Common use of Balloon Refinancing Clause in Contracts

Balloon Refinancing. Subject to the provisions of this clause 22.15, each of the Finance Parties hereby acknowledges and agrees that the Borrower may procure that the Balloon is effectively refinanced by an extension of the FSRU Tranche Final Maturity Date by agreement with existing Lenders and/or new lenders, subject to the terms of this Agreement. Each of the following conditions must be satisfied in respect of an Approved Refinancing pursuant to this clause: (a) the Borrower has notified the Facility Agent of the proposed Approved Refinancing and provided the Lenders with the opportunity to provide terms and/or to match other terms received and, to the extent a Lender has (acting in its absolute discretion), within twenty (20) Business Days of request, agreed to provide terms matching those provided to the Borrower from such banks (including Lenders if applicable) as it may select at its discretion, each such Lender that has agreed to participate in the Approved Refinancing has been allocated a commitment equal to the maximum amount of its agreed commitment or, to the extent such maximum commitments exceed in aggregate the amount of the desired Approved Refinancing a commitment pro rata to the proportion its maximum commitment has to the aggregate maximum commitments; (b) the date that the proposed Approved Refinancing is to be effected falling not earlier than one hundred and eighty (180) days prior to the Original FSRU Tranche Final Maturity Date and not later than the Original FSRU Tranche Final Maturity Date; (c) the Borrower has delivered to the Facility Agent the details of the proposed terms of the Approved Refinancing such that the proposed FSRU Tranche will from the date of the Original FSRU Final Maturity Date have a minimum loan tenor of 5 years (or if less a tenor equal to the outstanding tenor of the K-sure Facility) and an average loan life of not less 2.5 years (or, if less an average loan life equal to the average remaining loan life of the K-sure Facility calculated from the Original FSRU Tranche Final Maturity Date) and otherwise shall only require changes to the applicable Margin, the FSRU Tranche Repayment Dates, the FSRU Tranche Repayment Instalments, the FSRU Tranche Final Maturity Date and any other necessary consequential changes (d) the Lenders (acting reasonably) receive evidence satisfactory to them (supported by necessary legal opinions) that upon and following any such Approved Refinancing: (i) each Security Document remains valid, legal, binding and enforceable in accordance with its terms to the same extent as required by the terms of the Finance Documents prior to any Approved Refinancing being effected; and (ii) the K-sure Policy remains in full force and effect and such confirmations as they may reasonably require from the K-sure Agent and K-sure that the K-sure Policy is not the subject of any arbitration or legal proceedings; (e) Any New Lender is not a bank or a financial institution located in any sanctioned country which is the subject of Sanctions.