UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 6-K


REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2022

Commission File Number 001-36487


Atlantica Sustainable Infrastructure plc
(Exact name of Registrant as Specified in its Charter)


Not Applicable
(Translation of Registrant’s name into English)


Great West House, GW1, 17th floor
Great West Road
Brentford, TW8 9DF
United Kingdom
Tel.: +44 203 499 0465


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

☒  Form 20-F
  
☐  Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

This Report on Form 6-K is incorporated by reference into the Registration Statement on Form F-3 of the Registrant filed with the Securities and Exchange Commission on August 3, 2021 (File 333-258395).
 
ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC
TABLE OF CONTENTS

   
Page
PART I – FINANCIAL INFORMATION
     
Item 1
8
     
Item 2
44
     
Item 3
 68
   
Item 4
 70
   
PART II – OTHER INFORMATION
   
Item 1
 70
   
Item 1A
 70
   
Item 2
 70
   
Item 3
 71
   
Item 4
 71
   
Item 5
 71
   
Item 6
 71
   
72
 
2
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Definitions
 
Unless otherwise specified or the context requires otherwise in this quarterly report:

•
references to “2020 Green Private Placement” refer to the €290 million ($324 million) senior secured notes maturing on June 20, 2026 which were issued under a senior secured note purchase agreement entered with a group of institutional investors as purchasers of the notes issued thereunder as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—2020 Green Private Placement”;
 
•
references to “Abengoa” refer to Abengoa, S.A., together with its subsidiaries, unless the context otherwise requires;
 
•
references to “ACT” refer to the gas-fired cogeneration facility located inside the Nuevo Pemex Gas Processing Facility near the city of Villahermosa in the State of Tabasco, Mexico;
 
•
references to “Adjusted EBITDA” have the meaning set forth in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations— Key Financial Measures”;
 
•
references to “Algonquin” refer to, as the context requires, either Algonquin Power & Utilities Corp., a North American diversified generation, transmission and distribution utility, or Algonquin Power & Utilities Corp. together with its subsidiaries;
 
•
references to “Amherst Island Partnership” refer to the holding company of Windlectric Inc.;
 
•
references to “Annual Consolidated Financial Statements” refer to the audited annual consolidated financial statements as of December 31, 2021 and 2020 and for the years ended December 31, 2021, 2020 and 2019, including the related notes thereto, prepared in accordance with IFRS as issued by the IASB (as such terms are defined herein), included in our Annual Report;
 
•
references to “Annual Report” refer to our Annual Report on Form 20-F for the year ended December 31, 2021, filed with the SEC on February 28, 2022, as amended by Amendment No. 1 on Form 20-F/A, filed with the SEC on March 24, 2022;
 
•
references to “Atlantica Jersey” refer to Atlantica Sustainable Infrastructure Jersey Limited, a wholly-owned subsidiary of Atlantica;
 
•
references to “AYES Canada” refer to Atlantica Sustainable Infrastructure Energy Solutions Canada Inc., a vehicle formed by Atlantica and Algonquin to channel co-investment opportunities;
 
•
references to “Befesa Agua Tenes” refer to Befesa Agua Tenes, S.L.U;
 
•
references to “cash available for distribution” or “CAFD” refer to the cash distributions received by the Company from its subsidiaries minus cash expenses of the Company, including third-party debt service and general and administrative expenses;
 
•
references to “Calgary District Heating” or “Calgary” refer to the 55 MWt thermal capacity district heating asset in the city of Calgary which we acquired in May 2021;
 
•
references to “Chile PV 1” refer to the solar PV plant of 55 MW located in Chile;
 
•
references to “Chile PV 2” refer to the solar PV plant of 40 MW located in Chile;
 
•
references to “Chile TL3” refer to the 50-mile transmission line located in Chile;
 
•
references to “Chile TL4” refer to the 63-mile transmission line located in Chile;
 
•
references to “Consolidated Condensed Interim Financial Statements” refer to the consolidated condensed unaudited interim financial statements as of March 31, 2022 and for the three-month periods ended March 31, 2022 and 2021, including the related notes thereto prepared in accordance with IFRS as issued by the IASB, which form a part of this quarterly report;
 
3
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•
references to “COD” refer to the commercial operation date of the applicable facility;
 
•
references to “Coso” refer to the 135 MW geothermal plant located in California;
 
•
references to the “Distribution Agreement” refer to the agreement entered into with BofA Securities, Inc., MUFG Securities Americas Inc. and RBC Capital Markets LLC, as sales agents, dated February 28, 2022 as amended on May 9, 2022, under which we may offer and sell from time to time up to $150 million of our ordinary shares and pursuant to which such sales agents may sell our ordinary shares by any method permitted by law deemed to be an “at the market offering” as defined by Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended;

•
references to “EMEA” refer to Europe, Middle East and Africa;
 
•
references to “Eskom” refer to Eskom Holdings SOC Limited, together with its subsidiaries, unless the context otherwise requires;
 
•
references to “EURIBOR” refer to Euro Interbank Offered Rate, a daily reference rate published by the European Money Markets Institute, based on the average interest rates at which Eurozone banks offer to lend unsecured funds to other banks in the euro wholesale money market;
 
•
references to “EU” refer to the European Union;
 
•
references to “Exchange Act” refer to the U.S. Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated by the SEC thereunder;
 
•
references to “Federal Financing Bank” refer to a U.S. government corporation by that name;
 
•
references to “Fitch” refer to Fitch Ratings Inc.;
 
•
references to “Green Exchangeable Notes” refer to the $115 million green exchangeable senior notes due in 2025 issued by Atlantica Jersey on July 17, 2020, and fully and unconditionally guaranteed on a senior, unsecured basis, by Atlantica, as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Green Exchangeable Notes”;
 
•
references to “Green Senior Notes” refer to the $400 million green senior notes due in 2028, as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—-Green Senior Notes”;
 
•
references to “gross capacity” refer to the maximum, or rated, power generation capacity, in MW, of a facility or group of facilities, without adjusting for the facility’s power parasitics’ consumption, or by our percentage of ownership interest in such facility as of the date of this quarterly report;
 
•
references to “GWh” refer to gigawatt hour;
 
•
references to “IAS” refer to International Accounting Standards issued by the IASB;
 
•
references to “IASB” refer to the International Accounting Standards Board;
 
•
references to “IFRIC 12” refer to International Financial Reporting Interpretations Committee’s Interpretation 12—Service Concessions Arrangements;
 
•
references to “IFRS as issued by the IASB” refer to International Financial Reporting Standards as issued by the IASB;
 
•
references to “Italy PV” refer to the solar PV plants located in Italy with combined capacity of 9.8 MW;
 
•
references to “ITC” refer to investment tax credits;
 
•
references to “Kaxu” refer to the 100 MW solar plant located in South Africa;
 
•
references to “La Sierpe” refer to the 20 MW solar PV plant located in Colombia;
 
•
references to “Liberty GES” refer to Liberty Global Energy Solutions B.V., a subsidiary of Algonquin (formerly known as Abengoa-Algonquin Global Energy Solutions B.V. (AAGES)) which invests in the development and construction of contracted clean energy and water infrastructure assets;
 
•
references to “Liberty GES ROFO Agreement” refer to the agreement we entered into with Liberty GES on March 5, 2018, that provides us a right of first offer to purchase any of the assets offered for sale thereunder, as amended and restated from time to time;
 
•
references to “LIBOR” refer to London Interbank Offered Rate;
 
•
references to “M ft3” refer to million standard cubic feet;
 
4
Table of Contents
•
references to “Monterrey” refer to the 142 MW gas-fired engine facility including 130 MW installed capacity and 12 MW battery capacity, located in Monterrey, Mexico;
 
•
references to “Multinational Investment Guarantee Agency” refer to the Multinational Investment Guarantee Agency, a financial institution member of the World Bank Group which provides political insurance and credit enhancement guarantees;
 
•
references to “MW” refer to megawatts;
 
•
references to “MWh” refer to megawatt hour;
 
•
references to “MWt” refer to thermal megawatts;
 
•
references to “Moody’s” refer to Moody’s Investor Service Inc.;
 
•
references to “Note Issuance Facility 2020” refer to the senior unsecured note facility dated July 8, 2020, as amended on March 30, 2021 of €140 million ($156 million), with Lucid Agency Services Limited, as facility agent and a group of funds managed by Westbourne Capital, as purchasers of the notes issued thereunder as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Note Issuance Facility 2020”;
 
•
references to “O&M” refer to operation and maintenance services provided at our various facilities;
 
•
references to “operation” refer to the status of projects that have reached COD (as defined above);
 
•
references to “Pemex” refer to Petróleos Mexicanos;
 
•
references to “PPA” refer to the power purchase agreements through which our power generating assets have contracted to sell energy to various off-takers;
 
•
references to “PV” refer to photovoltaic power;
 
•
references to “Revolving Credit Facility” refer to the credit and guaranty agreement with a syndicate of banks entered into on May 10, 2018 as amended on January 24, 2019, August 2, 2019, December 17, 2019, August 28, 2020, March 1, 2021 and May 5, 2022 providing for a senior secured revolving credit facility in an aggregate principal amount of $450 million as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Revolving Credit Facility”;
 
•
references to “Rioglass” refer to Rioglass Solar Holding, S.A.;
 
•
references to “ROFO” refer to a right of first offer;
 
•
references to “Skikda” refer to the seawater desalination plant in Algeria, which is 34% owned by Atlantica;
 
•
references to “Solaben Luxembourg” refer to Solaben Luxembourg S.A.;
 
•
references to “S&P” refer to S&P Global Rating;
 
•
references to “Tenes” refer to Ténès Lilmiyah SpA, a water desalination plant in Algeria, which is 51% owned by Befesa Agua Tenes;
 
•
references to “U.K.” refer to the United Kingdom;
 
•
references to “U.S.” or “United States” refer to the United States of America;
 
•
references to “Vento II” refer to the wind portfolio in the U.S. in which we acquired a 49% interest in June 2021; and
 
•
references to “we,” “us,” “our,” “Atlantica” and the “Company” refer to Atlantica Sustainable Infrastructure plc and its consolidated subsidiaries, unless the context otherwise requires.
 
