Project CAFD definition
Project CAFD means, for any period, an amount equal (a) the amount of dividends paid in cash to Borrower by its Subsidiaries during such period to the extent not funded directly with the proceeds of an Investment by Borrower, plus (b) the amount of payments received in cash by Borrower or Holdings in repayment of good faith loans made by Borrower or Holdings to Borrower’s Subsidiaries, plus (c) the amount of payments received in cash by Borrower or Holdings arising out of the settlement of Hedge Agreements (less any cash losses incurred by Borrower or Holdings relating to the settlement of Hedge Agreements), plus (d) the amount of payments received in cash by Borrower or Holdings from other Investments (to the extent not funded directly with the proceeds of an Investment by Borrower or Holdings) and good faith Contractual Obligations permitted by this Agreement.
Project CAFD means, for any period, an amount equal to (a) the amount of dividends paid in cash to Borrower by its Subsidiaries during such period to the extent not funded directly with the proceeds of an Investment by Borrower and deposited into the Project Deposit Account, plus (b) the amount of payments received in cash by Borrower in repayment of good faith loans made by Borrower to Borrower’s Subsidiaries and deposited into the Project Deposit Account, plus (c) the amount of payments received in cash by Borrower arising out of the ordinary course settlement of Hedge Agreements (less any cash losses incurred by Borrower relating to the ordinary course settlement of Hedge Agreements) and deposited into the Project Deposit Account, plus (d) the amount of payments received in cash by Borrower from other Investments (to the extent not funded directly with the proceeds of an Investment by Borrower) and good faith Contractual Obligations permitted by this Agreement and deposited into the Project Deposit Account, plus (e) only in the case of the Fiscal Quarter ended March 31, 2016, $2,000,000. For the avoidance of doubt, Project CAFD shall exclude the sum, without duplication, of the following expenses, in each case to the extent paid in cash by Borrower or Holdings during any period and regardless of whether any such amount was accrued during such period: (i) income tax expense and Permitted Tax Distributions of Holdings and its Subsidiaries, (ii) corporate overhead expense of Borrower and Holdings for such period, (iii) any amounts received during such period and required to be applied to the prepayment of the Loans in accordance with Section 2.11 and (iv) any Extension Fee payable pursuant to Section 2.8(b). Notwithstanding the foregoing, Project CAFD (x) for the Fiscal Quarter ended June 30, 2015 shall be deemed to be $24,100,000, (y) for the Fiscal Quarter ended September 30, 2015 shall be deemed to be $8,400,000, and (z) for the Fiscal Quarter ended December 31, 2015 shall be deemed to be $15,200,000.
Examples of Project CAFD in a sentence
Each Substitute Project may serve as a substitute for one or more Projects, provided that such Substitute Project has projected Project CAFD greater than or equal to the projected Project CAFD of the Projects that such substitute project is replacing.
Attached as Annex D is a table setting forth, for each Solar Energy Project, as applicable, the amount of Project CAFD generated in respect of such Solar Energy Project for the previous four (4) Fiscal Quarters, and the amount of Project CAFD projected to be generated by such Solar Energy Project for the immediately succeeding four (4) Fiscal Quarters.