Common use of Fidelity Bond Coverage Clause in Contracts

Fidelity Bond Coverage. RUS has received from the Grantee for Grants in the amount of $100,000 or more, except Grantees which are units of government, evidence, satisfactory to RUS, that the Grantee has obtained fidelity bond coverage, from a surety doing business with the United States listed in 31 C.F.R. § 223, in an amount at least fifteen percent (15%) of the Grant, covering all officers, employees, or agents of the Grantee authorized to receive, disburse, or receive and disburse the Grant funds. Notwithstanding, for existing RUS Borrowers, RUS may waive this fidelity bond coverage requirement, if after evaluation, RUS has determined that adequate fidelity bond coverage is already maintained by the Grantee as an RUS Borrower under an existing loan or guarantee agreement between the Grantee and RUS.

Fidelity Bond Coverage. RUS has received from the Grantee for Grants in the amount of $100,000 or more, except Except Grantees which are units of government, and except for grants that are less than $100,000, RUS shall have received evidence, satisfactory to RUSit, that the Grantee Fiscal Agent has obtained fidelity bond coverage, from a surety doing business with the United States listed in 31 C.F.R. § Part 223, in an amount at least fifteen percent (15%) of the Grant, covering all officers, employees, or agents of the Grantee Fiscal Agent authorized to receive, disburse, or receive and disburse the Grant funds. Notwithstanding, for F or existing Fiscal Agents that are RUS Borrowers, however, RUS may waive this fidelity bond coverage requirement, if after evaluation, RUS has determined that adequate fidelity bond coverage is already maintained by the Grantee as an RUS Borrower under an existing loan or guarantee agreement between the Grantee and RUSagreement.

Fidelity Bond Coverage. RUS has received from the Grantee for Grants in the amount of $100,000 or more, except Grantees which are units of government, evidence, satisfactory to RUS, that the Grantee has obtained fidelity bond coverage, from a surety doing business with the United States listed in 31 C.F.R. § Part 223, in an amount at least fifteen percent (15%) of the Grant, covering all officers, employees, or agents of the Grantee authorized to receive, disburse, or receive and disburse the Grant funds. Notwithstanding, for existing RUS Borrowers, RUS may waive this fidelity bond coverage requirement, if after evaluation, RUS has determined that adequate fidelity bond coverage is already maintained by the Grantee as an RUS Borrower under an existing loan or guarantee agreement between the Grantee and RUS.