1.145 The generic Input Value in the Spreadsheet assumes that the finance required to fund a PFI project is introduced in the proportions of 90% debt and 10% equity. This is known as the "gearing ratio" with the "gearing" denoting the level of senior debt in the project. Procuring Authorities may need to vary the gearing ratio used for their particular projects on the basis of sector-specific experience or due to the particular characteristics (such as operational gearing) of their project. Significant variations from the Spreadsheet's generic Input Value of 90% gearing will need to be substantiated by Procuring Authorities.