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ICAP Bond (5-98)
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Form 17-02-1421 (Ed. 5-98)
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Page 7 of 19
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Conditions And
Limitations
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Definitions
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1.
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As used in this Bond:
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a.
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Computer System
means a computer and all input, output, processing, storage, off-line media libraries, and communication facilities which are connected to the computer and which are under the control and
supervision of the operating system(s) or application(s) software used by the ASSURED.
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b.
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Counterfeit
means an imitation of an actual valid original which is intended to deceive and be taken as the original.
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c.
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Custodian
means the institution designated by an
Investment Company
to maintain possession and control of its assets.
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d.
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Customer
means an individual, corporate, partnership, trust customer, shareholder or subscriber of an
Investment Company
which has a written agreement with the ASSURED for
Voice Initiated Funds
Transfer
Instruction
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e.
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Employee
means:
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(1)
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an officer of the ASSURED,
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(2)
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a natural person while in the regular service of the ASSURED at any of the ASSUREDS premises and compensated directly by the ASSURED through its payroll system and subject to the United States Internal Revenue Service Form W-2
or equivalent income reporting plans of other countries, and whom the ASSURED has the right to control and direct both as to the result to be accomplished and details and means by which such result is accomplished in the performance of such
service,
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(3)
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a guest student pursuing studies or performing duties in any of the ASSUREDS premises,
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(4)
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an attorney retained by the ASSURED and an employee of such attorney while either is performing legal services for the ASSURED,
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(5)
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a natural person provided by an employment contractor to perform employee duties for the ASSURED under the ASSUREDS supervision at any of the ASSUREDS premises,
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(6)
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an employee of an institution merged or consolidated with the ASSURED prior to the effective date of this Bond,
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(7)
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a director or trustee of the ASSURED, but only while performing acts within the scope of the customary and usual duties of any officer or other employee of the ASSURED or while acting as a member of any committee duly elected or
appointed to examine or audit or have custody of or access to
Property
of the ASSURED, or
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ICAP Bond (5-98)
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Form 17-02-1421 (Ed. 5-98)
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Page 8 of 19
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Conditions And
Limitations
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Definitions
(continued)
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(8)
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each natural person, partnership or corporation authorized by written agreement with the ASSURED to perform services as electronic data processor of checks or other accounting records related to such checks but only
while such person, partnership or corporation is actually performing such services and not:
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a.
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creating, preparing, modifying or maintaining the ASSUREDS computer software or programs, or
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b.
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acting as transfer agent or in any other agency capacity in issuing checks, drafts or securities for the ASSURED,
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(9)
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any partner, officer or employee of an investment advisor, an underwriter (distributor), a transfer agent or shareholder accounting recordkeeper, or an administrator, for an
Investment Company
while performing
acts coming within the scope of the customary and usual duties of an officer or employee of an
Investment Company
or acting as a member of any committee duly elected or appointed to examine, audit or have custody of or access to
Property
of
an Investment Company
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The term
Employee
shall not include any partner, officer or employee of a transfer agent, shareholder accounting recordkeeper or administrator:
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a.
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which is not an affiliated person (as defined in Section 2(a) of the Investment Company Act of 1940) of an
Investment Company
or of the investment advisor or underwriter (distributor) of such
Investment
Company
, or
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b.
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which is a bank (as defined in Section 2(a) of the Investment Company Act of 1940).
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This Bond does not afford coverage in favor of the employers of persons as set forth in e. (4), (5) and (8) above, and upon payment to the ASSURED by the COMPANY resulting directly from
Larceny or
Embezzlement
committed by any of the partners, officers or employees of such employers, whether acting alone or in collusion with others, an assignment of such of the ASSUREDS rights and causes of action as it may have against such employers by reason
of such acts so committed shall, to the extent of such payment, be given by the ASSURED to the COMPANY, and the ASSURED shall execute all papers necessary to secure to the COMPANY the rights provided for herein.
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Each employer of persons as set forth in e.(4), (5) and (8) above and the partners, officers and other employees of such employers shall collectively be deemed to be one person for all the purposes of this Bond;
excepting, however, the fifth paragraph of Section 13.
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Independent contractors not specified in e.(4), (5) or (8) above, intermediaries, agents, brokers or other representatives of the same general character shall not be considered
Employees
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ICAP Bond (5-98)
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Form 17-02-1421 (Ed. 5-98)
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Page 9 of 19
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Conditions And
Limitations
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Definitions
(continued)
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f.
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Forgery
means the signing of the name of another natural person with the intent to deceive but does not mean a signature which consists in whole or in part of ones own name, with or without authority, in any capacity
for any purpose.
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g.
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Investment Company
means any investment company registered under the Investment Company Act of 1940 and listed under the NAME OF ASSURED on the DECLARATIONS.
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h.
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Items of Deposit
means one or more checks or drafts drawn upon a financial institution in the United States of America.
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i.
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Larceny or Embezzlement
means larceny or embezzlement as defined in Section 37 of the Investment Company Act of 1940.
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j.
