Initial Financial Support for GABC Obligations Sample Clauses

Initial Financial Support for GABC Obligations. On the Closing Date, ELNY shall hereby transfer and assign to GABC all of ELNY’s right, title and interest in and to the Transferred Assets in accordance with Section 4.1 of the Restructuring Plan. The transfer to GABC of the Transferred Assets allocable to the Covered Contracts and the Article 75 Contracts shall be deemed to be a direct transfer to each PGA and the New York Article 75 GA providing protection for each such Covered Contract or Article 75 Contract (as the case may be) and the contemporaneous transfer by each such PGA and the New York Article 75 GA to GABC of their respective interest in the Transferred Assets. In addition, GABC shall on or prior to the Closing Date obtain the PGA Aggregate Contribution in accordance with Article 5 of the Restructuring Plan and the New York Article 75 GA enhancement in accordance with Article 7 of the Restructuring Plan. GABC also shall reinsure, effective as of the Closing Date, on a 100% indemnity reinsurance basis, the (i) Wrapped Obligations to a consortium of life insurance companies in accordance with the Reinsurance and Participation Agreement, as contemplated by Section 6.1.1 of the Restructuring Plan and attached hereto as Exhibit A and (ii) the obligation to pay Supplemental Benefits to a consortium of life insurance companies in accordance with the Supplemental Benefits Reinsurance and Participation Agreement, as contemplated by Section 6.1.2 of the Restructuring Plan and attached hereto as Exhibit B.
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Initial Financial Support for GABC Obligations. On the Closing Date, ELNY shall hereby transfer and assign to GABC all of ELNY’s right, title and
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Related to Initial Financial Support for GABC Obligations

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