Calculation of Ratios. In calculating the ratio of Funded Indebtedness to Total Permanent Capital pursuant to Section 10.10 hereof and Section 2.1 of the Twenty-Third Supplemental Indenture, the Company will (i) calculate 'earned surplus' using the amounts as of the most recent financial statements of the Company then available, and (ii) calculate all other components of the ratio of Funded Indebtedness to Total Permanent Capital using the amounts as of the date of the relevant action in Section 10.10 hereof and Section 2.1 of the Twenty-Third Supplemental Indenture.
Calculation of Ratios. 5.9.1 For purposes of this Agreement (including Article 3 and Sections 6.4.2 and 6.6.1 hereof), each Project Owner Guaranty and each other Credit Document, Borrower shall, and shall cause each Portfolio Entity to, calculate the Deemed Debt Service Coverage Ratios, the Historical Debt Service Coverage Ratios, the Projected Debt Service Coverage Ratios and the Interest Coverage Ratios (a) without taking into account the EBITDA and Project Revenues produced by an Approved Project in respect of which a Project Default or Project Inchoate Default shall have occurred and be continuing, (b) in a manner which is consistent with and supported by the conclusions set forth in the most recently delivered Independent Consultants' reports and (c) with respect to any calculation of a Deemed Debt Service Coverage Ratio, in a manner which is consistent with and supported by the most recently delivered Base Case Project Projections.
Calculation of Ratios. For all purposes under this Agreement, including for purposes of calculating the Consolidated First Lien Net Leverage Ratio, the Consolidated Total Net Leverage Ratio or the Consolidated Interest Coverage Ratio, as applicable, in connection with the incurrence, issuance or assumption of any Indebtedness or the incurrence or creation of any Lien pursuant to the definition of “Permitted Liens,” the Borrower may elect, at its option, to treat all or any portion of the committed amount of any Indebtedness (and the issuance and creation of letters of credit and bankers’ acceptances thereunder) which is to be incurred (or any commitment in respect thereof) or secured by such Lxxx, as applicable (any such committed amount elected until revoked as described below, the “Reserved Indebtedness Amount”), as being incurred as of such election date, and, if such Consolidated First Lien Net Leverage Ratio, Consolidated Total Net Leverage Ratio, Consolidated Interest Coverage Ratio or other provision of this Agreement, as applicable, is complied with (or satisfied) with respect thereto on such election date, any subsequent borrowing or reborrowing thereunder (and the issuance and creation of letters of credit and bankers’ acceptances thereunder) will be deemed to be permitted under this Agreement, whether or not the Consolidated First Lien Net Leverage Ratio, Consolidated Total Net Leverage Ratio, Consolidated Interest Coverage Ratio or other provision of this Agreement, as applicable, at the actual time of any subsequent borrowing or reborrowing (or issuance or creation of letters of credit or bankers’ acceptances thereunder) is complied with (or satisfied) for all purposes (including as to the absence of any continuing Default or Event of Default); provided that for purposes of subsequent calculations of the Consolidated First Lien Net Leverage Ratio, the Consolidated Total Net Leverage Ratio or the Consolidated Interest Coverage Ratio or such other provision of this Agreement, as applicable, the Reserved Indebtedness Amount shall be deemed to be outstanding, whether or not such amount is actually outstanding, for so long as such commitments are outstanding or until the Borrower revokes an election of a Reserved Indebtedness Amount.
Calculation of Ratios
