English to Dutch Other Finance (general)

Uit een PP-presentatie over crowdfunding/crowdlending:

Structure – Subordination:

- Crowd Platform (CP) will lend the crowd amount to XXX Holding, which invests in the specified wind parks through its subsidiaries (i.e OpCos). Crowd lending therefore finances the Holding, itself financing the OpCo.

- Debt towards CP is reimbursed with cash flows available from XXX Holding. These would mainly arise from the equity and shareholder loan that the holding has in the existing and future OpCos (in the form of dividends, equity reimbursements, SHL principal repayment or SHL interests payment).

- Crowd lenders will therefore benefit from a portfolio effect.

- The cash available to XXX Holding is constrained by senior debt reimbursement and traditional ***non-recourse financing distribution covenants***. This debt is structurally subordinated to the senior debts concluded at the level of the OpCos.

Ik vermoed dat OpCo staat voor Operating Company.

Ik weet niet helemaal zeker wat er met "non-recourse financing distribution covenants" bedoeld wordt.