5
Table of Contents
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
 
This report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, strategies, future events or performance (often, but not always, through the use of words or phrases such as may result, are expected to, will continue, is anticipated, believe, will, could, should, would, estimated, may, plan, potential, future, projection, goals, target, outlook, predict and intend or words of similar meaning) are not statements of historical facts and may be forward looking. Such statements occur throughout this report and include statements with respect to our expected trends and outlook, potential market and currency fluctuations, occurrence and effects of certain trigger and conversion events, our capital requirements, changes in market price of our shares, future regulatory requirements, the ability to identify and/or make future investments and acquisitions on favorable terms, reputational risks, divergence of interests between our company and that of our largest shareholder, tax and insurance implications, and more. Forward-looking statements involve estimates, assumptions and uncertainties. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, important factors included in Part I “Item 3.D.—Risk Factors” in our Annual Report (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) that could have a significant impact on our operations and financial results, and could cause our actual results, performance or achievements, to differ materially from the future results, performance or achievements expressed or implied in forward-looking statements made by us or on our behalf in this report, in our Annual Report, in presentations, on our website, in response to questions or otherwise. These forward-looking statements include, but are not limited to, statements relating to:
 
•
the condition of the debt and equity capital markets and our ability to borrow additional funds, refinance existing debt and access capital markets, as well as our substantial indebtedness and the possibility that we may incur additional indebtedness going forward;
 
•
the ability of our counterparties, including Pemex, to satisfy their financial commitments or business obligations and our ability to seek new counterparties in a competitive market;
 
•
government regulation, including compliance with regulatory and permit requirements and changes in tax laws, market rules, rates, tariffs, environmental laws and policies affecting renewable energy, including changes in regulation defining the remuneration of our solar assets in Spain;
 
•
potential changes in relation to the Royal Decree Law 6/2022 published in Spain on March 30, 2022 and the detailed components of pricing expected to be published within two-months period from the date of publication of the Royal Decree Law;
 
•
changes in tax laws and regulations;
 
•
risks relating to our activities in areas subject to economic, social and political uncertainties;
 
•
our ability to finance and make new investments and acquisitions on favorable terms or to close outstanding acquisitions;
 
•
risks relating to new assets and businesses which have a higher risk profile and our ability to transition these successfully;
 
•
risks related to our reliance on third-party contractors or suppliers;
 
•
risks related to our ability to maintain appropriate insurance over our assets;
 
•
risks related to our facilities not performing as expected, unplanned outages, higher than expected operating costs and/ or capital expenditures;
 
•
potential issues arising with our O&M suppliers’ including disagreement with subcontractors;
 
•
the effects of litigation and other legal proceedings (including bankruptcy) against us our subsidiaries, our assets and our employees;
 
•
price fluctuations, revocation and termination provisions in our off-take agreements and PPAs;
 
•
our electricity generation, our projections thereof and factors affecting production;
 
•
our guidance targets or expectations with respect to Adjusted EBITDA derived from low-carbon footprint assets;
 
6
Table of Contents
•
our ability to grow organically and investments in new assets;
 
•
risks related to our ability to develop renewable projects is subject to construction risks and risks associated with the arrangements with our joint venture partners;
 
•
risks related to our current or previous relationship with Abengoa, our former largest shareholder and currently one of our operation and maintenance suppliers, including bankruptcy, reputational risk and particularly the potential impact of Abengoa’s insolvency filing and Abenewco1, S.A.’s potential insolvency filing, as well as litigation risk;
 
•
our plans relating to the termination of certain O&M agreements with Abengoa and performing the O&M services directly or indirectly by engaging third parties;
 
•
our plans relating to our financings, including refinancing plans;
 
•
our plans relating to our “at-the-market program” and the use of proceeds from the offering thereunder;
 
•
risks related to the Russian military actions across Ukraine; and
 
•
other factors discussed in “Part I, Item 3.D.—Risk Factors” in our Annual Report.
 
Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law. New factors emerge from time to time and it is not possible for management to predict all of these factors, nor can it assess the impact of each of these factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement.
 
7
Table of Contents
Consolidated condensed statements of financial position as of March 31, 2022 and December 31, 2021

Amounts in thousands of U.S. dollars

         
As of
March 31,
    
As of
December 31,
  
   
Note (1)
    
2022
    
2021
  
Assets
                  
Non-current assets
                  
Contracted concessional assets
    
6
      
7,931,882
      
8,021,568
  
Investments carried under the equity method
    
7
      
285,029
      
294,581
  
Financial investments
    
8
      
118,944
      
96,608
  
Deferred tax assets
            
159,045
      
172,268
  
                         
Total non-current assets
            
8,494,900
      
8,585,025
  
                         
Current assets
                        
Inventories
            
33,940
      
29,694
  
Trade and other receivables
    
12
      
301,711
      
307,143
  
Financial investments
    
8
      
185,916
      
207,379
  
Cash and cash equivalents
    

     
739,001
      
622,689
  
                         
Total current assets
            
1,260,568
      
1,166,905
  
                         
Total assets
            
9,755,468
      
9,751,930
  

(1)
Notes 1 to 22 form an integral part of the Consolidated Condensed Interim Financial Statements.

8
Consolidated condensed statements of financial position as of March 31, 2022 and December 31, 2021

Amounts in thousands of U.S. dollars

         
As of
March 31,
    
As of
December 31,
  
   
Note (1)
    
2022
    
2021
  
Equity and liabilities
                  
Equity attributable to the Company
                  
Share capital
    
13
      
11,410
      
11,240
  
Share premium
    
13
      
924,242
      
872,011
  
Capital reserves
    
13
      
969,519
      
1,020,027
  
Other reserves
    
9
      
235,825
      
171,272
  
Accumulated currency translation differences
    
13
      
(138,204
)
    
(133,450
)
Accumulated deficit
    
13
      
(408,274
)
    
(398,701
)
Non-controlling interests
    
13
      
207,978
      
206,206
  
                         
Total equity
            
1,802,496
      
1,748,605
  
                         
Non-current liabilities
                        
Long-term corporate debt
    
14
      
1,017,489
      
995,190
  
Long-term project debt
    
15
      
4,647,941
      
4,387,674
  
Grants and other liabilities
    
16
      
1,251,578
      
1,263,744
  
Derivative liabilities
    
9
      
151,861
      
223,453
  
Deferred tax liabilities
            
302,079
      
308,859
  
                         
Total non-current liabilities
            
7,370,948
      
7,178,920
  
                         
Current liabilities
                        
Short-term corporate debt
    
14
      
38,656
      
27,881
  
Short-term project debt
    
15
      
389,066
      
648,519
  
Trade payables and other current liabilities
    
17
      
122,346
      
113,907
  
Income and other tax payables
            
31,956
      
34,098
  
                         
Total current liabilities
            
582,024
      
824,405
  
                         
Total equity and liabilities
            
9,755,468
      
9,751,930
  

(1)
Notes 1 to 22 form an integral part of the Consolidated Condensed Interim Financial Statements.
 
9
Consolidated condensed income statements for the three-month periods ended March 31, 2022 and 2021

Amounts in thousands of U.S. dollars

   
Note (1)
    
For the three-month period ended March 31,
  
         
2022
     2021  
Revenue
    
4
      
247,452
      
268,178
  
Other operating income
    
20
      
19,373
      
22,621
  
Employee benefit expenses
            
(19,469
)
    
(18,703
)
Depreciation, amortization, and impairment charges
    
4
      
(100,925
)
    
(83,541
)
Other operating expenses
    
20
      
(87,933
)
    
(104,146
)
                         
Operating profit
            
58,498
      
84,409
  
                         
Financial income
    
19
      
992
      
1,112
  
Financial expense
    
19
      
(83,402
)
    
(85,166
)
Net exchange differences
    
19
      
3,073
      
(113
)
Other financial income, net
    
19
      
(1,130
)
    
2,975
  
                         
Financial expense, net
            
(80,467
)
    
(81,192
)
                         
Share of profit of associates carried under the equity method
            
8,221
      
960
  
                         
Profit/(loss) before income tax
            
(13,748
)
    
4,177
  
                         
Income tax
    
18
      
3,906
      
(15,241
)
                         
Loss for the period
            
(9,842
)
    
(11,064
)
                         
Profit attributable to non-controlling interests
            
(2,200
)
    
(8,108
)
                         
Loss for the period attributable to the Company
            
(12,042
)
    
(19,172
)
                         
Weighted average number of ordinary shares outstanding (thousands) - basic
    
21
      
112,741
      
110,386
  
Weighted average number of ordinary shares outstanding (thousands) - diluted
    
21
      
116,894
      
113,733
  
Basic earnings per share (U.S. dollar per share)
    
21
      
(0.11
)
    
(0.17
)
Diluted earnings per share (U.S. dollar per share)
    
21
      
(0.10
)
    
(0.17
)

(1)
Notes 1 to 22 form an integral part of the Consolidated Condensed Interim Financial Statements.
 
10
Consolidated condensed statements of comprehensive income for the three-month periods ended March 31, 2022 and 2021

Amounts in thousands of U.S. dollars

For the three-month period ended March 31,
  
    Note (1)
    
2022
    
2021
  
Loss for the period
          
(9,842
)
    
(11,064
)
Items that may be subject to transfer to income statement
                      
Change in fair value of cash flow hedges
          
79,781
      
28,004
  
Currency translation differences
          
(5,134
)
    
(2,480
)
Tax effect
          
(15,863
)
    
(5,510
)
                       
Net income recognized directly in equity
          
58,784
      
20,014
  
                       
Cash flow hedges
     9
      
12,140
      
14,038
  
Tax effect
            
(3,035
)
    
(3,510
)
                         
Transfers to income statement
            
9,105
      
10,528
  
                         
Other comprehensive income
            
67,889
      
30,542
  
                         
Total comprehensive income for the period
            
58,047
      
19,478
  
                         
Total comprehensive income attributable to non-controlling interests
            
(9,060
)
    
(8,346
)
                         
Total comprehensive income attributable to the Company
            
48,987
      
11,132
  

(1)
Notes 1 to 22 form an integral part of the Consolidated Condensed Interim Financial Statements.
11
Consolidated condensed statements of changes in equity for the three-month periods ended March 31, 2022 and 2021

Amounts in thousands of U.S. dollars

   
Share
capital
    
Share
premium
    
Capital
reserves
    
Other
reserves
    
Accumulated
currency
translation
differences
    
Accumulated
Deficit
    
Total
equity
attributable
to the
Company
    
Non-
controlling
interests
    
Total
equity
  
Balance as of January 1, 2021
    
10,667
      
1,011,743
      
881,745
      
96,641
      
(99,925
)
    
(373,489
)
    
1,527,382
      
213,499
      
1,740,881
  
                                                                         
Profit/(loss) for the three -month period after taxes
    
-
      
-
      
-
      
-
      
-
      
(19,172
)
    
(19,172
)
    
8,108
      
(11,064
)
Change in fair value of cash flow hedges
    
-
      
-
      
-
      
38,285
      
-
      
-
      
38,285
      
3,757
      
42,042
  
Currency translation differences
    
-
      
-
      
-
      
-
      
871
      
-
      
871
      
(3,351
)
    
(2,480
)
Tax effect
    
-
      
-
      
-
      
(8,852
)
    
-
      
-
      
(8,852
)
    
(168
)
    
(9,020
)
Other comprehensive income
    
-
      
-
      
-
      
29,433
      
871
      
-
      
30,304
      
238
      
30,542
  
                                                                         
Total comprehensive income
    
-
      
-
      
-
      
29,433
      
871
      
(19,172
)
    
11,132
      
8,346
      
19,478
  
                                                                         
Capital increase (Note 13)
     413       -       130,452       -       -       -       130,865       -       130,865  
                                                                         
Business combinations (Note 5)
     -       -       -       -       -       -       -       8,287       8,287  
                                                                         
Share-based compensation (Note 13)
     -       -       -       -       -       9,255       9,255       -       9,255  
                                                                         
Distributions (Note 13)
    
-
      
-
      
(46,519
)
    
-
      
-
      
-
      
(46,519
)
    
(4,373
)
    
(50,892
)
                                                                         
Balance as of March 31, 2021
    
11,080
      
1,011,743
      
965,678
      
126,074
      
(99,054
)
    
(383,406
)
    
1,632,115
      
225,759
      
1,857,874
  

Notes 1 to 22 form an integral part of the Consolidated Condensed Interim Financial Statements.

