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BBB Policy No. 99-BU-8962-7 9455-F673 FE-6309 (7/88) LOSS PAYABLE ENDORSEMENT Policy No.: 99-BU-8962-7 Named Insured: THE FERGUSON GROUP LLC .'AlI '''1M A INIUUNC'L Name of Loss Payee: PITNEY BOWES CREDIT CORP Address: PO BOX 909 SHELTON CT 06484-0949 Interest/Description of Property: Loss under this policy will be payable to the above named Loss Payee as lender, mortgagee or trustee as their interests may appear. The Loss Payee now has or will acquire from time to time an insurable interest in certain property insured under this policy. Such interests will be established by warehouse receipts, bills of lading, documentary or other written evidence. The interest of the Loss Payee will not be impaired by: 1. Any act or neglect of the borrower, mortgagor or owner of the above described property except as provided in the last paragraph of this endorsement; 2. any change in the title or ownership of the property; or 3. a more hazardous occupancy of the premises where the property is located than is permitted by this policy. However, in case the borrower, mortgagor or owner neglects to pay any premium due under this policy, the Loss Payee will, on demand, pay the premium. The Loss Payee will notify us of any change of ownership or occupancy or increase of hazard of FE-6309 (7/88) which it becomes aware. Unless permitted by this policy, such change or increase will be noted on the policy and the Loss Payee will, on demand, pay the premium for the increased hazard for the term of the use thereof, otherwise this policy will be null and void. We reserve the right to cancel this policy at any time as provided by its terms. If we do so, this policy will continue in force for the benefit only of the Loss Payee for 10 days after notice to the Loss Payee of such cancellation and will then cease. We have the right, on like notice, to cancel this agreement. Whenever we will pay the Loss Payee any sum for loss or damage under this policy and claim that, as to the borrower, mortgagor or owner, no liability existed, then we will, to the extent of such payment, be legally subrogated to all the rights of the party to whom the payment will be made, under all securities held as collateral to the debt. At our option, we may pay the Loss Payee the whole principal due or to grow due on the debt with interest, and thereupon receive a full assignment and transfer of the debt and of the mortgage and all of such other securities as evidence of the interest of the Loss Payee in the described property. However, no subrogation will impair the Loss Payee's right to recover the full amount of its claim against the borrower, mortgagor or owner. All other provisions of the policy apply. Printed in U.S.A.