Common use of Refinancing by Lessee Clause in Contracts

Refinancing by Lessee. 32.1.1 Where the First Bank Loan (as defined in the Proceeds Deed) and the Second Bank Loan (as defined in the Proceeds Deed) have been repaid in full (or will be repaid in full out of the proceeds of any refinancing contemplated by this clause 32), the Lessee shall be entitled, subject to clause 32.2, to refinance its interest in the Ship and to assign the Lessor Mortgage to the relevant refinancing banks or any security agent acting on their behalf and to grant other first and/or second priority security of the kind required under or in connection with the First Bank Loan and the Second Bank Loan and more generally referred to in the Proceeds Deed.