12
   
Share
capital
    
Share
premium
    
Capital
reserves
    
Other
reserves
    
Accumulated
currency
translation
differences
    
Accumulated
Deficit
    
Total
equity
attributable
to the
Company
    
Non-
controlling
interests
    
Total
equity
  
Balance as of January 1, 2022
    
11,240
      
872,011
      
1,020,027
      
171,272
      
(133,450
)
    
(398,701
)
    
1,542,399
      
206,206
      
1,748,605
  
                                                                         
Profit/(loss) for the three -month period after taxes
    
-
      
-
      
-
      
-
      
-
      
(12,042
)
    
(12,042
)
    
2,200
      
(9,842
)
Change in fair value of cash flow hedges
    
-
      
-
      
-
      
81,227
      
-
      
1,230
      
82,457
      
9,464
      
91,921
  
Currency translation differences
    
-
      
-
      
-
      
-
      
(4,754
)
    
-
      
(4,754
)
    
(380
)
    
(5,134
)
Tax effect
    
-
      
-
      
-
      
(16,674
)
    
-
      
-
      
(16,674
)
    
(2,224
)
    
(18,898
)
Other comprehensive income
    
-
      
-
      
-
      
64,553
      
(4,754
)
    
1,230
      
61,029
      
6,860
      
67,889
  
                                                                         
Total comprehensive income
    
-
      
-
      
-
      
64,553
      
(4,754
)
    
(10,812
)
    
48,987
      
9,060
      
58,047
  
                                                                         
Capital increase (Note 13)
    
170
      
52,231
      
(834
)
    
-
      
-
      
-
      
51,567
      
-
      
51,567
  
                                                                         
Share-based compensation (Note 13)
    
-
      
-
      
-
      
-
      
-
      
1,239
      
1,239
      
-
      
1,239
  
                                                                         
Distributions (Note 13)
    
-
      
-
      
(49,674
)
    
-
      
-
      
-
      
(49,674
)
    
(7,288
)
    
(56,962
)
                                                                         
Balance as of March 31, 2022
    
11,410
      
924,242
      
969,519
      
235,825
      
(138,204
)
    
(408,274
)
    
1,594,518
      
207,978
      
1,802,496
  

Notes 1 to 22 form an integral part of the Consolidated Condensed Interim Financial Statements.

13
Consolidated condensed cash flows statements for the three-month periods ended March 31, 2022 and 2021

Amounts in thousands of U.S. dollars

   
Note (1)
    
For the three-month periods ended
March 31,
  
         
2022
    
2021
  
I. Loss for the period
          
(9,842
)
    
(11,064
)
Financial expense and non-monetary adjustments
          
182,751
      
171,992
  
                       
II. Loss for the period adjusted by non-monetary items
          
172,909
      
160,928
  
                       
III. Changes in working capital
          
(19,048
)
    
17,099
  
                       
Net interest and income tax paid
          
(16,546
)
    
(30,872
)
                       
A. Net cash provided by operating activities
          
137,315
      
147,155
  
                       
Acquisitions of subsidiaries and entities under the equity method
    
5&7
      
(39,009
)
    
(10,744
)
Investment in contracted concessional assets
    
6
      
(5,007
)
    
(6,341
)
Distributions from entities under the equity method
    
7
      
31,870
      
8,799
  
Other non-current assets/liabilities
            
(804
)
    
1,921
  
                         
B. Net cash used in investing activities
            
(12,950
)
    
(6,365
)
                         
Proceeds from Project debt
    
15
      
-
      
9,184
  
Proceeds from Corporate debt
    
14
      
47,593
      
4,048
  
Repayment of Project debt
    
15
      
(43,882
)
    
(26,251
)
Repayment of Corporate debt     14
       (8,171 )     -  
Dividends paid to Company´s shareholders
    
13
      
(49,674
)
    
(46,519
)
Dividends paid to non-controlling interests
    
13
      
(6,221
)
    
(4,215
)
Capital increase
    
13
      
51,553
      
130,618
  
                         
C. Net cash provided by/(used in) financing activities
            
(8,802
)
    
66,865
  
                         
Net increase in cash and cash equivalents
            
115,563
      
207,655
  
                         
Cash and cash equivalents at beginning of the period
            
622,689
      
880,487
  
                         
Translation differences in cash or cash equivalent
            
749
      
(9,848
)
                         
Cash and cash equivalents at end of the period
            
739,001
      
1,078,293
  

(1)
Notes 1 to 22 form an integral part of the Consolidated Condensed Interim Financial Statements.

14
Notes to the consolidated condensed interim financial statements
Note 1.- Nature of the business
16
 
 
Note 2.- Basis of preparation
 19
 
  
Note 3.- Financial risk management
22
 
 
Note 4.- Financial information by segment
22
 
 
Note 5.- Business combinations
29
 
 
Note 6.- Contracted concessional assets
30
 
 
Note 7.- Investments carried under the equity method
31
 
 
Note 8.- Financial investments
32
 
 
Note 9.- Derivative financial instruments
32
 
 
Note 10.- Fair value of financial instruments
33
 
 
Note 11.- Related parties
33
 
 
Note 12.- Trade and other receivables
34
 
 
Note 13.- Equity
35
 
 
Note 14.- Corporate debt
36
 
 
Note 15.- Project debt
38
 
 
Note 16.- Grants and other liabilities
40
 
 
Note 17.-Trade payables and other current liabilities
40
 
 
Note 18.- Income tax
41
 
 
Note 19.- Financial expense, net
41
 
 
Note 20.- Other operating income and expenses
42
 
 
Note 21.- Earnings per share
43
 
 
Note 22.- Subsequent events
43

15
Note 1. - Nature of the business

Atlantica Sustainable Infrastructure plc (“Atlantica” or the “Company”) is a sustainable infrastructure company with a majority of its business in renewable energy assets. Atlantica currently owns, manages and invests in renewable energy, storage, efficient natural gas and heat, electric transmission lines and water assets focused on North America (the United States, Canada and Mexico), South America (Peru, Chile, Colombia and Uruguay) and EMEA (Spain, Italy, Algeria and South Africa).

Atlantica’s shares trade on the NASDAQ Global Select Market under the symbol “AY”.

On January 17, 2022, the Company closed the acquisition of Chile TL4, a 63-mile transmission line and 2 substations in Chile for a total equity investment of $39 million. The Company expects to make an expansion of the line no later than in 2023, which would represent an additional investment of approximately $8 million. The asset has fully contracted revenues in US dollars, with inflation escalation and 50-year contract life. The off-takers are several mini-hydro plants that receive contracted or regulated payments.

During the year 2021, the Company completed the following acquisitions:


-
In 2021, the Company closed the acquisition in two stages of the 85% equity interest in Rioglass Solar Holding S.A. (“Rioglass”) that it did not previously own for a total investment of $17.1 million, resulting in a 100% ownership (Note 5). Rioglass is a supplier of spare parts and services in the solar industry and the Company gained control over the asset in January 2021.

16

-
On April 7, 2021, the Company closed the acquisition of Coso, a 135 MW geothermal plant in the United States with 18-year average contract life PPAs in place. The total equity investment was $130 million (Note 5). In addition, on July 15, 2021, the Company repaid $40 million to reduce project debt.


-
On May 14, 2021, the Company closed the acquisition of Calgary District Heating, a district heating asset in Canada for a total equity investment of $22.9 million (Note 5). The asset has availability-based revenue with inflation indexation and 20 years of weighted average contract life at the time of the acquisition.


-
On June 16, 2021, the Company acquired a 49% interest in Vento II, a 596 MW wind portfolio in the United States, for a total equity investment net of cash consolidated at the transaction date of approximately $180.7 million (Note 7). EDP Renewables owns the remaining 51%. The assets have PPAs with investment grade off-takers with a five-year average remaining contract life at the time of the investment.


-
On August 6, 2021, the Company closed the acquisition of Italy PV 1 and Italy PV 2, two solar PV plants in Italy with a combined capacity of 3.7 MW for a total equity investment of $9 million (Note 5). On December 14, 2021, the Company closed the acquisition of Italy PV 3, a 2.5 MW solar PV portfolio in Italy for a total equity investment of $4 million (Note 5). These assets have regulated revenues under a feed in tariff until 2030, 2031 and 2032, respectively.


-
On November 25, 2021, the Company closed the acquisition of La Sierpe, a 20 MW solar PV plant in Colombia for a total equity investment of $23.5 million (Note 5). The asset was acquired under a Right of First Offer (“ROFO”) agreement with Liberty GES.

17
The following table provides an overview of the main contracted concessional assets the Company owned or had an interest in as of March 31, 2022:

Assets
Type
Ownership
Location
Currency(9)
Capacity
(Gross)
Counterparty
Credit Ratings(10)
COD*
Contract
Years
Remaining(16)
                 
