Common use of Cross Transactions Clause in Contracts

Cross Transactions. Cross transactions are transactions between the Company, on the one hand, and an account (other than the Company) that is managed or advised by the Manager, ▇▇▇▇▇▇▇▇▇ or one of ▇▇▇▇▇▇▇▇▇’▇ other investment advisory affiliates, on the other hand (each a “Cross Transaction”). The Manager is authorized to execute Cross Transactions for the Company in accordance with applicable law and the Compliance Policies. Each of the Company and the Operating Partnership acknowledges that the Manager has a potentially conflicting division of loyalties and responsibilities regarding each party to a Cross Transaction. Either of the Company or the Operating Partnership may at any time, upon written notice to the Manager, revoke its consent to the Manager to execute Cross Transactions. In addition, unless approved in advance by a majority of the Independent Directors or pursuant to and in accordance with a policy that has been approved by a majority of the Independent Directors, all Cross Transactions must be effected at then-prevailing market prices.