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Property
means money, revenue and other stamps; securities; including any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of deposit, certificate of interest or participation in any
profit-sharing agreement, collateral trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas,
or other mineral rights, any interest or instruments commonly known as a security under the Investment Company Act of 1940, any other certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or
warrant or right to subscribe to or purchase any of the foregoing; bills of exchange; acceptances; checks; withdrawal orders; money orders; travelers letters of credit; bills of lading; abstracts of title; insurance policies, deeds, mortgages
on real estate and/or upon chattels and interests therein; assignments of such policies, deeds or mortgages; other valuable papers, including books of accounts and other records used by the ASSURED in the conduct of its business (but excluding all
electronic data processing records); and, all other instruments similar to or in the nature of the foregoing in which the ASSURED acquired an interest at the time of the ASSUREDS consolidation or merger with, or purchase of the principal
assets of, a predecessor or which are held by the ASSURED for any purpose or in any capacity and whether so held gratuitously or not and whether or not the ASSURED is liable therefor.
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k.
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Relative
means the spouse of an
Employee
or partner of the ASSURED and any unmarried child supported wholly by, or living in the home of, such
Employee
or partner and being related to them by blood, marriage or
legal guardianship.
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l.
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Securities, documents or other written instruments
means original (including original counterparts) negotiable or non-negotiable instruments, or assignments thereof, which in and of themselves represent an equitable interest,
ownership, or debt and which are in the ordinary course of business transferable by delivery of such instruments with any necessary endorsements or assignments.
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ICAP Bond (5-98)
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Form 17-02-1421 (Ed. 5-98)
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Page 10 of 19
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Conditions And
Limitations
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Definitions
(continued)
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m.
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Subsidiary
means any organization that, at the inception date of this Bond, is named in the APPLICATION or is created during the BOND PERIOD and of which more than fifty percent (50%) of the outstanding securities or voting
rights representing the present right to vote for election of directors is owned or controlled by the ASSURED either directly or through one or more of its subsidiaries.
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n.
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Transportation Company
means any organization which provides its own or its leased vehicles for transportation or which provides freight forwarding or air express services.
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o.
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Voice Initiated Election
means any election concerning dividend options available to
Investment Company
shareholders or subscribers which is requested by voice over the telephone.
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p.
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Voice Initiated Redemption
means any redemption of shares issued by an
Investment Company
which is requested by voice over the telephone.
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q.
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Voice Initiated Funds Transfer Instruction
means any
Voice Initiated
Redemption
or
Voice Initiated Election
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For the purposes of these definitions, the singular includes the plural and the plural includes the singular, unless otherwise indicated.
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General Exclusions -
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2.
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This bond does not directly or indirectly cover:
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Applicable to All Insuring
Clauses
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a.
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loss not reported to the COMPANY in writing within sixty (60) days after
termination of this Bond as an entirety;
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b.
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loss due to riot or civil commotion outside the United States of America and Canada, or any loss due to military, naval or usurped power, war or insurrection. This Section 2.b., however, shall not apply to loss which occurs in
transit in the circumstances recited in INSURING CLAUSE 3., provided that when such transit was initiated there was no knowledge on the part of any person acting for the ASSURED of such riot, civil commotion, military, naval or usurped power, war or
insurrection;
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c.
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loss resulting from the effects of nuclear fission or fusion or radioactivity;
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d.
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loss of potential income including, but not limited to, interest and dividends not realized by the ASSURED or by any customer of the ASSURED;
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e.
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damages of any type for which the ASSURED is legally liable, except compensatory damages, but not multiples thereof, arising from a loss covered under this Bond;
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f.
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costs, fees and expenses incurred by the ASSURED in establishing the existence of or amount of loss under this Bond, except to the extent covered under INSURING CLAUSE 11.;
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g.
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loss resulting from indirect or consequential loss of any nature;
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ICAP Bond (5-98)
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Form 17-02-1421 (Ed. 5-98)
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Page 11 of 19
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Conditions And
Limitations
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General Exclusions - Applicable to All Insuring Clauses (continued)
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h.
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loss resulting from dishonest acts by any member of the Board of Directors or Board of Trustees of the ASSURED who is not an
Employee
, acting alone or in collusion with others;
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i.
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loss, or that part of any loss, resulting solely from any violation by the ASSURED or by any
Employee
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(1)
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of any law regulating:
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a.
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the issuance, purchase or sale of securities,
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b.
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securities transactions on security or commodity exchanges or the over the counter market,
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c.
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investment companies,
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d.
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investment advisors, or
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(2)
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of any rule or regulation made pursuant to any such law; or
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j
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loss of confidential information, material or data;
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k.
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loss resulting from voice requests or instructions received over the telephone, provided however, this Section 2.k. shall not apply to INSURING CLAUSE 7. or 9.
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Specific Exclusions -
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3.
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This Bond does not directly or indirectly cover:
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Applicable To All Insuring Clauses Except Insuring Clause 1.
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a.
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loss caused by an
Employee
, provided, however, this
Section 3.a. shall not apply to loss covered under INSURING CLAUSE 2. or 3. which results directly from misplacement, mysterious unexplainable disappearance, or damage or destruction of
Property
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b.
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loss through the surrender of property away from premises of the ASSURED as a result of a threat:
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(1)
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to do bodily harm to any natural person, except loss of
Property
in transit in the custody of any person acting as messenger of the ASSURED, provided that when such transit was initiated there was no knowledge by
the ASSURED of any such threat, and provided further that this Section 3.b. shall not apply to INSURING CLAUSE 7., or
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(2)
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to do damage to the premises or
Property
of the ASSURED;
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c.
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loss resulting from payments made or withdrawals from any account involving erroneous credits to such account;
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d.
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loss involving
Items of Deposit
which are not finally paid for any reason provided however, that this Section 3.d. shall not apply to INSURING CLAUSE 10.;
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e.
