37.5.4  Refinancing

37.5.4.1 As there is no project-specific debt arranged within a corporate-financed project, the standard drafting relating to Authority consent for Refinancings and sharing in Refinancing Gains, as set out in Section 34 (Refinancing), could, in principle, be deleted in its entirety. However, in practice very few projects meet the full requirements of a corporate finance classification (see 37.2.5). Considerable care must be exercised by Authorities, particularly having regard for the variants to corporate finance which may be proposed (see 37.7). If there is any doubt concerning whether the corporate finance classification applies to a project then generally the prudent approach will be to include the standard refinancing drafting, although amendments to such drafting may be necessary (any such amendments will be derogations from required drafting and will need to be approved by SIB).