DEFERRED PREMIUMS CLAUSE (120 days)

It is hereby understood and agreed that the premium shall be paid in the following installments :

1^st  installment – 25% of 100% premium due date 30^th December 2004

2^nd installment – 25% of 100% premium due date 30^th January 2005

3^rd installment – 25% of 100% premium due date 28^th February 2005

4^th installment – 25% of 100% premium due date 30^th March 2005

Nevertheless it is further understood and agreed that :

It is a condition that in the event of any installment not being paid by its due date the cover afforded by this Policy shall be deemed to have ceased at midnight of such due date.

In the event of a claim hereunder which exceeds the installment of premium paid on this policy the installment of premium then outstanding shall become payable forthwith.