and up to the limits of liability of this policy.

**CONDITIONS:** This policy is subject to all terms and conditions of the underlying policies, applicable to the loss, except terms and conditions relating to premium payment and such other terms and conditions as set forth in this policy.

**UNDERLYING INSURANCE:** The assured will maintain underlying limits as set forth in "Schedule of Underlying Insurance including Renewals or Replacements" except for reduction of the underlying limits either by payment of claims in respect of occurrences arising during the underlying policy periods or by any joint venture clause. If these underlying limits are not maintained, this contract will apply to the same extent as if said underlying limits are maintained. When underlying insurance limits have been reduced by any joint venture clause, this policy shall be excess of the sum of (a) such reduced limits and (b) the limits of any underlying insurance not reduced.

When underlying insurance limits have been reduced by payment of claims in respect of occurrences arising during the underlying policy periods, this policy shall be excess of such reduced limits.

**NOTICE OF OCCURRENCE:** Whenever the IBM Manager of Insurance can reasonably conclude that a claim payment under this policy is likely to result, notice will be provided to Underwriters.

**CANCELLATION:** This policy is non-cancellable for the three-year term unless notice is given by the insurer at least ninety days prior to an anniversary date.

The company located these documents in its business records. At this time, the company does not certify that these documents constitute a complete and accurate copy of the policy.