Common use of Timing of Determination Clause in Contracts

Timing of Determination. If the Board of Directors or Special Legal Counsel is to make the determination of whether Director is entitled to Payment, such determination shall be made within twenty-one (21) days after receipt by the Company of Director's request therefor. If, however, such determination is to be made by the shareholders of the Company, then, within fifteen (15) days after receipt by the Company of the Director's request therefor, the Board of Directors (or a committee thereof) shall resolve to submit such determination to the shareholders of the Company for their consideration either at (i) at an annual meeting of the shareholders that is scheduled to be held within seventy-five (75) days after the Company's receipt of Director's request for Payment; or (ii) at a special meeting of the shareholders of the Company that is scheduled to be held within sixty (60) days from the date on which the Board of Directors calls such special meeting.

Timing of Determination. If the Board of Directors or Special Legal Counsel is to make the determination of whether Director Officer is entitled to Payment, such determination shall be made within twenty-one (21) days after receipt by the Company of DirectorOfficer's request therefor. If, however, such determination is to be made by the shareholders of the Company, then, within fifteen (15) days after receipt by the Company of the DirectorOfficer's request therefor, the Board of Directors (or a committee thereof) shall resolve to submit such determination to the shareholders of the Company for their consideration either at (i) at an annual meeting of the shareholders that is scheduled to be held within seventy-five (75) days after the Company's receipt of DirectorOfficer's request for Payment; or (ii) at a special meeting of the shareholders of the Company that is scheduled to be held within sixty (60) days from the date on which the Board of Directors calls such special meeting.