Solana
Renewable (Solar)
100%
Arizona (USA)
USD
280 MW
BBB+/A3/BBB+
2013
22
Mojave
Renewable (Solar)
100%
California (USA)
USD
280 MW
BB-/ -- /BB
2014
18
Coso
 Renewable (Geothermal) 100% California (USA) USD 135 MW Investment Grade(11) 1987-1989 17
Elkhorn Valley
 Renewable (Wind) 49% Oregon (USA) USD 101 MW BBB/A3/-- 2007 6
Prairie Star
 Renewable (Wind) 49% Minnesota (USA) USD 101 MW --/A3/A- 2007 6
Twin Groves II
 Renewable (Wind) 49% Illinois (USA) USD 198 MW BBB-/Baa2/-- 2008 4
Lone Star II
 Renewable (Wind) 49% Texas (USA) USD 196 MW Not rated 2008 1
Chile PV 1
Renewable (Solar)
35%(1)
Chile
USD
55 MW
N/A
2016
N/A
Chile PV 2
Renewable (Solar)
35%(1)
Chile
USD
40 MW
Not rated
2017
9
La Sierpe
 Renewable (Solar) 100% Colombia COP 20 MW Not rated 2021 14
Palmatir
 Renewable (Wind) 100% Uruguay USD 50 MW BBB/Baa2/BBB-(12) 2014 12
Cadonal
 Renewable (Wind) 100% Uruguay USD 50 MW BBB/Baa2/BBB-(12) 2014 13
Melowind
 Renewable (Wind) 100% Uruguay USD 50 MW BBB/Baa2/BBB- 2015 14
Mini-Hydro
 Renewable (Hydraulic) 100% Peru USD 4 MW BBB+/Baa1/BBB 2012 11
Solaben 2 & 3
Renewable (Solar)
70%(2)
Spain
Euro
2x50 MW
A/Baa1/A-
2012
16/16
Solacor 1 & 2
Renewable (Solar)
87%(3)
Spain
Euro
2x50 MW
A/Baa1/A-
2012
15/15
PS10 & PS20
Renewable (Solar)
100%
Spain
Euro
31 MW
A/Baa1/A-
2007&2009
10/12
Helioenergy 1 & 2
Renewable (Solar)
100%
Spain
Euro
2x50 MW
A/Baa1/A-
2011
15/15
Helios 1 & 2
Renewable (Solar)
100%
Spain
Euro
2x50 MW
A/Baa1/A-
2012
15/16
Solnova 1, 3 & 4
Renewable (Solar)
100%
Spain
Euro
3x50 MW
A/Baa1/A-
2010
13/13/14
Solaben 1 & 6
Renewable (Solar)
100%
Spain
Euro
2x50 MW
A/Baa1/A-
2013
17/17
Seville PV
Renewable (Solar)
80%(4)
Spain
Euro
1 MW
A/Baa1/A-
2006
14
Italy PV 1
 Renewable (Solar) 100% Italy Euro 1.6 MW BBB/Baa3/BBB 2010 9
Italy PV 2
 Renewable (Solar) 100% Italy Euro 2.1 MW BBB/Baa3/BBB 2011 9
Italy PV 3
 Renewable (Solar) 100% Italy Euro 2.5 MW BBB/Baa3/BBB 2012 10
Kaxu
Renewable (Solar)
51%(5)
South Africa
Rand
100 MW
BB-/Ba2/BB-(13)
2015
13
Calgary
Efficient natural gas &heat
100%
Canada
CAD
55 MWt
~41% A+ or higher(14)
2010
19
ACT
Efficient natural gas & heat
100%
Mexico
USD
300 MW
BBB/ Ba3/BB-
2013
11
Monterrey Efficient natural gas &heat 30% Mexico USD 142 MW Not rated
 2018 17
ATN (15)
Transmission line
100%
Peru
USD
379 miles
BBB/Baa1/BBB
2011
19
ATS
Transmission line
100%
Peru
USD
569 miles
BBB/Baa1/BBB
2014
22
ATN 2
Transmission line
100%
Peru
USD
81 miles
Not rated
2015
11
Quadra 1 & 2
Transmission line
100%
Chile
USD
49 miles/32 miles
Not rated
2014
13/13
Palmucho
Transmission line
100%
Chile
USD
6 miles
BBB/ -- /A-
2007
16
Chile TL3
Transmission line
100%
Chile
USD
50 miles
A/A1/A-
1993
Regulated
Chile TL4 Transmission line
 100%
  Chile
  USD
  63 miles
  Not rated
  2016
  50
Skikda
Water
34.2%(6)
Algeria
USD
3.5 M ft3/day
Not rated
2009
12
Honaine
Water
25.5%(7)
Algeria
USD
7 M ft3/day
Not rated
2012
16
Tenes
Water
51%(8)
Algeria
USD
7 M ft3/day
Not rated
2015
18

18
(1)
65% of the shares in Chile PV 1 and Chile PV 2 are indirectly held by financial partners through the renewable energy platform of the Company in Chile.
(2)
Itochu Corporation holds 30% of the shares in each of Solaben 2 and Solaben 3.
(3)
JGC holds 13% of the shares in each of Solacor 1 and Solacor 2.
(4)
Instituto para la Diversificación y Ahorro de la Energía (“Idae”) holds 20%of the shares in Seville PV.
(5)
Kaxu is owned by the Company (51%), Industrial Development Corporation of South Africa (29%) and Kaxu Community Trust (20%).
(6)
Algerian Energy Company, SPA owns 49% of Skikda and Sacyr Agua, S.L. owns the remaining 16.8%.
(7)
Algerian Energy Company, SPA owns 49% of Honaine and Sacyr Agua, S.L. owns the remaining 25.5%.
(8)
Algerian Energy Company, SPA owns 49% of Tenes.
(9)
Certain contracts denominated in U.S. dollars are payable in local currency.
(10)
Reflects the counterparty’s credit ratings issued by Standard & Poor’s Ratings Services, or S&P, Moody’s Investors Service Inc., or Moody’s, and Fitch Ratings Ltd, or Fitch.
(11)
Refers to the credit rating of two Community Choice Aggregators: Silicon Valley Clean Energy and Monterrey Bar Community Power, both with A Rating from S&P and Southern California Public Power Authority. The third off-taker is not rated.
(12)
Refers to the credit rating of Uruguay, as UTE (Administración Nacional de Usinas y Transmisoras Eléctricas) is unrated.
(13)
Refers to the credit rating of the Republic of South Africa. The off-taker is Eskom, which is a state-owned utility company in South Africa.
(14)
Refers to the credit rating of a diversified mix of 22 high credit quality clients (~41% A+ rating or higher, the rest is unrated).
(15)
Including ATN Expansion 1 & 2.
(16)
As of December 31, 2021.
(*)
Commercial Operation Date.

The Kaxu project financing arrangement contained cross-default provisions related to Abengoa such that debt defaults by Abengoa, subject to certain threshold amounts and/or a restructuring process, could trigger a default under the Kaxu project financing arrangement. The insolvency filing by the individual company Abengoa S.A. in February 2021 represented a theoretical event of default under the Kaxu project finance agreement. In September 2021, the Company obtained a waiver for such theoretical event of default which was conditional upon the replacement of the operation and maintenance supplier of the plant, which was an Abengoa subsidiary. On February 1, 2022, the Company transferred the employees performing the operation and maintenance services to an Atlantica subsidiary. The lenders confirmed that all the conditions precedent to the waiver were fulfilled as of March 31, 2022 and the waiver became effective as of that date. As a result, as of March 31, 2022, the Company has again an unconditional right to defer the settlement of the debt for at least twelve months, and therefore the debt previously presented as current (as of December 31, 2021) has been reclassified as non-current in accordance with the financing agreements in these Consolidated Condensed Interim Financial Statements (Note 15).
As expected, the Administration in Spain has recently approved measures to adjust the regulated revenue component for renewable energy plants, following the increase since mid 2021 in the revenue these plants receive from sales of electricity in the market. On March 30, 2022, the Royal Decree Law 6/2022 was published, adopting urgent measures in response to the economic and social consequences of the war in Ukraine. This Royal Decree Law contains a bundle of measures in diverse fields, including those targeted at containing the sharp rise in the prices of gas and electricity. It includes temporary changes to the detailed regulated components of revenue received by the solar assets of the Company in Spain, which are applicable from January 1, 2022, as follows:
 

-
The statutory half-period of three years from 2020 to 2022 has been split into two statutory half-periods (1) from January 1, 2020 until December 31, 2021 and (2) calendar year 2022. As a result, the fixed monthly payment based on installed capacity (Remuneration on Investment or Rinv) for calendar year 2022 will be revised.
 

-
The market price assumed by the regulation for calendar year 2022 was changed from €48.82 per MWh to an expected price of €110.4 per MWh (after applying the correction factor for the technology). There is an expectation that the variable payment based on net electricity produced (Remuneration on operation or Ro), which is expressed in €/MW, will also be adjusted, although details have not been published as of the date of these Consolidated Condensed Interim Financial Statements.
 

-
For the three-year half-period starting on January 1, 2023 and ending on December 31, 2025, the adjustment mechanism for electricity market price deviations in the preceding statutory half-period will no longer apply.
 
The Company expects the detailed components of pricing to be published within a two-month period following the publication of the Royal Decree Law. With the information currently available, it is not possible to measure the potential economic impact of these temporary measures.
 
Note 2. - Basis of preparation

The accompanying Consolidated Condensed Interim Financial Statements represent the consolidated results of the Company and its subsidiaries.

The Company’s annual consolidated financial statements as of December 31, 2021, were approved by the Board of Directors on February 25, 2022.

19
These Consolidated Condensed Interim Financial Statements are presented in accordance with International Accounting Standards (“IAS”) 34, “Interim Financial Reporting”. In accordance with IAS 34, interim financial information is prepared solely in order to update the most recent annual consolidated financial statements prepared by the Company, placing emphasis on new activities, occurrences and circumstances that have taken place during the three-month period ended March 31, 2022, and not duplicating the information previously published in the annual consolidated financial statements for the year ended December 31, 2021. Therefore, the Consolidated Condensed Interim Financial Statements do not include all the information that would be required in a complete set of consolidated financial statements prepared in accordance with the IFRS-IASB (“International Financial Reporting Standards-International Accounting Standards Board”). In view of the above, for an adequate understanding of the information, these Consolidated Condensed Interim Financial Statements must be read together with Atlantica’s consolidated financial statements for the year ended December 31, 2021 included in the 2021 20-F.

In determining the information to be disclosed in the notes to the Consolidated Condensed Interim Financial Statements, Atlantica, in accordance with IAS 34, has taken into account its materiality in relation to the Consolidated Condensed Interim Financial Statements.

The Consolidated Condensed Interim Financial Statements are presented in U.S. dollars, which is the Company’s functional and presentation currency. Amounts included in these Consolidated Condensed Interim Financial Statements are all expressed in thousands of U.S. dollars, unless otherwise indicated.

In January 2021 the Company closed the acquisition of Rioglass increasing its stake to 57.5%. The Company initially classified the investment as held for sale in the Consolidated Condensed Interim Financial Statements for the period ended March 31, 2021. Nevertheless, the accounting requirements of IFRS 5, Non-current Assets Held for Sale and Discontinued Operations, to classify the investment as held for sale were no longer fulfilled from the second quarter of 2021 given that the sale was no longer considered highly probable. Accordingly, as prescribed in IFRS 5, the investment was fully consolidated from the acquisition date in January 2021. As a result, the consolidated condensed income statement and cash flow statement for the three-month period ended March 31, 2021 have been restated in these Consolidated Interim Financial Statements, to conform to the current period presentation.

These Consolidated Condensed Interim Financial Statements were approved by the Board of Directors of the Company on May 5, 2022.

Application of new accounting standards

a)
Standards, interpretations and amendments effective from January 1, 2022 under IFRS-IASB, applied by the Company in the preparation of these Consolidated Condensed Interim Financial Statements:
 
The applications of these amendments have not had any impact on these Consolidated Condensed Interim Financial Statements.

b)
Standards, interpretations and amendments published by the IASB that will be effective for periods beginning on or after January 1, 2023:

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The Company does not anticipate any significant impact on the Consolidated Condensed Interim Financial Statements derived from the application of the new standards and amendments that will be effective for annual periods beginning on or after January 1, 2023, although it is currently still in the process of evaluating such application.

The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

Use of estimates

Some of the accounting policies applied require the application of significant judgment by management to select the appropriate assumptions to determine these estimates. These assumptions and estimates are based on the Company´s historical experience, advice from experienced consultants, forecasts and other circumstances and expectations as of the close of the financial period. The assessment is considered in relation to the global economic situation of the industries and regions where the Company operates, taking into account future development of its businesses. By their nature, these judgments are subject to an inherent degree of uncertainty; therefore, actual results could materially differ from the estimates and assumptions used. In such cases, the carrying values of assets and liabilities are adjusted.

