Common use of Advancing Expenses Clause in Contracts

Advancing Expenses. Expenses actually and reasonably incurred in defending a third party or company proceeding shall be paid on behalf of a Covered Person by the Company in advance of the final disposition of such third party or corporate proceeding and within 30 days of receipt by the Secretary of the Company of (i) an application from such Covered Person setting forth the basis for such application, and (ii) if required by law at the time such application is made, an undertaking by or on behalf of the Covered Person to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the Company under this Article. The financial ability of such Covered Person to make such repayment shall not be a prerequisite to the making of an advance.