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