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 favour of any Company Group Member or any Vessel, the Manager will arrange for the commencement or defence of such Legal Action, as the case may be, in the name of, on behalf of and at the expense of the Company 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 Manager may settle any Legal Action on behalf of the Company Group Member where the amount of settlement is less than $[50,000] with the approval of the Chief Executive Officer and 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 favour of any Company Group Member or any Vesselof the Company’s vessels, the Manager will shall arrange for the commencement or defence of such Legal Action, as the case may be, in the name of, on behalf of and at the expense of the Company 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 Manager may settle any Legal Action on behalf of the Company Group Member where the amount of settlement is less than $[50,000] 50,000 with the approval of the Chief Executive Officer and Chief Financial Officer and, in excess of such amount, with the approval of the Board of Directors.