Common use of Procedure for Advancement Clause in Contracts

Procedure for Advancement. The Corporation shall advance Expenses pursuant to subsection A above within ten (10) business days after the receipt by the Corporation of an Undertaking. Indemnitee hereby agrees to repay any Expenses advanced hereunder if it shall ultimately be determined by a court of competent jurisdiction that such Indemnitee is not entitled to be indemnified against such Expenses. Any advances and the undertaking to repay pursuant to this Article V shall be unsecured and interest free.

Procedure for Advancement. The Corporation shall advance Expenses pursuant to subsection A above within ten (10) business days after the receipt by the Corporation of an Undertaking. Each Indemnitee hereby agrees to repay any Expenses advanced hereunder if it shall ultimately be determined by a court of competent jurisdiction that such Indemnitee is not entitled to be indemnified against such Expenses. Any advances and the undertaking to repay pursuant to this Article V shall be unsecured and interest free.