Right of Refinancing. Developer from time to time may consummate Refinancings under the Funding Agreements, subject to IFA’s prior written approval except in the case of Exempt Refinancings and Rescue Refinancings. IFA shall have no obligations or liabilities in connection with any Refinancing except for the rights, benefits and protections set forth in Article 21. If the Refinancing is with a new Lender, the new Lender may be added to an existing Direct Agreement or IFA shall enter into a new Direct Agreement with the new Lender, if Lender so elects.
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