3.  SHARE OF GAIN

The Authority shall be entitled to receive:

(a)  a fifty per cent (50%) share of any Refinancing Gain arising from a Qualifying Refinancing in respect of any Refinancing Gain up to (when considered in aggregate with all previous Qualifying Refinancings) a Refinancing Gain of £1 million;

(b)  a 60 per cent share of any further Refinancing Gain arising from a Qualifying Refinancing, in respect of any Refinancing Gain up to (when considered in aggregate with all previous Qualifying Refinancings) a Refinancing Gain of £3 million, and also

(c)  a 70 per cent share of any other Refinancing Gain arising from a Qualifying Refinancing.