Where to facilitate a refinancing (whether Qualifying or not) an Authority is requested to make or agree to any increase in termination liability, amendment to project documentation, waiver, formal or informal consent or similar action under the terms of any of the project documentation, or is required to give notification to the appropriate public sector Accounting Officer in respect of the refinancing on a Relevant PFI Transaction (a "Consent"), the Authority will follow the following provisions.
(i) An Authority will not be obliged to accept increased termination liabilities in its agreement with the Contractor as part of any refinancing, except to the extent that the Contract already provides.
(ii) However, if an Authority does agree to increase termination liabilities (or to provide any other Consent) to facilitate a refinancing under 8(i) or (ii), it should do so without seeking or obtaining any higher share of any refinancing gain than that set out in clause 8(i)2, unless the Contract or other project documentation already provides for higher.
(iii) Should it agree to increase termination liabilities (or grant any other Consent) to facilitate a refinancing under 8 (ii), Authorities should seek, and the private sector should give, a higher share than stipulated in the original Contract, subject to 9 (ii) above.
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2 In other words, when calculating the Authority share of Refinancing Gain in these circumstances, the provisions of OGC Revised Guidance will be used (substituting 30% for 50% Authority share) rather than the calculation formula within the Contract.