Common use of Determination Requirement Clause in Contracts

Determination Requirement. (a) Any indemnification which is claimed under Section 1 of this Indemnification Agreement shall be paid by BANCORP as the expenses, judgments, fines or amounts paid in settlement which give rise to the INDEMNIFIED PARTY's right of indemnification are incurred, regardless of whether incurred in advance of the final disposition of the action, suit or proceeding, but only upon a determination that such indemnification is proper under the circumstances because the INDEMNIFIED PARTY has met the APPLICABLE STANDARD OF CONDUCT. Such determination may be made only by one or more of the following: