Debt-Like Preferred Equity definition
Debt-Like Preferred Equity means preferred equity that (i) has a “hard coupon”, minimum return or the equivalent, such as a preferred return or similar required payments that must be paid on dates certain, (ii) a “hard maturity” such as mandatory redemption date or similar required date of repayment or redemption, (iii) provides for a change in control, required redemption, increase in preferred return, right to change control or management, buy-sell mechanism or similar remedies in the event of a failure to repay or redeem on date certain or satisfy preferred return or similar payment thresholds, (iv) is secured by a pledge of ownership interests, or (v) is treated as debt under GAAP.
Debt-Like Preferred Equity means preferred equity that is treated like debt for the issuer’s tax purposes or has debt-like features, such as maturity (or automatic repurchase at a date certain), an interest rate that increases over time to more than 130% of the rate in effect at the time of the original issuance of such security, a put or mandatory redemption, or debt-like covenants (including a fixed charge coverage ratio or leverage ratio).
Debt-Like Preferred Equity means (i) a Preferred Equity Eligible Asset, the Underlying Instruments of which specify (x) ongoing interest payments (which may be in the form of a fully Deferrable Eligible Asset), (y) a stated legal maturity date (i.
More Definitions of Debt-Like Preferred Equity
Debt-Like Preferred Equity means preferred equity that (i) has a “hard coupon”, minimum return or the equivalent, such as a preferred return or similar required payments that must be paid on dates certain, (ii) a “hard maturity” such as mandatory redemption date or similar required date of repayment or redemption, (iii) provides for a change in control, required redemption, increase in preferred return, right to change control or management, buy-sell mechanism or similar remedies in the event of a failure to repay or redeem on date certain or satisfy preferred return or similar payment thresholds,
Debt-Like Preferred Equity is preferred equity in an entity which owns property located in the United States of America which carries a fixed coupon and a fixed repayment date providing the holder with remedies for breach substantially equivalent to the holder of a Mezzanine Loan.