Common use of Standards of Conduct and Fiduciary Duties Clause in Contracts

Standards of Conduct and Fiduciary Duties. (a) In causing the Company to make a determination or take or decline to take any action, unless another express standard is provided for in this Agreement, an Indemnitee shall act in good faith and shall not be subject to any other or different standards imposed by this Agreement, any other agreement contemplated hereby or under the Act or any other law, rule or regulation, or in equity. In order for a determination or other action affecting the Company to be in “good faith” for purposes of this Agreement, an Indemnitee must believe that the determination or other action is in, or not opposed to, the best interests of the Company.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Oxford Resource Partners LP), Limited Liability Company Agreement (Oxford Resource Partners LP)

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Standards of Conduct and Fiduciary Duties. (a) In causing the Company to make a determination or take or decline to take any action, unless another express standard is provided for in this Agreement, an Indemnitee shall act in good faith and shall not be subject to any other or different standards imposed by this Agreement, any other agreement contemplated hereby or under the Act or any other law, rule or regulation, or in equity. In order for a determination or other action affecting the Company to be in "good faith" for purposes of this Agreement, an Indemnitee must believe that the determination or other action is in, or not opposed to, in the best interests of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Quest Resource Corp)

Standards of Conduct and Fiduciary Duties. (a) In causing the Company to make a determination or take or decline to take any action, unless another express standard is provided for in this Agreement, an Indemnitee shall act in good faith and shall not be subject to any other or different standards imposed by this Agreement, any other agreement contemplated hereby or under the Act or any other law, rule or regulation, or in equity. In order for a determination or other action affecting the Company to be in “good faith” for purposes of this Agreement, an Indemnitee must believe that the determination or other action is in, or not opposed to, in the best interests of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Quest Resource Corp)

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Standards of Conduct and Fiduciary Duties. (a) In causing the Company to make a determination or take or decline to take any action, unless another express standard is provided for in this Agreement, an Indemnitee shall act in good faith and shall not be subject to any other or different standards imposed by this Agreement, any other agreement contemplated hereby or under the Act or any other law, rule or regulation, or in equity. In order for a determination or other action affecting the Company to be in “good faith” for purposes of this Agreement, an Indemnitee must believe that the determination or other action is in, or not opposed to, the best interests of the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Oxford Resource Partners LP)

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