DEFERRED PREMIUM CLAUSE

It is hereby understood and agreed that the premium shall be payable on the due date stated in the schedule as follows : • 1st Installment due date on January 30, 2006 : 25% of Premium • 2nd Installment due date on March 1, 2006 : 25% of Premium • 3rd Installment due date on March 31, 2006 : 25% of Premium • 4th Installment due date on April 30, 2006 : 25% of Premium “Notwithstanding that this policy is issued at a contract for a period of 12 (twelve) months, it is understood that in the event of any installment not being paid prior to, or 14 (fourteen) days after its due date, then cover afforded by the Policy shall be deemed to have ceased at midnight of due date. It is further agreed that payments will be settled within 1 (one) week after the said due dates by the agent/broker to the Underwriters. In the event of a claim arising hereunder which exceed the premium paid on this Policy, the installment of premium outstanding shall become payable forthwith”