Common use of Failure to Make Timely Determination Clause in Contracts

Failure to Make Timely Determination. Subject to paragraph (a) of Section 5, if the person or persons empowered or selected under Section 1 or Section 2 to determine whether the Trustee is entitled to indemnification or advancement of Expenses (other than determinations that are made or to be made by a court) shall not have made such determination within thirty days after receipt by the Fund of the request therefor, the requisite determination of entitlement to indemnification or advancement of Expenses shall be deemed to have been made, and the Trustee shall be entitled to such indemnification or advancement, absent (i) an intentional misstatement by the Trustee of a material fact, or an intentional omission of a material fact necessary to make the Trustee's statement not materially misleading, in connection with the request for indemnification or advancement of Expenses, (ii) a prohibition of such indemnification or advancements under applicable law, or (iii) a requirement under the Investment Company Act of 1940, as amended, for insurance or security; provided, however, that such period may be extended for a reasonable period of time, not to exceed an additional thirty days, if the person or persons making the determination in good faith require such additional time to obtain or evaluate documentation or information relating thereto.

Failure to Make Timely Determination. Subject to paragraph (a) of Section 5, if If the person or persons empowered or selected under Section Sections 1 or Section 2 to determine whether the Trustee Indemnitee is entitled to indemnification or advancement of Expenses (other than determinations that are made or to be made by a court) shall not have made such determination within thirty (30) days after receipt by the Fund Corporation of the request therefor, the requisite determination of entitlement to indemnification or advancement of Expenses shall be deemed to have been made, and the Trustee Indemnitee shall be entitled to such indemnification or advancement, absent (i) an intentional misstatement by the Trustee Indemnitee of a material fact, or an intentional omission of a material fact necessary to make the Trustee's Indemnitee’s statement not materially misleading, in connection with the request for indemnification or advancement of Expenses, or (ii) a prohibition of such indemnification or advancements under applicable law, or (iii) a requirement under the Investment Company Act of 1940, as amended, for insurance or security; provided, however, that such period may be extended for a reasonable period of time, not to exceed an additional thirty (30) days, if the person or persons making the determination in good faith require such additional time to obtain or evaluate documentation or information relating thereto. Any such determination with respect to the advancement of Expenses deemed to have been made pursuant to this Section 5(c) shall not obviate the requirement for insurance or security as provided in Section 2(b).

Failure to Make Timely Determination. Subject to paragraph (a) of Section 5, if the person or persons empowered or selected under Section 1 or Section 2 to determine whether the Trustee Director is entitled to indemnification or advancement of Expenses (other than determinations that are made or to be made by a court) shall not have made such determination within thirty days after receipt by the Fund of the request therefor, the requisite determination of entitlement to indemnification or advancement of Expenses shall be deemed to have been made, and the Trustee Director shall be entitled to such indemnification or advancement, absent (i) an intentional misstatement by the Trustee Director of a material fact, or an intentional omission of a material fact necessary to make the TrusteeDirector's statement not materially misleading, in connection with the request for indemnification or advancement of Expenses, (ii) a prohibition of such indemnification or advancements under applicable law, or (iii) a requirement under the Investment Company Act of 1940, as amended, for insurance or security; provided, however, that such period may be extended for a reasonable period of time, not to exceed an additional thirty days, if the person or persons making the determination in good faith require such additional time to obtain or evaluate documentation or information relating thereto.