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loss of property while in the mail;
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ICAP Bond (5-98)
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Form 17-02-1421 (Ed. 5-98)
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Page 12 of 19
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Conditions And
Limitations
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Specific Exclusions - Applicable To All Insuring Clauses Except Insuring Clause 1.
(continued)
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f.
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loss resulting from the failure for any reason of a financial or depository institution, its receiver or other liquidator to pay or deliver funds or other
Property
to the ASSURED provided further that this Section 3.f. shall
not apply to loss of
Property
resulting directly from robbery, burglary, misplacement, mysterious unexplainable disappearance, damage, destruction or removal from the possession, custody or control of the ASSURED.
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g.
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loss of
Property
while in the custody of a
Transportation Company
, provided however, that this Section 3.g. shall not apply to INSURING CLAUSE 3.;
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h.
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loss resulting from entries or changes made by a natural person with authorized access to a
Computer System
who acts in good faith on instructions, unless such instructions are given to that person by a software contractor or
its partner, officer, or employee authorized by the ASSURED to design, develop, prepare, supply, service, write or implement programs for the ASSUREDs
Computer System
; or
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i.
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loss resulting directly or indirectly from the input of data into a
Computer
System
terminal, either on the premises of the customer of the ASSURED or under the control of such a customer, by a customer or other person
who had authorized access to the customers authentication mechanism.
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Specific Exclusions -
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4.
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This bond does not directly or indirectly cover:
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Applicable To All Insuring
Clauses
Except Insuring
Clauses 1., 4., And 5.
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a.
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loss resulting from the complete or partial non-payment of or default on
any loan whether such loan was procured in good faith or through trick, artifice, fraud or false pretenses; provided, however, this Section 4.a. shall not apply to INSURING CLAUSE 8.;
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b.
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loss resulting from forgery or any alteration;
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c.
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loss involving a counterfeit provided, however, this Section 4.c. shall not apply to INSURING CLAUSE 5. or 6.
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Limit Of Liability/Non-Reduction And Non-Accumulation Of Liability
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5.
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At all times prior to termination of this Bond, this Bond shall continue in force for the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS, notwithstanding any previous loss for which the COMPANY
may have paid or be liable to pay under this Bond provided, however, that the liability of the COMPANY under this Bond with respect to all loss resulting from:
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a.
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any one act of burglary, robbery or hold-up, or attempt thereat, in which no
Employee
is concerned or implicated, or
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b.
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any one unintentional or negligent act on the part of any one person resulting in damage to or destruction or misplacement of
Property
, or
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c.
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all acts, other than those specified in a. above, of any one person, or
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ICAP Bond (5-98)
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Form 17-02-1421 (Ed. 5-98)
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Page 13 of 19
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Conditions And
Limitations
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Limit Of Liability/Non-Reduction And Non-Accumulation Of Liability
(continued)
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d.
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any one casualty or event other than those specified in a., b., or c. above, shall be deemed to be one loss and shall be limited to the applicable LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of
the total amount of such loss or losses and shall not be cumulative in amounts from year to year or from period to period.
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All acts, as specified in c. above, of any one person which
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i.
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directly or indirectly aid in any way wrongful acts of any other person or persons, or
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ii.
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permit the continuation of wrongful acts of any other person or persons
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whether such acts are committed with or without the knowledge of the wrongful acts of the person so aided, and whether such acts are committed with or without the intent to aid such other person, shall be deemed to be
one loss with the wrongful acts of all persons so aided.
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Discovery
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6.
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This Bond applies only to loss first discovered by an officer of the ASSURED during the BOND PERIOD. Discovery occurs at the earlier of an officer of the ASSURED being aware of:
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a.
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facts which may subsequently result in a loss of a type covered by this Bond, or
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b.
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an actual or potential claim in which it is alleged that the ASSURED is liable to a third party,
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regardless of when the act or acts causing or contributing to such loss occurred, even though the amount of loss does not exceed the applicable DEDUCTIBLE AMOUNT, or the exact amount or details of loss may not then be
known.
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Notice To Company - Proof - Legal Proceedings Against Company
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7.
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a.
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The ASSURED shall give the COMPANY notice thereof at the earliest practicable moment, not to exceed sixty (60) days after discovery of loss, in an amount that is in excess of 50% of the applicable DEDUCTIBLE AMOUNT, as stated in
ITEM 2. of the DECLARATIONS.
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b.
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The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to, with full particulars within six (6) months after such discovery.
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c.
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Securities listed in a proof of loss shall be identified by certificate or bond numbers, if issued with them.
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d.
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Legal proceedings for the recovery of any loss under this Bond shall not be brought prior to the expiration of sixty (60) days after the proof of loss is filed with the COMPANY or after the expiration of twenty-four (24) months from
the discovery of such loss.
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e.
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This Bond affords coverage only in favor of the ASSURED. No claim, suit, action or legal proceedings shall be brought under this Bond by anyone other than the ASSURED.
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|
ICAP Bond (5-98)
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Form 17-02-1421 (Ed. 5-98)
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Page 14 of 19
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Conditions And
Limitations
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Notice To Company - Proof - Legal Proceedings Against Company (continued)
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f.
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Proof of loss involving
Voice Initiated Funds Transfer Instruction
shall include electronic recordings of such instructions.
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Deductible Amount
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8.
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The COMPANY shall not be liable under any INSURING CLAUSES of this Bond on account of loss unless the amount of such loss, after
deducting the net amount of all reimbursement and/or recovery obtained or made by the ASSURED, other than from any Bond or policy of insurance issued by an insurance company and covering such loss, or by the COMPANY on account thereof prior to
payment by the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the
DECLARATIONS.
