9. Section VII. DEFINITIONS, the phrase "Notwithstanding any of the above:" and subparagraphs a. and b. thereunder appearing at the end of Paragraph M. are deleted in their entireties and replaced by the following:

    Notwithstanding any of the above provisions 1. through 7. of this Paragraph M. of Section VII., no person or organization is an Insured with respect to the conduct of any current, past or newly formed partnership, joint venture or limited liability company that is not designated as a Named Insured in Item 1 of the Declarations.

10. Section VII. DEFINITIONS, Paragraph P. is deleted in its entirety and replaced by the following:

    P. Loss means those sums actually paid as judgments or settlements, provided, however, that if the applicable Retained Limit is specifically designated in the Schedule of Retained Limits as including Defense Expenses, then Loss shall include such Defense Expenses.

11. Section VII. DEFINITIONS, Paragraph R. is deleted in its entirety and replaced by the following:

    R. Named Insured means:

    1. any person or organization designated in Item 1 of the Declarations;

    2. as of the inception date of this policy, any organization in which you maintain an interest of more than fifty percent (50%) as of the effective date of this policy, provided that coverage provided to such organization under this paragraph does not apply to any Bodily Injury or Property Damage that occurred or any Personal Injury and Advertising Injury that was caused by an Occurrence that was committed before you acquired or formed such organization or after you ceased to maintain an interest of more than fifty percent (50%) in such organization; and

    3. after the inception date of this policy, any organization, except for a partnership, joint venture or limited liability company, that you acquire or form during the Policy Period in which you maintain an interest of more than fifty percent (50%), provided that:

        a. coverage provided to such organization under this paragraph does not apply to any Bodily Injury or Property Damage that occurred or any Personal Injury and Advertising Injury that was caused by an Occurrence that was committed before you acquired or formed such organization or after you ceased to maintain an interest of more than fifty percent (50%) in such organization; and

        b. you give us prompt notice after you acquire or form such organization.

Subject to the provisions of Paragraphs 3a. and 3b. above, a partnership, joint venture or limited liability company that you acquire or form during the Policy Period may be added as an Insured only by a written endorsement that we make a part of this policy.

We may, at our option, make an additional premium charge for any organization that you acquire or form during the Policy Period.

12. Section VII. DEFINITIONS, Paragraph Z. is deleted in its entirety and replaced by the following:

    Z. Retained Limit means the applicable limit(s) listed in the Schedule of Retained Limits.

The Retained Limit(s) listed in the Schedule of Retained Limits will apply whether or not there is any available Scheduled Underlying Insurance or Other Insurance. If there is Scheduled Underlying Insurance or Other Insurance applicable to a Loss, amounts received through such Scheduled Underlying Insurance or Other Insurance for payment of the Loss may be applied to reduce or exhaust the Retained Limit. Furthermore,

    a. If the applicable Retained Limit is specifically designated in the Schedule of Retained Limits as including Defense Expenses, then amounts received through Scheduled Underlying Insurance or Other Insurance providing coverage to the Insured for the payment of Defense Expenses shall satisfy the Retained Limit.