THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, provisions,
agreements or limitations of the above mentioned Bond or Policy, other than as above stated.
ICB030 Ed. 7-04
Cancellation of this bond by the Underwriter is subject to the following provisions:
If the bond has been in effect for 60 days or less, it may be canceled by the Underwriter for any reason. Such cancellation shall be effective
60 days after the Underwriter mails a notice of cancellation to the first-named Insured at the mailing address shown in the bond. However, if the bond has been in effect for more than 60 days or is a renewal, then cancellation must be based on one
of the followings grounds:
Cancellation based on one of the
above grounds shall be effective 60 days after the notice of cancellation is mailed or delivered to the Named Insured, at the address shown on the bond, and to its authorized agent or broker.
Nothing herein contained shall
be held to vary, alter, waive, or extend any of the terms, conditions, provisions, agreements or limitations of the above mentioned Bond or Policy, other than as above stated.
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ICB057 Rev. 08-13
Page 2 of 2
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©
2013 The Travelers Indemnity Company. All rights reserved.
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The following spaces preceded by an (*) need not be completed if this endorsement or rider
and the Bond or Policy have the same inception date.
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ATTACHED TO AND FORMING PART OF
BOND OR POLICY NO.
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DATE ENDORSEMENT OR RIDER EXECUTED
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* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
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ZBN-81M58129-16-N2
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05/27/16
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05/31/16
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12:01 A.M. LOCAL TIME AS
SPECIFIED IN THE BOND OR POLICY
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* ISSUED TO
PENNANTPARK INVESTMENT CORPORATION
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AUTOMATIC INCREASE IN LIMITS
MEL4734 Ed. 11-06 - For use with ICB005 Ed. 7-04
It is agreed that:
1.
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Section 10., Limit of Liability, is amended to include the following paragraph:
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If the Insured shall, while this bond is in force, require an increase in limits to comply with SEC Reg. 17g-1, due to an increase in asset
size of current Investment Companies insured under the bond or the addition of new Investment Companies, the Limit of Liability of this Bond shall automatically be increased to comply with this regulation without the payment of additional premium
for the remainder of the premium period.
Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions,
provisions, agreements or limitations of the above mentioned Bond or Policy, other than as above stated.
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By
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Authorized Representative
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INSURED
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©
2006 The Travelers Indemnity Company. All rights
reserved.
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Page 1 of 1
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The following spaces preceded by an (*) need not be completed if this endorsement or rider and
the Bond or Policy have the same inception date.
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ATTACHED TO AND
FORMING PART OF BOND OR POLICY NO.
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DATE ENDORSEMENT
OR RIDER EXECUTED
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* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
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ZBN-81M58129-16-N2
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05/27/16
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05/31/16
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12:01 A.M. LOCAL TIME AS
SPECIFIED IN THE BOND OR POLICY
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* ISSUED TO
PENNANTPARK INVESTMENT CORPORATION
REPLACE INSURING AGREEMENT
(A) FIDELITY
For use with ICB005 Ed. 7/04
MEL7428 Ed. 04/10
It is agreed that:
1.
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Insuring Agreement (A) Fidelity is replaced with the following:
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(A)
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Loss resulting from any dishonest or fraudulent act(s), including Larceny or Embezzlement, committed by an Employee, committed anywhere and whether committed alone or in collusion with others, including loss of Property
resulting from such acts of an Employee, which Property is held by the Insured for any purpose or in any capacity and whether so held gratuitously or not and whether or not the Insured is liable therefor.
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Dishonest or fraudulent act(s) as used in this Insuring Agreement shall mean only dishonest or fraudulent act(s) committed by such Employee
with the intent:
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(a)
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to cause the Insured to sustain such loss, or
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(b)
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to obtain financial benefit for the Employee or another person or organization.
