Equity transfer model
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Drop the 'The' prefix from 3 category names (Fable/Opus both recommended: categories.yaml's own rule bans securities-form section-heading names like 'The Company'); fix 4 broken topic-direct-hold-framework links in root pages; fix 2 sovereign-deployment-architecture banned-vocabulary hits (EN+ES); fix 9 missing Interest Coverage Ratio wikilinks (EN+ES); fix holding-company-valuation-methodology.md's See-also-before-bottom-line ordering bug (EN+ES)
@@ -20,7 +20,7 @@ paired_with: equity-transfer-model.es.md cites: [] --- Each Direct-Hold vehicle is designed so its Investment Units transfer over-the-counter between private parties, with the vehicle's own governing body recording the completed transfer. Only one vehicle is currently established — the Canada limited partnership, Professional Centres Canada LP — and its units are not currently freely transferable, because the partnership is subject to an active British Columbia Securities Commission cease-trade order. The United States, Spain, and Mexico vehicles described below are planned, not yet established. Once transferability applies, two structural principles govern the design: freely transferable equity within a short, enumerated set of conditions, and peer-to-peer execution — no formal secondary market, no market maker, no corporate buyback facility. The model relies on the vehicle's own governing body maintaining custody of ledger records and operates alongside the interest coverage ratio discipline applied at the asset level. Each Direct-Hold vehicle is designed so its Investment Units transfer over-the-counter between private parties, with the vehicle's own governing body recording the completed transfer. Only one vehicle is currently established — the Canada limited partnership, Professional Centres Canada LP — and its units are not currently freely transferable, because the partnership is subject to an active British Columbia Securities Commission cease-trade order. The United States, Spain, and Mexico vehicles described below are planned, not yet established. Once transferability applies, two structural principles govern the design: freely transferable equity within a short, enumerated set of conditions, and peer-to-peer execution — no formal secondary market, no market maker, no corporate buyback facility. The model relies on the vehicle's own governing body maintaining custody of ledger records and operates alongside the [[cre-financial-metrics|interest coverage ratio]] discipline applied at the asset level. ## Key takeaways