Public Vehicle

Public Vehicle. Means an entity (a) (i) whose common equity securities are publicly issued or traded or (ii) that issues securities in an offering that expressly contemplates such securities (or other securities of such entity issued in exchange therefor or conversion thereof) being listed on a national securities exchange at a future date and (b) that is a REIT or other entity the business of which involves making investments in securities and other financial assets, including without limitation publicly... traded REITs and closed-end funds. Notwithstanding the foregoing, and without limiting the foregoing, "Public Vehicle" shall not include (i) any company that is primarily an operating business, (ii) Pine River Capital or any of its Affiliates, any of the private investment funds currently managed by Pine River Capital and any similar private investment vehicles that Pine River may in the future manage, or any successor to any of the foregoing, (iii) any vehicle that is externally managed by the Company or any other Public Vehicle with respect to which the Sub-Manager has an effective agreement in place in accordance with Section 9(a), (iv) a bank, savings and loan company, other thrift or insurance company or other similar operating financial institution, or (v) any entity whose sole material business is the management of private investment vehicles. View More