Common use of Authorization of Indemnification Clause in Contracts

Authorization of Indemnification. Unless this Section 5.5 provides directly for the indemnification of an Agent, indemnification shall be made by the Company hereunder only if it has been determined that the Agent’s indemnification is proper under the circumstances because the Agent has met the applicable standard of conduct set forth in Sections 5.5(b) or 5.5(c) (as the case may be) and the indemnification has been Approved by the Management Committee.

Authorization of Indemnification. Unless this Section 5.5 provides directly for the indemnification of an Agent, indemnification shall be made by the Company hereunder only if it has been determined that the Agent’s indemnification is proper under the circumstances LIMITED LIABILITY COMPANY AGREEMENT because the Agent has met the applicable standard of conduct set forth in Sections 5.5(b) or 5.5(c) (as the case may be) and the indemnification has been Approved by the Management Committee.