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The most critical accounting policies, which require significant management estimates and judgment are as follows:

  ●
Assessment of contracted concessional agreements.

  ●
Impairment of contracted concessional assets.

  ●
Assessment of control.

  ●
Derivative financial instruments and fair value estimates.

  ●
Income taxes and recoverable amount of deferred tax assets.

As of the date of preparation of these Consolidated Condensed Interim Financial Statements, no relevant changes in estimates made are anticipated and, therefore, no significant changes in the value of assets and liabilities recognized at March 31, 2022, are expected.

Although these estimates and assumptions are being made using all available facts and circumstances, it is possible that future events may require management to amend such estimates and assumptions in future periods. Changes in accounting estimates are recognized prospectively, in accordance with IAS 8, in the consolidated income statement of the period in which the change occurs.

Note 3. - Financial risk management

Atlantica’s activities are exposed to various financial risks: market risk (including currency risk and interest rate risk), credit risk and liquidity risk. Risk is managed by the Company’s Risk, Finance and Compliance Departments, which are responsible for identifying and evaluating financial risks, quantifying them by project, region and company, in accordance with mandatory internal management rules. Written internal policies exist for global risk management, as well as for specific areas of risk. In addition, there are official written management regulations regarding key controls and control procedures for each company and the implementation of these controls is monitored through internal audit procedures.

These Consolidated Condensed Interim Financial Statements do not include all financial risk management information and disclosures required for annual financial statements and should be read together with the information included in Note 3 to Atlantica’s annual consolidated financial statements as of December 31, 2021 included in the 2021 20-F.

Note 4. - Financial information by segment

Atlantica’s segment structure reflects how management currently makes financial decisions and allocates resources. Its operating and reportable segments are based on the following geographies where the contracted concessional assets are located: North America, South America and EMEA. In addition, based on the type of business, as of March 31, 2022, the Company had the following business sectors: Renewable energy, Efficient natural gas and heat, Transmission lines and Water.

Atlantica’s Chief Operating Decision Maker (CODM), which is the CEO, assesses the performance and assignment of resources according to the identified operating segments. The CODM considers the revenue as a measure of the business activity and the Adjusted EBITDA as a measure of the performance of each segment. Adjusted EBITDA is calculated as profit/(loss) for the period attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interests, income tax expense, financial expense (net), depreciation, amortization and impairment charges of entities included in the these Consolidated Condensed Interim Financial Statements and depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of Atlantica’s equity ownership). Until September 30, 2021 adjusted EBITDA excluded share of profit/(loss) of associates carried under the equity method and did not include depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of Atlantica’s equity ownership). Prior periods have been presented accordingly.

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In order to assess performance of the business, the CODM receives reports of each reportable segment using revenue and Adjusted EBITDA. Net interest expense evolution is assessed on a consolidated basis. Financial expense and amortization are not taken into consideration by the CODM for the allocation of resources.

In the three-month period ended March 31, 2022, Atlantica had one customer with revenues representing more than 10% of total revenue, in the renewable energy business sector. In the three-month period ended March 31, 2021, Atlantica had three customers with revenues representing more than 10% of the total revenue, two in the renewable energy and one in the efficient natural gas and heat business sectors.

a)
The following tables show Revenue and Adjusted EBITDA by operating segments and business sectors for the three-month periods ended March 31, 2022 and 2021:

   
Revenue
    
Adjusted EBITDA
  
   
For the three-month period ended
March 31,
    
For the three-month period ended
March 31,
  
   
($ in thousands)
  
Geography
  
2022
    
2021
    
2022
    
2021
  
North America
    
74,304
      
60,585
      
58,266
      
40,287
  
South America
    
38,528
      
38,308
      
29,129
      
29,943
  
EMEA
    
134,620
      
169,285
      
86,231
      
101,019
  
Total
    
247,452
      
268,178
      
173,626
      
171,249
  

   
Revenue
    
Adjusted EBITDA
  
   
For the three-month period ended
March 31,
    
For the three-month period ended
March 31,
  
   
($ in thousands)
  
Business sector
  
2022
    
2021
    
2022
    
2021
  
Renewable energy
    
182,101
      
199,679
      
122,223
      
117,036
  
Efficient natural gas & heat
    
25,327
      
28,408
      
21,699
      
23,182
  
Transmission lines
    
26,620
      
26,614
      
20,523
      
21,203
  
Water
    
13,404
      
13,477
      
9,181
      
9,828
  
Total
    
247,452
      
268,178
      
173,626
      
171,249
  

The reconciliation of segment Adjusted EBITDA with the loss attributable to the Company is as follows:

   
For the three-month period ended
March 31,
($ in thousands)
  
   
2022
    
2021
  
Loss attributable to the Company
    
(12,042
)
    
(19,172
)
Profit attributable to non-controlling interests
    
2,200
      
8,108
  
Income tax
    
(3,906
)
    
15,241
  
Financial expense, net
    
80,467
      
81,192
  
Depreciation, amortization, and impairment charges
    
100,925
      
83,541
  
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of Atlantica’s equity ownership)
     5,982       2,339  
Total segment Adjusted EBITDA
    
173,626
      
171,249
  

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b)
The assets and liabilities by operating segments (and business sector) as of March 31, 2022 and December 31, 2021 are as follows:

Assets and liabilities by geography as of March 31, 2022:

   
North
America
    
South
America
    
EMEA
    
Balance as of
March 31,
2022
  
   
($ in thousands)
  
Assets allocated
                        
Contracted concessional assets
    
3,317,648
      
1,257,673
      
3,356,561
      
7,931,882
  
Investments carried under the equity method
    
243,043
      
-
      
41,986
      
285,029
  
Current financial investments
    
116,125
      
28,554
      
41,237
      
185,916
  
Cash and cash equivalents (project companies)
    
183,006
      
96,186
      
345,953
      
625,145
  
Subtotal allocated
    
3,859,822
      
1,382,413
      
3,785,737
      
9,027,972
  
Unallocated assets
                                
Other non-current assets
                            
277,989
  
Other current assets (including cash and cash equivalents at holding company level)
                            
449,507
  
Subtotal unallocated
                            
727,496
  
Total assets
                            
9,755,468
  

   
North
America
    
South
America
    
EMEA
    
Balance as of
March 31,
2022
  
   
($ in thousands)
  
Liabilities allocated
                        
Long-term and short-term project debt
    
1,799,441
      
873,713
      
2,363,853
      
5,037,007
  
Grants and other liabilities
    
1,033,773
      
15,577
      
202,228
      
1,251,578
  
Subtotal allocated
    
2,833,214
      
889,290
      
2,566,081
      
6,288,585
  
Unallocated liabilities
                            
 
Long-term and short-term corporate debt
                            
1,056,145
  
Other non-current liabilities
                            
453,940
  
Other current liabilities
                            
154,302
  
Subtotal unallocated
                            
1,664,387
  
Total liabilities
                            
7,952,972
  
Equity unallocated
                            
1,802,496
  
Total liabilities and equity unallocated
                            
3,466,883
  
Total liabilities and equity
                            
9,755,468
  

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Table of Contents
Assets and liabilities by geography as of December 31, 2021:

   
North
America
    
South
America
    
EMEA
    
Balance as of
December 31,
2021
  
   
($ in thousands)
  
Assets allocated
                        
Contracted concessional assets
    
3,355,669
      
1,231,276
      
3,434,623
      
8,021,568
  
Investments carried under the equity method
    
253,221
      
-
      
41,360
      
294,581
  
Current financial investments
    
135,224
      
28,155
      
44,000
      
207,379
  
Cash and cash equivalents (project companies)
    
171,744
      
74,149
      
287,655
      
533,548
  
Subtotal allocated
    
3,915,858
      
1,333,580
      
3,807,638
      
9,057,076
  
Unallocated assets
                                
Other non-current assets
                            
268,876
  
Other current assets (including cash and cash equivalents at holding company level)
                            
425,978
  
Subtotal unallocated
                            
694,854
  
Total assets
                            
9,751,930
  

   
North
America
    
South
America
    
EMEA
    
Balance as of
December 31,
2021
  
   
($ in thousands)
  
Liabilities allocated
                        
Long-term and short-term project debt
    
1,792,739
      
887,497
      
2,355,957
      
5,036,193
  
Grants and other liabilities
    
1,051,679
      
14,445
      
197,620
      
1,263,744
  
Subtotal allocated
    
2,844,418
      
901,942
      
2,553,577
      
6,299,937
  
Unallocated liabilities
                            
 
Long-term and short-term corporate debt
                            
1,023,071
  
Other non-current liabilities
                            
532,312
  
Other current liabilities
                            
148,005
  
Subtotal unallocated
                            
1,703,388
  
Total liabilities
                            
8,003,325
  
Equity unallocated
                            
1,748,605
  
Total liabilities and equity unallocated
                            
3,451,993
  
Total liabilities and equity
                            
9,751,930
  

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Table of Contents
Assets and liabilities by business sector as of March 31, 2022:

   
Renewable
energy
    
Efficient
natural
gas & heat
    
Transmission
lines
    
Water
    
Balance as of
March 31,
2022
  
   
($ in thousands)
  
Assets allocated
                              
Contracted concessional assets
    
6,430,438
      
510,580
      
830,053
      
160,811
      
7,931,882
  
Investments carried under the equity method
    
230,737
      
14,692
      
-
      
39,600
      
285,029
  
Current financial investments
    
2,521
      
115,497
      
28,335
      
39,563
      
185,916
  
Cash and cash equivalents (project companies)
    
494,425
      
41,092
      
66,348
      
23,280
      
625,145
  
Subtotal allocated
    
7,158,121
      
681,861
      
924,736
      
263,254
      
9,027,972
  
Unallocated assets
                                        
Other non-current assets
                                    
277,989
  
Other current assets (including cash and cash equivalents at holding company level)
                                    
449,507
  
Subtotal unallocated
                                    
727,496
  
Total assets
                                    
9,755,468
  

   
Renewable
energy
    
Efficient
natural gas
& heat
    
Transmission
lines
    
Water
    
Balance as of
March 31,
2022
  
   
($ in thousands)
  
Liabilities allocated
                              
Long-term and short-term project debt
    
3,865,853
      
470,890
      
608,062
      
92,202
      
5,037,007
  
Grants and other liabilities
    
1,232,324
      
11,272
      
5,661
      
2,321
      
1,251,578
  
Subtotal allocated
    
5,098,177
      
482,162
      
613,723
      
94,523
      
6,288,585
  
Unallocated liabilities
                                    
 
Long-term and short-term corporate debt
                                    
1,056,145
  
Other non-current liabilities
                                    
453,940
  
Other current liabilities
                                    
154,302
  
Subtotal unallocated
                                    
1,664,387
  
Total liabilities
                                    
7,952,972
  
Equity unallocated
                                    
1,802,496
  
Total liabilities and equity unallocated
                                    
3,466,883
  
Total liabilities and equity
                                    
9,755,468
  

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Assets and liabilities by business sector as of December 31, 2021:

