It is hereby noted and agreed that the property insured by this policy has been pledged with the Leasing Company as follows:

  1. PT.__________

And that in consequence thereof, it has been agreed the said Leasing Company and The Insured, that in case of loss or damage due to the perils insured against under this policy ay payment up to the amount to which the said Leasing Company is entitled for principal, interest accrued and costs shall be made to the said Leasing Company without prejudice to the right the insured have on difference.

This clause to be null and void on receipt of advise from the said Leasing Company that they are no longer interested in the property insured under this policy.

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