Trust Preferred Equity Sample Clauses
The Trust Preferred Equity clause establishes the terms under which a trust issues preferred equity interests to investors. Typically, this clause outlines the rights, preferences, and obligations associated with these equity interests, such as dividend payments, priority in distributions, and potential conversion features. For example, it may specify that holders of trust preferred equity receive fixed or variable dividends and have priority over common equity holders in the event of liquidation. The core function of this clause is to clearly define the relationship between the trust and its preferred equity investors, ensuring both parties understand the financial and governance implications of these interests.
Trust Preferred Equity. Notwithstanding anything in this Agreement to the contrary, (i) none of the Indebtedness described in §8.1(f), (g) or (j) above shall have any of the Subject Properties or any interest therein or any direct or indirect ownership interest in any Unencumbered Property Subsidiary as collateral for such Indebtedness and (ii) none of the Subsidiaries of Borrower which directly or indirectly own or lease a Subject Property (including, without limitation, any Unencumbered Property Subsidiary) shall create, incur, assume, guarantee or be or remain liable, contingently or otherwise, with respect to any Indebtedness (including, without limitation, pursuant to any conditional or limited guaranty or indemnity agreement creating liability with respect to usual and customary exclusions from the non-recourse limitations governing the Non-Recourse Indebtedness of any Person, or otherwise) other than Indebtedness described in §§8.1(a)-(e) and (j) above.
Trust Preferred Equity. Any Indebtedness of the Borrower, the Parent and any of their Subsidiaries which (i) has an original maturity of not less than thirty (30) years, (ii) is not putable to any of the Borrower, the Parent and any of their Subsidiaries, (iii) is non-amortizing and provides for payment of interest only not more often than quarterly, (iv) imposes no financial covenants on Borrower, Parent or their respective Subsidiaries, and (v) is subordinated to the Loan Documents and the Obligations of the Borrower and the Guarantors thereunder on such terms as are reasonably acceptable to the Agent.
Trust Preferred Equity. The Borrower and the Parent shall not permit the Trust Preferred Equity to exceed in the aggregate the greater of (a) ten percent (10%) of Consolidated Total Asset Value and (b) $60,000,000 (provided that to the extent any such Trust Preferred Equity exceeds such limit, such excess shall be considered Indebtedness, and interest paid thereon shall be considered Interest Expense, for the purposes of this Agreement). The Borrower and the Parent will not make or permit any amendment or modification to the indenture, note or other agreements evidencing or governing any Trust Preferred Equity, or directly or indirectly pay, prepay, defease or in substance defease, purchase, redeem, retire or otherwise acquire any Trust Preferred Equity if any Event of Default has occurred and is continuing.
Trust Preferred Equity. The Borrower and the Trust shall not permit the Trust Preferred Equity to exceed in the aggregate $150,000,000 (provided that to the extent any such Trust Preferred Equity exceeds such limit, such excess shall be considered Indebtedness for the purposes of this Agreement). The Borrower and the Trust will not make or permit any amendment or modification to the indenture, note or other agreements evidencing or governing any Trust Preferred Equity, or directly or indirectly pay, prepay, defease or in substance defease, purchase, redeem, retire or otherwise acquire any Trust Preferred Equity if any Event of Default has occurred and is continuing.
Trust Preferred Equity. The Borrower and the Parent shall not permit the Trust Preferred Equity to exceed in the aggregate the greater of (a) ten percent (10%) of Consolidated Total Asset Value and (b) $60,000,000 (provided that to the extent any such Trust Preferred Equity exceeds such limit, such excess shall be considered Indebtedness, and interest paid thereon shall be considered Interest Expense, for the purposes of this Agreement). The Borrower and the Parent will not make or permit any amendment or modification to the indenture, note or other agreements evidencing or governing any Trust Preferred Equity, or directly or indirectly pay, prepay, defease or in substance defease, purchase, redeem, retire or otherwise acquire any Trust Preferred Equity if any Event of Default has occurred and is continuing.