37. If there is no change to the Termination Liabilities or the concession length as a result of the refinancing then no formal approval is required. However, in order to maximise the gain the Service Provider will often seek to increase the level of debt, which may lead to an increase in Termination Liabilities. The increased risk to the Department must be compared to the refinancing gain to establish if the refinancing represents value for money. This assessment should be reviewed and approved by DASA/DESA and MOD PFU. Additionally, if amendments have been made to the Contract then the Project will need to seek approval from their commercial director.
38. Where there are changes to the Performance, Cost and Time envelope agreed by the IAB the Project will need to present a review note to the IAB, staffed through IAB Sec.