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Notwithstanding the foregoing, it is agreed that with regard to Loans and/or Trading this bond covers only loss resulting directly from
dishonest or fraudulent acts committed by an Employee with the intent to cause the Insured to sustain such loss, and to obtain financial benefit for the Employee or another person or organization. However, where the proceeds of a fraud committed by
an Employee involving Loans and/or Trading are actually received by persons with whom the Employee was acting in collusion, but said Employee fails to derive a financial benefit therefrom, such a loss will nevertheless be covered hereunder as if the
Employee had obtained such benefit provided the Insured establishes that the Employee intended to participate therein.
As used in this
Insuring Agreement, financial benefit does not include any employee benefits earned in the normal course of employment, including: salaries, commissions, fees, bonuses, promotions, awards, profit sharing and pensions.
Trading as used in this Insuring Agreement means trading or otherwise dealing in securities, commodities, futures, options,
foreign or federal funds, currencies, foreign exchange or other means of exchange similar to or in the nature of the foregoing. .
Loan as used in this Insuring Agreement means any extension of credit by the Insured, any transaction creating a creditor
relationship in favor of the Insured and any transaction by which the Insured assumes an existing creditor relationship
Nothing herein contained shall be
held to vary, alter, waive, or extend any of the terms, conditions, provisions, agreements or limitations of the above mentioned Bond or Policy, other than as above stated.
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By
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Authorized Representative
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INSURED
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©
2010 The Travelers Indemnity Company
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Page 1 of 1
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The following spaces preceded by an (*) need not be completed if this endorsement or rider and
the Bond or Policy have the same inception date.
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ATTACHED TO AND
FORMING PART OF BOND OR POLICY NO.
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DATE ENDORSEMENT OR RIDER EXECUTED
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* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
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ZBN-81M58129-16-N2
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05/27/16
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05/31/16
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12:01 A.M. LOCAL TIME AS
SPECIFIED IN THE BOND OR POLICY
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* ISSUED TO
PENNANTPARK INVESTMENT CORPORATION
COMPUTER SYSTEMS FRAUD
ENDORSEMENT
(For use with Investment Company Blanket Bond, Form ICB005 Ed. 07-04)
MEL9188 Ed. 11-14
It is agreed that:
1.
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The following is added to Item 3. Limit of Liability of the Declarations:
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Limit of Liability
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Deductible Amount
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Insuring Agreement - COMPUTER SYSTEMS
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Computer Fraud Coverage
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$ 5,000,000
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$ 50,000
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Fraudulent Instruction Coverage
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$ 5,000,000
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$ 50,000
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Remote Access PBX System Fraud Coverage
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$ N/A
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$ N/A
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Restoration Expenses Coverage
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$ N/A
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$ N/A
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2.
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The following is added to
INSURING AGREEMENTS
:
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COMPUTER SYSTEMS
COMPUTER FRAUD COVERAGE
Loss
resulting directly from Computer Fraud.
FRAUDULENT INSTRUCTION COVERAGE
Loss resulting directly from the Insured having in good faith caused a transfer of funds as a result of a Fraudulent Instruction when the
Insured, prior to causing the transfer of funds, used its reasonable best efforts to verify the identity of the person transmitting the instruction; provided that if the instruction is purported to be from a Customer, the Insured:
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1.
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performed a Callback Verification with respect to such instruction; and
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2.
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followed an agreed upon Security Procedure set forth in a Funds Transfer Agreement applicable to the transaction and instruction.
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Such Fraudulent Instruction received and, if applicable, Callback Verification performed, must be either recorded, logged, or
documented by the Insured.
REMOTE ACCESS PBX SYSTEM FRAUD COVERAGE
Loss resulting directly from Remote Access PBX System Fraud.
RESTORATION EXPENSES COVERAGE
Restoration Expenses incurred by the Insured and resulting from a Computer Violation by someone other than an Employee.
3.
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The following are added to
CONDITIONS AND LIMITATIONS
, Section 1. DEFINTIONS:
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Callback Verification means a verbal conversation with the purported Customer, using a Pre-Determined Telephone Number, to verify
the identity of the Customer and the authenticity of a funds transfer request.
