Base Case Project Projections. The Base Case Project Projections (a) are based on reasonable assumptions as to all legal and factual matters material to the estimates set forth therein, (b) are consistent, in all material respects, with the provisions of the Project Documents, and (c) to Borrower’s knowledge, accurately represent the anticipated financial performance of the Projects based on the assumptions set forth in the Base Case Project Projections.
Base Case Project Projections. Borrower shall have furnished to Administrative Agent on behalf of the Banks the combined Base Case Project Projections of operating expenses and cash flow for all Funded Initial Projects and Funded Subsequent Projects (including such Subsequent Project) showing, for each year in such projections, a projected annual Four-Quarter Portfolio Interest Coverage Ratio equal to or exceeding [*] to 1.00 (which ratio shall be supported by the projections set forth in the Independent Consultant's reports delivered pursuant to Section 3.2 and this Section 3.3 with respect to such Projects) in substantially the form (including the duration thereof) of those projections delivered pursuant to Section 3.1.16 and otherwise in form and substance satisfactory to the Technical Committee.
Base Case Project Projections. Delivery to Administrative Agent of (a) Base Case Project Projections for each of the Projects (taken individually), (b) Base Case Project Projections for all of the Projects (taken as a whole), showing minimum and average annual projected Debt Service Coverage Ratios over the period set forth in the Base Case Project Projections of no less than 2.0 to 1.0 and 3.0 to 1.0, respectively, and (c) the calculation of the Debt to Capitalization Ratio necessary to achieve the Debt Service Coverage Ratios described in clause (b) immediately above, which shall not be greater than 0.60 to 1.0, each of which shall be in form and substance reasonably satisfactory to each of the Banks and each of the Lender Groups and will be attached as Exhibit G-2 hereto.
Base Case Project Projections. Delivery to Administrative Agent of (a) Base Case Project Projections for the Subject Project, updated from the Base Case Project Projections submitted for the Subject Project pursuant to Section 3.1.12(a), if necessary, (b) Base Case Project Projections for the Subject Project and the other Approved Projects (taken as a whole), using the Base Case Project Projections submitted for such Projects pursuant to this Section 3.2.20, showing minimum and average annual projected Debt Service Coverage Ratios over the period set forth in the Base Case Project Projections of no less than (i) 2.0 to 1.0 and 3.0 to 1.0, respectively, if there are three or four Approved Projects (including the Subject Project), or (ii) 2.25 to 1.0 and 3.25 to 1.0, respectively, if there are two Approved Projects (including the Subject Project), (c) the calculation of the Debt to Capitalization Ratio necessary to achieve the Debt Service Coverage Ratios described in clause (b) immediately above, which shall not be greater than 0.60 to 1.0, and (d) a certificate of a Responsible Officer of each of Borrower and each Equity Party confirming (i) the Total Equity Commitment after giving effect to the Subject Project becoming an Approved Project and (ii) the Available Equity Commitment after giving effect to all Equity Contributions and In Kind Equity Payments made on or prior to the Credit Event Date, each of which shall be in form and substance reasonably satisfactory to the Majority Banks.
Base Case Project Projections. Delivery to Administrative Agent of the Base Case Project Projections of operating expenses and cash flow for the Project for the period commencing on the Closing Date and ending on December 31, 2023, which Base Case Project Projections shall be in substantially the form of Exhibit G-3 and otherwise in form and substance satisfactory to the Lenders.
Base Case Project Projections. Delivery to the Lead Arrangers of the Base Case Project Projections of operating expenses and cash flow for each Project in the form of Exhibit G-3, which Base Case Project Projections shall be in form and substance satisfactory to the Lead Arrangers.
Base Case Project Projections. Delivery to Administrative Agent of a projection of operating results for the Project over a period commencing on January 1, 2008 and ending on December 31, 2027, (a) showing at a minimum (i) Borrowers’ reasonable good faith estimates, as of the Closing Date, of revenues, operating expenses, the Debt Service Coverage Ratio (which Debt Service Coverage Ratio shall be calculated on an annual basis, assuming a mortgage-style amortization of the Term Loans, with the first Payment Date after Term-Conversion occurring on April 1, 2008, and the final Payment Date occurring on January 1, 2026), (ii) that the average projected annual Debt Service Coverage Ratio is not less than the Target Average DSCR over the period covered, (iii) that the projected minimum Debt Service Coverage Ratio is not less than the Target Minimum DSCR for any year in such period, and (b) otherwise in form and substance satisfactory to Administrative Agent and the Lenders, which projection is attached as Exhibit G-3 (the “Base Case Project Projections”).
Base Case Project Projections. Delivery to Administrative Agent of the combined Base Case Project Projections of operating expenses and cash flow for the relevant Subject Project and all other Approved Projects, in substantially the form of those Base Case Project Projections delivered pursuant to Section 3.1.13 and otherwise in form and substance satisfactory to the Technical Committee, which satisfy the following conditions:
(a) with respect to the proposed funding of any Subject Project, demonstrating a minimum and average projected annual Interest Coverage Ratio over the period of time commencing on the first January 1 or July 1, as the case may be, to occur after the applicable Funding Date and ending on the scheduled Loan Maturity Date for such Subject Project and all such Approved Projects (taken as a whole) of no less than 2.10 to 1.0 and 2.25 to 1.0, respectively;
(b) with respect to the proposed funding of any Subject Project, demonstrating a minimum and average projected annual Deemed Debt Service Coverage Ratio over the period of time commencing on January 1, 2006 and ending on December 31, 2030 for such Subject Project and all such Approved Projects (taken as a whole) of no less than 2.10 to 1.0 and 2.50 to 1.0, respectively;
(c) with respect to the proposed funding of any Subject Project which is an Identified Project, demonstrating a minimum and average projected annual Deemed Debt Service Coverage Ratio over the period of time commencing on January 1, 2006 and ending on December 31, 2030 for such Subject Project which is not materially worse than the minimum
Base Case Project Projections. Borrower shall have furnished to the Lead Arrangers the Base Case Project Projections of operating expenses and cash flow for the Initial Projects in substantially the form of Exhibit G-6 and in form and substance satisfactory to the Lead Arrangers. Such Base Case Project Projections shall show a minimum projected annual Four-Quarter Portfolio Interest Coverage Ratio of no less than [*] to 1.0.
Base Case Project Projections. Delivery to Lead Arranger of the Base Case Project Projections of operating expenses and cash flow for the Identified Projects in substantially the form of Exhibit G-4 hereto, which Base Case Project Projections shall (a) be in form and substance satisfactory to the Arrangers, (b) demonstrate a minimum and average projected annual Interest Coverage Ratio over the period of time commencing on the Closing Date and ending on the scheduled Loan Maturity Date for all such Identified Projects (other than the Meriden Project, the Harxxx Xxoject and the Kauxxxx Xxoject), taken as a whole, of no less than 2.10 to 1.0 and 2.25 to 1.0, respectively, and (c) demonstrate a minimum and average projected annual Deemed Debt Service Coverage Ratio over the period of time commencing on January 1, 2006 and ending on December 31, 2030 for all such Identified Projects (other than the Meriden Project, the Harxxx Xxoject and the Kauxxxx Xxoject), taken as a whole, of no less than 2.10 to 1.0 and 2.50 to 1.0, respectively.
