Authoritative Guidance

More Information

Background
What is a Refinancing?
Key Issues
Authority Consent
Calculation of the MOD's share of the refinancing gain
Method of receipt of the MOD's share of the refinancing gain
Impact of the refinancing on termination liabilities
Contractor Default
Authority Voluntary Termination
Force Majeure
Separation of the refinancing from other commercial changes, which may be included in a refinancing proposal
Assessment of the level of senior debt sustainable by the SPV
Value for money assessments
Audit Rights
Reimbursement of advisors costs associated with the refinancing