Future Phase 2 Obligations Sample Clauses

Future Phase 2 Obligations. A refinancing of the initial Phase 2 Obligations is anticipated and any Project Agreement Member which does not pay off its share of principal of such initial Phase 2 Obligations 180 days before the maturity date thereof are obligated under this Project Agreement to participate in the refinancing. Any refinancing of the initial Phase 2 Obligations, any additional Phase 2 Obligations and any refinancing of prior Phase 2 Obligations shall be upon approval of the Authority and the Project Agreement Members (which approval shall constitute a Material Change Item); provided, that any Project Agreement Members that is obligated to refinance its share of principal of the initial Phase 2 Obligations pursuant to this Project Agreement is deemed to have approved such refinancing. Exhibit D shall be updated by the Authority after the issuance of each Phase 2 Obligations but such updating shall not constitute an amendment of this Project Agreement.