How are ESG (environmental, social and governance) aspects managed?
What is the target investor profile for the bonds?
What additional information will be available in the final documentation?
What is the exact amount of cash equity invested by the sponsor to date (excluding land valuation)?
Are any developer or management fees paid before full repayment of the bonds?
Are there step-in rights or protective clauses allowing investors to replace the developer in a severe underperformance scenario?
7. Absence of step-in rights : We understand and respect the philosophy of favoring asset-backed protection over complex governance. That said, has any alternative "light" protection been considered (e.g. acceleration triggers, cash sweep, enhanced reporting or cure periods) in the event of material underperformance prior to default