# Endorsement

**Effective date of this endorsement:** January 1, 1967

**Certificate Number:** 77023385

**Issued to:** International Business Machines Corporation, et al.

**Endorser:** Johnson & Higgins

**WHEREAS,** the period of the Primary and/or Underlying policy or policies, including renewals or replacements thereof, with respect to which this policy applies in excess is or may be non-concurrent with the period of this policy;

**NOW, THEREFORE,** in consideration of the premium for which this policy is written, in the event of reduction or exhaustion of the aggregate limit or limits contained in such Primary and/or Underlying policy or policies solely by payment of losses in respect to accidents or occurrences during the period of such Primary and/or Underlying policy or policies, it is hereby understood and agreed that such insurance as is afforded by this policy shall apply in excess of the reduced underlying limit or, if such limit is exhausted, shall apply as underlying insurance, notwithstanding anything to the contrary in the terms and conditions of this policy.

**HOWEVER,** in no event shall this policy be liable under any circumstances for loss, either as underlying or excess coverage, resulting from occurrences as defined which did not occur within the term of this contract.

**All other terms and conditions not inconsistent herewith remain unchanged.**

In Witness Whereof the FEDERAL INSURANCE COMPANY has caused this endorsement to be signed by its Chairman, President, Secretary and countersigned by a duly authorized representative.

**Date of issue:** March 8, 1967

**Countersigned by:** [Signature]