Common use of Certain Indemnification Procedures Clause in Contracts

Certain Indemnification Procedures. Notwithstanding any provision to the contrary contained in this Agreement, in the event Borrower is obligated to defend the Agent or any of the Banks under the terms of this Agreement, Borrower shall be entitled, at is option, to assume the defense of such action on behalf of such indemnified party or parties with counsel which is selected by Borrower and reasonably acceptable to such indemnified parties. In no event shall Borrower: (i) be required to employ more than one (1) firm of attorneys in defense of any matter where Borrower is required to defend the Agent or any of the Banks, but nothing contained herein shall prevent Borrower from employing multiple firms of attorneys, at its option; or (ii) be liable for any legal fees and expenses in excess of the reasonable fees and expenses of the one (1) firm of attorneys whether or not selected by Borrower pursuant to clause (i) of this Section 11.22 and the fees and expenses of any additional firms employed by Borrower pursuant to said clause (i) (provided that Borrower shall not have the right to challenge the reasonableness of the fees of any firm of attorneys selected by Borrower).

Appears in 2 contracts

Sources: Revolving Credit Agreement (Halter Marine Group Inc), Revolving Credit Agreement (Halter Marine Group Inc)

Certain Indemnification Procedures. Notwithstanding any provision to the contrary contained in this Agreement, in the event Borrower is obligated to defend the Agent or any of the Banks under the terms of this Agreement, Borrower shall be entitled, at is option, to assume the defense of such action on behalf of such indemnified party or parties with counsel which is selected by Borrower and reasonably acceptable to such indemnified parties. In no event shall Borrower: (i) be required to employ more than one (1) firm of attorneys in defense of any matter where Borrower ▇▇▇▇▇▇▇▇ is required to defend the Agent or any of the Banks, but nothing contained herein shall prevent Borrower from employing multiple firms of attorneys, at its option; or (ii) be liable for any legal fees and expenses in excess of the reasonable fees and expenses of the one (1) firm of attorneys whether or not selected by Borrower pursuant to clause (i) of this Section 11.22 11.23 and the fees and expenses of any additional firms employed by Borrower pursuant to said clause (i) (provided that Borrower shall not have the right to challenge the reasonableness of the fees of any firm of attorneys selected by Borrower▇▇▇▇▇▇▇▇).

Appears in 1 contract

Sources: Revolving Credit Agreement (Halter Marine Group Inc)