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 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) has not made such determination within 45 days after receipt by the Trust 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 or (ii) a prohibition of such indemnification or advancement under applicable law or the Governing Documents; provided, however, that the Trust, in its sole discretion, may extend such period 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.

Failure to Make Timely Determination. Subject to paragraph (a) of Section 5, if the person or persons empowered or selected 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) has shall not have made such determination within 45 150 days after receipt by the Trust 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 or Expenses, (ii) a prohibition of such indemnification or advancement under applicable law or the Governing DocumentsTrust’s Agreement and Declaration of Trust or By-Laws, or (iii) a requirement under the Investment Company Act of 1940, as amended, for insurance or security; provided, however, that the Trust, in its sole discretion, may extend such period for a reasonable period of time, not to exceed an additional thirty (30) 60 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 the person or persons empowered or selected 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) has shall not have made such determination within 45 150 days after receipt by the Trust 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 's statement not materially misleading, in connection with the request for indemnification or advancement of Expenses or Expenses, (ii) a prohibition of such indemnification or advancement under applicable law or the Governing DocumentsFund's Agreement and Declaration of Trust or By-Laws, or (iii) a requirement under the Investment Company Act of 1940, as amended, for insurance or security; provided, however, that the TrustFund, in its sole discretion, may extend such period for a reasonable period of time, not to exceed an additional thirty (30) 60 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 the person or persons empowered or selected 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) has shall not have made such determination within 45 150 days after receipt by the Trust 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 or Expenses, (ii) a prohibition of such indemnification or advancement under applicable law or the Governing DocumentsFund’s Agreement and Declaration of Trust or By-Laws, or (iii) a requirement under the Investment Company Act of 1940, as amended, for insurance or security; provided, however, that the TrustFund, in its sole discretion, may extend such period for a reasonable period of time, not to exceed an additional thirty (30) 60 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 the person or persons empowered or selected 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) has shall not have made such determination within 45 150 days after receipt by the Trust 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 or Expenses, (ii) a prohibition of such indemnification or advancement under applicable law or the Governing DocumentsTrust’s Agreement and Declaration of Trust or Bylaws, or (iii) a requirement under the Investment Company Act of 1940, as amended, for insurance or security; provided, however, that the Trust, in its sole discretion, may extend such period for a reasonable period of time, not to exceed an additional thirty (30) 60 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 the person or persons empowered or selected 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) has shall not have made such determination within 45 150 days after receipt by the Trust 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 or Expenses, (ii) a prohibition of such indemnification or advancement under applicable law or the Governing DocumentsTrust’s Amended and Restated Agreement and Declaration of Trust or Bylaws, or (iii) a requirement under the Investment Company Act of 1940, as amended, for insurance or security; provided, however, that the Trust, in its sole discretion, may extend such period for a reasonable period of time, not to exceed an additional thirty (30) 60 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.