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E. If a limit of insurance of the “underlying insurance” applies on an aggregate basis, and; 1.When such limit has been exhausted by payment of “suits”, claims or “defense expenses” arising solely out of “occurrences” which took place during this policy period, this insurance applies excess of such exhausted limit; or 2.When such limit has been reduced or exhausted by payment of “suits”, claims or “defense expenses” arising out of “occurrences” which took place before or after this policy period, this insurance applies as if such payments had not been made. SECTION IV – CONDITIONS 1.Appeals a.If the "underlying insurer" or insured elects not to appeal a judgment in excess of the amount of the "underlying limits of insurance", we may do so at our own expense. b.We will be liable for taxable costs, pre- and post- judgment interest and disbursements associated with such appeal. Such payments will not reduce the Limits of Insurance. 2. Bankruptcy a. Bankruptcy or Insolvency of Insured (Or Inability To Pay) Bankruptcy or insolvency of the insured or the insured's estate does not relieve us of our duties. b. Bankruptcy or Insolvency of Underlying Insurer If any “underlying insurer” becomes bankrupt or insolvent, this insurance: (1) Does not replace such “underlying insurance”; and (2) Applies as though such “underlying insurance” was available and collectible. 3. Duties In The Event of Occurrence, Claim or Suit a. You must see to it that we are notified as soon as practicable of an “occurrence” which may result in a claim under this policy. To the extent possible, notice should include: (1)How, when and where the “occurrence” took place; (2)The names and addresses of any injured persons and witnesses; (3)The nature and location of any injury or damage arising out of the “occurrence”; and (4)All information available to identify this policy, including the name of any “insured”. b. If a claim is made or “suit” is brought against any insured which may result in a claim under this policy, you must: (1)Immediately record the specifics of the claim or “suit” and the date received; and (2)Notify us as soon as practicable. c. For any claim or “suit” which may result in a claim under this policy, you and any other involved insured or their representative must: (1)Immediately send us copies of any demands, notices, summonses or legal papers received in connection with the claim or “suit”; (2)Authorize us to obtain records and other information; (3)Cooperate with us in the investigation or settlement of the claim or defense against the “suit”; (4)Assist us, upon our request, in the enforcement of any right against any person or organization which may be liable to the insured because of injury or damage to which this insurance may also apply; (5)Take all necessary steps to protect any insured’s and our interests; (6)Cooperate with “underlying insurers”, as required by their terms and conditions; (7)Not at any time make or authorize an admission of liability or attempt to settle or otherwise dispose of any claim or “suit” without our written consent; EUM 00 522 02 07© Everest Reinsurance Company, 2006Page 4 of 8 Includes copyrighted material of ISO Properties, Inc., used with its permission INSURED COPY