<p>Notwithstanding anything contained herein to the contrary, IT IS HEREBY DECLARED AND AGREED&nbsp; that the premium and its corresponding taxes in this policy is payable by installment as herein enumerated.</p>

<p>1st Instalment &ndash; 25% of the premium plus corresponding VAT, plus100% Documentary Stamps and Local Government Tax due 30 days after inception<br />
&nbsp;2nd Instalment &ndash; 25% of the premium plus corresponding VAT due 120 days after inception<br />
&nbsp;3rd Instalment &ndash; 25% of the premium plus corresponding VAT due 210 days after inception<br />
&nbsp;4th Instalment &ndash; 25% of the premium plus corresponding VAT due 300 days after inception</p>

<p>In the event of any above schedule payment are not received in full on or before the due dates&nbsp; mentioned above, this insurance shall be deemed to have ceased at 4:00 p.m. of such date.&nbsp;Thereafter, this policy shall automatically become null and void and ineffective unless prior to the expiration of said period, the insured shall have actually&nbsp;paid to the company the total premium and the corresponding&nbsp; taxes as indicated in the above scheduled payment.</p>

<p>In the event of loss covered hereunder during the currency of this policy, all future installments shall immediately become due and payable and the Company shall be entitled to take credit therefore.</p>
