Common use of Refinancing risk Clause in Contracts

Refinancing risk. At maturity of the Group’s debts, the Group will be required to refinance such debt. The Group’s ability to successfully refinance such debt is dependent on the conditions of the financial markets in general at such time. As a result, there is a risk that the Group’s access to financing sources at a particular time may not be available on favourable terms, or available at all. The Group will also, in connection with a refinancing of its debts, be exposed to interest risks on interest bearing current and non-current liabilities. Changes in interest rates on the Group’s liabilities will affect the Group’s cash flow and liquidity, hence may adversely affect the Group's financial conditions and the equity returns. The Group’s inability to refinance its debt obligations on favourable terms, or at all, could have a material adverse effect on the Group’s business, financial condition and results of operations. The Bonds have a maturity of 3.7 years as from the issue date.

Refinancing risk. At maturity of the Group’s debts, the Group will be required to refinance such debt. The Group’s ability to successfully refinance such debt is dependent on the conditions of the financial markets in general at such time. As a result, there is a risk that the Group’s access to financing sources at a particular time may not be available on favourable terms, or available at all. The Group will also, in connection with a refinancing of its debts, be exposed to interest risks on interest bearing current and non-current liabilities. Changes in interest rates on the Group’s liabilities will affect the Group’s cash flow and liquidity, hence may adversely affect the Group's financial conditions and the equity returns. The Group’s inability to refinance its debt obligations on favourable terms, or at all, could have a material adverse effect on the Group’s business, financial condition and results of operations. The Bonds have Debt Facility has a maturity of 3.7 years as from the issue date5 years.

Refinancing risk. At maturity of the Group’s debts, the Group will be required to refinance such debtthe Debt Facilities. The Group’s ability to successfully refinance such debt is dependent on the conditions of the financial markets in general at such time. As a result, there is a risk that the Group’s access to financing sources at a particular time may not be available on favourable terms, or available at all. The Group will also, in connection with a refinancing of its debts, be exposed to interest risks on interest bearing current and non-current liabilities. Changes in interest rates on the Group’s liabilities will affect the Group’s cash flow and liquidity, hence may adversely affect the Group's financial conditions and the equity returns. The Group’s inability to refinance its debt obligations on favourable terms, or at all, could have a material adverse effect on the Group’s business, financial condition and results of operations. The Bonds have a maturity of 3.7 years as from the issue date.