Independent Trustee Clause Samples

Independent Trustee. The Borrower or the Parent shall remove, replace or seek to replace the Borrower’s Independent Trustee absent due cause, death or incapacity without the express prior written consent of the Administrative Agent and the Required Lenders, provided, however, that no such consent shall be required for the replacement of an Independent Trustee in the event that such Independent Trustee ceases to meet the qualifications set forth in Section 9.1(f)(ii), and such Independent Trustee is replaced by another Person who possesses such qualifications.

Independent Trustee. This clause 19 applies if any of the signatories for a party are trustees of a trust and who have no right to, or interest in, any of the assets of the trust except in his, her, or its capacity as trustee of that trust (each such person being an Independent Trustee).

Independent Trustee. A Trustee who is an "Independent Trustee," as that term is defined in the Delaware Act, shall be deemed to be independent and disinterested for all purposes when making any determinations or taking any action as a Trustee.

Independent Trustee. A Trustee who is not on the date of determination, and within the last two years from the date of determination has not been, directly or indirectly associated with the Sponsor or the Advisor by virtue of (i) ownership of an interest in the Sponsor, the Advisor or any of their Affiliates, other than the Trust, (ii) employment by the Sponsor, the Advisor or any of their Affiliates, (iii) service as an officer or trustee of Sponsor, the Advisor or any of their Affiliates, other than as a Trustee, (iv) performance of services, other than as a Trustee, for the Trust, (v) service as a director or trustee of more than three real estate investment trusts organized by the Sponsor or advised by the Advisor, or (vi) maintenance of a material business or professional relationship with the Sponsor, the Advisor or any of their Affiliates. A business or professional relationship is considered material if the gross revenue derived by the Trustee from Sponsor, the Advisor or any of their Affiliates exceeds 5% of either the Trustee’s annual gross revenue during either of the last two years or the Trustee’s net worth on a fair market value basis. An indirect association with the Sponsor or the Advisor shall include circumstances in which a Trustee’s spouse, parents, children, siblings, mothers- or fathers-in-law, sons- or daughters-in-law, or brothers- or sisters-in-law is or has been associated with the Sponsor, the Advisor or any of their Affiliates or the Trust.

Independent Trustee. Independent Trustee shall have the meaning set forth in the Governing Instruments and the Operating Partnership Agreement. ​

Independent Trustee. A trustee of an open-end or closed-end fund which is an Investment Company Client who is not an “interested person” of the open-end or closed-end fund within the meaning of Section 2(a)(19) of the 1940 Act.

Independent Trustee. Independent Trustee shall have the meaning set forth in the Governing Instruments and the Operating Partnership Agreement. Investment Company Act. The Investment Company Act of 1940, as amended.

Independent Trustee. A Trustee who is not, on the date of determination and within the last two years from the date of determination has not been, directly or indirectly, associated with either of the Co-Sponsors or the Advisor by virtue of (i) ownership of an interest in either Co-Sponsor, the Advisor or any of their Affiliates, (ii) employment by either Co-Sponsor, the Advisor or any of their Affiliates, (iii) service as an officer or director of either Co-Sponsor, the Advisor or any of their Affiliates, (iv) performance of services, other than as a Trustee, for the Trust, (v) service as a director or trustee of more than three real estate investment trusts organized by either Co-Sponsor or advised by the Advisor, or (vi) maintenance of a material business or professional relationship with either Co-Sponsor, the Advisor or any of their Affiliates. A business or professional relationship is considered “material” per se if the aggregate gross revenue derived by the Trustee from either Co-Sponsor, the Advisor and their Affiliates exceeds 5% of either the Trustee’s annual gross revenue during either of the last two years or the Trustee’s net worth on a fair market value basis. An indirect association with either Co-Sponsor or the Advisor shall include circumstances in which a Trustee’s spouse, parent, child, sibling, mother- or father-in-law, son- or daughter-in-law, or brother- or sister-in-law is or has been associated with either Co-Sponsor, the Advisor, any of their Affiliates or the Trust.

Independent Trustee. ETL is the independent trustee of your plan. The cash and investments in your plan are held by ETL. ETL may delegate custody of your cash and assets to an appointed sub custodian. For investment matters, ESL directs ETL to act only according to your investment instructions (or investment instructions from persons ESL has agreed can provide instructions on your behalf). For all other matters, ETL acts according to ESL’s directions only.