Can a lockout period be at any point during the securities life (or does it need to be immediate) and can there be multiple ones? I know it will depend on the IR in the near future… For example, I issue a CMBS in Jan 2000 (20yr average life) and have the lockout period begin Jan 2005 through Jan 2010 then have a second one Jan 2015-17?
I think it can be the case but it had to be disclosed very clearly in the indenture.