The renewal premium shall be paid within seven days after the due date thereof and the policy shall be held to be in force for these seven days (unless notice. of discontinuance shall have been given by the Company or the Insured in which case all risk shall cease at noon on the said due date) subject to payment of the amount of premium due. The Company shall not be bound to accept any renewal premium nor to give notice that such is due. Every renewal premium which shall be bound to accept any renewal premium nor to give notice that such is due. Every renewal premium which shall be paid and accepted in respect of this Policy shall be so paid and accepted upon the distinct understanding that no alteration has taken place in the facts contained in the proposal or declaration herein before mentioned and that nothing is known to the Insured calculated to affect the risk of the Company under the Guarantee hereby given. No renewal receipt shall be valid unless it is on the printed form of the Company and signed by an authorised Official of the Company or by an Agent of the Company acting under Power of Attorney from the Company.