Common use of Buyer’s Trustee and Endowment Care and Pre-Need Trust Funds Clause in Contracts

Buyer’s Trustee and Endowment Care and Pre-Need Trust Funds. Buyer shall, prior to Closing, (i) secure all licenses, permits and other governmental authorizations and approvals required by the Commonwealth of Pennsylvania and the States of North Carolina, Alabama and Georgia as a prerequisite to Buyer selling Pre-/At-Need Contracts or accepting funds paid by customers toward Pre-/At-Need Contracts with the Business; and (ii) select and formally designate a trustee or trustees (“Buyer’s Trustee”) that is qualified under applicable Laws to receive all bank, trust or other funds or accounts, excluding insurance premium payments, containing amounts that have been received by Sellers prior to the Effective Time pursuant to Pre-/At-Need Contracts for pre-need funeral or cemetery merchandise and/or services to be provided by the Business (“Pre-Need Trust Funds”), or which are being held as endowment care, perpetual care, extended care or similar trust funds (“Endowment Care Funds”), or which are being held as pre-construction trust funds (“Pre-construction Trust Funds”) (all herein collectively the “Trust Funds”). At or prior to Closing, Buyer shall present to Sellers documentary evidence of satisfaction of the above requirements (“Trust Fund Verification Documents”). On the Closing Date, all amounts held in the Trust Funds shall be transferred for safekeeping to Buyer’s Trustee, provided that certain amounts shall be transferred to Buyer’s Trustee after Closing pursuant to Section 5.5. Buyer agrees that all such amounts will be held, administered and withdrawn in accordance with state and federal law. Also prior to Closing, Buyer shall obtain and have available at Closing for delivery to the North Carolina Cemetery Commission, a bond which is legally and financially adequate to cause the North Carolina Cemetery Commission to release the existing bond(s) currently in its possession and previously provided to it by SCI North Carolina Funeral Services, Inc. regarding that entity’s Pre-/At-Need Contract performance liability for all of the North Carolina cemetery Locations.

Buyer’s Trustee and Endowment Care and Pre-Need Trust Funds. Buyer shall, prior to Closing, (i) secure all licenses, permits and other governmental authorizations and approvals required by the Commonwealth State of Pennsylvania and the States of North Carolina, Alabama and Georgia Michigan as a prerequisite to Buyer selling Pre-/At-Need Contracts or accepting funds paid by customers toward Pre-/At-Need Contracts with the Business; and (ii) select and formally designate a trustee or trustees (“Buyer’s Trustee”) that is qualified under applicable Laws to receive all bank, trust or other funds or accounts, excluding insurance premium payments, containing amounts that have been received by Sellers Seller or SCI prior to the Effective Time pursuant to Pre-/At-Need Contracts for pre-need funeral or cemetery merchandise and/or services to be provided by the Business (“Pre-Need Trust Funds”), or which are being held as endowment care, perpetual care, extended care or similar trust funds (“Endowment Care Funds”), or which are being held as pre-construction trust funds (“Pre-construction Trust Funds”) (all herein collectively the “Trust Funds”). At or prior to Closing, Buyer shall present confirm in writing to Sellers documentary evidence of satisfaction of Seller its compliance with the above requirements (“Trust Fund Verification Documents”)requirements. On the Closing Date, all amounts held in the Trust Funds shall be transferred for safekeeping to Buyer’s Trustee, provided that certain amounts shall be transferred to Buyer’s Trustee after Closing pursuant to Section 5.5. Buyer agrees that all such amounts will be held, administered and withdrawn in accordance with state and federal law. Also prior to Closing, Buyer shall obtain and have available at Closing for delivery to the North Carolina Cemetery Commission, a bond which is legally and financially adequate to cause the North Carolina Cemetery Commission to release the existing bond(s) currently in its possession and previously provided to it by SCI North Carolina Funeral Services, Inc. regarding that entity’s Pre-/At-Need Contract performance liability for all of the North Carolina cemetery Locations.

