First, the court analyses whether the refinancing agreement seeking approval complies with the legal requirements envisaged in Additional Provision 4 LC and confirms this.13

After verifying fulfilment of the legal requirements of Additional Provision 4 LC, t he court resolves the validity of the refinancing agreement that, among other measures, envisaged the discharge of certain guarantees and the establishment of new ones in two of the agreements affected by the validity of the refinancing agreement and the extension of its effects to the dissident institutions. For such purpose, it orders the substitution of the will of the dissident institutions in relation to the discharge of the existing guarantees and the establishment of new ones so that such acts may be formalized without the dissident institutions.