Special Conditions to Advancement. With respect to Liability to the Fund or its shareholders, and subject to applicable state and federal law, the Board Member shall be entitled to advancements of Expenses pursuant to this Section 2 against any Liability to the Fund or its shareholders if (1) the Fund has obtained assurances to the extent required by applicable law, such as by obtaining insurance or receiving collateral provided by the Board Member, to the reasonable satisfaction of the Board, that the advance will be repaid if the Board Member is found to have engaged in Disabling Conduct, or (2) the Board has a reasonable belief that the Board Member has not engaged in disabling conduct and ultimately will be entitled to indemnification. In forming such a reasonable belief, the Board of [Directors] [Trustees] shall act in conformity with then applicable law and administrative interpretations, and shall afford a [director] [trustee] requesting an advance who is not an "interested person" of the [Corporation][Trust], as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended, a rebuttable presumption that such [director][trustee] did not engage in disabling conduct while acting in his or her capacity as a [director][trustee].
Appears in 5 contracts
Samples: Indemnification Agreement (Fundamental Investors Inc), Indemnification Agreement (Investment Co of America), Indemnification Agreement (Cash Management Trust of America)
