Right to Refinance. Developer from time to time may consummate Refinancings under the Funding Agreements on terms and conditions acceptable to Developer. TxDOT shall have no obligations or liabilities in connection with any Refinancing except for the rights, benefits and protections set forth in the Lenders’ Direct Agreement (but only if the Refinancing satisfies the conditions and limitations set forth in Section 2.1 of the Lenders’ Direct Agreement).
Right to Refinance. If the Seller seeks to refinance this Facility prior to Termination Date (a “Refinancing”), the Seller shall be permitted to offer such Refinancing to another third party bank or financial institution (a “Third Party”), provided that if:
(A) the Bank offers to provide the Refinancing on equal or more competitive terms than the Third Party (if any), then the Seller shall transact that Refinancing with the Bank; and
(B) the Third Party offers more competitive terms for any such Refinancing than the terms offered by the Bank (the “Third Party Terms”), the Seller shall disclose such Third Party Terms to the Bank (provided that to do so will not cause it to be in breach of any confidentiality obligations it owes to that Third Party) and if the Bank makes a further offer to provide the Refinancing on equal or more competitive terms than the Third Party Terms, then the Seller shall transact the Refinancing with the Bank.
