Ownership of Borrower. The legal and beneficial ownership of the Borrower shall remain unchanged from that represented in Clause 17.2 (Share capital and ownership), unless:- (a) any change is a result of a transfer between HLNG and MOL, provided that following such transfer each of the Vessel Sponsors retains at least 25 per cent. of the legal and beneficial ownership of the Borrower; or (b) any change is a result of a transfer between a Vessel Sponsor and an Affiliate of that Vessel Sponsor; or (c) the Agent (acting on the instructions of the Majority Lenders) has consented in writing to any change, and, immediately following such change, a pledge is given by each of the shareholders of the Borrower in a similar form to the Negative Pledge.
Appears in 6 contracts
Samples: Facility Agreement, Facility Agreement, Facility Agreement (Hoegh LNG Partners LP)
