# DECLARATIONS

## ITEM 1. Named Insured:
- INTERNATIONAL BUSINESS MACHINES CORPORATION, ETAL
  (PER ENDORSEMENT NO.1)

## ITEM 2. Underlying Umbrella Policies:
A) CENTENNIAL INSURANCE COMPANY POLICY NO. TBA
B) VARIOUS ON FILE WITH THE COMPANY

## ITEM 3. Underlying Umbrella Limits (Insuring Agreement 2):
$100,000,000

## ITEM 4. Underlying Umbrella Aggregate Limits (Insuring Agreement 2):
$100,000,000

## ITEM 5. Limit of Liability (Insuring Agreement 2):
$5,000,000 part of $50,000,000

## ITEM 6. Aggregate Limit of Liability (Insuring Agreement 2):
$5,000,000 part of $50,000,000

## ITEM 7. Notice of Occurrence (Condition 4) to:
PACIFIC INSURANCE COMPANY
4201 WILSHIRE BOULEVARD
LOS ANGELES, CALIFORNIA 90010

## NAMED INSURED:
As stated in Item 1 of the Declarations forming a part hereof, and/or subsidiary, associated, affiliated companies or owned and controlled companies as now or hereafter constituted and of which prompt notice has been given to the Company.

## INSURING AGREEMENTS

### 1. COVERAGE.
The Company hereby agrees, subject to the limitations, terms and conditions hereinafter mentioned, to indemnify the Insured for all sums which the Insured shall be obligated to pay by reason of the liability:
(a) imposed upon the Insured by law;
(b) assumed under contract or agreement by the Named Insured and/or any officer, director, stockholder, partner or employee of the Named Insured, while acting in his capacity as such.

### 2. LIMIT OF LIABILITY - UNDERLYING LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 3. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 4. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 5. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 6. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 7. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 8. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 9. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 10. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 11. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 12. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 13. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 14. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 15. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 16. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 17. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 18. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 19. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 20. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 21. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 22. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 23. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 24. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 25. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 26. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 27. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 28. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 29. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 30. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 31. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 32. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 33. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 34. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 35. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 36. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 37. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 38. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 39. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 40. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 41. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 42. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 43. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 44. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 45. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 46. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 47. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 48. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 49. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 50. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item 4 of the Declarations in the aggregate for each annual period during the currency of the Policy separately in respect of Products and Completed Operations Liability and separately in respect of Personal Injury (fatal or non-fatal) by Additional Insureds caused by any one Object of the Insured,
- And the Company shall thereafter be liable only the excess thereof up to a further

### 51. LIMIT OF LIABILITY - UNDERLYING AGGREGATE LIMITS.
It is agreed that liability shall attach to the Company only after the Underlying Umbrella Insurance have had or have failed to pay the full amount of their respective Ultimate Net Loss Liability as follows:

- In respect of the Policy Limits and Net Loss in respect of each occurrence, but
- Subject to the limits set forth in Item