Debt Sizing Criteria definition

Debt Sizing Criteria has the meaning set forth on Schedule 1.01(F).

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Debt Sizing Criteria has the meaning assigned to such term in each of the Term Credit Agreements.

Debt Sizing Criteria means that the Base Case Projections shall demonstrate a projected minimum and average quarterly First Lien Debt Service Coverage Ratio, calculated taking into account any Required Target Debt Balance Payment, of at least 1.50:1:00, from Term Conversion through March 31, 2037, in each case, based solely upon (a) projected cash flow from the Permitted Commodity Hedge Agreements as in effect on the Closing Date, (b) PJM Base Residual Auction capacity payments as forecasted in the “Overbuild Scenario” as set in the Market Consultant’s Report and (c) 50% of forecasted merchant energy revenues, in each case net of fixed costs, in each case as projected in the Base Case Projections and determined in a manner consistent in all respects with the Independent Engineer’s Report and the Market Consultant’s Report.

Examples of Debt Sizing Criteria in a sentence

Equity Contributions required to be in compliance with the Maximum Project Funding Ratio and the Debt Sizing Criteria shall have been paid to the Borrower or any Subsidiary thereof (or to the applicable payee if made through the payment of Project Costs on behalf of a Project), or otherwise credited to the Projects in the case of previously funded Equity Contributions, in an amount not less than the Allocated Minimum Equity Contribution, and as certified by the Independent Engineer.
To be included solely to the extent that there exists as of the Quarterly Date any shortfall between mandatory prepayments actually made in accordance with Section 2.09(b)(viii) of the Construction Credit Agreement and Section 2.09(b)(viii) of the Credit Agreement and the amount that would need to be prepaid in order to cause compliance with the Debt Sizing Criteria as determined in accordance with Section 5.20 of the Construction Credit Agreement and Section 5.21 of the Credit Agreement.
To be included solely to the extent that there exists as of the Quarterly Date any shortfall between mandatory prepayments actually made in accordance with Section 2.09(b)(x) of the Construction Credit Agreement and Section 2.09(b)(x) of the Credit Agreement and the amount that would need to be prepaid in order to cause compliance with the Debt Sizing Criteria as determined in accordance with Section 5.26 of the Construction Credit Agreement and Section 5.27 of the Credit Agreement.
The aggregate amount of Project Costs in respect of the Project is $[____] and such amount is accurate for the purpose of the Debt Sizing Criteria.
To be included solely to the extent that there exists as of the Quarterly Date any shortfall between mandatory prepayments actually made in accordance with Section 2.09(b)(iii) of the Credit Agreement and the amount that would need to be prepaid in order to cause compliance with the Debt Sizing Criteria as determined in accordance with Section 5.15 of the Credit Agreement.
To the extent that such re-run Base Case Projections demonstrate that the Construction Loan Facility does not satisfy the Debt Sizing Criteria, then a mandatory prepayment of Construction Loans equal to the Type Certificate Prepayment Amount shall be made using payments received by Borrower from the Turbine Supplier as compensation for the turbines failing to be certified at a 13.6 MW level (for power mode) and shall make each such prepayment promptly upon receipt of each such amount.
To the extent that such re-run Base Case Projections demonstrate that the Construction Loan Facility does not satisfy the Debt Sizing Criteria, then a mandatory prepayment of Construction Loans shall be made within 30 days after approval of the re-run Base Case Projections and prepayment amount by the Administrative Agent and the Required Lenders (in consultation with the Independent Engineer) (and in any case on or prior to the Conversion Date).

More Definitions of Debt Sizing Criteria

Debt Sizing Criteria is defined in Schedule 1.1(g) attached hereto.

Debt Sizing Criteria means that the Base Case Projections shall demonstrate a projected minimum and average quarterly Second Lien Debt Service Coverage Ratio, calculated taking into account any Required Target Debt Balance Payment, of at least 1.10:1:00, from Term Conversion through March 31, 2038, in each case, based solely upon (a) projected cash flow from the Permitted Commodity Hedge Agreements as in effect on the Closing Date, (b) PJM Base Residual Auction capacity payments as forecasted in the “Overbuild Scenario” as set in the Market Consultant’s Report and (c) (i) prior to June 30, 2022, 75% of forecasted merchant energy revenues and (ii) on and following June 30, 2022, 50% of forecasted merchant energy revenues, in each case net of fixed costs, in each case as projected in the Base Case Projections and determined in a manner consistent in all respects with the Independent Engineer’s Report and the Market Consultant’s Report.

Debt Sizing Criteria means (a) a Debt to Equity Ratio of no greater than 40:60; (b) a minimum Debt Service Coverage Ratio, calculated based on the portion of the Project’s output that is subject to contracted revenues projected to be received under the TUS Offtake Contract and the RWE Offtake Contract, of 1.25x for each rolling four quarter period from the Conversion Date through the Maturity Date; (c) a minimum Debt Service Coverage Ratio, calculated based on projected merchant revenues, of 2.0x for each rolling four quarter period from the Conversion Date through the Maturity Date; and (d) merchant revenues shall account for no more than 20 % of the total debt sizing.

Debt Sizing Criteria means, as of any date of determination, the satisfaction of the following as of such date: