At a refinancing, changes to the debt financing (other than base interest rate changes) could result in changes to the project equity distributions compared to the base case financial model. These are mainly due to changes in credit margins and fees but could also result from other factors such as a release of reserves. To the extent that equity distributions are higher or lower than those forecast in the base case financial model, there will be a refinancing gain or loss, respectively, as determined by the relevant project deed. Typically, the government party does not take any risk on refinancing losses (e.g. losses accruing as a result of higher fees and margins or changes in the debt profile compared to that originally forecast), rather this risk is entirely borne by equity.