Computer Fraud means an intentional,
unauthorized and fraudulent entry of data or computer instructions directly into, or change of data or computer instructions within, a Computer System by a
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©
2011 The Travelers Indemnity Company. All rights reserved.
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Page 1 of 5
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natural person or entity other than an Employee, including any such entry or change made via the internet or a Network, provided that such entry or change causes:
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(1)
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Property to be transferred, paid or delivered;
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(2)
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an account of the Insured, or of its customer, to be added, deleted, debited or credited; or
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(3)
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an unauthorized or fictitious account to be debited or credited.
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Computer System means:
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(2)
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any input, output, processing, storage or communication device, or any related network, operating system or
application software, that is connected to, or used in connection with, such computer,
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which is rented
by, owned by, leased by, licensed to, or under the direct operational control of, the Insured.
Computer
Violation means:
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(1)
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the introduction of a Computer Virus into a Computer System; or
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(2)
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damage to, or destruction of, computer programs, software or other electronic data stored within a Computer
System by a natural person, who has:
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(i)
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gained unauthorized access to such Computer System; or
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(ii)
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authorized access to such Computer System but uses such access to cause such damage or destruction.
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Computer Virus means any malicious code which could destroy, alter, contaminate, or degrade
the integrity, quality, or performance of:
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(1)
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electronic data used, or stored, in any Computer System or network; or
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(2)
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a computer network, any computer application software, or a computer operating system or related network.
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Customer means, only with respect to the Fraudulent Instructions Coverage of the Computer
Systems Insuring Agreement, an entity or natural person which has a Funds Transfer Agreement with the Insured.
Financial Institution means:
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(1)
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a bank, trust company, savings bank, credit union, savings and loan association, or similar thrift
institution; or
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(2)
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a stock brokerage firm mutual fund, liquid assets fund or similar investment institution,
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provided that Financial Institution does not include any such entity, institution or organization that
is an Insured.
Fraudulent Instruction means an intentional, fraudulent and unauthorized instruction directed
to the Insured, which is:
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(1)
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transmitted via telefacsimile, and:
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(i)
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purports and reasonably appears to be from a Customer, a Financial Institution, or another office of the
Insured;
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(ii)
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was in fact transmitted by someone other than a Customer, a Financial Institution, or another office of the
Insured; and
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(iii)
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purports and reasonably appears to contain the handwritten signature of a person authorized to initiate such
transfer that proves to have been used by an unauthorized person;
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Page 2 of 5
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©
2014 The Travelers Indemnity Company. All rights reserved.
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(2)
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transmitted verbally, via telephone, and purports to be from:
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(i)
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an officer, director, partner or employee of a Customer, who is authorized by the Customer to instruct the
Insured to make such a transfer;
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(ii)
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a Customer who is a natural person; or
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(iii)
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an Employee in another office of the Insured, who was authorized by the Insured to instruct other Employees to
transfer funds on deposit in a Customers account; and was received by an Employee specifically designated to receive and act upon such instructions,
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but was in fact transmitted by someone other than a person described in item (2) of this definition; or
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(3)
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transmitted via electronic mail and purports and reasonably appears to be from a Customer of the Insured, but
was in fact transmitted by someone other than such Customer.
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Fraudulent Instruction does not include
instructions purportedly from a Customer unless the Funds Transfer Agreement authorizes the Insured to rely on the specific transmittal method actually used to make the instruction.
Funds Transfer Agreement means an original written agreement, signed by the Customer, that:
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(1)
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authorizes the Insured to rely on voice, telefacsimile, or electronic mail instructions to make funds
transfers;
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(2)
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provides the Insured with the names of persons authorized to initiate funds transfers; and
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(3)
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establishes a specific Security Procedure that the Insured is obligated to follow to verify the authenticity
of a funds transfer request.
