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081 * 06/07/2021 * LIMB 3952752 00 GREAT AMERICAN ALLIANCE INS CO <br />*D/B* 121126296 255044 <br />2. in the event of exhaustion, continue in force as "underlying insurance"; <br />Coverage provided pursuant to EA. or E.2. above will be subject to the exclusions, terms, and <br />conditions of this Policy. <br />F. The Limits of Insurance of this Policy apply separately to each consecutive annual period and to <br />any remaining period of less than 12 months, starting with the beginning of the Policy Period <br />shown in the Declarations, unless the Policy Period is extended after issuance for an additional <br />period of less than 12 months. In that case, the additional period will be deemed part of the last <br />preceding period for purposes of determining the Limits of Insurance. <br />G. Retained Limit <br />Subject to the applicable Limits of Insurance stated in the Declarations and described in A. <br />through F., above, we will be liable only for that portion of damages that is in excess of the <br />"retained limit." The "retained limit" is the greater of: <br />1. the total amounts stated as the applicable limits of the underlying policies listed in the <br />Schedule of Underlying Insurance and the applicable limits of all other insurance providing <br />coverage to the "Insured" during the Policy Period; or <br />2. the amount stated in the Declarations as "Self -Insured Retention," as respects any <br />"occurrence" covered by none of the underlying policies listed in the Schedule of <br />Underlying Insurance and by no other insurance providing coverage to the "Insured" during <br />the Policy Period. <br />Once the "Self -Insured Retention" has been fully exhausted by the Insured's actual payment of <br />damages because of "claims" and "suits," the "Self -Insured Retention" will not be reapplied or <br />again payable by the "Insured" because of any "bodily injury," "property damage," or offense that <br />takes place or is committed during the Policy Period. <br />III. DEFENSE <br />A. We will have the right and duty to investigate any "claim" and defend any "suit" seeking damages <br />covered by the terms and conditions of this Policy when: <br />1. the applicable Limits of Insurance of the underlying policies listed in the Schedule of <br />Underlying Insurance and the Limit of Insurance of all other insurance providing coverage to <br />the "Insured" have been exhausted by actual payment of "claims" for any "occurrence" to <br />which this Policy applies; or <br />2. damages are sought for any "occurrence" which is covered by this Policy but covered by <br />none of the underlying policies listed in the Schedule of Underlying Insurance and by no <br />other insurance providing coverage to the "Insured." <br />B. When we assume the defense of any "claim" or "suit": <br />1. we will investigate any "claim" and defend any "suit" against the "Insured" seeking damages <br />on account of any "occurrence" covered by this Policy. We have the right to investigate, <br />defend, and settle the "claim" or "suit" as we deem expedient. <br />2. all expenses we incur in the investigation of any "claim" or defense of any "suit" are in <br />addition to our Limits of Insurance. <br />GAI 6002 (Ed. 04/10) XS (Page 3 of 26) <br />