Common use of Refinancing Limitations, Requirements and Conditions Clause in Contracts

Refinancing Limitations, Requirements and Conditions. Proposed Refinancings are subject to the following limitations, requirements and conditions precedent: 15.4.3.1 Other than an Exempt Refinancing and a Rescue Refinancing, no Refinancing is permitted prior to the Substantial Completion Date, except to the extent Developer demonstrates to the Department’s reasonable satisfaction that (a) the Committed Investment will continue to meet or exceed the minimum amount described in Section 13.2.1, and (b) the Refinancing will produce Refinancing Gain in which the Department will be entitled to a portion in accordance with this Section 15.4.3. 15.4.3.2 If the Department renders any assistance or performs any requested activity in connection with a Refinancing apart from delivering an estoppel certificate, then concurrently with, and as a condition precedent to Developer’s right to close a Refinancing, Developer shall reimburse the Department all Department’s Recoverable Costs that the Department incurs in connection therewith. The Department shall deliver to Developer a written invoice and demand therefor prior to the scheduled date of closing. If for any reason the Refinancing does not close, Developer shall reimburse such Department’s Recoverable Costs and such other fees, costs and expenses within [ten] days after the Department delivers to Developer a written invoice and demand therefor. 15.4.3.3 The Refinancing Gain will be calculated in accordance with Appendix