   
Renewable
energy
    
Efficient
natural gas
& heat
    
Transmission
lines
    
Water
    
Balance as of
December 31,
2021
  
   
($ in thousands)
  
Assets allocated
                              
Contracted concessional assets
    
6,533,408
      
517,247
      
805,987
      
164,926
      
8,021,568
  
Investments carried under the equity method
    
240,302
      
15,358
      
-
      
38,921
      
294,581
  
Current financial investments
    
10,761
      
128,461
      
27,813
      
40,344
      
207,379
  
Cash and cash equivalents (project companies)
    
442,213
      
25,392
      
44,574
      
21,369
      
533,548
  
Subtotal allocated
    
7,226,684
      
686,458
      
878,374
      
265,560
      
9,057,076
  
Unallocated assets
                                      
Other non-current assets
                                    
268,876
  
Other current assets (including cash and cash equivalents at holding company level)
                                    
425,978
  
Subtotal unallocated
                                    
694,854
  
Total assets
                                    
9,751,930
  

   
Renewable
energy
    
Efficient
natural gas
& heat
    
Transmission
lines
    
Water
    
Balance as of
December 31,
2021
  
   
($ in thousands)
  
Liabilities allocated
                              
Long-term and short-term project debt
    
3,857,313
      
478,724
      
602,278
      
97,878
      
5,036,193
  
Grants and other liabilities
    
1,244,346
      
11,212
      
5,795
      
2,391
      
1,263,744
  
Subtotal allocated
    
5,101,659
      
489,936
      
608,073
      
100,269
      
6,299,937
  
Unallocated liabilities
                                      
Long-term and short-term corporate debt
                                    
1,023,071
  
Other non-current liabilities
                                    
532,312
  
Other current liabilities
                                    
148,005
  
Subtotal unallocated
                                    
1,703,388
  
Total liabilities
                                    
8,003,325
  
Equity unallocated
                                    
1,748,605
  
Total liabilities and equity unallocated
                                    
3,451,993
  
Total liabilities and equity
                                    
9,751,930
  

27
c)
The amount of depreciation, amortization and impairment charges recognized for the three-month periods ended March 31, 2022 and 2021 are as follows:

 
For the three-month period ended
March 31,
  
Depreciation, amortization and impairment by geography
2022
     2021
  
  ($ in thousands)  
North America
    
(31,692
)
    
(12,627
)
South America
    
(14,205
)
    
(13,811
)
EMEA
    
(55,028
)
    
(57,103
)
Total
    
(100,925
)
    
(83,541
)

   
For the three-month period ended
March 31,
  
Depreciation, amortization and impairment by business sectors
  
2022
    
2021
  
   
($ in thousands)
  
Renewable energy
    
(95,270
)
    
(93,571
)
Efficient natural gas & heat
    
2,144
      
17,357
  
Transmission lines
    
(7,407
)
    
(7,749
)
Water
    
(392
)
    
422
  
Total
    
(100,925
)
    
(83,541
)

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Note 5. – Business combinations


For the three-month period ended March 31, 2022



On January 17, 2022, the Company closed the acquisition of Chile TL4, a 63-mile transmission line and 2 substations in Chile for a total equity investment of $39 million. Atlantica has control over Chile TL4 under IFRS 10, Consolidated Financial Statements. The acquisition of Chile TL4 has been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. Chile TL4 is included within the Transmission Lines sector and the South America geography.



The fair value of assets and liabilities consolidated at the effective acquisition date is shown in the following table:


   
Business
combinations
for the three-month
period ended
March 31, 2022
  
Contracted concessional assets
    
33,000
  
Other current assets
    
5,358
  
Total net assets acquired at fair value
    
38,358
  
Asset acquisition – purchase price paid
    
(38,358
)
Net result of business combinations
    
-
  



The purchase price equals the fair value of the net assets acquired.



The allocation of the purchase price is provisional as of March 31, 2022 and amounts indicated above may be adjusted during the measurement period to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized as of March 31, 2022. The measurement period will not exceed one year from the acquisition date.



The amount of revenue contributed by the acquisition performed during the three-month period ended March 31, 2022 to the Consolidated Condensed Interim Financial Statements of the Company as of March 31, 2022 is $0.7 million, and the amount of loss after tax is $0.4 million. Had the acquisition been consolidated from January 1, 2022, the consolidated statement of comprehensive income would have included additional revenue of $0.2 million and profit after tax of $0.1 million.

For the year ended December 31, 2021

On January 6, 2021, the Company completed its second investment through its Chilean renewable energy platform in a 40 MW solar PV plant, Chile PV 2, located in Chile, for approximately $5 million. Atlantica has control over Chile PV 2 under IFRS 10, Consolidated Financial Statements. The acquisition of Chile PV 2 had been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations, showing 65% of non-controlling interests. Chile PV 2 is included within the Renewable energy sector and the South America geography.

On January 8, 2021, the Company completed the purchase of an additional 42.5% stake in Rioglass, a supplier of spare parts and services to the solar industry, increasing its stake from 15% to 57.5% and gaining control over the business under IFRS 10, Consolidated Financial Statements. The purchase price paid was $8.6 million, and the Company paid an additional $3.7 million (deductible from the final payment) for an option to acquire the remaining 42.5% under the same conditions until September 2021. On July 22, 2021, the Company exercised the option paying an additional $4.8 million, becoming the sole shareholder of the entity. Rioglass is included within the Renewable energy sector and the EMEA geography. The acquisition of Rioglass has been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations.


On April 7, 2021, the Company closed the acquisition of Coso, a 135 MW renewable asset in California. The purchase price paid was $130 million. Atlantica has control over Coso under IFRS 10, Consolidated Financial Statements and its acquisition had been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. Coso is included within the Renewable energy sector and the North America geography.



On May 14, 2021, the Company closed the acquisition of Calgary District Heating, a district heating asset of approximately 55 MWt in Canada. The purchase price paid was approximately $22.9 million. The acquisition had been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. Calgary District Heating is included within the Efficient natural gas and heat sector and the North America geography.


On August 6, 2021, the Company closed the acquisition of Italy PV 1 and Italy PV 2, two solar PV plants in Italy with a combined capacity of 3.7 MW for a total equity investment of $9 million. The acquisition had been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. These assets are included within the Renewable energy sector and the EMEA geography.



On November 25, 2021, the Company closed the acquisition of La Sierpe, a 20 MW solar PV plant in Colombia for a total equity investment of approximately $23.5 million. The acquisition had been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. La Sierpe is included within the Renewable energy sector and the South America geography.


On December 14, 2021, the Company closed the acquisition of Italy PV 3, a 2.5 MW solar asset in Italy for a total equity investment of approximately $4 million. The acquisition had been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. Italy PV 3 is included within the Renewable Energy sector and the EMEA geography.

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The fair value of assets and liabilities consolidated at the effective acquisition date is shown in the following table:

   
Business combinations
for the year ended December 31, 2021
  
    Coso     Other
    Total
 
Contracted concessional assets
     383,153
       159,575
       542,728
  
Deferred tax asset
     -
       4,410
       4,410
  
Other non-current assets     11,024
       1,943
       12,967
  
Cash & cash equivalents
     6,363
       14,649
       21,012
  
Other current assets
     14,378
       46,632
       61,010
  
Non-current Project debt
     (248,544
 )
     (39,808
 )
     (288,352
 )
Current Project debt
     (13,415
 )
     (25,366
 )
     (38,781
 )
Deferred tax liabilities
     -
       (4,910
 )
     (4,910
 )
Other current and non-current liabilities
     (22,959
 )
     (64,922
 )
     (87,881
 )
Non-controlling interests
     -
       (8,287
 )
     (8,287
 )
Total net assets acquired at fair value
     130,000
       83,916
       213,916
  
Asset acquisition – purchase price paid
     (130,000
 )
     (80,868
 )
     (210,868
 )
Fair value of previously held 15% stake in Rioglass
     -
       (3,048
 )
     (3,048
 )
Net result of business combinations
     -
       -
       -
  
 
The purchase price equaled the fair value of the net assets acquired.



The amount of revenue contributed by the acquisitions performed during 2021 to the Consolidated Financial Statements of the Company for the year 2021 was $163.5 million, and the amount of profit after tax was $0.8 million. Had the acquisitions been consolidated from January 1, 2021, the consolidated statement of comprehensive income would have included additional revenue of $17.7 million and additional profit after tax of $3.3 million.



In January 2022, the provisional period for the purchase price allocation of Chile PV 2 and Rioglass closed and did not result in significant adjustments to the initial amounts recognized.

 Note 6. - Contracted concessional assets

Contracted concessional assets correspond to the assets of the Company recorded as intangible or financial assets in accordance with IFRIC 12, property plant and equipment in accordance with IAS 16, intangible assets in accordance with IAS 38 and financial asset in accordance with IFRS 16.

The detail of contracted concessional assets included in the heading ‘Contracted concessional assets’ as of March 31, 2022 and December 31, 2021 is as follows:

   
Financial
assets under
IFRIC 12
    
Financial
assets under
IFRS 16
    
Intangible
assets under
IFRIC 12
    
Intangible
assets under
IFRS 16
(Lessee)
    
Property,
plant and equipment under
IAS 16 and
other
intangible
assets under
IAS 38
    
Balance as of
March 31,
2022
  
   
($ in thousands)
  
Contracted concessional assets cost
    
859,299
      
2,841
      
9,177,949
      
81,274
      
904,885
      
11,026,248
  
Amortization and impairment
    
(60,227
)
    
-
      
(2,856,008
)
    
(14,862
)
    
(163,269
)
    
(3,094,366
)
Total
    
799,072
      
2,841
      
6,321,941
      
66,412
      
741,616
      
7,931,882
  

   
Financial
assets under
IFRIC 12
    
Financial
assets under
IFRS 16
    
Intangible
assets under
IFRIC 12
    
Intangible
assets under
IFRS 16
(Lessee)
    
Property,
plant and equipment under
IAS 16 and
other
intangible
assets under
IAS 38
    
Balance as of December
31, 2021
  
   
($ in thousands)
  
Contracted concessional assets cost
    
874,525
      
2,843
      
9,202,539
      
82,818
      
856,410
      
11,019,135
  
Amortization and impairment
    
(62,889
)
    
-
      
(2,769,345
)
    
(14,105
)
    
(151,228
)
    
(2,997,567
)
Total
    
811,636
      
2,843
      
6,433,194
      
68,713
      
705,182
      
8,021,568
  

30
No losses from impairment of contracted concessional assets, excluding the change in the provision for expected credit losses under IFRS 9, Financial instruments, were recorded during the three-month periods ended March 31, 2022 and 2021. The impairment provision based on the expected credit losses on contracted concessional financial assets decreased by $3 million in the three-month period ended March 31, 2022 (decrease of $18 million in the three-month period ended March 31, 2021), primarily in ACT.

