Refinancing Gain means an amount equal to the greater of zero and [(A – B) – C], where:
Refinancing Gain means for any Refinancing, other than an Exempt Refinancing and other than as set forth below, an amount equal to the greater of zero and the amount equal to (A – B) – C, where:
Refinancing Gain means an amount equal to the greater of zero and [(A – B) – C], where: A = the Net Present Value of Distributions (calculated on an after tax basis at the level of Project Co in a manner consistent with the Financial Model) immediately prior to the Refinancing (taking into account all effects (including the costs and expenses of the Authority pursuant to Section 5.8 of the Agreement) of the Refinancing and using the Financial Model as updated (including as to the performance of the Project) so as to be current immediately prior to the Refinancing) to be made over the remaining term of this Agreement following the Refinancing; B = the Net Present Value of Distributions (calculated on an after tax basis at the level of Project Co in a manner consistent with the Financial Model) projected immediately prior to the Refinancing (but taking into account only those effects of the Refinancing that were fully reflected in the Financial Model as of the Effective Date and no other effects (including the costs and expenses of the Authority pursuant to Section 5.8 of the Agreement) of the Refinancing, and using the Financial Model as updated (including as to the performance of the Project) so as to be current immediately prior to the Refinancing) to be made over the remaining term of this Agreement following the Refinancing; and C = any adjustment required to raise the Pre-Refinancing Equity IRR to the Threshold Equity IRR calculated as a single payment to be paid as a Distribution on the date of the Refinancing;
Examples of Refinancing Gain in a sentence
Developer also shall reimburse TxDOT’s Recoverable Costs of assessing the Refinancing Gain and TxDOT’s share thereof, if any.
The mechanism and process to be used to calculate and apportion such gain will be substantially similar to that used to calculate a Refinancing Gain under the Project Agreement.
The Refinancing Gain will be calculated after taking into account the reasonable and proper professional costs that Project Co directly incurs in relation to the Refinancing and, if applicable, the Authority’s costs that Project Co pays pursuant to Section 5.8. If the Authority and Project Co are unable to agree on the basis and method of calculation of the Refinancing Gain or the payment of the Authority’s share, the Dispute will be determined in accordance with the Dispute Resolution Procedure.
The Authority shall (before, during and at any time after any Refinancing) have unrestricted rights of audit over any financial model and documentation (including any aspect of the calculation of the Refinancing Gain) used in connection with that Refinancing whether the Refinancing is a Qualifying Refinancing or not.
The Refinancing Gain will be calculated after deducting payment of (i) the Department’s Allocable Costs under Section 7.08(e) and (ii) the Developer’s Allocable Costs directly associated with the Refinancing.
More Definitions of Refinancing Gain
Refinancing Gain means an amount equal to the greater of zero and (A - B), where:
Refinancing Gain means an amount equal to the greater of zero and [(A - B) - C], where: A = the Net Present Value of the Distributions projected immediately prior to the Refinancing (taking into account the effect (including the costs of and the Authority’s expenses pursuant to Section 5.8) of the Refinancing and using the Financial Model as updated (including as to the performance of the Project) so as to be current immediately prior to the Refinancing) to be made over the remaining term of this Agreement following the Refinancing; B = the Net Present Value of the Distributions projected immediately prior to the Refinancing (but without taking into account the effect (including the costs of and the Authority’s expenses pursuant to Section 5.8) of the Refinancing and using the Financial Model as updated (including as to the performance of the Project) so as to be current immediately prior to the Refinancing) to be made over the remaining term of this Agreement following the Refinancing; and C = any adjustment required to raise the Pre-Refinancing Equity IRR to the Threshold Equity IRR;
Refinancing Gain means an amount equal to the greater of zero and [(A – B) – C], where: A = the Net Present Value of the Distributions projected immediately prior to the Refinancing (taking into account the effect of the Refinancing using the Financial Model as updated (including as to the performance of the Project) so as to be current immediately prior to the Refinancing) to be made to each Relevant Person over the remaining term of this Agreement following the Refinancing; B = the Net Present Value of the Distributions projected immediately prior to the Refinancing (but without taking into account the effect of the Refinancing and using the Financial Model as updated (including as to the performance of the Project) so as to be current immediately prior to the Refinancing) to be made to each Relevant Person over the remaining term of this Agreement following the Refinancing; and C = any adjustment required to raise the Pre-Refinancing Equity IRR to the Threshold Equity IRR;
Refinancing Gain means in relation to any Refinancing (other than an Exempt Refinancing), an amount equal to the greater of nil and [(A - B) - C], where:
