Debt Sizing Parameters definition
Debt Sizing Parameters has the meaning as set out in Section 2.06(b) (Determination of Advance Amounts).
Debt Sizing Parameters means the following criteria, in each case as demonstrated by the Base Case Model:
Debt Sizing Parameters means the maximum amount of Term Loans that can be fully amortized by the end of Term Loan Notional Amortization Period, calculated in accordance with the Base Case Lender Financial Model utilizing the following parameters:
Examples of Debt Sizing Parameters in a sentence
Receipt by DOE of evidence that the Borrower shall be in compliance with the Debt Sizing Parameters, both before and after giving effect to the Advances to be made on such Requested Advance Date.
The Term Loan sizing is based on the Debt Sizing Parameters; provided, in no event shall the Total Term Loan Commitment exceed the amount provided for in the definition of Total Term Loan Commitment as set forth in Section 2.5(a).
Receipt by DOE of evidence that the Borrower shall be in compliance with the Debt Sizing Parameters after giving effect to the Advances to be made on such Requested Advance Date.
The Base Case Forecast, dated as of the Closing Date, certified as such by an Authorized Officer of the Borrower as to the satisfaction of the Debt Sizing Parameters, as agreed to with the Independent Engineer.
Receipt by DOE of a certified updated Base Case Financial Model demonstrating compliance with the Debt Sizing Parameters are met, accompanied by a certificate from the chief financial officer or similar officer of the Borrower that includes a written explanation from the Borrower of all variances from the Execution Date Base Case Financial Model.
More Definitions of Debt Sizing Parameters
Debt Sizing Parameters means that the applicable Base Case Model shall yield a minimum Debt Service Coverage Ratio (before giving effect to any module replacement expenses or drawdowns in respect of Permitted Replacement Expenditures (as defined in the Depositary Agreement)) of 1.30:1.00, calculated as of each Quarterly Date from the Closing Date until the Scheduled Term Loan Maturity Date; provided that with respect to the Yaphank Project, for the period commencing on January 1, 2029, a minimum Debt Service Coverage Ratio of 1.50:1.00 shall apply.
Debt Sizing Parameters means the maximum amount of Term Loans, that, if provided to the Borrower would permit the Borrower to repay in full the principal amount of the Term Loans by the dates described below such that a minimum projected Debt Service Coverage Ratio calculated pursuant to the Base Case Forecast of not less than (i)(A) 1.30:1.00 on the basis of a P50 probability of exceedance forecasts for one (1)-year periods for the last day of each calendar quarter for the remaining term of the Power Purchase Agreement and (B) 2.00:1.00 on the basis of a P50 probability of exceedance forecasts for one (1)-year periods for the last day of the calendar quarters for up to five (5) years following the expiration of each Project’s Power Purchase Agreement, not to exceed 16.75 years from the Closing Date and (ii) 1.00:1.00 on the basis of a P99 probability of exceedance forecasts for one (1)-year periods for the last day of each calendar year for the remaining term of the Power Purchase Agreement.
Debt Sizing Parameters means, collectively, (a) the Projected Debt Service Coverage Ratio will not be less than [xxx]; (b) the Loan Amount shall not exceed $475,000,000 and (c) at no time shall the Loan Amount be more than 70% of the total Eligible Project Costs anticipated to be incurred and paid on or prior to the date of each Advance.
Debt Sizing Parameters means the following conditions: (a) the minimum Projected Debt Service Coverage Ratio will not be less than [***] for each consecutive twelve (12)-month period ending on the last day of each Fiscal Quarter following the Project Completion Date up to (and including) the Payment Date immediately prior to the Maturity Date; (b) the principal amount of the Loan shall not exceed the Loan Commitment Amount; and (c) at no time shall the aggregate principal amount of the Loan be more than [***] of the Eligible Project Costs incurred and paid on or prior to the date of a requested Advance or reasonably anticipated to be paid within ninety (90) days after such Advance.
Debt Sizing Parameters has the meaning as set out in Section 2.07(b) (Determination of Advance Amounts). “Default” means any event or circumstance that with the giving of notice, the lapse of time, or both would become an Event of Default. “Department of Labor” means the United States Department of Labor. “Designated Agency Agreement” means that certain Designated Agency Agreement, dated as of the Execution Date, among the Borrower, DOE, and Citibank, N.A., in its capacity as designated agent for the benefit of the Guaranteed Parties, as the same may be amended, amended and restated or otherwise modified from time to time with the consent of the parties thereto. “Designated Agent” means Citibank, N.A., in its capacity as designated agent for the benefit of the Guaranteed Parties, or any successor designated agent appointed from time to time pursuant to the Designated Agency Agreement. “Designated Standard” means: (a) with respect to the Borrower, GAAP or IFRS (provided, that unless such standards are GAAP, any Financial Statements prepared in accordance therewith shall include a reconciliation to GAAP, certified by the Independent Auditor); and (b) with respect to any Person other than the Borrower, any of GAAP, IFRS or other applicable and appropriate generally accepted accounting principles to which such Person is subject and that may be applicable thereto from time to time. “DOE” has the meaning given to such term in the preamble hereto. “DOE Extraordinary Expenses” means, in connection with any technical, financial, legal or other difficulty experienced by the Project (e.g. engineering failure or financial workouts) (including after Project Completion) or the Borrower that requires DOE to incur time or expenses (including third party expenses) beyond the costs and expenses DOE typically incurs in connection with monitoring and administration of the Financing Documents, in accordance with Section 1702(h) of Title XVII, the amounts that DOE determines are required to: (a) reimburse DOE’s additional internal administrative costs (including any costs to determine whether an amendment or modification would be required that could constitute a “modification” (as defined in Section 502(9) of FCRA)); and (b) any related fees and expenses of the Guaranteed Party Advisors to the extent not paid directly by or on behalf of the Borrower.
Debt Sizing Parameters means, collectively, (a) the Projected Debt Service Coverage Ratio on any date of determination following the First Principal Payment Date up to (and including) the DSCR Calculation Date immediately prior to the Final Maturity Date will not be less than ****; provided that for purposes of calculating the Projected Debt Service Coverage Ratio for a period that includes a Maturity Date, the principal amount due on such Maturity Date shall be disregarded, (b) the Note A Loan Amount shall not exceed $3,670,763,503.06, (c) the Note B Loan Amount shall not exceed $2,897,602,410.09, (d) at no time shall the Note A Loan Amount be more than **** of the total Project Costs anticipated to be incurred and paid with respect to Block 1 on or prior to the date of each Advance or reasonably anticipated to be paid within **** days of such Advance, and (e) at no time shall the Note B Loan Amount be more than **** of the total Project Costs anticipated to be incurred and paid with respect to Block 2 on or prior to the date of each Advance or reasonably anticipated to be paid within **** days of such Advance.
Debt Sizing Parameters means: (a) at least 1.55:1.00 minimum Debt Service Coverage Ratio assuming P50 Production, (b) at least 1.65:1.00 average Debt Service Coverage Ratio assuming P50 Production, (c) at least 1.10:1.00 minimum Quarterly Debt Service Coverage Ratio assuming P95 Production, (d) at least 1.20:1.00 minimum Contracted Cash Flow DSCR and (e) a Debt to Equity Ratio no greater than 65:35.