scope of subordinate clauses

I have a complex sentence with multiple subordinate clauses: Can one subordinate clause encapsulate another or is each subordinate clause equal and independent to each other:

I will go running when it is sunny outside only if I feel energetic.

Does the "Only if I feel energetic" place a condition on everything before it "I will go running when it is sunny outside" or does it only place a condition on the nearest subject and verb which is "it is sunny outside"? My guess is the former but I would appreciate any explanation as to why the latter case is not true.