Prohibited Preferred Equity definition
Prohibited Preferred Equity means preferred equity that is issued by a Restricted Person and has (i) a hard coupon, minimum return or the equivalent or (ii) a mandatory redemption date or the equivalent, with consequences for failure to meet clause (i) or (ii), such as a change in control or the triggering of buy-sell mechanisms. For avoidance of doubt, the issuance of preferred equity by a Multi-Asset Person shall not constitute Prohibited Preferred Equity and any preferred equity issued to satisfy the requirements for such Person to qualify as a REIT with an original issue price not to exceed $250,000 with respect to each such issuer shall not constitute Prohibited Preferred Equity.
Prohibited Preferred Equity means preferred equity that is issued by a Restricted Person and has (i) a hard coupon, minimum return or the equivalent or (ii) a mandatory redemption date or the equivalent, but only where there are material consequences for failure to meet (i) or (ii), such as a change in control or the triggering of buy-sell mechanisms. For the avoidance of doubt, Lender confirms that (i) Series A Preferred Interests (Non-Voting) and Series B Preferred Interests (Voting) in GWP JV Holdings (as defined in the Limited Liability Agreement of GWP JV Holdings, dated as and in effect as of the date hereof), do not constitute Prohibited Preferred Equity and (ii) a customary member loan by a limited partner in GWP JV Limited Partnership with respect to the failure of another limited partner to contribute capital, does not constitute Prohibited Preferred Equity. “Properties” means the real property described on Schedule A hereto, together with all buildings and other improvements thereon and all personal property owned by Borrower and encumbered by the Mortgages, together with all rights pertaining to such property; and “Property” means an individual property included in the Properties or all Properties collectively, as the context may require. 22
Prohibited Preferred Equity means preferred equity that is issued by a Restricted Person and has (i) a hard coupon, minimum return or the equivalent, (ii) a mandatory redemption date or the equivalent, with consequences for failure to meet (i) or (ii), such as a change in control or the triggering of buy-sell mechanisms; provided that any direct or indirect owner of a Required SPE that is not itself a Required SPE may issue up to $125,000 in preferred equity interests on customary terms in connection with an election to be treated as a “real estate investment trust” in accordance with Section 856 through 860 of the Internal Revenue Code, provided Sponsor directly or indirectly owns 100% of the outstanding common equity interests in the issuer and has management control of the issuer.
Examples of Prohibited Preferred Equity in a sentence
No Prohibited Change of Control, Prohibited Equity Pledge or Prohibited Preferred Equity shall occur.
If a Prohibited Equity Pledge or any Prohibited Preferred Equity occurs or exists.
More Definitions of Prohibited Preferred Equity
Prohibited Preferred Equity means preferred equity that is issued by a Restricted Person and has (i) a hard coupon, minimum return or the equivalent or (ii) a mandatory redemption date or the equivalent, but only where there are material consequences for failure to meet (i) or (ii), such as a change in control or the triggering of buy-sell mechanisms. For the avoidance of doubt, Lender confirms that (i) Series A Preferred Interests (Non-Voting) and Series B Preferred Interests (Voting) in GWP JV Holdings (as defined in the Limited Liability Agreement of GWP JV Holdings, dated as and in effect as of the date hereof), do not constitute Prohibited Preferred Equity and (ii) a customary member loan by a limited partner in GWP JV Limited Partnership with respect to the failure of another limited partner to contribute capital, does not constitute Prohibited Preferred Equity.
Prohibited Preferred Equity means preferred equity that is issued by a Restricted Person and has (i) a hard coupon, minimum return or the equivalent or (ii) a mandatory redemption date or the equivalent, with consequences for failure to meet (i) or (ii), such as a change in control or the triggering of buy-sell mechanisms. “Properties” means (i) the real property described on Schedule A and (ii) all buildings and other improvements on such real property and all personal property appurtenant 28 [AM_ACTIVE 400655008_12]