Common use of Lost Securities Clause in Contracts

Lost Securities. The value of any Property, except books of If the Insured shall sustain a loss of securities accounts or other records used by the Insured in the the total value of which is in excess of the limit stated conduct of its business, for the loss of which a claim in Item 3 of the Declarations of this bond, the liability shall be made hereunder, shall be determined by the of the Underwriter shall be limited to payment for, or average market value of such Property on the duplication of, securities having value equal to the limit business day next preceding the discovery of such stated in Item 3 of the Declarations of this bond. loss; provided, however, that the value of any If the Underwriter shall make payment to the Property replaced by the Insured prior to the payment Insured for any loss of securities, the Insured shall of claim therefor shall be the actual market value at thereupon assign to the Underwriter all of the the time of replacement; and further provided that in Insured's rights, title and interests in and to said case of a loss or misplacement of interim certificates, securities. warrants, rights, or other securities, the production With respect to securities the value of which do which is necessary to the exercise of subscription, not exceed the Deductible Amount (at the time of the conversion, redemption or deposit privileges, the value discovery of the loss) and for which the Underwriter thereof shall be the market value of such privileges may at its sole discretion and option and at the request immediately preceding the expiration thereof if said of the Insured issue a Lost Instrument Bond or Bonds loss or misplacement is not discovered until after their to effect replacement thereof, the Insured will pay the expiration. If no market price is quoted for such usual premium charged therefor and will indemnify Property or for such privileges, the value shall be the Underwriter against all loss or expense that the fixed by agreement between the parties or by Underwriter may sustain because of the issuance of arbitration. such Lost Instrument Bond or Bonds. With respect to securities the value of which In case of any loss or damage to Property exceeds the Deductible Amount (at the time of consisting of books of accounts or other records used discovery of the loss) and for which the Underwriter by the Insured in the conduct of its business, the may issue or arrange for the issuance of a Lost Underwriter shall be liable under this bond only if Instrument Bond or Bonds to effect replacement such books or records are actually reproduced and thereof, the Insured agrees that it will pay as premium then for not more than the cost of blank books, blank therefor a proportion of the usual premium charged pages or other materials plus the cost of labor for the xxxxxxxx, said proportion being equal to the percentage actual transcription or copying of data which shall that the Deductible Amount bears to the value of the have been furnished by the Insured in order to securities upon discovery of the loss, and that it will reproduce such books and other records. indemnify the issuer of said Lost Instrument Bond or Bonds against all loss and expense that is not

Lost Securities. The value of any Property, except books of If the Insured shall sustain a loss of securities accounts or other records used by the Insured in the the total value of which is in excess of the limit stated conduct of its business, for the loss of which a claim in Item 3 of the Declarations of this bond, the liability shall be made hereunder, shall be determined by the of the Underwriter shall be limited to payment for, or average market value of such Property on the duplication of, securities having value equal to the limit business day next preceding the discovery of such stated in Item 3 of the Declarations of this bond. loss; provided, however, that the value of any If the Underwriter shall make payment to the Property replaced by the Insured prior to the payment Insured for any loss of securities, the Insured shall of claim therefor shall be the actual market value at thereupon assign to the Underwriter all of the the time of replacement; and further provided that in Insured's ’s rights, title and interests in and to said case of a loss or misplacement of interim certificates, securities. warrants, rights, or other securities, the production With respect to securities the value of which do which is necessary to the exercise of subscription, not exceed the Deductible Amount (at the time of the conversion, redemption or deposit privileges, the value discovery of the loss) and for which the Underwriter thereof shall be the market value of such privileges may at its sole discretion and option and at the request immediately preceding the expiration thereof if said of the Insured issue a Lost Instrument Bond or Bonds loss or misplacement is not discovered until after their to effect replacement thereof, the Insured will pay the expiration. If no market price is quoted for such usual premium charged therefor and will indemnify Property or for such privileges, the value shall be the Underwriter against all loss or expense that the fixed by agreement between the parties or by Underwriter may sustain because of the issuance of arbitration. such Lost Instrument Bond or Bonds. With respect to securities the value of which In case of any loss or damage to Property exceeds the Deductible Amount (at the time of consisting of books of accounts or other records used discovery of the loss) and for which the Underwriter by the Insured in the conduct of its business, the may issue or arrange for the issuance of a Lost Underwriter shall be liable under this bond only if Instrument Bond or Bonds to effect replacement such books or records are actually reproduced and thereof, the Insured agrees that it will pay as premium then for not more than the cost of blank books, blank therefor a proportion of the usual premium charged pages or other materials plus the cost of labor for the xxxxxxxxtherefor, said proportion being equal to the percentage actual transcription or copying of data which shall that the Deductible Amount bears to the value of the have been furnished by the Insured in order to securities upon discovery of the loss, and that it will reproduce such books and other records. indemnify the issuer of said Lost Instrument Bond or Bonds against all loss and expense that is notnot recoverable from the Underwriter under the terms and conditions of this INVESTMENT COMPANY BLANKET BOND subject to the Limit of Liability hereunder.

Lost Securities. The value of any Property, except books of If the Insured shall sustain a loss of securities accounts or other records used by the Insured in the the total value of which is in excess of the limit stated conduct of its business, for the loss of which a claim in Item 3 of the Declarations of this bond, the liability shall be made hereunder, shall be determined by the of the Underwriter shall be limited to payment for, or average market value of such Property on the duplication of, securities having value equal to the limit business day next preceding the discovery of such stated in Item 3 of the Declarations of this bond. loss; provided, however, that the value of any If the Underwriter shall make payment to the Property replaced by the Insured prior to the payment Insured for any loss of securities, the Insured shall of claim therefor shall be the actual market value at thereupon assign to the Underwriter all of the the time of replacement; and further provided that in Insured's rights, title and interests in and to said case of a loss or misplacement of interim certificates, securities. warrants, rights, or other securities, the production With respect to securities the value of which do which is necessary to the exercise of subscription, not exceed the Deductible Amount (at the time of the conversion, redemption or deposit privileges, the value discovery of the loss) and for which the Underwriter thereof shall be the market value of such privileges may at its sole discretion and option and at the request immediately preceding the expiration thereof if said of the Insured issue a Lost Instrument Bond or Bonds loss or misplacement is not discovered until after their to effect replacement thereof, the Insured will pay the expiration. If no market price is quoted for such usual premium charged therefor and will indemnify Property or for such privileges, the value shall be the Underwriter against all loss or expense that the fixed by agreement between the parties or by Underwriter may sustain because of the issuance of arbitration. such Lost Instrument Bond or Bonds. With respect to securities the value of which In case of any loss or damage to Property exceeds the Deductible Amount (at the time of consisting of books of accounts or other records used discovery of the loss) and for which the Underwriter by the Insured in the conduct of its business, the may issue or arrange for the issuance of a Lost Underwriter shall be liable under this bond only if Instrument Bond or Bonds to effect replacement such books or records are actually reproduced and thereof, the Insured agrees that it will pay as premium then for not more than the cost of blank books, blank therefor a proportion of the usual premium charged pages or other materials plus the cost of labor for the xxxxxxxxtherefor, said proportion being equal to the percentage actual transcription or copying of data which shall that the Deductible Amount bears to the value of the have been furnished by the Insured in order to securities upon discovery of the loss, and that it will reproduce such books and other records. indemnify the issuer of said Lost Instrument Bond or Bonds against all loss and expense that is notnot recoverable from the Underwriter under the terms and conditions of this INVESTMENT COMPANY BLANKET BOND subject to the Limit of Liability hereunder.