32.2.1  Re-financing definition

A "Re-financing" is:

(a)  any amendment to, or replacement of, the current financing agreements (i.e. the project financing documents as at contract signing as amended with government approval) and the exercise of any right, or the request for, any waiver or consent under such documents, however they may occur; and

(b)  any new contractual or financing arrangement which has the effect of in any way restructuring the financing arrangements as at contract signing (including the gearing levels).

Some jurisdictions require that for a Re-financing to occur, (a) and (b) above must give rise to a Re-financing Gain or increase, or change the profile of the liabilities of government under the project agreement, or adversely affect any of government's rights or obligations under a project agreement. These jurisdictions usually have separate provisions for government's consent for general changes to the financing agreements.