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Network means any and all services provided by or through the
facilities of any electronic or computer communication system, including Fedwire, Clearing House Interbank Payment System (CHIPS), Society for Worldwide Interbank Financial Telecommunication (SWIFT), National Automated Clearing House Association
(NACHA) and similar interbank payment or settlement systems, including any shared networks, internet access facilities, or other similar facilities for such systems in which the Insured participates, allowing the input, output, examination or
transfer of data or programs from one computer to a Computer System.
Pre-Determined Telephone Number means a
telephone number that:
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(1)
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was provided by the Customer when the Customer opened the account with the Insured;
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(2)
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was provided in person by the Customer after the Customer opened the account with the Insured, while the
Customer was physically present on the Insureds premises and presenting a government-issued photo identification;
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(3)
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was provided in a Funds Transfer Agreement;
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(4)
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replaced a telephone number previously provided for the Customers account, provided that confirmation of
the legitimacy of the change was achieved through verbal contact with the Customer at the previous Pre-Determined Telephone Number; or
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(5)
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replaced a telephone number previously provided for the Customers account and was received by the
Insured at least 30 days prior to the receipt of the Fraudulent Instruction.
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Remote Access PBX
System means a computerized private branch exchange voice telephone switching system operated by and located on the premises of the Insured that provides internal telephone communications between stations located on a given network, as well as
between the Insured and other public or private telephone networks, excluding however, those systems for which the Insured does not retain sole control over system administration (performing security functions or activating systems features
controlled by hardware or software options).
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©
2011 The Travelers Indemnity Company. All rights reserved.
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Page 3 of 5
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Remote Access PBX System Fraud means the intentional, unauthorized and fraudulent gaining of
access to outgoing long distance telephone services from a location other than the Insureds premises by either the fraudulent manipulation or unauthorized use of passwords or access codes designed to identify and authenticate users of or
access to the Insureds Remote Access PBX System by a natural person other than an identifiable Employee, resulting in charges for long distance toll calls which the Insured is legally obligated to pay a long distance carrier. Provided however,
such charges will not be covered hereunder because of the Insureds failure to:
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(1)
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incorporate a system password or access code feature of at least 8 characters with such passwords begin changed at least monthly; and
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(2)
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activate and continue the operation of a call-disconnect feature that automatically terminates a callers password or access code after 3 unsuccessful sign-on attempts.
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Restoration Expenses means reasonable costs incurred by the Insured, with the Underwriters prior written consent, to
restore, replace or reproduce damaged or destroyed computer programs, software or other electronic data stored within a Computer System, or which the Insured owns, holds or is responsible for, to the condition that existed immediately preceding a
Computer Violation; provided that if it is determined by the Insured that such computer programs, software or other electronic data cannot reasonably be restored, replaced or reproduced, then Restoration Expenses means only the reasonable costs
incurred by the Insured, with the Underwriters prior written consent, to reach such determination.
Restoration Expenses do not
include:
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(1)
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expenses incurred as a result of the reconstruction of computer programs, software or other electronic data which the Insured did not have a license to use;
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(2)
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expenses incurred to restore, replace or reproduce damaged or destroyed computer programs, software or other electronic data if such damage or destruction was caused by computer programs, software or other electronic
data which the Insured did not have a license to use;
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(3)
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expenses incurred to design, update, improve or perfect the operation of performance of computer programs, software or other electronic data; or
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(4)
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expenses incurred to redo the work product, research or analysis that was the basis of, or resulted in, any computer programs, software or other electronic data stored.
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Security Procedure means an authentication process, other than voice recognition, that requires the use of algorithms or other
codes, identifying words or numbers, encryption, or similar security devices or procedures. The following are not considered a Security Procedure:
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(1)
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a general statement that the Insured may establish security procedures;
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(2)
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a statement that the Insured may perform a callback or other security procedure; or
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(3)
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a statement that the Insured will only accept requests from persons named on the account.
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4.
