{"investor_group_id":"1","date_received":"2026-02-27","question_original":"3. Additional debt at project level  : While additional debt is described as unlikely and complementary only, would it be contractually prohibited without prior disclosure and\/or investor notification?  \r\n\r\nIs there any hard cap or covenant preventing leverage from increasing beyond the initial risk assumptions?","internal_owner_id":"2","draft_answer":"The introduction of additional debt at project level is not part of the base case financial structure and is considered unlikely.\r\n\r\nThat said, the structure will include protective covenants to ensure transparency and preservation of bondholder interests.\r\n\r\nIn particular:\r\n- Any additional financial indebtedness at project level would be subject to prior disclosure to the issuer and reflected in reporting to bondholders;\r\n- No additional debt may be incurred that would rank senior to, or structurally prime, the secured intercompany facility without structural alignment;\r\n- The project entity will be subject to a negative pledge undertaking, preventing the granting of security interests in favor of third parties that would prejudice the existing security package.\r\n\r\nFurthermore, the financial model underlying the transaction assumes a defined leverage profile. The documentation may include:\r\n- A hard cap on total external indebtedness, and\/or\r\n- A covenant ensuring that the loan-to-value ratio does not exceed the initial underwriting threshold.\r\n\r\nThese mechanisms are designed to prevent leverage from increasing beyond the original risk assumptions and to preserve the integrity of the bondholders\u2019 security position.","final_answer":"","status":"In progress","priority":"Medium","version":"V1 2026-02-27","update_date":"2026-02-27","linked_faq_id":"3","notes":"Ici l\u2019investisseur cherche \u00e0 tester la discipline financi\u00e8re structurelle et l\u2019existence de v\u00e9ritables covenants contraignants, au-del\u00e0 d\u2019une simple d\u00e9claration d\u2019intention.\r\nV: pareil, nous sommes d accord, mais devons definir la dette maximale authoris\u00e9e.","updated_at":"2026-03-03 17:04:45"}