4.2.1  No Increase in Termination Liabilities

Provide details of the calculation of gain and comment upon the scenario whereby the refinancing is carried out without an increase in the level of termination liabilities to the Authority. There are a number of ways in which a 'zero increase' model might be constructed - please comment on assumptions adopted in this case - for example, is there no increase in senior debt, or have the shareholders proposed that additional debt liabilities will be absorbed by themselves, have senior funders offered to cap their termination costs? See Application Note 1.3.2 for the significance of this scenario in VfM evaluation.

Please include the results of quantitative analysis in the table below and appending cells where appropriate:

Is this scenario deliverable?