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The following are added to
CONDITIONS AND LIMITATIONS
, SECTION 2. EXCLUSIONS:
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loss,
costs or expenses the Insured agrees to incur, or incurs on behalf of another person or entity, when the Insured is not legally obligated to incur such loss, costs or expenses under the Uniform Commercial Code or any other common, case or tort law,
statute, rule or code anywhere in the world, including any rule or code of any clearing or similar organization; except when covered under the Fraudulent Instruction Coverage of the Computer Systems Insuring Agreement;
loss resulting directly or indirectly from entries or changes made by an individual authorized to have access to a Computer System, who acts
in good faith on instructions or advices received by telegraph, teletype, human voice over a telephone or by any other means, unless such instructions or advices are given to that individual by a software contractor (or by a partner, officer or
employee thereof) authorized by the Insured to design, develop, prepare, supply, service, write or implement programs for the Insureds Computer System; except when covered under the Fraudulent Instruction Coverage of the Computer Systems
Insuring Agreement;
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Page 4 of 5
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©
2014 The Travelers Indemnity Company. All rights reserved.
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under the Computer Systems Insuring Agreement, in addition to all of the other
exclusions, loss caused by an employee or director of an automated clearing house (including a Federal Reserve Bank), service bureau, electronic communications system (including Fedwire, CHIPS and SWIFT) or merchant who has contracted with the
Insured to perform electronic funds transfer services;
loss resulting directly or indirectly from entries or changes made
by an Employee of the Insured acting in good faith on any electronic communication, unless such instructions are purportedly sent by a customer, Financial Institution or automated clearing house, except when covered under the Fraudulent Instruction
Coverage of the Computer Systems Insuring Agreement;
loss resulting directly or indirectly from Computer Fraud or
mechanical breakdown or failure to function properly of any Computer System, except when covered under Insuring Agreement (A), (C) or the Computer Systems Insuring Agreement;
loss resulting from the unauthorized Network, Computer System or internet access to a customer account maintained by the
Insured, through the use of fraudulently obtained customer login, identification, password or authentication information, except where such information has been obtained directly from unauthorized fraudulent access to a secure file containing such
information on a Computer System, except when covered under the Fraudulent Instruction Coverage of the Computer Systems Insuring Agreement;
loss resulting directly or indirectly from a Fraudulent Instruction except when covered under the Fraudulent Instruction
Coverage of the Computer Systems Insuring Agreement;
loss resulting directly or indirectly from the input of data into a
Computer System, either on the premises of a customer of the Insured or under the control of such a customer, by a customer or other person who had authorized access to the customers authentication mechanism;
loss resulting directly or indirectly from the theft, disappearance, destruction, or disclosure of intangible property or
confidential information, including trade secrets, confidential processing methods, formulas, patents, customer lists, computer programs, negatives, drawings, manuscripts, prints and other records of a similar nature;
expenses arising from a data security breach or incident, including forensic audit expenses, fines, penalties, expenses to
comply with federal and state laws, payment card industry data security standards (if applicable) or expenses related to notifying affected individuals when the affected individuals personally identifiable customer, financial or medical
information was stolen, accessed, downloaded or misappropriated while in the Insureds care, custody or control; or
under the Fraudulent Instruction Coverage of the Computer Systems Insuring Agreement, in addition to all of the other
exclusions, loss resulting directly or indirectly from the Insureds assumption of liability by contract unless the liability arises from a loss that would be imposed on the Insured regardless of the existence of the contract.
Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, provisions, agreements or limitations of
the above mentioned Bond or Policy, other than as above stated.
