Team Control timeout request

[DownTownTonyBrown]

If you have officiated very long, this has likely happened to you:

Team A has the ball, A1 becomes trapped ... one second, two seconds, A1 still is trapped, three seconds, four seconds, A1 attempts a pass to A2 and pass is in the air...

Team A coach jumps up and requests time as the pass is released.

Your whistle goes off as you move to grant the timeout request ... just as Team B intercepts the pass.

Now what?

Somebody point me in the right direction for rules.
NFHS 5-8-3a seems to say a time out request can be made during TEAM control (which is present during the pass - see NFHS 4-12-2b).

You know Team B coach is gong to be screaming that his team has the ball and he wants that break-away lay-up.

This situation has happened to me more than once and I have always relied upon stating that the request was made before Team B gained control and my whistle was just a little bit slow.

I'm looking for rules justification because I (and you too, probably) have been posed with the following question, "...can only be granted a timeout when the ball is in player control or the ball is dead." T or F.

"Only" and "player" are the words that are bothering me. For the "only" statement to be True shouldn't it say "team" control?