Common use of FUNDING OF ACCRUED EMPLOYEE BENEFITS Clause in Contracts

FUNDING OF ACCRUED EMPLOYEE BENEFITS. Company hereby covenants and agrees that it will take whatever steps are necessary to pay or fund completely for any accrued benefits, where applicable, or vested accrued benefits for which Company or any entity might have any liability whatsoever arising from any insurance, pension plan, employment tax or similar liability of Company to any employee or other person or entity (including, without limitation, any Company Plan and any liability under employment contracts with Company) allocable to services performed prior to the Closing Date. Company and Shareholders acknowledge that the purpose and intent of this covenant is to assure that Pentegra shall have no unfunded liability whatsoever at any time after the Closing Date with respect to any of Company's employees or similar persons or entities, including, without limitation, any Company Plan for the period prior to the Closing Date.