Independent Trust Managers definition
Examples of Independent Trust Managers in a sentence
In addition, except as approved by a majority of the Independent Trust Managers, neither the Investment Manager nor any Affiliate of the Investment Manager shall receive any commission or other remuneration, directly or indirectly, in connection with the activities of the Company (except as expressly provided herein) or any joint venture or partnership in which the Company is a party, unless such joint venture or partnership is wholly-owned (directly or indirectly) by the Company.
Except for compensation received by the Investment Manager pursuant to Section 8 hereof, all commissions or other remuneration received by the Investment Manager or an Affiliate of the Investment Manager and not approved by the Independent Trust Managers under this Section 17 shall be reported to the Company annually within ninety (90) days following the end of the Company's fiscal year.
Neither the Investment Manager nor any Affiliate of the Investment Manager shall sell any property or assets to the Company or purchase any property or assets from the Company, directly or indirectly, except as approved by a majority of the Independent Trust Managers, provided that any Person wholly-owned (directly or indirectly) by the Company may sell property or assets to the Company or purchase assets from the Company without such approval.
In the event that any trust manager should disagree, the matter shall be conclusively resolved by a majority of the trust managers of the Company, including a majority of the Independent Trust Managers.
Except in the ordinary course of business or as required by the Securities Act, the Exchange Act, NYSE, Nasdaq or any statute, rule, regulation, order or decree of any governmental entity, the Manager agrees not to disclose any Confidential Information to third parties who are not Affiliates of the Manager, except with the prior approval of a majority of Independent Trust Managers.
If the Independent Trust Managers do not resolve to renew or terminate this Agreement within at least 90 days prior to the end of the then-current period of this Agreement, this Agreement shall be automatically extended for a one-year period.
Any such assignment approved by the Independent Trust Managers, in their sole discretion, shall bind the assignee hereunder in the same manner as the Manager is bound.
Subject to Section 10, the Manager shall not be liable to the Company, the Independent Trust Managers, or the Company's shareholders or partners for any acts performed or omissions to act by the Company in connection with the money or other property released to the Company in accordance with this Section 16.
The Manager shall from time to time (or at any time upon the request of a majority of the Independent Trust Managers) render appropriate accounting of such collections and payments to the Board of Trust Managers and, upon request, to the auditors of the Company.
Landlord shall make such alterations as may be required in order to comply with laws as provided in Section 8B above at its sole cost and expense.