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. The liability of any independent trustee under this Agreement is not an unlimited or personal liability and instead is limited to the funds from time to time belonging to the trust on behalf of which he or she has entered into this Agreement, in the proper course of the administration of that trust. In this clause, an independent trustee is any party who has signed this Agreement in his or her capacity as the trustee of a trust and who is not a beneficiary of the trust nor has any right to, or interest in, any of the assets of the trust except in his or her capacity as trustee of that trust.
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 director of the Sponsor, the Advisor or any of their Affiliates, other than as a Trustee of the Trust or of any other real estate investment trust organized by the Sponsor or advised by the Advisor, (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” per se if the aggregate gross revenue derived by the Trustee from the Sponsor, the Advisor and their Affiliates exceeds 5.0% 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, 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 the Sponsor, the Advisor, any of their Affiliates or the Trust.
Independent Trustee. CitFed Bancorp and the Subsidiaries (a) have not incurred any asserted or, to the best knowledge of CitFed Bancorp, unasserted material liability for breach of duties assumed in connection with acting as an independent trustee of any employee pension plan (as defined in Section 3(2) of ERISA) which is intended to be qualified under Section 401(a) of the Code and which is maintained by an employer unrelated in ownership to CitFed Bancorp or any of the Subsidiaries, (b) have not authorized nor knowingly participated in a material prohibited transaction under Section 406 of ERISA and not exempt under Section 408 of ERISA and (c) have not received notice of any material actions, suits or claims (other than routine claims for benefits) pending or threatened against the unrelated employer or against them.
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. During the period while any Bonds are outstanding and until all of the obligations of MP-LLC under the Indentures or the Bonds are indefeasibly and fully satisfied, the Trust shall at all times have at least one (1) Independent Trustee. A single Person may serve as both the Delaware Trustee and the Independent Trustee.