# Endorsement No: 6

**This endorsement, effective:** May 21, 2012 (at 12:01 A.M. prevailing time at the address of the Named Insured as shown in Item 1(b) of the Declarations)

**forms a part of Policy No:** IS0000881

**Issued to:** International Business Machines Corporation Iron-Starr Excess Agency Ltd.

## PREMIUM PAYMENT CONDITION

In consideration of the premium charged, it is hereby understood and agreed that notwithstanding anything to the contrary contained in this Policy, it is a requirement of this Policy that:

(a) the premium is to be received by the Company no later than thirty (30) days after the inception date,

(b) any installment premium is to be received by the Company no later than thirty (30) days after the effective date of such installment premium,

(c) any other additional premium is to be received by the Company no later than thirty (30) days after the effective date applicable to such additional premium, or as may otherwise be agreed by the Company.

In consideration of the foregoing:

1. failure to comply with (a) above entitles the Company to refuse to be bound by this contract of insurance,
2. failure to comply with (b) above entitles the Company to invoke the cancellation provisions of this Policy,
3. failure to comply with (c) above entitles the Company to invoke the cancellation provisions of this Policy with respect to any additional coverage which is subject to such additional premium charge.

Payment(s) of premium(s) when due shall be made to:

Aon (Bermuda) Ltd.
30 Woodbourne Avenue
Pembroke HM 08
Bermuda

All other terms, conditions, limitations and exclusions of this Policy remain unchanged.

**Authorized Representative**

Date of Issuance: June 14, 2012
ISEABSF (06/10)
6 ISEABSF Premium Payment Condition.doc