Note 7. - Investments carried under the equity method

The table below shows the breakdown of the investments held in associates as of March 31, 2022 and December 31, 2021:

   
Balance as of
March 31,
2022
    
Balance as of
December 31,
2021
  
   
($ in thousands)
  
2007 Vento II, LLC     193,441       195,952  
Windlectric Inc
    
34,910
      
41,911
  
Myah Bahr Honaine, S.P.A.
    
39,600
      
38,922
  
Pemcorp SAPI de CV
    
14,692
      
15,358
  
Pectonex, R.F. Proprietary Limited
    
1,472
      
1,495
  
Evacuación Valdecaballeros, S.L.
    
881
      
923
  
ABY Infraestructuras S.L.U.
    
33
      
21
  
Total
    
285,029
      
294,581
  

2007 Vento II, LLC, is the holding company of a 596 MW portfolio of wind assets in the U.S., 49% owned by Atlantica since June 16, 2021, and accounted for under the equity method in these Consolidated Condensed Interim Financial Statements (Note 1).

Windlectric Inc., the project entity, is 100% owned by Amherst Island Partnership, which is accounted for under the equity method in these Consolidated Condensed Interim Financial Statements.

Myah Bahr Honaine, S.P.A., the project entity, is 51% owned by Geida Tlemcen, S.L., which is accounted for using the equity method in these Consolidated Condensed Interim Financial Statements. Geida Tlemcen, S.L. is 50% owned by Atlantica.

Pemcorp SAPI de CV, Monterrey´s project entity, is 100% owned by Arroyo Netherlands II B.V., which is accounted for under the equity method in these Consolidated Condensed Interim Financial Statements. Arroyo Netherlands II B.V. is 30% owned by Atlantica.

The decrease in investments carried under the equity method as of March 31, 2022, is primarily due to the distributions received by Atlantica Yield Energy Solutions Canada Inc. (“AYES Canada”) from Amherst Island Partnership for $7.5 million. A significant portion of the distributions received from Amherst are distributed by the Company to its partner in this project (Note 13).

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Table of Contents
Note 8. - Financial investments

The detail of Non-current and Current financial investments as of March 31, 2022 and December 31, 2021 is as follows:

   
Balance as of
March 31,
2022
    
Balance as of
December 31,
2021
  
   
($ in thousands)
  
Fair Value through OCI (Investment in Ten West link)
    
15,959
      
14,459
  
Derivative assets (Note 9)
    
32,102
      
10,807
  
Other receivable accounts at amortized cost
    
70,883
      
71,342
  
Total non-current financial investments
    
118,944
      
96,608
  
Contracted concessional financial assets
    
182,145
      
188,912
  
Derivative assets (Note 9)
    
2,475
      
2,153
  
Other receivable accounts at amortized cost
    
1,296
      
16,314
  
Total current financial investments
    
185,916
      
207,379
  

Investment in Ten West Link is a 12.5% interest in a 114-mile transmission line in the U.S., currently under development.

Note 9. - Derivative financial instruments

The breakdowns of the fair value amount of the derivative financial instruments as of March 31, 2022 and December 31, 2021 are as follows:

   
Balance as of March 31, 2022
    
Balance as of December 31, 2021
  
   
($ in thousands)
  
   
Assets
    
Liabilities
    
Assets
    
Liabilities
  
Interest rate cash flow hedge
    
30,502
      
137,095
      
9,550
      
206,763
  
Foreign exchange derivatives instruments
    
4,075
      
-
      
3,410
      
-
  
Notes conversion option (Note 14)
    
-
      
14,766
      
-
      
16,690
  
Total
    
34,577
      
151,861
      
12,960
      
223,453
  

The derivatives are primarily interest rate cash flow hedges. All are classified as non-current assets or non-current liabilities, as they hedge long-term financing agreements.

The net amount of the fair value of interest rate derivatives designated as cash flow hedges transferred to the consolidated condensed income statement is a loss of $12.1 million for the three-month period ended March 31, 2022 (loss of $14.0 million for the three-month period ended March 31, 2021).

The after-tax results accumulated in equity in connection with derivatives designated as cash flow hedges as of March 31, 2022 and December 31, 2021 amount to a profit of $235,825 thousand and $171,272 thousand, respectively.

Additionally, the Company has currency options with leading international financial institutions, which guarantee minimum Euro-U.S. dollar exchange rates. The strategy of the Company is to hedge the exchange rate for the net distributions from its European assets after deducting euro-denominated interest payments and euro-denominated general and administrative expenses. Through currency options, the strategy of the Company is to hedge 100% of its euro-denominated net exposure for the next 12 months and 75% of its euro denominated net exposure for the following 12 months, on a rolling basis. Change in fair value of these foreign exchange derivatives instruments are directly recorded in the consolidated income statement.

Finally, the conversion option of the Green Exchangeable Notes issued in July 2020 (Note 14) is recorded as a derivative with a negative fair value (liability) of $15 million as of March 31, 2022 ($17 million as of December 31, 2021).

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Table of Contents
Note 10. - Fair value of financial instruments

Financial instruments measured at fair value are classified based on the nature of the inputs used for the calculation of fair value:

●
Level 1: Inputs are quoted prices in active markets for identical assets or liabilities.

●
Level 2: Fair value is measured based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

●
Level 3: Fair value is measured based on unobservable inputs for the asset or liability.

As of March 31, 2022, all the financial instruments measured at fair value correspond to derivatives and have been classified as Level 2, except for the investments held in Ten West Link, which has been classified as Level 3.

Note 11. - Related parties

The related parties of the Company are primarily Algonquin Power & Utilities Corp. (“Algonquin”) and its subsidiaries, non-controlling interests (Note 13), entities accounted for under the equity method (Note 7), as well as the Directors and the Senior Management of the Company.

Details of balances with related parties as of March 31, 2022 and December 31, 2021 are as follows:

   
Balance as of
March 31,
    
Balance as of
December 31,
  
   
($ in thousands)
  
   
2022
    
2021
  
             
Credit receivables (current)
    
3,507
      
19,387
  
Credit receivables (non-current)
    
17,006
      
15,768
  
Total receivables from related parties
    
20,513
      
35,155
  
                 
Credit payables (current)
    
8,709
      
9,494
  
Credit payables (non-current)
    
5
      
5
  
Total payables to related parties
    
8,714
      
9,499
  

33
Current credit receivables as of December 31, 2021 included the short-term portion of the loan to Arroyo Netherland II B.V., the holding company of Pemcorp SAPI de CV., Monterrey´s project entity (Note 7), of which $8.2 million have been collected in the first quarter of 2022. The balance as of December 31, 2021 also included the dividend pending to be collected from Amherst Island Partnership for $6.3 million, which has been collected in the first quarter of 2022.

Non-current credit receivables as of March 31, 2022 and December 31, 2021 correspond to the long-term portion of the loan to Arroyo Netherland II B.V.

Current credit payables primarily include the dividend to be paid by AYES Canada to Algonquin for $7.4 million as of March 31, 2022 ($6.1 million as of December 31, 2021).

The transactions carried out by entities included in these Consolidated Condensed Interim Financial Statements with related parties, for the three-month periods ended March 31, 2022 and 2021 have been as follows:

 
For the three-month period ended
March 31,
  
 
2022
  
2021
  
 
($ in thousands)
  
Financial income
    
382
      
510
  
Financial expenses
    
(120
)
    
(31
)

Note 12. - Trade and other receivables

Trade and other receivables as of March 31, 2022 and December 31, 2021, consist of the following:

   
Balance as of
March 31,
    
Balance as of
December 31,
  
   
2022
    
2021
  
   
($ in thousands)
  
Trade receivables
    
221,425
      
227,343
  
Tax receivables
    
50,596
      
59,350
  
Prepayments
    
24,212
      
9,342
  
Other accounts receivable
    
5,478
      
11,108
  
Total
    
301,711
      
307,143
  

The increase in prepayments is primarily due to the timing of insurance payments.

As of March 31, 2022, and December 31, 2021, the fair value of trade and other receivables accounts does not differ significantly from its carrying value.

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Table of Contents
Note 13. - Equity

As of March 31, 2022, the share capital of the Company amounts to $11,409,585 represented by 114,095,845 ordinary shares fully subscribed and disbursed with a nominal value of $0.10 each, all in the same class and series. Each share grants one voting right.

Algonquin owns 42.9% of the shares of the Company and is its largest shareholder as of March 31, 2022. Algonquin’s voting rights and rights to appoint directors are limited to 41.5% and the difference between Algonquin´s ownership and 41.5% will vote replicating non-Algonquin’s shareholders’ vote.

On December 11, 2020 the Company closed an underwritten public offering of 5,069,200 ordinary shares, including 661,200 ordinary shares sold pursuant to the full exercise of the underwriters’ over-allotment option, at a price of $33 per new share. Gross proceeds were approximately $167 million. Given that the offering was issued through a subsidiary in Jersey, which became wholly owned by the Company at closing, and subsequently liquidated, the premium on issuance was credited to a merger reserve account (Capital reserves), net of issuance costs, for $161 million. Additionally, Algonquin committed to purchase 4,020,860 ordinary shares in a private placement in order to maintain its previous equity ownership of 44.2% in the Company. The private placement closed on January 7, 2021. Gross proceeds were approximately $133 million  ($131 million net of issuance costs).

During the first quarter of 2021, the Company changed the accounting treatment applied to its existing long-term incentive plans granted to employees from cash-settled to equity-settled in accordance with IFRS 2, Share-based Payment, as a result of incentives being settled in shares. The liability recognized for the rights vested by the employees under such plans at the date of this change, was reclassified to equity within the line “Accumulated deficit” for approximately $9 million. The settlement in shares was approved by the Board of Directors on February 26, 2021, and the Company issued 141,482 new shares to its employees up to December 31, 2021, to settle a portion of these plans. In the first quarter of 2022, the Company issued 136,114 new shares under such incentive plans.

On August 3, 2021, the Company established an “at-the-market program” and entered into a distribution agreement with J.P. Morgan Securities LLC, as sales agent, under which the Company may offer and sell from time to time up to $150 million of its ordinary shares. The Company also entered into an agreement with Algonquin pursuant to which the Company has offered Algonquin the right but not the obligation, on a quarterly basis, to purchase a number of ordinary shares to maintain its percentage interest in Atlantica at the average price of the shares sold under the distribution agreement in the previous quarter (the “ATM Plan Letter Agreement”). On February 28, 2022, the Company established a new “at-the-market program” and entered into a distribution agreement with BofA Securities, MUFG and RBC Capital Markets, as its sales agents, under which the Company may offer and sell from time to time up to $150 million of its ordinary shares. Upon entry into the distribution agreement, the Company terminated its prior “at-the-market program” established on August 3, 2021 and the related distribution agreement dated such date, entered into with J.P. Morgan Securities LLC. During the first quarter of 2022 the Company sold 1,556,758 shares (1,613,079 shares during the year 2021) at an average market price of $33.65 ($38.43 in 2021) pursuant to its distribution agreement, representing net proceeds of $51 million ($61 million in 2021). Pursuant to the ATM Plan Letter Agreement, the Company delivers a notice to Algonquin quarterly in order for them to exercise their rights thereunder.

