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Collateral Recei t AM~RICAN FIRE AN GA~$UAL Y t~'`~t•L
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BOND NO.------- - _ _ _ _ . - _ _ r-l~i;:~L:~%±.
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ON BEHALF OF _ , n . . _ ~
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RECEIYED FKOM: " ~ ' ' '
_ (hereinatter cailed Owner)
, the fc~ilowing described collater~i
I . _ . . ~ ~ ~ .,il~_ . . . . li~_~ . ,i ; _ ~ . ' _ . . _ . .,~1'i- . ~ . • ,
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It is agreed that the above deacribed coilareral has been piedged to and deposited with
AMERICAN FIRE AND CASUALTY GOMPANY (hereinafter cal:ed Gompany) by the Owner as
security (a~ againat any and ait tiability, loss, costs, damages, expenaes and attorney's fees
arising or incurred in connection with any b~nd, recogniza::ce, un:iertaking or other obligation
(alt of which, together with any continuations or modifications thereof, are hereafter referred
to as bonds) heretofore or hereafter executed, assurned or procured by the Company at the in-
stance or requeat of the Owner, Principal or Iiidemnitor, and (b) for the performance ot e~~er}'
agreement (including continuations or modifications thereof, with or without consent of the Owner)
macie by each of the Principals, Indemnitore and Owners in connection with said bonds, and the
payment of ali premiums thereen Said coltateral shall be solely for the benefit of the Company,
its reinsurers and co-aureties on said bonds and its and their successors and assigns.
At any time and without notice or legal process, in order to pay out of such collateral to
itself or otherv.~iae any amoutits due or to become due, or if otherwise advisable in its sole cii~-
cretion, the Company may, but shall not b.e obliged ta, sell any af said coilateral at public or
p:ivate yale to itself or any other person, or deposit, invest, con~~ert, cash, exchange, renev~•
or .~'.ispose of said coliaterai ur the proceeds thereof in any other manner, in such foriz~ and on
such tertris as it deems ~roper.
Jpon receipt of written evidence satisfactory to tne Company of its discharge :rom all
liability under all such bonda and of nvnzership of the collateral, and of pay~rnents of all amaunts
due as described herein, the Company shall return said cotlateral or the proceeds thereof to the
then owners (less any deductions pursuant to the terms hereof), in such iorm as it may then be,
incluaing in~erest or other additions actuaily received by the Company directly ar.d solely on
account there~f.
The Company ahall not be liable for any loss, depreciation or decrease of such culiateral
or the proceeds thereof or damage thereto except by reasan of gross ne~ligence of its officei s cr
employees. Such negliger.ce shali not be founded in whole or in part upon constructi~~e notice.
The rights given to the Company under this agreement ~halt be in addition to and not in
L.imitation of any other rights the Company may have by law• or any agreemenL.
The Owner represents itself tc be sole Owner of said coilateral and agrees to save the
Company harmless from claims ofanyother persons to any part thereof, The Comp«ny:nay~take
such action or iegal proceedings to effectuaie this agreement as i: deems advisable either in its
name or otherw~ise, but at the expense of the owner.
Th:s receipt is ttot aasi~nable or transferrabte except up~~ k~ritten consent oi a du:y
authorized officer of the Company and must be returned at the time ~urrer~der of the collateral is
requested.
The Company shall have a reas~nable tirt:e within which ±o return the co?lateral after
receipt of evidence showing termination of liability.
The aoove cond~tions are AMERIGAN F'IE~E AND CASUALTY GUhiPAP~Y
agreed Wo f _
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