Common use of Administration and Settlement of Legal Actions Clause in Contracts

Administration and Settlement of Legal Actions. If any Legal Action is commenced against or is required to be commenced in favor of the Company or any of the Vessels, the Administrator shall arrange for the commencement or defense of such Legal Action, as the case may be, in the name of, on behalf of and at the expense of the Company, including retaining and instructing legal counsel, investigating the substance of the Legal Action and entering pleadings with respect to the Legal Action. The Administrator shall assist the Company in administering and supervising any such Legal Actions and shall keep the Company advised of the status thereof. The Administrator may settle any Legal Action on behalf of a Company where the amount of settlement is less than $500,000 with the approval of the President or the Chief Financial Officer and, in excess of such amount, with the approval of the Board of Directors.

Administration and Settlement of Legal Actions. If any Legal Action is commenced against or is required to be commenced in favor of the any Company Group Member or any of the Vessels, the Administrator Manager shall arrange for the commencement or defense of such Legal Action, as the case may be, in the name of, on behalf of and at the expense of the CompanyCompany Group Member, including retaining and instructing legal counsel, investigating the substance of the Legal Action and entering pleadings with respect to the Legal Action. The Administrator Manager shall assist the Company in administering and supervising any such Legal Actions and shall keep the Company advised of the status thereof. The Administrator Manager may settle any Legal Action on behalf of a Company Group Member where the amount of settlement is less than $500,000 with the approval of the President or the Chief Financial Officer and, in excess of such amount, with the approval of the Board of Directors.

Administration and Settlement of Legal Actions. If any Legal Action is commenced against or is required to be commenced in favor of the any Company Group Member or any of the Vessels, the Administrator Manager shall arrange for the commencement or defense of such Legal Action, as the case may be, in the name of, on behalf of and at the expense of the CompanyCompany Group Member, including retaining and instructing legal counsel, investigating the substance of the Legal Action and entering pleadings with respect to the Legal Action. The Administrator Manager shall assist the Company in administering and supervising any such Legal Actions and shall keep the Company advised of the status thereof. The Administrator Manager may settle any Legal Action on behalf of a Company Group Member where the amount of settlement is less than $500,000 50,000 with the approval of the President or Chief Executive Officer and the Chief Financial Officer and, in excess of such amount, with the approval of the Board of Directors.

Administration and Settlement of Legal Actions. If any Legal Action is commenced against or is required to be commenced in favor of the Company Group or any of the Vessels, the Administrator Managers shall arrange for the commencement or defense of such Legal Action, as the case may be, in the name of, on behalf of and at the expense of the CompanyGroup, including retaining and instructing legal counsel, investigating the substance of the Legal Action and entering pleadings with respect to the Legal Action. The Administrator Managers shall assist the Company Group in administering and supervising any such Legal Actions and shall keep the Company Group advised of the status thereof. The Administrator Managers may settle any Legal Action on behalf of a Company Group where the amount of settlement is less than $500,000 with the approval of the President Chief Executive Officer or the Chief Financial Officer and, in excess of such amount, with the approval of the Board of Directors.

Administration and Settlement of Legal Actions. If any Legal Action is commenced against or is required to be commenced in favor of the Company Group or any of the VesselsVessel, the Administrator Supervision Manager shall arrange for the commencement or defense of such Legal Action, as the case may be, in the name of, on behalf of and at the expense of the CompanyGroup, including retaining and instructing legal counsel, investigating the substance of the Legal Action and entering pleadings with respect to the Legal Action. The Administrator Supervision Manager shall assist the Company Group in administering and supervising any such Legal Actions and shall keep the Company Group advised of the status thereof. The Administrator Supervision Manager may settle any Legal Action on behalf of a Company Group where the amount of settlement is less than $500,000 with the approval of the President Chief Executive Officer or the Chief Financial Officer and, in excess of such amount, with the approval of the Board of Directors.

Administration and Settlement of Legal Actions. If any Legal Action is commenced against or is required to be commenced in favor of the Company Group or any of the Vessels, the Administrator Managers shall arrange for the commencement or defense of such Legal Action, as the case may be, in the name of, on behalf of and at the expense of the CompanyGroup, including retaining and instructing legal counsel, investigating the substance of the Legal Action and entering pleadings with respect to the Legal Action. The Administrator Managers shall assist the Company Group in administering and supervising any such Legal Actions and shall keep the Company Group advised of the status thereof. The Administrator Managers may settle any Legal Action on behalf of a Company Group where the amount of settlement is less than $500,000 [500,000] with the approval of the President Chief Executive Officer or the Chief Financial Officer and, in excess of such amount, with the approval of the Board of Directors.