Silent Lien definition
Silent Lien means a fully subordinate lien without any voting or other consent rights with respect to such claim in connection with any matter under the loan documents or any insolvency proceeding. AL Lenders receive a 1st priority security interest, and Brava Lenders receive a 2nd priority security interest in: (i) receivables of Alperton Capital Ltd. (“Alperton”) assigned to Constellation Overseas under the Delba Carried Loan Agreements (as defined in the Amaralina Star and Laguna Star Facility) (the “Alperton Receivables”), (ii) the Delba Carried Loan Agreements (as defined in the Amaralina Star and Laguna Star Facility) and (iii) any claims Constellation Overseas has against Alperton, each to the extent permitted by applicable law. ALB Lenders to receive pledge of the shares of Holdco 2 (or Holdco 2 shares to be held in trust/escrow for the benefit of ALB Lenders).
Silent Lien means a fully subordinate lien without any voting or other consent rights with respect to such claim in connection with any matter under the loan documents or any insolvency proceeding.
Silent Lien means a fully subordinate lien without any voting or other consent rights with respect to such claim in connection with any matter under the loan documents or any insolvency proceeding. ▪ AL Lenders receive a 1st priority security interest, and Brava Lenders receive a 2nd priority security interest in: (i) receivables of Alperton Capital Ltd. (“Alperton”) assigned to Constellation Overseas under the Delba Carried Loan Agreements (as defined in the A/L Credit Agreement) (the “Alperton Receivables”), (ii) the Delba Carried Loan Agreements (as defined in the A/L Credit Agreement) and (iii) any claims Constellation Overseas has against ▇▇▇▇▇▇▇▇, each to the extent permitted by applicable law. ▪ ALB Lenders to receive pledge of the shares of Holdco 2 (or Holdco 2 shares to be held in trust/escrow for the benefit of ALB Lenders). ▪ ALB Lenders to receive a 1st priority security interest in any intercompany receivable (i) owing to any ALB Entity (“ALB Entity” means any of Amaralina Star Ltd., Laguna Star Ltd., Brava Star Ltd., Amaralina Cooperatief U.A., Laguna Cooperatief U.A., Palase C.V., Podocarpus C.V., Podocarpus Management B.V., Palase Management B.V., Brava Drilling B.V., Tarsus Serv. de Petroleo Ltda. and Manisa Serv. de Petroleo Ltda.), (ii) owed by any ALB Entity to any Constellation Entity (“Constellation Entity” means Constellation Overseas Ltd., Constellation Services Ltd., Servicos de Petroleo Constellation S.A., Servicos de Petroleo Constellation Participacoes S.A. and Constellation Netherlands B.V.) and (iii) for the avoidance of doubt and without duplication, any receivables between any Constellation Entities relating to the Delba Carried Loan Agreement.17 ALB Lenders to also receive the benefit of (i) a negative lien covenant regarding any other intercompany receivable, in each case within the Constellation Group, and (ii) an assignment over all ALB charter and services or operating agreement receivables (to be structured through a lien on the account into which such services or operating receivables are payable). Upon receipt, services or operating revenues will be deposited directly into an escrow account (conta 16 For the avoidance of doubt, (i) the Amaralina and Laguna Star Facilities shall continue to be cross-collateralized vis a vis each other in the AL collateral (as they are today), and (ii) behind that, the Brava Star Facility to receive a subordinate silent 2nd lien in AL collateral. 17 Will not include pledges on accounts of Constel...
Examples of Silent Lien in a sentence
Participating 2024 Notes and Bradesco will share a Silent Lien in the shares of Holdco 1 (the “Holdco 1 Lien”) consistent with the priorities set forth in the chart above, which shall be structurally subordinated to the ALB Lenders’ first priority Lien in Holdco 2, and will not have any voting rights nor rights to enforce, until the ALB Lenders have been repaid in full.