Common use of Purchase of Policy Clause in Contracts

Purchase of Policy. The Owner has applied to the Insurance Company for the Policy, and with the assistance of the Corporation, will take all reasonable steps to cause the Policy to be issued. When the Policy is issued, the insurance company, policy number, effective date, face amount and plan of insurance shall be recorded on Schedule A attached hereto, and the Policy shall become subject to the terms of this Agreement. The Owner owns or will own the Policy issued by the insurers described on Schedule "A" attached hereto (collectively, the "Insurer"). The parties hereto have taken or will take all action that may be necessary to cause the Policy to conform to the provisions of this Agreement.