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 Base Case Financial Model referred to in section 32.3 (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).144
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