Common use of The Refinancing Clause in Contracts

The Refinancing. 2.1 Lender's consent. ---------------- (a) The Borrower has requested and the Lender has agreed, to amend the Credit Facility in order to: (i) refinance without novation the Outstanding Principal Amount with effects as of the date hereof but subject to the provisions contained in SECTION 4 of this Agreement, and (ii) authorised the lender to use its reasonable endeavours to obtain from third parties Offers, as hereinafter defined, in order to perfect the Sale, as hereinafter defined. (b) The Borrower irrevocably acknowledges to owe the Lender under the Credit Facility the amount of USD 9,852,998 as of the date hereof (the "Outstanding Principal Amount"). It is further agreed that the Borrower is released from its obligation to pay interests accrued as of the date hereof.