Common use of Liability and Responsibility Clause in Contracts

Liability and Responsibility. The Liabilities in respect of Xxxxxxxx 66 Deferred Compensation Beneficiaries under the COP Deferred Compensation Plans shall be assumed by the member of the Xxxxxxxx 66 Group which sponsors the applicable Xxxxxxxx 66 Deferred Compensation Plan, effective as of the Effective Time; provided that such Liabilities in respect of each such Xxxxxxxx 66 Deferred Compensation Beneficiary who is a Delayed Transfer Employee shall be assumed by such member of the Xxxxxxxx 66 Group effective as of close of business on the applicable Transfer Date. Xxxxxxxx 66 shall have sole responsibility for the administration of the Xxxxxxxx 66 Deferred Compensation Plans and the payment of benefits thereunder to or on behalf of Xxxxxxxx 66 Group Employees, and no member of the COP Group shall have any liability or responsibility therefor. COP shall have sole responsibility for the administration of the COP Deferred Compensation Plans and the payment of benefits thereunder to or on behalf of COP Group Employees and Former COP Group Employees, and no member of the Xxxxxxxx 66 Group shall have any liability or responsibility therefor.

Liability and Responsibility. The Liabilities in respect of Xxxxxxxx 66 Deferred Compensation SERP Beneficiaries under the COP Deferred Compensation Plans SERP shall be assumed by the member of the Xxxxxxxx 66 Group which sponsors the applicable Xxxxxxxx 66 Deferred Compensation PlanSERP, effective as of the Effective Time; provided that such Liabilities in respect of each such Xxxxxxxx 66 Deferred Compensation SERP Beneficiary who is a Delayed Transfer Employee shall be assumed by such member of the Xxxxxxxx 66 Group effective as of close of business on the applicable Transfer Date. Xxxxxxxx 66 shall have sole responsibility for the administration of the Xxxxxxxx 66 Deferred Compensation Plans SERP and the payment of benefits thereunder to or on behalf of Xxxxxxxx 66 Group Employees, and no member of the COP Group shall have any liability or responsibility therefor. COP shall have sole responsibility for the administration of the COP Deferred Compensation Plans SERP and the payment of benefits thereunder to or on behalf of COP Group Employees and Former COP Group Employees, and no member of the Xxxxxxxx 66 Group shall have any liability or responsibility therefor.