The preferential right to underwrite minimum 90% of the TIN securities in the new Tranches aimed at not losing share in the vehicle. In those Tranches that contemplate payment in kind will be 100% of the remaining Securities after payment in kind.
TIN securities build in the pre-emptive right, the right to receive the security’s yields (returns + mark-up in price) and the right to participate in the Bondholders’ Meeting with voice-right and voting-right.
The Bondholders’ Legal Representative watches the exercise of the rights and defense of the interests of the Bondholders; may participate in the Advisory Committee with voice-right and no voting-right; calls the Bondholders’ Meeting and prepares the half-year report of the development of the real estate investment vehicle.
The Advisory Committee approves the investment strategy, the directives of real estate management, and formulates recommendations about real estate transactions to the Board of Directors.
The Board of Directors approves the Issue and Tranches Schedule, approves the changes to the Investment Policy, approves the borrowing and lending operations of the Issue Schedule and approves the Real Estate Businesses.
The Bondholders’ Meeting: approves the fiscal year closings, approves changes to the issue prospect and rules, in the terms stated in those documents.
TIN Corporate Governance is made up by the Bondholders Meeting, the Board of Directors of Titularizadora Colombiana, the Advisory Committee, Titularizadora Colombiana as Master Servicer, the Bondholders’ Legal Representative, and the External Auditor.
The limits of the TIN Universalidad are that no lessee will participate in more than 30% of the income and that the concentration per economic sector will be maximum 50% or the assets’ value.
The Real Estate Advisory Committee is the body comprised of real estate sector experts in charge of recommending to the Board of Directors the approval of the most important matters of the vehicle.
CBRE is the real estate manager and is responsible for the management of the real estate assets and the economic exploitation contracts.