# AS USED IN THIS EXCLUSION:

"HAZARDOUS PROPERTIES" INCLUDE RADIOACTIVE, TOXIC OR EXPLOSIVE PROPERTIES; "NUCLEAR MATERIAL" MEANS SOURCE MATERIAL, SPECIAL NUCLEAR MATERIAL OR BY-PRODUCT MATERIAL; "SOURCE MATERIAL," "SPECIAL NUCLEAR MATERIAL," AND "BY-PRODUCT MATERIAL" HAVE THE MEANINGS GIVEN THEM IN THE ATOMIC ENERGY ACT OF 1954 OR IN ANY LAW AMENDATORY THEREOF;

## PART IV

### PROVISIONS GOVERNING THE APPLICATION OF THE AGGREGATE LIMITS OF LIABILITY

1. **REDUCTION OF THE AGGREGATE**

THIS PROVISION APPLIES ONLY IF THIS POLICY CONTAINS AN AGGREGATE LIMIT OF LIABILITY WHICH APPLIES TO THE OCCURRENCE.

IF THE "EACH OCCURRENCE" OR "EACH PERSON" LIMIT OF LIABILITY OF THE UNDERLYING INSURANCE IS LESS THAN AS STATED IN COLUMN II IN ITEM 5 IN THE DECLARATIONS BECAUSE THE AGGREGATE LIMITS OF LIABILITY OF THE UNDERLYING INSURANCE HAVE BEEN REDUCED, THIS POLICY BECOMES EXCESS OF SUCH REDUCED LIMIT OF LIABILITY IF SUCH REDUCTION IS SOLELY THE RESULT OF INJURY OR DESTRUCTION OCCURRING AFTER INCEPTION DATE OF THIS POLICY AND NOT BEFORE. NOTHING CONTAINED HEREIN SHALL OPERATE TO INCREASE THE LIMIT OF THE COMPANY'S LIABILITY.

2. **APPLICATION OF THE AGGREGATE TO SEPARATE PROJECTS**

TO THE EXTENT THAT THE AGGREGATE LIMITS OF LIABILITY OF THE IMMEDIATE UNDERLYING POLICY APPLY SEPARATELY TO VARIOUS OPERATIONS, PROJECTS, LOCATIONS, HAZARDS OR TYPES OF INJURY, THE AGGREGATE LIMITS OF LIABILITY OF THIS POLICY LIKewise APPLY SEPARATELY TO SUCH OPERATIONS, PROJECTS, LOCATIONS, HAZARDS OR TYPES OF INJURY.

3. **APPLICATION OF THE AGGREGATE TO PERIODS OF TIME**

THE AGGREGATE LIMITS OF LIABILITY OF THIS POLICY APPLY SEPARATELY TO EACH AGGREGATE PERIOD. THE FIRST AGGREGATE PERIOD OF THIS POLICY BEGINS ON THE EFFECTIVE DATE OF THIS POLICY AND ENDS ON THE NEXT TERMINATION DATE OF THE AGGREGATE PERIOD OF THE IMMEDIATE UNDERLYING POLICY. ANY SUCCEEDING AGGREGATE PERIOD OF THIS POLICY IS CONCURRENT WITH THE AGGREGATE PERIOD OF THE IMMEDIATE UNDERLYING POLICY UNLESS IT IS THE FINAL AGGREGATE PERIOD. THE FINAL AGGREGATE PERIOD OF THIS POLICY BEGINS ON THE TERMINATION DATE OF THE AGGREGATE PERIOD OF THE IMMEDIATE UNDERLYING POLICY IMMEDIATELY PRECEDING THE EXPIRATION DATE OF THIS POLICY AND ENDS ON THE EXPIRATION DATE OF THIS POLICY.