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By
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Authorized Representative
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INSURED
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©
2011 The Travelers Indemnity Company. All rights reserved.
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Page 5 of 5
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EXHIBIT B
CERTIFICATE OF THE SECRETARY
OF
PENNANTPARK
INVESTMENT CORPORATION
CERTIFYING RESOLUTIONS APPROVING
THE JOINT FIDELITY BOND
THE UNDERSIGNED
, the duly appointed Secretary of PennantPark Investment Corporation, a Maryland corporation (the
Corporation), an externally managed, non-diversified investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended (the 1940 Act), does hereby certify
that the resolutions set forth below were approved by the Board of Directors of the Corporation (the Board), including a majority of the Directors who are not interested persons of the Corporation, as defined in
Section 2(a)(19) of the 1940 Act (the Independent Directors), on May 3, 2016 at a meeting of the Directors:
WHEREAS
, at a meeting of the Board of the Corporation (the Meeting), the Board of the Corporation reviewed the materials
presented at the Meeting;
NOW, THEREFORE, BE IT:
RESOLVED
,
that the Board of the Corporation determined that the Corporation, PennantPark Investment Advisers, LLC (the
Adviser) and PennantPark Investment Administration, LLC (the Administrator) each be covered as an Insured under a joint fidelity bond (the Bond) having an aggregate coverage of $5 million issued by St.
Paul Fire and Marine Insurance Company, a reputable fidelity insurance company, against larceny and embezzlement and such other types of losses as are included in standard fidelity bonds, covering the officers and the other employees of the
Corporation, the Adviser and the Administrator from time to time and containing such provisions as may be required by the rules promulgated under the 1940 Act;
FURTHER RESOLVED
, that the proposed form and amount of the Bond considered at the Meeting be, and hereby are, approved after
consideration of all factors deemed relevant by the directors of the Corporation (the Directors), and separately approved by the Independent Directors, including, but not limited to, the amount of the Bond, the value of the aggregate
assets of the Corporation to which any person covered under the Bond may have access, the estimated amount of the premium for such Bond, the type and terms of the arrangements made for the custody and safekeeping of the Corporations assets and
the nature of the securities in the Corporations portfolio;
FURTHER RESOLVED
, that the payment by the Corporation of the
premium for coverage under the Bond, in the amount described at the Meeting, and the share of the premium to be allocated to the Corporation and to the Adviser/Administrator for the Bond, based upon their proportionate share of the sum of the
premiums that would have been paid if such fidelity bond coverage had been purchased separately, be, and hereby are, approved by the Directors of the Corporation, including the Independent Directors of the Corporation, after having given due
consideration to, among other things, the number of other parties insured under the Bond, the nature of the business activities of those other parties, the amount of the premium for the Bond, the ratable allocation of the premium among all parties
named as insureds and the extent to which the share of the premium allocated to the Corporation under the Bond is less than the premium the Corporation would have had to pay had it maintained a single insured bond;
FURTHER RESOLVED
, that the proposed Joint Fidelity Bond Agreement among the Corporation, the Adviser and the Administrator providing
that in the event that any recovery is received under the Bond as a
result of a loss sustained by the Corporation and also by any other named Insured, the Corporation shall receive an equitable and proportionate share of the recovery, but in no event less than
the amount it would have received had it provided and maintained a single insured bond with the minimum coverage required by paragraph (d)(1) of Rule 17g-1 under the 1940 Act, is approved, with such further changes therein as the Officers may
determine to be necessary or desirable and proper, with the advice of the Corporations counsel, the execution of each Joint Fidelity Bond Agreement by such Officers to be conclusive evidence of such determination;
FURTHER RESOLVED
, that the Secretary of the Corporation be, and hereby is, designated as the party responsible for making the necessary
filings and giving the notices with respect to the Bond required by paragraph (g) of Rule 17g-1 under the 1940 Act;
FURTHER
RESOLVED
, that the Officers be, and each of them hereby is, authorized to obtain and enter into a joint liability insurance policy in the form and amount as presented at the Meeting for all losses, covering the Corporation, the Adviser and the
Administrator and their respective directors and officers (each of whom shall be deemed a third party beneficiary thereof) generally against liabilities and expenses arising out of claims, actions or proceedings asserted or threatened against them
in their respective capacities for or relating to the Corporation, the Adviser and the Administrator, as the case may be, subject to such ordinary exceptions as the Officer executing the same deems reasonable or appropriate;
FURTHER RESOLVED
, that the Directors of the Corporation, including the Independent Directors of the Corporation, hereby find that the
Corporations participation in the above-referenced joint liability insurance policy is in the best interest of the Corporation; and
FURTHER RESOLVED
, that the share of the premium to be allocated 65% to the Corporation and to PennantPark Floating Rate Capital Ltd.