There shall be no deductible applicable to any loss under INSURING
CLAUSE 1. sustained by any
Investment Company
.
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Valuation
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9.
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BOOKS OF ACCOUNT OR OTHER RECORDS
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The value of any loss of
Property
consisting of books of account or other records used by the ASSURED in the conduct of its business shall be the amount paid by the ASSURED for blank books, blank pages, or other
materials which replace the lost books of account or other records, plus the cost of labor paid by the ASSURED for the actual transcription or copying of data to reproduce such books of account or other records.
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The value of any loss of
Property
other than books of account or other records used by the ASSURED in the conduct of its business, for which a claim is made shall be determined by the average market value of such
Property
on the business day immediately preceding discovery of such loss provided, however, that the value of any
Property
replaced by the ASSURED with the consent of the COMPANY and prior to the settlement of any claim for such
Property
shall be the actual market value at the time of replacement.
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In the case of a loss of interim certificates, warrants, rights or other securities, the production of which is necessary to the exercise of subscription, conversion, redemption or deposit privileges, the value of them
shall be the market value of such privileges immediately preceding their expiration if said loss is not discovered until after their expiration. If no market price is quoted for such
Property
or for such privileges, the value shall be fixed
by agreement between the parties.
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OTHER PROPERTY
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The value of any loss of
Property
, other than as stated above, shall be the actual cash value or the cost of repairing or replacing such
Property
with
Property
of like quality and value, whichever is
less.
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ICAP Bond (5-98)
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Form 17-02-1421 (Ed. 5-98)
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Page 15 of 19
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Conditions And
Limitations
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(continued)
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Securities Settlement
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10.
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|
In the event of a loss of securities covered under this Bond, the COMPANY may, at its sole discretion, purchase replacement
securities, tender the value of the securities in money, or issue its indemnity to effect replacement securities.
The indemnity required from the ASSURED under the terms of this Section against all loss, cost or expense arising from the replacement of securities by the
COMPANYS indemnity shall be:
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a.
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for securities having a value less than or equal to the applicable DEDUCTIBLE AMOUNT - one hundred (100%) percent;
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b.
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for securities having a value in excess of the DEDUCTIBLE AMOUNT but within the applicable LIMIT OF LIABILITY - the percentage that the DEDUCTIBLE AMOUNT bears to the value of the securities;
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c.
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for securities having a value greater than the applicable LIMIT OF LIABILITY - the percentage that the DEDUCTIBLE AMOUNT and portion in excess of the applicable LIMIT OF LIABILITY bears to the value of the securities.
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The value referred to in Section 10.a., b., and c. is the value in accordance with Section 9, VALUATION, regardless of the value
of such securities at the time the loss under the COMPANYS indemnity is sustained.
The COMPANY is not required to issue its indemnity for any portion of a loss of securities which is not covered by this Bond; however, the COMPANY may do so as
a courtesy to the ASSURED and at its sole discretion.
The ASSURED shall pay the
proportion of the Companys premium charge for the Companys indemnity as set forth in Section 10.a., b., and c. No portion of the LIMIT OF LIABILITY shall be used as payment of premium for any indemnity purchased by the ASSURED to obtain
replacement securities.
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Subrogation - Assignment -
Recovery
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11.
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In the event of a payment under this Bond, the COMPANY shall be subrogated to all of the ASSUREDS rights of recovery
against any person or entity to the extent of such payment. On request, the ASSURED shall deliver to the COMPANY an assignment of the ASSUREDS rights, title and interest and causes of action against any person or entity to the extent of such
payment.
Recoveries, whether effected by the COMPANY or by the ASSURED, shall be
applied net of the expense of such recovery in the following order:
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a.
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first, to the satisfaction of the ASSUREDS loss which would otherwise have been paid but for the fact that it is in excess of the applicable LIMIT OF LIABILITY,
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b.
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second, to the COMPANY in satisfaction of amounts paid in settlement of the ASSUREDS claim,
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c.
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third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE AMOUNT, and
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|
ICAP Bond (5-98)
|
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|
Form 17-02-1421 (Ed. 5-98)
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Page 16 of 19
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Conditions And
Limitations
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Subrogation - Assignment - Recovery
(continued)
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d.
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fourth, to the ASSURED in satisfaction of any loss suffered by the ASSURED which was not covered under this Bond.
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Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a recovery under this section.
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Cooperation Of Assured
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12.
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At the COMPANYS request and at reasonable times and places designated by the COMPANY, the ASSURED shall:
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a.
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submit to examination by the COMPANY and subscribe to the same under oath,
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b.
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produce for the COMPANYS examination all pertinent records, and
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c.
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cooperate with the COMPANY in all matters pertaining to the loss.
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The ASSURED shall execute all papers and render assistance to secure to the COMPANY the rights and causes of action provided for under this Bond. The ASSURED shall do nothing after loss to prejudice such rights or causes
of action.
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Termination
|
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13.
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If the Bond is for a sole ASSURED, it shall not be terminated unless written notice shall have been given by the acting party to
the affected party and to the Securities and Exchange Commission, Washington, D.C., not less than sixty (60) days prior to the effective date of such termination.
If the Bond is for a joint ASSURED, it shall not be terminated unless written notice shall have been given by the acting party to the affected party, and by
the COMPANY to all ASSURED
Investment Companies
and to the Securities and Exchange Commission, Washington, D.C., not less than sixty (60) days prior to the effective date of such termination.
