Common use of Independent Trustee Clause in Contracts

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.