immediately preceding Annual Period or portion thereof); provided, however, that for all Insureds the applicable aggregate limit of liability, per Occurrence limit of liability, per Occurrence retention, and the terms, conditions and exclusions of coverage shall be determined under the Policy as in effect at the time notice of the Occurrence or Notice of Integrated Occurrence for which coverage is asserted is first given pursuant to Article V of this Policy by any Insured. This Policy shall not be subject to or follow the form of any underlying insurances but shall apply in accordance with its own terms, conditions and exclusions.

B. (1) All Personal Injury or Property Damage covered hereunder encompassed by an Integrated Occurrence shall be added together and treated as included within one Occurrence. If notice of an Occurrence (which was not a Notice of Integrated Occurrence) was given during a prior Annual Period, and if Personal Injury or Property Damage which is included in such Occurrence is included in an Integrated Occurrence of which Notice of Integrated Occurrence is first given during a subsequent Annual Period, all Ultimate Net Loss arising from such earlier notified Occurrence shall be included in the Ultimate Net Loss arising from such Integrated Occurrence, subject to paragraph (2) below.

(2) Notwithstanding paragraph (1) above, in any instance in which first notice of an Occurrence (which is not a Notice of Integrated Occurrence) ("Original Occurrence") is given where Personal Injury and/or Property Damage included in such Original Occurrence is included in an Integrated Occurrence of which Notice of Integrated Occurrence is first given at a later time, if the Ultimate Net Loss attributable to the Original Occurrence (as finally determined) exceeds the per Occurrence retention for the Annual Period in which notice of the Original Occurrence was first given, then Ultimate Net Loss arising from such Original Occurrence shall not be transferred to the later Annual Period in which the Insurer received first notice of the Integrated Occurrence; the Insurer shall pay such Ultimate Net Loss in excess of per Occurrence retention amount, which shall be subject to and erode the aggregate limit of liability (Item 2(b) of the Declarations) for the Annual Period in which notice of the Original Occurrence was first given. Nonetheless, the Ultimate Net Loss arising from the Original Occurrence shall apply as respects erosion of the per Occurrence retention (Item 3 of the Declarations) and per Occurrence limit of liability (Item 2(a) of the Declarations) and the aggregate sublimit as respects such Integrated Occurrence (Item 2(c) of the Declarations) in the Annual Period in which Notice of Integrated Occurrence in respect thereof was first given; provided, however, that any Ultimate Net Loss indemnified by the Insurer in respect of the Original Occurrence shall not erode the annual aggregate limit of liability (Item 2(b) of the Declarations) in the Annual Period in which Notice of Integrated Occurrence is first given.

C. Notwithstanding any other provision of this Policy, it is hereby agreed that there shall be an aggregate sublimit equal to the amount stated in Item 2(c) of the Declarations with respect to all Integrated Occurrences, collectively, of which notice is first given to the Insurer in any Annual Period. The maximum aggregate sublimit with respect to any single Integrated Occurrence or any combination of such Integrated Occurrences shall be the amount stated in Item 2(c) of the Declarations. Such sublimit shall be included within and shall not increase the annual aggregate limit for all covered Occurrences and Claims (including, without limitation, Integrated Occurrences) set forth in Item 2(b) of the Declarations. Such sublimit shall not be subject to elective reinstatement pursuant to paragraph (2) of Section R of Article VI, unless otherwise agreed in writing by the Insurer.

D. (1) With respect to 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 Insurer under this Policy shall be limited to the Insured's liability arising out of such Joint Venture and the full available limit of liability under this Policy shall apply with respect thereto.

(2) The liability of the Insurer under this Policy shall be excess of (i) the sum specified in Item 3 of the Declarations with respect to the Insured's liability arising out of such Joint