# ENDORSEMENT

**NO:** (4)

**INSURED:** INTERNATIONAL BUSINESS MACHINES CORPORATION, ETAL

**PRODUCER:** 

**THE EFFECTIVE DATE OF THIS ENDORSEMENT IS:** MAY 21, 1985

**TYPE OF COVERAGE:** 

**POLICY OR CERTIFICATE NO.:** PI 33248

**REFER NO.:**

## PARTICIPATION ENDORSEMENT

IN CONSIDERATION OF THE PREMIUM FOR WHICH THIS POLICY IS WRITTEN, IT IS UNDERSTOOD AND AGREED THAT THIS INSURANCE COVERS 10% PART OF 100% OF THE LIMITS OF LIABILITY STATED IN THE ATTACHED POLICY WORDING (BEING $5,000,000 PART OF $50,000,000) EXCESS OF $100,000,000 AND THE LIABILITY OF THIS COMPANY IS LIMITED TO THE SAME PROPORTION, NAMELY 10% (BEING $5,000,000 PART OF $50,000,000) OF ANY LOSS HEREUNDER.

IT IS A CONDITION OF THIS INSURANCE THAT THE INSURED MAINTAIN IN FULL FORCE AND EFFECT DURING THE CURRENCY OF THIS POLICY IDENTICAL INSURANCE COVERAGE FOR LIMITS OF LIABILITY OF 90% PART OF 100% OF THE LIMITS OF LIABILITY STATED IN THE ATTACHED POLICY WORDING (BEING $45,000,000 PART OF $50,000,000) EXCESS OF $100,000,000. HOWEVER, THE FAILURE OF THE INSURED TO COMPLY WITH THE FOREGOING SHALL NOT INVALIDATE THIS INSURANCE, BUT IN THE EVENT OF SUCH FAILURE, THIS COMPANY SHALL ONLY BE LIABLE TO THE SAME EXTENT AS THEY WOULD HAVE BEEN HAD THE INSURED COMPLIED WITH THE SAID CONDITION.

**NOTHING HEREIN CONTAINED SHALL BE HELD TO VARY, ALTER, WAIVE OR EXTEND ANY OF THE TERMS, CONDITIONS, OR LIMITATIONS OF THE POLICY TO WHICH THIS ENDORSEMENT IS ATTACHED OTHER THAN AS ABOVE STATED.**

**PACIFIC INSURANCE COMPANY**

**NEW YORK, NEW YORK - 20TH DAY OF JUNE, 1985**