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