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This Bond will terminate as to any one ASSURED, other than an
Investment
Company
:
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a.
|
|
immediately on the taking over of such ASSURED by a receiver or other liquidator or by State or Federal officials, or
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b.
|
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immediately on the filing of a petition under any State or Federal statute relative to bankruptcy or reorganization of the ASSURED, or assignment for the benefit of creditors of the ASSURED, or
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c.
|
|
immediately upon such ASSURED ceasing to exist, whether through merger into another entity, disposition of all of its assets or otherwise.
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|
The COMPANY shall refund the unearned premium computed at short rates in accordance with the standard short rate cancellation tables if terminated by the ASSURED or pro rata if terminated for any other reason.
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|
|
ICAP Bond (5-98)
|
|
|
Form 17-02-1421 (Ed. 5-98)
|
|
Page 17 of 19
|
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Conditions And
Limitations
|
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Termination
(continued)
|
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|
|
If any partner, director, trustee, or officer or supervisory employee of an ASSURED not acting in collusion with an
Employee
learns of any dishonest act committed by such
Employee
at any time, whether in
the employment of the ASSURED or otherwise, whether or not such act is of the type covered under this Bond, and whether against the ASSURED or any other person or entity, the ASSURED:
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a.
|
|
shall immediately remove such
Employee
from a position that would enable such
Employee
to cause the ASSURED to suffer a loss covered by this Bond; and
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|
b.
|
|
within forty-eight (48) hours of learning that an
Employee
has committed any dishonest act, shall notify the COMPANY, of such action and provide full particulars of such dishonest act.
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The COMPANY may terminate coverage as respects any
Employee
sixty (60) days after written notice is received by each ASSURED
Investment Company
and the Securities and Exchange Commission, Washington, D.C.
of its desire to terminate this Bond as to such
Employee
.
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|
|
Other Insurance
|
|
14.
|
|
Coverage under this Bond shall apply only as excess over any valid and collectible insurance, indemnity or suretyship obtained by or on behalf of:
|
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|
|
a.
|
|
the ASSURED,
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b.
|
|
a
Transportation Company
, or
|
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|
c.
|
|
another entity on whose premises the loss occurred or which employed the person causing the loss or engaged the messenger conveying the
Property
involved.
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|
|
Conformity
|
|
15.
|
|
If any limitation within this Bond is prohibited by any law controlling this Bonds construction, such limitation shall be deemed to be amended so as to equal the minimum period of limitation provided by such
law.
|
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|
|
Change or Modification
|
|
16.
|
|
This Bond or any instrument amending or affecting this Bond may not be changed or modified orally. No change in or modification of this Bond shall be effective except when made by written endorsement to this Bond signed
by an authorized representative of the COMPANY.
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If this Bond is for a sole ASSURED, no change or modification which would adversely affect the rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been furnished to the Securities
and Exchange Commission, Washington, D.C., by the acting party.
|
|
|
|
ICAP Bond (5-98)
|
|
|
Form 17-02-1421 (Ed. 5-98)
|
|
Page 18 of 19
|
|
|
|
Conditions And
Limitations
|
|
|
|
|
Change or Modification
(continued)
|
|
If this Bond is for a joint ASSURED, no charge or modification which would adversely affect the rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been furnished to all insured
Investment
Companies
and to the Securities and Exchange Commission, Washington, D.C., by the COMPANY.
|
|
|
|
ICAP Bond (5-98)
|
|
|
Form 17-02-1421 (Ed. 5-98)
|
|
Page 19 of 19
|
ENDORSEMENT/RIDER
|
|
|
Effective date of
|
|
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this endorsement/rider: June 9, 2014
|
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FEDERAL INSURANCE COMPANY
|
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|
|
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Endorsement/Rider No. 1
|
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|
|
To be attached to and
form a part of Policy No.
82341119
|
Issued to: HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
COMPLIANCE WITH APPLICABLE TRADE
SANCTION LAWS
It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other similar laws or regulations
prohibit the coverage provided by this insurance.
The title and any headings in this endorsement/rider are solely for convenience and form no part of the
terms and conditions of coverage.
All other terms, conditions and limitations of this Policy shall remain unchanged.
|
|
Authorized Representative
|
|
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|
|
|
14-02-9228 (2/2010)
|
|
Page 1
|
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|
FEDERAL INSURANCE COMPANY
|
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|
|
|
Endorsement No: 2
|
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|
|
Bond Number: 82341119
|
NAME OF ASSURED: HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
PREMIUM ENDORSEMENT
It is agreed that:
1.
|
The premium for this Bond for the period June 9, 2014 to June 9, 2015 is:
|
Premium:
Six Thousand Five Hundred and Fifty Eight Dollars ($6,558.00)
2.
|
It is further agreed that this premium is subject to change during this period if amendments are made to this Bond at the request of the ASSURED.
|
This Endorsement applies to loss discovered after 12:01 a.m. on June 9, 2014.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
|
|
|
|
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|
|
Date: June 12, 2014
|
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|
|
By
|
|
|
|
|
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|
|
|
Authorized Representative
|
ICAP Bond
Form 17-02-0735 (Rev.
