Post-Closing Policy means (x) a policy issued by the Company or any Subsidiary on or after the Closing Date upon renewal of a Covered Policy, where such renewal is required under Applicable Law, or (y) a policy issued by the Company or any Subsidiary, other than policies of the type set forth in (x), required under Applicable Law to be issued; provided, that a policy issued upon any renewal not required under Applicable Law, and any other policy issued by the Company or any Subsidiary not required under Applicable Law to be issued, may be included in this definition of "Post-Closing Policy" upon the prior written consent of Sierra and the Seller, which consent may be given or withheld in their sole discretion.
The liability of the Reinsurer under this Agreement with respect to any Policy or Post-Closing Policy will begin simultaneously with that of the Company, but not prior to the Effective Date.
The Reinsurers liability with respect to any Policy will terminate on the earliest of: (a) the date such Policy or Post-Closing Policy is recaptured in accordance with Section 9.4; or (b) the date the Companys liability on such Policy or Post-Closing Policy is terminated in accordance with its terms.
If the face amount of a Policy or a Post-Closing Policy is reduced or increased, the amount coinsured by the Reinsurer shall be reduced or increased accordingly.
In the event of a material change in the provisions and conditions of a Policy or a Post-Closing Policy (provided that such change is not in violation of Section 4.4 hereof), a corresponding change in the related coinsurance and appropriate cash adjustments shall be made consistent with the policy change rules of the Company.
If the Company collects Premiums in arrears from a Policyholder or ceding company of a reinstated Policy or Post-Closing Policy, the Company shall pay to the Reinsurer all Premiums so collected.