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NE 00 31 01 19 Includes copyrighted material of Insurance Services Office, Inc., with its permission. Page 9 of 10 (1) Compute the earned premium for that period; and (2) Send notice to the first Named Insured. The due date for audit premium is the date shown as the due date on the bill. If the sum of the advance and audit premiums paid for the policy period is greater than the earned premium, we will return the excess to the first Named Insured, but not if such audit premium is less than the Minimum Premium shown in the Declarations. c. The first Named Insured must keep records of the information we need for premium computation, and send us copies at such times as we may request. 10. Loss Payable Liability under this policy does not apply to a given claim unless and until: a. The insured or insured's “underlying insurance” carrier(s) has become obligated to pay the limits shown in the Schedule of “underlying insurance”; and b. The obligation of the insured to pay the "ultimate net loss" in excess of the limits shown in the Schedule of “underlying insurance” has been determined by a: (1) Final settlement or judgment; or (2) Written agreement; among the insured, claimant, “underlying insurance" carrier(s) (or a representative of one or more of these) and us. 11. Legal Action Against Us No person or organization has a right under this policy: a. To join us as a party or otherwise bring us into a suit asking for damages from an insured; or b. To sue us on this policy unless all of its terms have been fully complied with. A person or organization may sue us to recover on an agreed settlement or on a final judgment against an insured; but we will not be liable for damages that: a. Are not payable under the terms of this policy; or b. Are in excess of the applicable limit of insurance. An agreed settlement means a settlement and release of liability signed by us, the insured, “underlying insurance” carrier(s) and the claimant or the claimant's legal representative. 12. Transfer Of Defense a. Defense Transferred To Us When the limits of "underlying insurance" have been exhausted in accordance with the provisions of "underlying insurance", we may elect to have the defense transferred to us. W e will cooperate in the transfer of control to us of any outstanding claims or suits seeking damages to which this insurance applies and which would have been covered by the "underlying insurance" had the applicable limit not been exhausted. b. Defense Transferred By Us When our Limits Of Insurance have been exhausted, our duty to provide a defense will cease. We will cooperate in the transfer of control of defense to any insurer specifically written as excess over this policy of any outstanding claims or suits seeking damages: (1) To which this insurance applies; and (2) W hich would have been covered by the "underlying insurance" had the applicable limit not been exhausted. In the event that there is no insurance written as exc ess over this policy, we will cooperate in the transfer of control to the insured and its designated representative. DocuSign Envelope ID: F525A306-8BF9-48E3-A552-7B4232EE8861DocuSign Envelope ID: AB91FD21-DAE2-4426-9C77-64582A7CE84DDocuSign Envelope ID: F2F8D7DE-DC83-42B9-896F-1B1561925E23