A. Before an application is accepted for the entry of a ship on the terms (as set out in paragraph 7 of Rule 2) that the Owner is liable to pay a fixed premium to the Association (“Fixed Premium Entries”), the applicant Owner and the Managers shall agree the amount of the premium and the time or times at which it is payable.

B. Every Owner by whom or on whose behalf an application is made for the entry of a ship as a Fixed Premium Entry shall, if his application is accepted, be bound to pay and shall pay to the Association such sums as shall have been agreed with the Managers and at such time or times as the Managers shall have specified.