Base Case Model means the financial model and statements including profit and loss, balance sheet and financial projections reflecting the forecasted consolidated financial conditions of the Group for the term of this Agreement (for these purposes assuming both before and after the incurrence of the indebtedness under the Finance Documents), each in form and substance satisfactory to the Finance Parties addressed to, and/or capable of being relied upon by the Finance Parties.
Base Case A statement of the technical, economic and tax assumptions relating to the Project in the form of a run of the Financial Model as updated from time to time.
Baseline means the “Initial Small Business Lending Baseline” set forth on the Initial Supplemental Report (as defined in the Definitive Agreement), subject to adjustment pursuant to Section 3(a).
Base Case Financial Model means the base case financial model agreed by the Parties in writing as accurately representing the terms and conditions of the financing for the Project on a limited recourse or project finance basis and furnished by the Feed-in Approval Holder to the Distribution Licensee on or before the date of the Financial Closing Date for the Initial Financing Documents;
Adjusted EBITDA Margin means Adjusted EBITDA calculated as a percentage of Adjusted Revenue.