Common use of Manager’s Standard of Care Clause in Contracts

Manager’s Standard of Care. The Manager's duty of care in the discharge of the Manager's duties to the Company is limited to acting in good faith, and to refraining from engaging in negligent or reckless conduct, intentional misconduct or a knowing violation of law. In discharging the Manager's duties, the Manager will be fully protected in relying in good faith upon the records required to be maintained by the Company, and upon such information, opinions, reports or statements by any of its agents, or by any other person, as to matters the Manager reasonably believes are within the other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company; including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits or losses of the Company or any other facts pertinent to the existence and amount of assets from which Distributions to the Member might properly be paid.

Appears in 2 contracts

Samples: Operating Agreement (Majestic Investor Capital Corp), Operating Agreement (Majestic Star Casino LLC)

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Manager’s Standard of Care. The Manager's duty of care in the discharge of the Manager's duties to the Company and the other Members is limited to acting in good faith, and to refraining from engaging in grossly negligent or reckless conduct, intentional misconduct misconduct, or a knowing violation of law. In discharging the Manager's its duties, the Manager will shall be fully protected in relying in good faith upon the records required to be maintained by the Company, under Article 3 and upon such information, opinions, reports or statements by any of its the Members, or agents, or by any other person, as to matters the Manager reasonably believes are within the such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company; , including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits or losses of the Company or any other facts pertinent to the existence and amount of assets from which Distributions distributions to the Member Members might properly be paid.

Appears in 1 contract

Samples: Operating Agreement

Manager’s Standard of Care. The Manager's duty of care in the discharge of the Manager's duties to the Company and the Members is limited to acting in good faith, and to refraining from engaging in grossly negligent or reckless conduct, intentional misconduct misconduct, or a knowing violation of law. In discharging the Manager's its duties, the a Manager will shall be fully protected in relying in good faith upon the records required to be maintained by the Company, under Article IV and upon such information, opinions, reports or statements by any of its Members, or agents, or by any other person, as to matters the Manager reasonably believes are within the such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company; , including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits or losses of the Company or any other facts pertinent to the existence and amount of assets from which Distributions distributions to the Member Members might properly be paid.

Appears in 1 contract

Samples: Member Control and Operating Agreement (Investors Real Estate Trust)

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Manager’s Standard of Care. The A Manager's duty of care in the discharge of the Manager's duties to the Company and other Members is limited to acting in good faith, and to refraining from engaging in grossly negligent or reckless conduct, intentional misconduct misconduct, or a knowing violation of the law. In discharging the Manager's its duties, the a Manager will shall be fully protected in relying in good faith upon the records required to be maintained by the Company, under Article 3 and upon such information, opinions, reports or statements by any of its the Members, or agents, or by any other person, as to matters the Manager reasonably believes are within the such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company; , including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits or losses of the Company or any other facts pertinent to the existence and amount of assets from which Distributions distributions to the Member Members might properly be paid.

Appears in 1 contract

Samples: Operating Agreement (Fortress Group Inc)

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