1-97)
|
|
|
|
|
FEDERAL INSURANCE COMPANY
|
|
|
|
|
Endorsement No.: 3
|
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|
|
Bond Number: 82341119
|
NAME OF ASSURED: HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
TELEFACSIMILE INSTRUCTION FRAUD ENDORSEMENT
It is agreed that this Bond is amended as follows:
1.
|
By adding the following INSURING CLAUSE:
|
|
12.
|
Telefacsimile Instruction
|
Loss resulting directly from the ASSURED having transferred, paid or
delivered any funds or other
Property
or established any credit, debited any account or given any value on the faith of any fraudulent instructions sent by a
Customer
, financial institution or another office of the ASSURED by
Telefacsimile
directly to the ASSURED authorizing or acknowledging the transfer, payment or delivery of funds or
Property
or the establishment of a credit or the debiting of an account or the giving of value by the ASSURED where such
Telefacsimile
instructions:
|
a.
|
bear a valid test key exchanged between the ASSURED and a
Customer
or another financial institution with authority to use such test key for
Telefacsimile
instructions in the ordinary course of business,
but which test key has been wrongfully obtained by a person who was not authorized to initiate, make, validate or authenticate a test key arrangement, and
|
|
b.
|
fraudulently purport to have been sent by such
Customer
or financial institution when such
Telefacsimile
instructions were transmitted without the knowledge or consent of such
Customer
or financial
institution by a person other than such
Customer
or financial institution and which bear a
Forgery
of a signature, provided that the
Telefacsimile
instruction was verified by a direct call back to an employee of the financial
institution, or a person thought by the ASSURED to be the
Customer
, or an employee of another financial institution.
|
2.
|
By deleting from Section 1., Definitions, the definition of
Customer
in its entirety, and substituting the following:
|
|
d.
|
Customer
means an individual, corporate, partnership, trust customer, shareholder or subscriber of an Investment Company which has a written agreement with the ASSURED for
Voice Initiated Funds Transfer
Instruction
or
Telefacsimile
Instruction.
|
|
|
|
|
|
ICAP Bond
Form 17-02-2367 (Rev. 10-03)
|
|
|
|
Page 1
|
3.
|
By adding to Section 1., Definitions, the following:
|
|
r.
|
Telefacsimile
means a system of transmitting written documents by electronic signals over telephone lines to equipment maintained by the ASSURED for the purpose of reproducing a copy of said document.
Telefacsimile
does not mean electronic communication sent by Telex or similar means of communication, or through an electronic communication system or through an automated clearing house.
|
4.
|
By adding to Section 3., Specific Exclusions Applicable to All Insuring Clauses Except Insuring Clause 1. the following:
|
|
j.
|
loss resulting directly or indirectly from
Telefacsimile
instructions provided, however, this exclusion shall not apply to this INSURING CLAUSE.
|
This Endorsement applies to loss discovered after 12:01 a.m. on June 9, 2014.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
|
|
|
|
|
|
|
Date: June 12, 2014
|
|
|
|
By
|
|
|
|
|
|
|
|
|
Authorized Representative
|
|
|
|
|
|
ICAP Bond
Form 17-02-2367 (Rev. 10-03)
|
|
|
|
Page 2
|
|
|
|
|
|
FEDERAL INSURANCE COMPANY
|
|
|
|
|
Endorsement No.: 4
|
|
|
|
|
Bond Number: 82341119
|
NAME OF ASSURED: HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
UNAUTHORIZED SIGNATURE ENDORSEMENT
It is
agreed that this Bond is amended as follows:
1.
|
By adding the following INSURING CLAUSE:
|
|
13.
|
Unauthorized Signature
|
Loss resulting directly from the ASSURED having accepted, paid or
cashed any check or
Withdrawal Order
made or drawn on or against the account of the ASSUREDS customer which bears the signature or endorsement of one other than a person whose name and signature is on file with the ASSURED as a
signatory on such account.
It shall be a condition precedent to the ASSUREDS right of recovery under this INSURING CLAUSE that the
ASSURED shall have on file signatures of all the persons who are signatories on such account.
2.
|
By adding to Section 1., Definitions, the following:
|
|
s.
|
Instruction
means a written order to the issuer of an
Uncertificated Security
requesting that the transfer, pledge or release from pledge of the specified
Uncertificated Security
be registered.
|
|
t.
|
Uncertificated Security
means a share, participation or other interest in property of or an enterprise of the issuer or an obligation of the issuer, which is:
|
|
(1)
|
not represented by an instrument and the transfer of which is registered on books maintained for that purpose by or on behalf of the issuer, and
|
|
(2)
|
of a type commonly dealt in on securities exchanges or markets, and
|
|
(3)
|
either one of a class or series or by its terms divisible into a class or series of shares, participations, interests or obligations.
|
|
|
|
ICAP Bond
|
|
|
Form 17-02-5602 (Ed. 10-03)
|
|
Page 1
|
|
u.
|
Withdrawal Order
means a non-negotiable instrument, other than an
Instruction
, signed by a customer of the ASSURED authorizing the ASSURED to debit the customers account in the amount of funds stated
therein.
|
This Endorsement applies to loss discovered after 12:01 a.m. on June 9, 2014.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
|
|
|
|
|
|
|
Date: June 12, 2014
|
|
|
|
By
|
|
|
|
|
|
|
|
|
Authorized Representative
|
|
|
|
ICAP Bond
|
|
|
Form 17-02-5602 (Ed. 10-03)
|
|
Page 2
|
|
|
|
|
|
FEDERAL INSURANCE COMPANY
|
|
|
|
|
Endorsement No.: 5
|
|
|
|
|
Bond Number: 82341119
|
NAME OF ASSURED: HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
JOINT LOSS PAYEE ENDORSEMENT
It is
agreed that this Bond is amended as follows:
1.
