Common use of Proof of Failure to Satisfy Standard of Conduct Clause in Contracts

Proof of Failure to Satisfy Standard of Conduct. The Member shall not be deemed to have violated any standard of conduct under this Article 5 unless such violation is proved, by clear and convincing evidence, in an action brought against such person. The termination of any action, suit or proceeding by judgment, order, settlement or upon a plea of nolo contendere or its equivalent shall not of itself constitute proof or create a presumption that the appropriate standard of conduct has been violated.

Proof of Failure to Satisfy Standard of Conduct. The Member Sole Member, any Manager and any Officer shall not be deemed to have violated any standard of conduct under this Article Section 5 unless such violation is proved, proved by clear and convincing evidence, evidence in an action brought against such personthe Sole Member, any Manager or any Officer in a court of competent jurisdiction. The termination of any action, suit or proceeding by judgment, order, settlement or upon a plea of nolo contendere or its equivalent shall not of itself constitute proof or create a presumption that the appropriate standard of conduct has been violated.