31.5.1  What is a Re-financing Gain?

Re-financing Gain is the difference (greater than zero) between the net present value of:

(a)  the distributions projected at the proposed Re-financing date (taking into account the proposed Re-financing) using the updated financial model referred to in paragraph 31.3 (Notice and Re-financing details) (post-Re-financing distributions); and

(b)  the distributions projected immediately prior to the proposed Re-financing (without taking into account the proposed Re-financing) using the Base Case Financial Model as varied from time to time in accordance with the project agreement (pre-Re-financing distributions).97

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97 See paragraph 15.5 in section 15 (Payment provisions).