Common use of Policy of Insurance Clause in Contracts

Policy of Insurance. The parties hereto shall take any action which may be necessary to cause the Policy to conform to the provisions of this Agreement. The parties hereto agree that the Policy shall be subject to the terms and conditions of this Agreement and of any collateral assignment filed with the Insurer relating to the Policy. The terms of this Agreement shall be applicable to any policy of insurance received in exchange for an interest in the Policy listed on Exhibit "A" attached hereto, provided all sums available to the Owner under an old policy are applied to the new policy received in such exchange. Owner shall notify the Corporation of any such exchange and the terms Policy hereunder shall thereafter include such new policy.