Common use of Department’s Right to Approve Refinancing Clause in Contracts

Department’s Right to Approve Refinancing. Any Refinancing of Developer Debt will be subject to the Department’s prior approval, which approval will not be unreasonably withheld or delayed; provided, that no such approval (an “Exempt Refinancing”) will be required if the Developer first demonstrates to the Department that either:‌ (i) (A) the proposed Refinancing refinances existing Developer Debt and does not increase the Developer Debt then outstanding other than by an amount equal to reasonable costs of closing the Refinancing, including lender fees, arranger fees and advisor fees, and the amount of any required reserves; and