Venture or (ii) the limits of the underlying insurance(s) (as reduced by any special provisions relating to Joint Ventures, if applicable), whichever is the greater.

E. The inclusion or addition hereunder of more than one Insured shall not operate to increase the Insurer's limits of liability beyond those set forth herein.

III. DEFINITIONS

A. "Advertising Liability" means liability for Damages on account of:

(1) libel, slander or defamation,

(2) any infringement of copyright or of title or of slogan,

(3) piracy or misappropriation of ideas under an implied contract, or

(4) any invasion of right of privacy,

committed or alleged to have been committed in any advertisement, publicity article, broadcast or telecast and arising out of the Insured's advertising activities.

B. "Aircraft" means any aircraft, missile or spacecraft.

C. "Annual Period" means:

(1) with respect to the first Annual Period, the period commencing at the Inception Date and expiring on the First Annual Period Expiration Date set forth in Item 4 of the Declarations;

(2) with respect to any subsequent Annual Period in Coverage A, the one (1) year period commencing at the First Annual Period Expiration Date or each anniversary thereof; or

(3) with respect to Coverage B, the one (1) year period commencing at the expiration of Coverage A or each anniversary date and time of such expiration.

D. "Automobile" means a land motor vehicle, trailer or semi-trailer.

E. "Bodily Injury" means physical injury to the body of a person including death at any time resulting therefrom.

F. "Claim" means an oral or written demand against an Insured for Damages and includes the threat or initiation of any civil suit or arbitration proceeding or a request for a tolling agreement.

G. "Commercial Aviation Operations" means any commercial or charter passenger and/or cargo airline, any other Aircraft charter operation, any flight school or aviation training business or any other operations by which the Insured for compensation (other than cost reimbursement) makes available Aircraft owned, operated or used by it or aviation transportation services to others.

H. "Damages" means all forms of compensatory damages, monetary damages and statutory damages, punitive or exemplary damages and costs of compliance with equitable relief, other than governmental (civil or criminal) fines or penalties, which the Insured shall be obligated to pay by reason of judgment or settlement for liability on account of Personal Injury, Property Damage and/or Advertising Liability covered by this Policy, and shall include Defense Costs.

I. "Defense Costs" means reasonable legal costs and other expenses incurred by or on behalf of the Insured in connection with the defense of any actual or anticipated Claim, including attorneys' fees and disbursements, law costs, premiums on attachment or appeal bonds, pre-judgment and