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B. Obligations of Client <br /> 1. Client shall pay Gallagher a fee of Twenty-Six Thousand Two Hundred & Fifty <br /> Dollars ($26,250) per year for the services provided hereunder, payable upon <br /> execution of this Agreement. <br /> 2. In addition to the fees (commissions) provided herein, it is understood and <br /> agreed that other parties, such as excess and surplus line brokers, wholesalers, <br /> re-insurance intermediaries, underwriting managers and similar parties, some <br /> of which may be owned in whole or in part by Gallagher's corporate parent, <br /> may earn and retain usual and customary commissions and fees in the course <br /> of providing insurance products to Client pursuant to this Agreement. Any <br /> such fees or commissions will not constitute compensation to Gallagher under <br /> Section III.B.1 above. <br /> 3. Client is responsible for payment of premiums for all insurance placed by <br /> Gallagher on its behalf. <br /> 4. If any amount is not paid in full when due, including premium payments to <br /> insurance companies, that nonpayment shall constitute a material breach of this <br /> Agreement that shall allow Gallagher to terminate this Agreement, at its option, in <br /> accordance with Section II.B. <br /> 3 <br />