Additional Post Closing Obligations Sample Clauses

Additional Post Closing Obligations. The parties will perform and fulfill each of the following obligations after the Closing Date: (a) Guarantee will cause the Company not to sell or otherwise assign any of the rights or obligations of the Company under those structured settlements to which the Company is a party as of the Closing Date (collectively, the "Structured Settlements") to any insurance company which has a rating assigned by A.M. Best Company of less than "A." If any Structured Settlement is sold or otherwise assigned to another insurance company whose rating is subsequently reduced to less than "A" or, in the event that the Company's rating assigned by A.M. Best Company is reduced to less than "A," in either case Guarantee will cause the Company to reinsure the Company's obligations under such Structured Settlement with another insurance company which has a rating assigned by A.M. Best Company of not less than "A." (b) Guarantee will cause the Company to maintain the Seller's group life insurance plan with the Company on substantially the same terms and conditions (including the use of the same rates and discounts) as existed prior to the Closing through December 31, 1998. (c) Schedule 5.15 lists certain universal life insurance policies of the Company which are owned by the Seller or by present or former employees of the Seller and which have above-market interest rates contained therein (collectively, the "Executive Carve Out Policies"). Guarantee shall cause the Company to continue to credit the current above market interest rate of nine percent on the in force Executive Carve Out Policies for the three retired employees of the Seller identified on Schedule 5.15 current through maturity without additional premium therefore and to credit the in force Executive Carve Out Policies for the 10 active employees of the Seller identified on Schedule 5.15 at an above market interest rate of eight percent through maturity; provided, however, the annual premiums on such policies will be increased in November 1998 to an amount sufficient to carry these policies at such rate to maturity. (d) Guarantee will cause the Company to continue the Company's existing practice of reducing premiums with respect to life insurance policies owned or held by employees of the Seller as of the date of this Agreement. (e) In the event of any Proceeding in connection with action, failure to act or transaction involving the Company occurring in whole or in part prior to the Closing Date, all parties will make ...

Additional Post Closing Obligations