Independent Person Sample Clauses
The 'Independent Person' clause defines the requirement that a specific individual or entity involved in the agreement must act independently and without conflicts of interest. In practice, this clause typically applies to roles such as auditors, arbitrators, or consultants, ensuring that their decisions or assessments are unbiased and not influenced by any party to the contract. By mandating independence, the clause helps maintain objectivity and fairness in processes where impartial judgment is critical, thereby reducing the risk of disputes arising from perceived or actual bias.
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Independent Person. A natural person who at the date of his appointment as a manager, director or officer possesses the following qualifications: (a) has prior experience as an independent director for a company, the corporate instruments of which require the unanimous consent of all independent directors thereof before such corporation could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable law; and (b) has at least three years of employment experience with and is employed by one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities; provided always that such individual at the date of his appointment as such manager, director or officer, or at any time in the preceding five years, or during such person’s tenure shall not be: (i) an employee, director, shareholder, manager, partner or officer of CLI or an Affiliate thereof (other than such person’s service as an independent director or manager of CLI or an Affiliate thereof); (ii) a customer or supplier of CLI or an Affiliate thereof; (iii) a beneficial owner at the time of such individual’s appointment as an independent manager, or at any time thereafter while serving as an independent manager, of more than 2% of the voting securities of CLI or an Affiliate thereof; (iv) affiliated with a significant customer, supplier or creditor of CLI or an Affiliate thereof; (v) a party to any significant personal service contracts with CLI or an Affiliate thereof; or (vi) a member of the immediate family of a person described in (i) or (ii) above and provided further that an Independent Person may serve in a similar capacity for other special purpose entities formed by CLI or its Affiliates; provided however, a person elected by Global Securitization Services, LLC or any other similar professional service provider shall be an “Independent Person” regardless of whether such person is, or is affiliated with or related to, a customer or supplier of CLI. No resignation or removal of an Independent Person shall be effective until a successor Independent Person has been elected to replace such Independent Person.
Independent Person. Borrower or Borrower Representative shall at any time cease to have at least one (1) Independent Person or, if requested by Lender in writing in connection with a contemplated Securitization, two (2) Independent Persons for more than ten (10) consecutive Business Days; or
Independent Person. Independent Person means any person who is not related to or subordinate to a claimant or respondent and has no personal or financial stake in the resolution of the controversy other than fair and reasonable compensation for services provided to resolve the controversy.
Independent Person a person who is self-employed and/or is employed by another party and who provides services to the Employer on a contractual basis and who is not economically dependent solely upon the Employer. Such persons are not subject to the provisions of the agreement. The Employer shall not utilize independent persons for the purpose of reducing the number of existing full-time employees or for the purpose of avoiding the recall of an employee on lay-off, nor to prevent the posting of an existing job. The employer must provide the Union the names of all independent persons contracted and the duration of their agreement.
Independent Person. Borrower shall at any time cease to have at least one (1) Independent Person for more than ten (10) consecutive Business Days.
Independent Person. The Independent Person is to be:
(a) in the case of disputes referred under clause 27.1(a) an independent surveyor, who:
(i) is to be a professionally qualified surveyor having not less than ten (10) years’ experience in the subject matter of the dispute and in relation to a similar property to the Premises and has experience in relation to similar letting scheme to that which is being applied at the Premises; and
(ii) is to be appointed by agreement between the parties or, in the absence of agreement within two (2) weeks of a request from either party to agree an appointment, appointed pursuant to clause 27.3(a), and
(b) in the case of disputes referred under clause 28, a solicitor or counsel:
(i) with the experience required by clause 28.6(b); and
(ii) is to be appointed by agreement between the parties or, in the absence of agreement within two (2) weeks of a request from either party to agree an appointment, appointed pursuant to clause 27.3(b).
Independent Person. DEALER is an independent business person and the conduct of its business is within the sole discretion of DEALER. This Agreement does not create the relationship of principal and agent, master and servant, or employer and employee between DISTRIBUTOR and DEALER. Nothing herein contained shall be construed or interpreted to grant any authority to DEALER to commit or bind DISTRIBUTOR in any manner to any person. DEALER shall be solely responsible for all the acts and omissions of DEALER* its agents and employees. This Agreement is not intended to govern, control or manage the day-to-day business activities of DEALER. DEALER agrees to defend, indemnify and save DISTRIBUTOR and its suppliers harmless from any claim, demand, damage, liability, cost or expense, including attorneys' fees and expenses, arising out of any acts or omissions of DEALER, its agents or employees.