Common use of Assumption of Liabilities and Transfer of Assets Clause in Contracts

Assumption of Liabilities and Transfer of Assets. Subject to the provisions of Section 6.1, effective Immediately After the Distribution Date, Water Pik shall assume all Benefit Liabilities to or relating to Water Pik Individuals under the ATI Nonqualified Deferred Compensation Programs. Effective Immediately After the Distribution Date, to the extent ATI has acquired Corporate-Owned Life Insurance Policies as a source of payment of liabilities which are or may be payable under the Allegheny Teledyne Incorporated Executive Deferred Compensation Plan with respect to Water Pik Individuals, ATI shall, in ATI's sole discretion, (i) transfer an amount in cash equal to the cash surrender value of such policies or (ii) cause the transfer, either by assignment or any other reasonable means, to Water Pik of Corporate-Owned Life Insurance Policies on the lives of such Water Pik Individuals and such other employees or former employees of ATI or its subsidiaries as ATI may, in its sole discretion select, or any portion thereof, having in the aggregate a cash surrender value equal to the amount of any Benefit Liabilities for Water Pik Individuals under the Allegheny Teledyne Incorporated Executive Deferred Compensation Plan.