Common use of Directors or Officers Clause in Contracts

Directors or Officers. The management of the Company is vested exclusively in its members. The Vendor is, and the Purchaser shall be upon the Closing, the sole member of the Company with, in its capacity as sole member, authority to make all decisions and take all actions for the Company as, in its sole discretion, it shall deem necessary and appropriate to enable the Company to carry out any lawful activity, including but not limited to carrying on the acquisition, ownership, operation and disposition of oceangoing vessels. Notwithstanding its authority to do so as sole member of the Company, the Vendor has not appointed or elected any individuals to officer positions of the Company.

Directors or Officers. The management of each of the Company Companies is vested exclusively in its members. The Vendor is, and the Purchaser or its nominee shall be upon the Closing, the sole member of each of the Company Companies with, in its capacity as sole member, authority to make all decisions and take all actions for each of the Company Companies as, in its sole discretion, it shall deem necessary and appropriate to enable each of the Company Companies to carry out any lawful activity, including but not limited to carrying on the acquisition, ownership, operation and disposition of oceangoing vessels. Notwithstanding its authority to do so as sole member of each of the CompanyCompanies, save as Disclosed, the Vendor has not appointed or elected any individuals to officer positions of any of the CompanyCompanies.