arrangement, EnCana Colliers or any Affiliate of EnCana Colliers, on the one hand, and Subco and its AffiliatesNew FSV or any Affiliate of New FSV, on the other hand, shall have the right to claim coverage for Insured Claims under the Current Insurance Arrangements with respect to any claim covered by such Current Insurance Arrangements as and to the extent that such insurance is available, up to the full extent of the applicable limits of liability, if any, and subject to the terms and conditions, of such Current Insurance Arrangements (and may receive any Insurance Proceeds with respect thereto). In the event that the total Insurance Proceeds payable to the Parties and their respective Affiliates under the Current Insurance Arrangements shall have exhausted the limits of liability, if any, under such Current Insurance Arrangements, payment of any future claims which are not reimbursed under such Current Insurance Arrangements as a result of such exhaustion of the limits of liability shall be the sole responsibility of the Party to which such Loss or Liability is allocated under the terms of this Agreement. EnCana Colliers and Subco New FSV agree to cooperate with each other in a reasonable manner in asserting any Insured Claim pursuant to this Section 4.2.

Administration of Current Insurance Arrangements. ‌ (a) From and after the completion of the Arrangement, EnCana Nuvo 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 Cenovus Crescita Assets and Cenovus Crescita 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 Cenovus Crescita Interests as contemplated by this Section 4.2(a5.2(a) shall be borne by Subco; provided that, prior to incurring any material disbursement or engaging any agent with respect thereto, EnCana Nuvo shall consult with Subco with respect to same. Insurance Proceeds with respect to claims, costs and expenses under the Current Insurance Arrangements which relate to the Cenovus Crescita Interests shall be paid by EnCana Nuvo to Subco. In the event Subco or any Affiliate of Subco makes an Insured Claim under a Current Insurance Arrangement, Subco shall deliver notice to EnCana Nuvo of such Insured Claim and EnCana Nuvo shall promptly and diligently either: (i) appoint Subco as its agent for the limited purpose of making and administering such Insured Claim, keeping EnCana Nuvo 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 Subco or its Affiliate, as the case may be, keeping Subco periodically updated as to the status of such Insured Claim. In making any such claims on behalf of Subco or its Affiliate, as the case may be, EnCana Nuvo shall exercise the same degree of diligence as it would normally exercise in connection with insurance claims made on its own behalf.behalf.‌ (b) From and after the completion of the Arrangement, EnCana Nuvo or any Affiliate of EnCana Nuvo on the one hand, and Subco and its Affiliates, on the other hand, shall have the right to claim coverage for Insured Claims under the Current Insurance Arrangements with respect to any claim covered by such Current Insurance Arrangements as and to the extent that such insurance is available, up to the full extent of the applicable limits of liability, if any, and subject to the terms and conditions, of such Current Insurance Arrangements (and may receive any Insurance Proceeds with respect thereto). In the event that the total Insurance Proceeds payable to the Parties and their respective Affiliates under the Current Insurance Arrangements shall have exhausted the limits of liability, if any, under such Current Insurance Arrangements, payment of any future claims which are not reimbursed under such Current Insurance Arrangements as a result of such exhaustion of the limits of liability shall be the sole responsibility of the Party to which such Loss or Liability is allocated under the terms of this Agreement. EnCana Nuvo and Subco agree to cooperate with each other in a reasonable manner in asserting any Insured Claim pursuant to this Section 4.25.2.