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e ' ffGIS (3) Wlth respect to any OCCURRENCE Involving any JOINT VENTURE In which the INSURED has an Interest and which Involves more than one Insured of the COMPANY, the maxlmum amount payable by the COMPANY under this POLICY In the aggregate for all ULTIMATE NET LOSS resulting from such OCCURRENCE shall ba the product of: (a) the percentage Interest of the INSURED In the said JOINT VENTURE divided by the sum of the percentage Interest of the INSURED and the percentage of ell other Insureds of the COMPANY In the Bald JOINT VENTURE; and (b) the amount stated In Item 5A of the Declarations of this POLICY. The percentage Interest referred to In this section (3) shall ba that which Is Imposed by law. Where any underlying Insurances) has (have) been reduced by a clause having the same effect as this section (3), the amount payable by the COMPANY under this POLICY, as limited by this section (3) shall be excess of the sum af: (c) such reduced limits of any underlying Insurances); and (d) the Ilmlts of any underlying Insurances) not reduced. Any amount payable by the COMPANY under this POLICY with respect to an INSURED having an Interest In a JOINT VENTURE shall be excess of any amount payable by the COMPANY with respect to such INSURED under any other policy Issued by the COMPANY providing coverage to the JOINT VENTURE and/or ell Interests Involved therein end, In the event this POLICY so applies In excess, the UNDERLYING LIMIT stated In Item 66 of the Declarations, If otherwise applicable, shall be deemed not to apply. (4) The maxlmum amount payable by the COMPANY In the aggregate for the POLICY PERIOD (including ail DISCOVERY PERIODS) for all ULTIMATE NET LOSS arising out of BODILY INJURY or PROPERTY DAMAGE Included In PRODUCTS LIABILITY and COMPLETED OPERATIONS LIABILITY shall be the amount stated In Item SC of the Declarations. (5) The maxlmum amount payable by the COMPANY In the aggregate for the POLICY PERIOD (Including all DISCOVERY PERIODS) far all ULTIMATE NET LOSS arising out of BODILY INJURY or PROPERTY DAMAGE Included In FAILURE TO SUPPLY LIABILITY shall .be the amount stated In Item 5D of the Declarations. (6) The maximum amount payable by the COMPANY in the aggregate for the POLICY PERIOD (Including all DISCOVERY PERIODS) for ell ULTIMATE NET LOSS arising out of BODILY INJURY or PROPERTY DAMAGE Included In POLLUTION LIABILITY shall be the amount stated In Item 5E of the Declarations. (~ With respect to ULTIMATE NET LOSS covered hereunder: (a) In the event of the reduction of an underlying aggregate Ilmlt Ilsted in the Underlying Llmlts Schedule, the UNDERLYING LIMITS shall be deemed to be (A such reduced UNDERLYING LIMIT, (Ip 5200,000 or (lli) the amount stated In Item 66 of the Declarations, whichever Is greatest; and (b) In the event of the exhaustion of an applicable underlying aggregate Ilmlt Ilsted In the Underlying Llmlts Schedule, the UNDERLYING LIMITS with respect to any ULTIMATE NET LOSS which would have been covered by such underlying aggregate Ilmlt and Is covered hereunder shall be S200,000 or the amount stated In Item 68 of the Declarations, whichever Is greater; provided, only payment of claims or defense expenses which, except for the amount thereof, would have been Indemnflable under this POLICY, may reduce or exhaust an underlying aggregate Ilmlt. Nothing herein shall be construed to make this POLICY subJect to the terms of any underlying Insurance. atoo cvvm [ 2 of 15 ]