Refinancing Gain means the value of the gain realised by the licensee from a Qualifying Refinancing as determined by the Authority in accordance with paragraph 44 of amended standard condition E12-J3 (Restriction of Transmission Revenue: Allowed Pass-through Items)."Refinancing Gain Share" or "RFGt"means the value of the pass-through revenue adjustment term, which is determined by the Authority in accordance with paragraph 44 of amended standard condition E12-J3 (Restriction of Transmission Revenue:Allowed Pass-through Items)."Regulated Transmission Revenue" or "ARt"means the revenue (measured on an accruals basis) derived from the provision of Transmission Owner Services (including to any separate business, other than the Transmission Business) in the Relevant Year, after deduction of value added tax (if any) and any other taxes based directly on the amounts so derived."Relevant Person"for the purposes of amended standard condition E12-J3 (Restriction of Transmission Revenue: Allowed Pass- through Items) means a shareholder of the licensee, an Affiliate of the licensee or ashareholder of an Affiliate of the licensee."Relevant Year"means a year beginning on 1 April of each calendar year and ending on 31 March of the following calendar year."Relevant Year t"means that Relevant Year for the purposes of which any calculation falls to be made."Relevant Year t-1"means the Relevant Year immediately preceding Relevant Year t and similar expressions shall be construed accordingly."Retail Prices Index Number"means the monthly index number of retail prices as identified by series CHAW by the Office of National Statistics where the index on 13 January 1987 = 100
Refinancing Gain means an amount equal to the greater of zero and {(A-B)-C}, where: A = the net present value using the Base Case Post-Tax Equity IRR as the discounting rate of the distributions projected immediately prior to the refinancing (taking into account the effect of the refinancing (including any breakage costs of the existing project financing or refinancing as well as reasonable transaction costs incurred in arranging the planned refinancing) and using the Base Case Financial Model as updated (including as to the performance of the Section up to the date of the refinancing) so as to be current immediately prior to the refinancing) to be made over the remaining term of the Section P3 Agreement following the refinancing; B = the net present value using the Base Case Post-Tax Equity IRR as the discounting rate of the distributions projected immediately prior to the refinancing (but without taking into account the effect of the refinancing and using the Base Case Financial Model as updated (including as to the performance of the Section up to the date of the refinancing) so as to be current immediately prior to the refinancing) to be made over the remaining term of the Section P3 Agreement following the refinancing; and C = any adjustment required to raise the pre-refinancing Post-Tax Equity IRR to the Base Case Post-Tax Equity IRR (if the pre-refinancing Post-Tax Equity IRR is lower than the Base Case Post-Tax Equity IRR, the adjustment is calculated as the amount that, if received by equity members at the estimated date of the refinancing, would increase the pre-refinancing Post- Tax Equity IRR to be the same as the Base Case Post-Tax Equity IRR).
Refinancing Gain means for any Refinancing, other than an Exempt Refinancing and other than as set forth below, an amount equal to the greater of zero and the amount equal to (A – B) – C, where: A = the Net Present Value of the Distributions to be made over the remaining Term following the Refinancing, as projected immediately prior to the Refinancing (taking into account the effect of the Refinancing and any previous Refinancings which resulted in no Refinancing Gain (other than any Exempt Refinancing under clause (a) of the definition of Exempt Refinancing) being paid to TxDOT and using the relevant Base Case Financial Model as updated (including as to the performance of the Project) so as to be current immediately prior to the Refinancing); The intention is to share in incremental increases in Distributions above the Base Case Financial Model projections of Distributions resulting solely from the initial financing and Refinancings. Among other things, the Parties shall (a) include in Distributions under factor “A” of the Refinancing Gain definition changes to any Distributions made prior to the date of Refinancing or projected to be made, resulting from changes to the financing terms (including changes to equity funding arrangements resulting therefrom) as compared to the Base Case Financial Model, and (b) adjust Distributions under factor “A” of the Refinancing Gain definition to reflect changes in equity contributions paid or projected to be paid to Developer resulting from changes to the financing terms as compared to the Base Case Financial Model. B = the Net Present Value of the Distributions to be made over the remaining Term following the Refinancing, as projected immediately prior to the Refinancing (but without taking into account the effect of the Refinancing or any previous Refinancings which resulted in no Refinancing Gain (other than any Exempt Refinancing under clause (a) of the definition of Exempt Refinancing) being paid to TxDOT and using the Base Case Financial Model as updated (including as to the performance of the Project) so as to be current immediately prior to the Refinancing); and