|
At the written request of the Named ASSURED, any payment in satisfaction of loss covered by this Bond involving money, securities or other
Property
in which Hercules Technology Growth Capital, Inc. has an
interest shall be paid by an instrument issued to that organization and the Named ASSURED as Joint Loss-Payees, subject to the following conditions and limitations:
|
|
a.
|
The attached Bond is for the sole use and benefit of the Named ASSURED as expressed herein. The organization named above shall not be considered as an ASSURED under this Bond, nor shall it otherwise have any rights or
benefits under said Bond.
|
|
b.
|
Notwithstanding any payment made under the terms of this Endorsement or the execution of more than one of such similar Endorsement, the amount paid for any one loss occurrence or otherwise in accordance with the terms
of this bond shall not exceed the LIMIT OF LIABILITY as set forth in the DECLARATIONS.
|
|
c.
|
Nothing herein is intended to alter the terms, conditions and limitations of this Bond.
|
2.
|
Should this Bond be canceled, reduced, non-renewed or restrictively modified by the COMPANY, the COMPANY will endeavor to give thirty (30) days advance notice to Hercules Technology Growth Capital, Inc. but failure
to do so shall not impair or delay the effectiveness of any such cancellation, reduction, non-renewal or restrictive modification, nor shall the COMPANY be held liable in any way.
|
3.
|
Should this Bond be canceled or reduced at the request of the ASSURED, the COMPANY will endeavor to notify Hercules Technology Growth Capital, Inc. of such cancellation or reduction within ten (10) business days
after receipt of such request, but failure to do so shall not impair or delay the effectiveness of such cancellation or reduction, nor shall the COMPANY be held liable in any way.
|
This Endorsement applies to loss discovered after 12:01 a.m. on June 9, 2014.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
|
|
|
|
|
|
|
Date: June 12, 2014
|
|
|
|
By
|
|
|
|
|
|
|
|
|
Authorized Representative
|
Form 17-02-4771 (Ed. 9-02)
ENDORSEMENT/RIDER
|
|
|
Effective date of
|
|
|
this endorsement/rider: June 9, 2014
|
|
FEDERAL INSURANCE COMPANY
|
|
|
|
|
Endorsement/Rider No. 6
|
|
|
|
|
To be attached to and
form a part of Bond No.
82341119
|
Issued to: HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
DELETING VALUATION-OTHER PROPERTY AND
AMENDING CHANGE OR MODIFICATION
ENDORSEMENT
In consideration of the premium charged, it is agreed that this Bond is amended as follows:
1.
|
The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.
|
2.
|
The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced with the following:
|
If this Bond is for a joint ASSURED, no change or modification which would adversely affect the rights of the ASSURED shall be effective prior
to sixty (60) days after written notice has been furnished to all insured
Investment Companies
and the Securities and Exchange Commission, Washington, D.C., by the COMPANY.
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.
All other terms, conditions and limitations of this Bond shall remain unchanged.
|
|
|
Authorized Representative
|
|
|
|
|
|
17-02-2437 (12/2006) rev.
|
|
Page 1
|
|
|
|
|
|
|
|
FEDERAL INSURANCE COMPANY
|
|
|
|
|
Endorsement No: 7
|
|
|
|
|
Bond Number: 82341119
|
NAME OF ASSURED: HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
TERMINATION-NONRENEWAL-NOTICE ENDORSEMENT
It is agreed that this Bond is amended as follows:
1.
|
By adding to Section 13., Termination, the following:
|
Termination By The Company
Bonds In Effect For More Than Sixty (60) Days
If this Bond has been in effect for more than sixty (60) days, or, if this Bond is a renewal, the COMPANY may terminate by providing
written notice of cancellation at least sixty (60) days before the effective date of termination for at least one of the following reasons:
|
1.
|
Nonpayment of premium;
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2.
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Discovery of fraud or material misrepresentation in obtaining this Bond or in the presentation of a claim thereunder;
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3.
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Discovery of willful or reckless acts or omissions or violation of any provision of this Bond on the part of the ASSURED which substantially and materially increases any hazard insured against, and which occurred
subsequent to the inception of the current BOND PERIOD;
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4.
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Conviction of the ASSURED of a crime arising out of acts increasing the hazard insured against;
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5.
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Material change in the risk which increases the risk of loss after insurance coverage has been issued or renewed, except to the extent that the COMPANY should reasonably have foreseen the change, or contemplated the
risk when the contract was written;
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6.
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Determination by the Commissioner that the continuation of the Bond would jeopardize a COMPANYS solvency or would place the COMPANY in violation of the insurance laws of any state;
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7.
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Determination by the Commissioner that continuation of the present premium volume of the COMPANY would jeopardize the COMPANYS policyholders, creditors or the public;
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8.
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Such other reasons that are approved by the Commissioner;
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9.
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Determination by the Commissioner that the COMPANY no longer has adequate reinsurance to meet the ASSUREDS needs;
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10.
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Substantial breaches of contractual duties, conditions or warranties; or
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11.
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Unfavorable underwriting facts, specific to the ASSURED, existing that were not present at the inception of the Bond.
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ICAP Bond
Form 17-02-1360 (Rev. 10-99)
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Page 1
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Bonds In Effect Sixty (60) Days Or Less
If this Bond has been in effect for sixty (60) days or less, and it is not a renewal Bond, the COMPANY may terminate for any reason by
providing written notice of termination at least sixty (60) days before the effective date of termination.
