SOPC 3 was introduced in April 2004 as an update to SOPC2. For all contracts signed after 1 October 2002 the Authority shares any refinancing gain 50 per cent/50 per cent.
Chapter 35 in SOPC3 focuses on refinancing including a description of the key principles underlying the Government's approach, a synopsis of issues for consideration by an Authority and detail on the exemptions to gain sharing. Model Refinancing Provisions are included to assist the development of standard drafting. Calculation of a refinancing gain is discussed including reproducing the Guidance in 2 above.