2.7 In common with most other early PFI contracts the Trust's contract did not refer to refinancing although THC Dartford, at contract letting, did provide the Trust with a letter saying that refinancing gains would be shared in accordance with rules in force at the time of a refinancing. Under the new voluntary code introduced in October 2002 following negotiations between the Treasury, OGC and the private sector, the private sector agreed to allow authorities to generally receive 30 per cent of the refinancing gains on early PFI deals provided the contract did not specify otherwise. This gave the Trust a fair degree of certainty about the benefits it could expect from THC Dartford's proposed refinancing. Without the code the Trust would have had to negotiate to share in the refinancing gains, but there would have been no certainty about the level of benefits, if any, it would have secured. In addition, this refinancing was an early opportunity to put the operation of the code into practice.