# INTERNATIONAL BUSINESS MACHINES CORPORATION

## 7. RESTRICTIVE AS UNDERLYING AND QUOTA SHARE -

Notwithstanding the terms, conditions and exclusions or limitations of this Policy, if either

Any Underlying Policy(ies) with limits of liability in excess of the Followed Policy but underlying to this Policy (the Intervening Policy(ies)) as set forth in Section I B) of Endorsement 1 'Schedule of Intervening Policy(ies) to this Policy and hereinafter referred to as "Intervening Policy(ies)"; or

Any Quota Share Policy(ies) (as set for in Section II of Endorsement No. 1 'Schedule of Quota Share Policy(ies)' to this Policy and hereinafter referred to as "Quota Share Policy(ies)");

contains any warranties, terms, conditions, exclusions or limitations more restrictive than this Policy or the Followed Policy, whether on the effective date of this Policy or at any time during the Policy Period of this Policy, then this Policy shall be deemed to follow those more restrictive warranties, terms, conditions, exclusions or limitations in such Intervening Policy(ies) and Quota Share Policy(ies).

XL XS-BSF-02 (Ed. 07/09)
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