; (5) the borrower or a parent company of the borrower has not acquired the subject property after March 1, 2020, through a foreclosure process; and (6) the borrower has not already received financial assistance under this section with respect to the applicable property securing the commercial mortgage. (c) Requirements on preferred equity instruments (1) In general With respect to a preferred equity instrument purchased by a financial institution from a borrower, the purchase of which is guaranteed under this section— (A) the instrument shall be subordinate to perfected loans and unsecured debt; (B) the amount paid for such instrument shall be in an amount, as determined by the financial institution, that does not exceed 10 percent of the outstanding amount owed on the commercial mortgage; (C) the purchase amount of the instrument shall be made available by the financial institution to the borrower in an account that the borrower may draw down, in amounts and at times to be determined by the borrower for any purpose the borrower determines may help the property, during the 1-year period following the date such purchase is made; (D) the instrument shall be unsecured by the subject property securing the commercial mortgage; (E) the instrument shall provide no right of foreclosure and no approval rights; (F) the instrument shall, except as provided under paragraph (2), have an annual interest rate of 3 percent calculated on a monthly basis on all amounts that have been drawn from the account described in subparagraph (B), of which 0.5 percent shall be transferred to the Secretary of the Treasury for purposes under subsection (g)(4); (G) any portion of the instrument may be redeemed by the borrower at any time with the financial institution, without penalty; (H) the instrument shall require payments to first be due after the end of the 2-year period beginning on the earlier of— (i) the date on which all funds in the account described under subparagraph (B) have been drawn down by the borrower