Common use of Liability and Responsibility Clause in Contracts

Liability and Responsibility. The Liabilities in respect of Ultra Deferred Compensation Beneficiaries under the Delta Deferred Compensation Plans and the assets, if any, segregated in a rabbi trust solely for the purposes of satisfying such liabilities shall be assumed by or transferred to the member of the Ultra Group which sponsors the applicable Ultra Deferred Compensation Plan, effective as of the earlier of the Effective Time or the date on which such plan is established. For the avoidance of doubt, if no assets are segregated in such a rabbi trust, Delta shall have no obligation to transfer any assets to any member of the Ultra Group pursuant to this Section 6.1(b). Ultra shall have sole responsibility for the administration of the Ultra Deferred Compensation Plans and the payment of benefits thereunder to or on behalf of Ultra Group Employees, and no member of the Delta Group shall have any liability or responsibility therefor. Delta shall have sole responsibility for the administration of the Delta Deferred Compensation Plan and the payment of benefits thereunder to or on behalf of Delta Group Employees and Former Delta Group Employees, and no member of the Ultra Group shall have any liability or responsibility therefor.