Common use of Purchase of Policy Clause in Contracts

Purchase of Policy. The Employee will contemporaneously purchase the Policy from the Insurer; such policy to provide a death benefit to the Employee equal to three times the Employee's base salary (as in effect on the Effective Date and as subsequently adjusted). Both parties hereto agree that they will take all necessary action to cause the Insurer to issue the Policy and shall take any further action which may be necessary to cause the Policy to conform to the provisions of this Agreement. Both parties hereto agree that the Policy shall be subject to the terms and conditions of this Agreement and of the collateral assignment filed with the Insurer relating to the Policy.