Buyer’s Trustee and Endowment Care and Pre-Need Trust Funds. Buyer shall, prior to Closing, (i) secure all licenses, permits and other governmental authorizations and approvals required by the Commonwealth State of Pennsylvania and the States of North Carolina, Alabama and Georgia Michigan as a prerequisite to Buyer selling Pre-/At-Need Contracts or accepting funds paid by customers toward Pre-/At-Need Contracts with the Business; and (ii) select and formally designate a trustee or trustees and escrow agent or escrow agents (“Buyer’s Trustee”) that is qualified under applicable Laws to receive all bank, trust trust/escrow or other funds or accounts, excluding insurance premium payments, containing amounts that have been received by Sellers Seller or SCI prior to the Effective Time pursuant to Pre-/At-Need Contracts for pre-need funeral or cemetery merchandise and/or services to be provided by the Business (“Pre-Need Trust Funds”), or which are being held as endowment care, perpetual care, extended care or similar trust funds (“Endowment Care Funds”), or which are being held as pre-construction trust funds (“Pre-construction Trust Funds”) (all herein collectively the “Trust Funds”). At or prior to Closing, Buyer shall present confirm in writing to Sellers documentary evidence of satisfaction of Seller its compliance with the above requirements. At or prior to Closing, Buyer shall confirm in writing to Seller and Seller’s Trustees (as defined below) its compliance with the above requirements (“Trust Fund Verification Documents”)and acceptance by Buyer’s Trustee of its/their designation and appointment as such. On After the Closing Date, all amounts held in the as Trust Funds shall be transferred for safekeeping to Buyer’s Trustee, provided that certain amounts shall be transferred to Buyer’s Trustee after Closing pursuant to Section 5.5. , and assuming compliance with these requirements by Buyer, Buyer agrees that all such amounts will be held, administered and withdrawn in accordance with state and federal law. Also prior to Closing, Buyer shall obtain and have available at Closing for delivery to the North Carolina Cemetery Commission, a bond which is legally and financially adequate to cause the North Carolina Cemetery Commission to release the existing bond(s) currently in its possession and previously provided to it by SCI North Carolina Funeral Services, Inc. regarding that entity’s Pre-/At-Need Contract performance liability for all of the North Carolina cemetery Locations.

Buyer’s Trustee and Endowment Care and Pre-Need Trust Funds. Buyer shall, prior to Closing, (i) secure all licenses, permits and other governmental authorizations and approvals required by the Commonwealth of Pennsylvania and the States of North CarolinaAlabama, Alabama Colorado, Illinois, Kansas, Kentucky, Missouri, Oregon, Washington, and Georgia West Virginia, as a prerequisite to Buyer selling Pre-/At-Need Contracts or accepting funds paid by customers toward Pre-/At-Need Contracts with the Business; and (ii) select and formally designate a trustee or trustees (“Buyer’s Trustee”) that is qualified under applicable Laws to receive all bank, trust or other funds or accounts, excluding insurance premium payments, containing amounts that have been received by Sellers prior to the Effective Time pursuant to Pre-/At-Need Contracts for pre-need funeral or cemetery merchandise and/or services to be provided by the Business (“Pre-Need Trust Funds”), or which are being held as endowment care, perpetual care, extended care or similar trust funds (“Endowment Care Funds”), or which are being held as pre-construction trust funds (“Pre-construction Trust Funds”) (all herein collectively the “Trust Funds”). At or prior to Closing, Buyer shall present confirm in writing to Sellers documentary evidence of satisfaction of Seller its compliance with the above requirements (“Trust Fund Verification Documents”)requirements. On the Closing Date, all amounts held in the Trust Funds shall be transferred for safekeeping to Buyer’s Trustee, provided that certain amounts shall be transferred to Buyer’s Trustee after Closing pursuant to Section 5.5. Buyer agrees that all such amounts will be held, administered and withdrawn in accordance with state and federal law. Also prior to Promptly following the Closing, Buyer shall obtain and have available at Closing for delivery to post with the North Carolina Cemetery Commissionrequisite authorities in Alabama, a bond which is legally and financially adequate to cause the North Carolina Cemetery Commission to release the existing bond(s) currently in its possession and previously provided to it by SCI North Carolina Funeral ServicesKentucky, Inc. regarding that entity’s Pre-/At-Need Contract performance liability for all of the North Carolina cemetery Locations.Oregon