Common use of Mandatory Advance Clause in Contracts

Mandatory Advance. Expenses (including attorneys' fees, court costs, judgments, fines, amounts paid in settlement and other payments) incurred by the Director in investigating, defending, settling or appealing any action, suit or proceeding described in Section 1, 2 or 3 hereof shall be paid by the Company in advance of the final disposition of such action, suit or proceeding. The Company shall promptly pay the amount of such expenses to the Director, but in no event later than 10 days following the Director's delivery to the Company of a written request for an advance pursuant to this Section 7, together with a reasonable accounting of such expenses.