Common use of Failure to Make Timely Determination Clause in Contracts

Failure to Make Timely Determination. If the person or persons empowered or selected under Sections 2 or 3 to determine whether the Trustee is entitled to indemnification or advancement of Expenses shall not have made such determination within thirty days of receipt of the request by the Trust, the Trustee may select an attorney: (1) who possesses 1940 Act experience and (2) whose selection is approved by the Independent Trustees; provided, however, that such thirty-day period may be extended for a reasonable period of time, not to exceed an additional thirty 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 and provide written notice to the Trustee of the need for such an extension.