Section V – Limits of Liability and Retentions

A. Aggregate Policy Limit of Liability

The Aggregate Policy Limit of Liability as shown in the Declarations is the most We will pay for all Loss under this Policy. We will not be obligated to pay any Loss, or to defend any Claim, after the Aggregate Policy Limit of Liability has been exhausted, or after deposit of the Aggregate Policy Limit of Liability in a court of competent jurisdiction.

B. Individual Limits of Liability

Subject to part A. of this SECTION V – LIMITS OF LIABILITY AND RETENTIONS, the Individual Limits of Liability as shown in the Declarations are the most We will pay for each insuring agreement under this Policy. The Individual Limits of Liability are part of, and not in addition to, the Aggregate Policy Limit of Liability.

C. Retention

The Retention amount shown in the Declarations shall be paid by the Named Insured for covered Loss. The Retentionamount listed in the Declarations with respect to each insuring agreement shall apply separately to each and every Incident or Claim. Satisfaction of the applicable Retentionis a condition precedent to the payment of any Loss under this Policy, and We shall only be liable for Loss which is in excess of the Retention amount as shown in the Declarations. Where coverage is provided under multiple insuring agreements, only one Retentionwill apply, and this will be the highest Retention of the insuring agreements under which coverage is provided.

With the respect to parts E. Business Interruption and F. Contingent Business Interruption of SECTION I - 1ST PARTY INSURING AGREEMENTS, coverage for Business Income Loss or Extra Expense will only apply if the duration of the System Disruption exceeds the Waiting Period. In such event, We will then indemnify the Insured Organization for all such Business Income Loss or Extra Expense sustained during the Period of Restoration in excess of the Retention.