Notice Of Termination
Notice of termination under this Section shall be mailed or delivered, by certified mail, return receipt provided by the United States Postal
Service, to the ASSURED and to the authorized agent or broker, if any, at least sixty (60) days prior to the effective date of cancellation at the address shown on the DECLARATIONS of this Bond.
If this Bond is cancelled for nonpayment of premium, the COMPANY will mail or deliver, by certified mail, return receipt provided by the United
States Postal Service, a written notice at least thirty (30) days before the effective date of cancellation. The cancellation notice shall contain information regarding the amount of premium due and the due date, and shall state the effect of
nonpayment by the due date. Cancellation shall not be effective if payment of the amount due is made prior to the effective date of cancellation.
All notice of cancellation shall state the reason(s) for cancellation.
There is no liability on the part of, and no cause of action of any nature shall arise against, the COMPANY, its authorized representatives,
its employees, or any firm, person or corporation furnishing to the COMPANY, information relating to the reasons for cancellation or nonrenewal, for any statement made by them in complying or enabling the COMPANY to comply with this Section, for the
provision of information pertaining thereto, or for statements made or evidence submitted at any hearings conducted in connection therewith, if such information was provided in good faith and without malice.
Notice Of Nonrenewal
If the
COMPANY elects not to renew this Bond, the COMPANY shall mail or deliver written notice, by certified mail, return receipt, provided by the United States Postal Service, to the ASSURED, at his last known address, at least sixty (60) days before
the expiration date or before the anniversary date, if this Bond has been written for a term of more than one (1) year. Such notice shall also be mailed to the ASSUREDS agent or broker, if any.
Such notice shall contain all of the following:
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c.
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Reason for Cancellation;
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d.
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Expiration Date of the Bond;
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e.
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Effective Date and Hour of Cancellation.
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Notice of nonrenewal shall not be required if the
COMPANY or a COMPANY within the same insurance group has offered to issue a renewal Bond, the ASSURED has obtained replacement coverage or has agreed in writing to obtain replacement coverage, the ASSURED has requested or agreed to nonrenewal, or
the Bond is expressly designated as nonrenewable.
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ICAP Bond
Form 17-02-1360 (Rev. 10-99)
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Page 2
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Return Premium Calculations
Any unearned premiums which have been paid by the ASSURED shall be refunded to the ASSURED on a pro rata basis if terminated by the COMPANY or
the ASSURED. The unearned premiums shall be refunded to the ASSURED within forty-five (45) days of receipt of the request for cancellation or the effective date of cancellation, whichever is later.
Conditional Renewal
If the
COMPANY offers or purports to renew the Bond, but on less favorable terms or at higher rates, the new terms or higher premiums may take effect on the renewal date, if the COMPANY mails or delivers by certified mail, return receipt provided by the
United States Postal Service, to the ASSURED, notice of the new terms or premiums at least sixty (60) days prior to the renewal date. If the COMPANY notifies the ASSURED within sixty (60) days prior to the renewal date, the new terms or
premiums do not take effect until sixty (60) days after the notice is mailed or delivered, in which case, the ASSURED may elect to cancel the renewal Bond within the sixty (60) day period. If the COMPANY does not notify the ASSURED of the
new terms or premiums, the COMPANY shall continue the Bond at the expiring terms and premiums until notice is given or until the effective date of replacement coverage is obtained by the ASSURED, whichever occurs first.
2.
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It is further understood and agreed that for the purposes of Section 13., Termination, any occurrence listed in this Section shall be considered to be a request by the ASSURED to immediately terminate this Bond.
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This Endorsement applies to loss discovered after 12:01 a.m. on June 9, 2014.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
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Date: June 12, 2014
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By
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Authorized Representative
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ICAP Bond
Form 17-02-1360 (Rev. 10-99)
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Page 3
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ENDORSEMENT/RIDER
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Effective date of
this endorsement/rider: June
9, 2014
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FEDERAL INSURANCE COMPANY
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Endorsement/Rider No. 8
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To be attached to and
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form a part of Bond No. 82341119
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Issued to: HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
EMPLOYEE BENEFIT PLANS ENDORSEMENT
In consideration of the premium charged, it is agreed that this Bond amended by adding the following section:
All of the ASSUREDS employee benefit plans that qualify under Section 412 of the Employee Retirement Income Security Act of 1974
(ERISA), are provided bonding protection under INSURING CLAUSE 1., Employee, as required under ERISA.
The title and any headings in this
endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.
All other terms, conditions and limitations of
this Bond shall remain unchanged.
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Authorized Representative
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ENDORSEMENT/RIDER
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Effective date of
this endorsement/rider: June
9, 2014
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FEDERAL INSURANCE COMPANY
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Endorsement/Rider No. 9
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To be attached to and
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form a part of Bond No. 82341119
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Issued to: HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
PRO RATA CANCELLATION ENDORSEMENT
In consideration of the premium charged, it is agreed that, notwithstanding anything to the contrary in the policy or any endorsements thereto, in the event
that this policy is cancelled, any premium refund due to the insured shall be computed on a pro rata basis. However, the refund may be less than pro rata if the insurer has made a loan to the insured for the purpose of payment of premiums for this
policy.
The cancellation will be effective even if a refund has not been made or offered.
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.
All other terms, conditions and limitations of this Bond shall remain unchanged.
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Authorized Representative
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14-02-19726 (01/2013)
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Page 1
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