and 35% to the Adviser/Administrator for the Bond and the applicable joint liability insurance policy, which is based upon each Corporations proportionate share of the sum of the premiums that would have been paid if such insurance coverage
were purchased separately, be, and hereby is, determined to be fair and reasonable to the Corporation by the Directors of such Corporation, including the Independent Directors of such Corporation and that the appropriate allocation between each of
the Corporations, with respect to the joint liability insurance policy, is obtained.
IN WITNESS WHEREOF
, I have hereunto set my
hand as such officer of the Corporation this 10th day of June, 2016.
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/s/ Thomas J. Friedmann
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Thomas J. Friedmann
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Secretary
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EXHIBIT C
JOINT FIDELITY BOND AGREEMENT
This JOINT FIDELITY BOND AGREEMENT is dated as of April 19, 2007 by and between PennantPark Investment Corporation (the
Corporation), a Maryland corporation, PennantPark Investment Advisers, LLC (the Adviser), a Delaware limited liability company, and PennantPark Investment Administration, LLC (the Administrator), a Delaware
limited liability company.
WITNESSETH
:
WHEREAS,
the Corporation, the Adviser, and the Administrator are joint named insureds (each, an Insured and collectively,
the Insureds) under a bond issued by Aon (the Bond);
WHEREAS
, the Corporation is required to provide and
maintain a fidelity bond pursuant to Rule 17g-1 under the Investment Company Act of 1940, as amended (the 1940 Act);
WHEREAS
, Rule 17g-1 under the 1940 Act requires that the Insureds enter into an agreement with each other, containing certain provisions
regarding the respective amounts to be received by them in the event recovery is received under the Bond as a result of a loss sustained by them; and
WHEREAS
, this Agreement has been approved by the directors of the Corporation, including a majority of the directors who are not
interested persons of the Corporation (as defined in the 1940 Act).
NOW THEREFORE
, the parties hereto, in consideration
of the premises and the mutual covenants contained herein, hereby agree as follows:
1. Each Insured agrees to maintain in effect, and will
pay a portion of the premiums for, the Bond, which premium will be allocated prorata according to the relative premium that such Insured would pay for separate fidelity bond coverage.
2. In the event recovery is received under the Bond as a result of a loss sustained by each Insured, each Insured shall receive an equitable
and proportionate share of the recovery, but each Insured shall receive an amount at least equal to the amount it would have received had it provided and maintained a single insured bond with the minimum coverage required by paragraph
(d) (1) of Rule 17g-1 under the 1940 Act.
3. Each party shall, within ten days after making any claim under the Bond,
provide the other party with written notice of the amount and nature of such claim. Each party shall, within ten days after the receipt thereof, provide the other party with written notice of the terms of settlement of any claim made under the Bond
by such party.
4. This Agreement and the rights and duties hereunder shall not be assignable by any party hereto without written consent
of the other party.
5. This Agreement may be amended by the parties hereto only if such amendment is approved by the Board of Directors of
the Corporation and such amendment is set forth in a written instrument executed by each of the parties hereto.
6. This Agreement shall be
construed in accordance with the laws of the State of New York.
This agreement may be executed simultaneously in two or more counterparts,
each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.
IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the
date first set forth above.
PENNANTPARK INVESTMENT CORPORATION
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By:
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/s/
Arthur Penn
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Name:
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Arthur Penn
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Title:
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Chief Executive Officer
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PENNANTPARK INVESTMENT ADVISERS, LLC
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By:
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/s/ Arthur
Penn
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Name:
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Arthur Penn
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Title:
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Managing Member
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PENNANTPARK INVESTMENT ADMINISTRATION, LLC
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By:
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/s/ Aviv
Efrat
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Name:
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Aviv Efrat
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Title:
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Managing Director
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