payments from the prior Annual Period to the Annual Period in which Notice of Integrated Occurrence was first given.

C. (1) As regards any liability of an Insured which arises in any manner whatsoever out of operations or the existence of any Joint Venture in which such Insured has an interest, the liability of the Company under this Policy in each layer shall be limited to the product of (i) the percentage interest of the Insured in such liability of such Joint Venture (whether direct or by virtue of the insolvency of others interested in such Joint Venture) and (ii) the total limit of liability insurance afforded such Insured for such layer by this Policy.

(2) It is further understood and agreed that in circumstances where paragraph (1) applies to limit the liability of the Company under this Policy, the Company shall be liable for each layer in respect of the liability of the Insured in excess of the greater of:

(a) the product of the per Occurrence retention amount specified in Item 2 of the Declarations for such layer and the percentage interest of the Insured in such liability of such Joint Venture as determined pursuant to paragraph (1), or

(b) the limits of the underlying insurance(s) (as reduced by general provisions relating to Joint Ventures, if applicable).

(3) It is further understood and agreed that paragraphs (1) and (2) of this Section C shall not apply if:

(i) the Insured has sole responsibility for the Joint Venture, or

(ii) the Insured is obligated to provide insurance for the Joint Venture in its entirety such as is afforded by this Policy.

D. The inclusion or addition hereunder of more than one Insured shall not operate to increase the Company's limits of liability beyond those set forth herein.

III DEFINITIONS

A. "Advertising Liability" means liability for Damages on account of:

(1) libel, slander or defamation,