Cal. Fin. Code § 18018.4
Current through the 2023 Legislative Session.
"Mandatory convertible debt," as used in this division, means a subordinated debt instrument which requires the issuer to convert that instrument into common or perpetual preferred stock by a date at or before the maturity of the debt instrument. The maturity of those instruments shall be 12 years or less.
Ca. Fin. Code § 18018.4