E.
If the applicable "retained limits" listed on the schedule of retained limits have been:

1. Reduced by the payments of "loss" covered by this policy then this policy will be excess of the remaining underlying "retained limits"; or

2. Exhausted by the payment of "loss" covered by this policy, then this policy will continue in force as primary insurance, subject to the terms, conditions and limitations of the policy.

4. Exclusions A., I and N. of Section V. EXCLUSIONS are deleted, unless replaced or amended by separate endorsement excluding or limiting coverage for Aircraft or watercraft (Exclusion A.); Employer's Liability (Exclusion I.); or Liquor Liability (Exclusion N.).

5. Conditions A., C. I. and O. and Paragraph 3 only of Condition N. of Section VI. CONDITIONS., are deleted and replaced with the following:

A. Appeals
In the event you elect not to appeal a judgment in excess of the "retained limits" or "other insurance", we may elect to appeal. If we elect to appeal, we will be liable for, in addition to the applicable Limits of Insurance of this policy, all court costs, expenses incurred and interest on that amount of any judgment that does not exceed the applicable Limits of Insurance shown in the Declarations related to such an appeal, subject to the limitations set forth in Section III - Defense And Supplementary Payments.

C. Bankruptcy
Your bankruptcy, insolvency, refusal or inability to pay will not relieve us of our obligations under this policy. This policy will not drop down or replace the "retained limits", but will apply as if the "retained limits" are fully available and collectible and we will not assume any obligation under "retained limits."

I. Maintenance of "Underlying Insurance" is deleted.

N. Transfer of Rights of Recovery Against Others to Us.
3. If you waive any right of recovery against a specific person or organization for damages as required under an "insured contract", we will also waive any such rights we may have against such person or organization provided that the "bodily injury" or "property damage" occurs subsequent to the execution of the "insured contract".

O. When "Loss" is Payable
Coverage under this policy will not apply until the "insured," has paid or is obligated to pay the full amount of the "retained limit."

When the amount of damages is determined by an agreed settlement or on a final judgment against an "insured" obtained after an actual trial, we will promptly pay on behalf of the "insured" the amount of damages covered under the terms of this policy. The first Named Insured will promptly reimburse us for any amount within the self insured retention on the declarations page paid by us.

6. Definitions P., and V of Section VII. DEFINITIONS are deleted and replaced with the following:

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