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Such written Application for coverage shall be construed as a separate Application by each of the <br />Insured Persons. No statement in the Application or knowledge possessed by any Insured Person shall <br />be imputed to any other Insured Person for the purpose of determining if coverage is available. Only the <br />statements in the Application made by and knowledge possessed by any of your Executive Officers or <br />any person serving in a functionally equivalent position for you, shall be imputed to all Insureds for the <br />purpose of determining if coverage is available for any Insured. <br />However, in the event that such written Application contains misrepresentations or omissions made with <br />the intent to deceive or which materially affect either the acceptance of the risk or the hazard assumed by <br />us under the Policy, then coverage shall be void ab initio as to: <br />a. any Insured Person who knew of such misrepresentations or omissions (whether or not such <br />individual knew such Application contained such misrepresentations or omissions); or <br />b. any Insured if any Executive Officer or signor of the Application knew of such misrepresentations or <br />omissions. <br />L. Subrogation <br />In the event of any payment under this Policy, we shall be subrogated to all the Insureds' rights of recovery <br />against any person or organization and the Insureds shall execute and deliver instruments and papers and do <br />whatever else is necessary to secure such rights. The Insureds shall do nothing to prejudice such rights. <br />We shall not exercise any such rights against any persons, firms or corporations included in the definition of <br />Insured or against the Insured's clients if, prior to the Claim, the Insured contractually entered into a legally <br />enforceable waiver of subrogation. <br />Any recovery obtained through subrogation, after expenses incurred in such subrogation are deducted by the <br />party bearing the expense, shall be applied proportionately to the Insured and the Named Insured based on <br />the actual payments made as a result of judgment, settlement or defense of a Claim. <br />M. Territory and Valuation <br />Coverage under this Policy shall extend to Claims made, Wrongful Acts or Events taking place, and Loss <br />incurred anywhere in the world, where permitted by applicable law. All premiums, Limits of Liability, <br />Self -Insured Retentions, Loss, Defense Costs and any other amounts under this Policy are expressed and <br />payable in the currency of the United States of America. If judgment is rendered, settlement is denominated or <br />another element of Loss under this Policy is stated in a currency other than United States dollars, payment <br />under this Policy shall be made in United States dollars at the rate of exchange published in The Wall Street <br />Journal on the date the final judgment is reached, the amount of the settlement is agreed upon, or the other <br />element of Loss is due, respectively, or, if not published on such date, the next date of publication of The Wall <br />Street Journal. <br />U-ZPRO-400-B CW (05/18) <br />Page 19 of 19 <br />