Atlantica´s reserves as of March 31, 2022 are made up of share premium account and capital reserves.

Other reserves primarily include the change in fair value of cash flow hedges and its tax effect.

Accumulated currency translation differences primarily include the result of translating the financial statements of subsidiaries prepared in a foreign currency into the presentation currency of the Company, the U.S. dollar.

Accumulated deficit primarily includes results attributable to Atlantica.

Non-controlling interests fully relate to interests held by JGC in Solacor 1 and Solacor 2, by Idae in Seville PV, by Itochu Corporation in Solaben 2 and Solaben 3, by Algerian Energy Company, SPA and Sacyr Agua S.L. in Skikda, by Algerian Energy Company, SPA in Tenes, by Industrial Development Corporation of South Africa (IDC) and Kaxu Community Trust in Kaxu, by Algonquin Power Co. in AYES Canada, and by partners of the Company in the Chilean renewable energy platform in Chile PV 1 and Chile PV 2.

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Table of Contents
On February 25, 2022, the Board of Directors declared a dividend of $0.44 per share corresponding to the fourth quarter of 2021. The dividend was paid on March 25, 2022 for a total amount of $49.7 million.

In addition, the Company declared dividends to non-controlling interests, primarily to Algonquin (interests in Amherst through AYES Canada, see Note 7) for $7.3 million in the three-month period ended March 31, 2022 ($4.3 million in the three-month period ended March 31, 2021)

As of March 31, 2022, there was no treasury stock and there have been no transactions with treasury stock during the period then ended.

Note 14. - Corporate debt

The breakdown of corporate debt as of March 31, 2022 and December 31, 2021 is as follows:

   
Balance as of
March 31,
    
Balance as of
December 31,
  
   
2022
    
2021
  
   
($ in thousands)
  
Non-current
    
1,017,489
      
995,190
  
Current
    
38,656
      
27,881
  
Total Corporate Debt
    
1,056,145
      
1,023,071
  

On July 20, 2017, the Company signed a credit facility (the “2017 Credit Facility”) for up to €10 million ($11.2 million), which is available in euros or U.S. dollars. Amounts drawn down accrue interest at a rate per year equal to EURIBOR plus 2% or LIBOR plus 2%, depending on the currency, with a floor of 0% on the LIBOR and EURIBOR. As of March 31, 2022, the 2017 Credit Facility was fully available. As of December 31, 2021, $8.2 million were drawn down. The credit facility maturity is July 1, 2023.

On May 10, 2018, the Company entered into the Revolving Credit Facility for $215 million with a syndicate of banks. Amounts drawn down accrue interest at a rate per year equal to (A) for Eurodollar rate loans, Term SOFR, plus a Term SOFR Adjustment equal to 0.10% per annum, plus a percentage determined by reference to the leverage ratio of the Company, ranging between 1.60% and 2.25% and (B) for base rate loans, the highest of (i) the rate per annum equal to the weighted average of the rates on overnight U.S. Federal funds transactions with members of the U.S. Federal Reserve System arranged by U.S. Federal funds brokers on such day plus ½ of 1.00%, (ii) the U.S. prime rate and (iii) Term SOFR plus 1.00%, in any case, plus a percentage determined by reference to the leverage ratio of the Company, ranging between 0.60% and 1.00%. Letters of credit may be issued using up to $100 million of the Revolving Credit Facility. During 2019, the amount of the Revolving Credit Facility increased from $215 million to $425 million. In the first quarter of 2021, the Company increased the amount of the Revolving Credit Facility from $425 million to $450 million. On May 5, 2022, the maturity was extended to December 31, 2024. During the first quarter of 2022, $35 million were drawn down. On March 31, 2022, the Company issued letters of credit for $21.5 million ($10 million as of December 31, 2021). As of March 31, 2022, therefore, $393.5 million of the Revolving Credit Facility were available ($440 million as of December 31, 2021).

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Table of Contents
On April 30, 2019, the Company entered into the Note Issuance Facility 2019, a senior unsecured note facility with a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder for a total amount of €268 million ($299 million), with maturity date on April 30, 2025. Interest accrued at a rate per annum equalled to the sum of 3-month EURIBOR plus 4.50%. The interest rate on the Note Issuance Facility 2019 was fully hedged by an interest rate swap resulting in the Company paying a net fixed interest rate of 4.24%. The Note Issuance Facility 2019 was fully repaid on June 4, 2021, and subsequently delisted from the Official List of The International Stock Exchange.

On October 8, 2019, the Company filed a euro commercial paper program (the “Commercial Paper”) with the Alternative Fixed Income Market (MARF) in Spain. The program had an original maturity of twelve months and has been extended twice, for annual periods. The program allows Atlantica to issue short term notes over the next twelve months for up to €50 million ($56 million), with such notes having a tenor of up to two years. As of March 31, 2022, the Company had €27.7 million ($30.9 million) issued and outstanding under the program at an average cost of 0.35% (€21.5 million, or $24.0 million, as of December 31, 2021).

On April 1, 2020, the Company closed the secured 2020 Green Private Placement for €290 million ($324 million). The private placement accrues interest at an annual 1.96% interest rate, payable quarterly and has a June 2026 maturity.

On July 8, 2020, the Company entered into the Note Issuance Facility 2020, a senior unsecured financing with a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder for a total amount of $156 million which is denominated in euros (€140 million). The Note Issuance Facility 2020 was issued on August 12, 2020, accrues annual interest of 5.25%, payable quarterly and has a maturity of seven years from the closing date.

On July 17, 2020, the Company issued the Green Exchangeable Notes for $100 million in aggregate principal amount of 4.00% convertible bonds due in 2025. On July 29, 2020, the Company closed an additional $15 million aggregate principal amount of the Green Exchangeable Notes. The notes mature on July 15, 2025 and bear interest at a rate of 4.00% per annum. The initial exchange rate of the notes is 29.1070 ordinary shares per $1,000 principal amount of notes, which is equivalent to an initial exchange price of $34.36 per ordinary share. Noteholders may exchange their notes at their option at any time prior to the close of business on the scheduled trading day immediately preceding April 15, 2025, only during certain periods and upon satisfaction of certain conditions. On or after April 15, 2025, noteholders may exchange their notes at any time. Upon exchange, the notes may be settled, at the election of the Company, into Atlantica ordinary shares, cash or a combination thereof. The exchange rate is subject to adjustment upon the occurrence of certain events.

As per IAS 32, “Financial Instruments: Presentation”, the conversion option of the Green Exchangeable Notes is an embedded derivative classified within the line “Derivative liabilities” of these Consolidated Condensed Interim Financial Statements (Note 9). It was initially valued at the transaction date for $10 million, and prospective changes to its fair value are accounted for directly through the profit and loss statement. The principal element of the Green Exchangeable Notes, classified within the line “Corporate debt” of these Consolidated Condensed Interim Financial Statements, is initially valued as the difference between the consideration received from the holders of the instrument and the value of the embedded derivative, and thereafter, at amortized cost using the effective interest method as per IFRS 9, “Financial Instruments”.

On December 4, 2020, the Company entered into a loan with a bank for €5 million ($5.6 million). This loan accrues interest at a rate per year equal to 2.50%. The maturity date is December 4, 2025.
37
On May 18, 2021, the Company issued the Green Senior Notes due in 2028 in an aggregate principal amount of $400 million. The notes mature on May 15, 2028 and bear interest at a rate of 4.125% per annum payable on June 15 and December 15 of each year, commencing December 15, 2021.

On January 31, 2022, the Company entered into a loan with a bank for €5 million ($5.6 million). This loan accrues interest at a rate per year equal to 1.90%. The maturity date is January 31, 2026.  

The repayment schedule for the corporate debt as of March 31, 2022 is as follows:

   
Remainder
of 2022
    
Between
January
and
March
2023
    
Between
April
and
December
2023
    
2024
    
2025
    
2026
    
Subsequent
years
    
Total
  
   
($ in thousands)
  
2017 Credit Facility
    
4
      
-
      
-
      
-
      
-
      
-
      
-
      
4
  
Revolving Credit Facility
     -       -       34,218       -       -       -       -       34,218  
Commercial Paper
    
30,887
      
-
      
-
      
-
      
-
      
-
      
-
      
30,887
  
2020 Green Private Placement    
352
      
-
      
-
      
-
      
-
      
321,108
       -      
321,460
  
Note Issuance Facility 2020
    
-
      
-
      
-
      
-
      
-
      
-
      
153,061
      
153,061
  
Green Exchangeable Notes
    
941
      
-
      
-
      
-
      
104,953
      
-
      
-
      
105,894
  
Green Senior Notes
    
5,088
      
-
      
-
      
-
      
-
      
-
      
394,381
      
399,469
  
Othe bank loans
     703       681       2,547       3,255       3,250       716       -       11,152  
Total
    
37,975
      
681
      
36,765
      
3,255
      
108,203
      
321,824
      
547,442
      
1,056,145
  

The repayment schedule for the corporate debt as of December 31, 2021 was as follows:

   
2022
    
2023
    
2024
    
2025
    
2026
    
Subsequent
years
    
Total
  
2017 Credit Facility
    
5
      
8,199
      
-
      
-
      
-
      
-
      
8,204
  
Commercial Paper
    
24,422
      
-
      
-
      
-
      
-
      
-
      
24,422
  
2020 Green Private Placement
    
359
      
-
      
-
      
-
      
327,081
      
-
      
327,440
  
Note Issuance Facility 2020
    
-
      
-
      
-
      
-
      
-
      
155,814
      
155,814
  
Green Exchangeable Notes
    
2,121
      
-
      
-
      
104,289
      
-
      
-
      
106,410
  
Bank Loan
    
11
      
1,895
      
1,895
      
1,862
      
-
      
-
      
5,663
  
Green Senior Note     963       -       -       -       -       394,155       395,118  
Total
    
27,881
      
10,094
      
1,895
      
106,151
      
327,081
      
549,969
      
1,023,071
  

Note 15. - Project debt

This note shows the project debt linked to the contracted concessional assets included in Note 6 of these Consolidated Condensed Interim Financial Statements.

Project debt is generally used to finance contracted assets, exclusively using as guarantee the assets and cash flows of the company or group of companies carrying out the activities financed. In addition, the cash of the Company´s projects include funds held to satisfy the customary requirements of certain non-recourse debt agreements and other restricted cash for an amount of $246 million as of March 31, 2022 ($254 million as of December 31, 2021).

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The breakdown of project debt for both non-current and current liabilities as of March 31, 2022 and December 31, 2021 is as follows:

   
Balance as of
March 31,
    
Balance as of
December 31,
  
   
2022
    
2021
  
   
($ in thousands)
  
Non-current
    
4,647,941
      
4,387,674
  
Current
    
389,066
      
648,519
  
Total Project debt
    
5,037,007
      
5,036,193
  


As of December 31, 2021, Kaxu total debt was presented as current in the Consolidated Condensed Interim Financial Statements of the Company, for an amount of $314 million, in accordance with International Accounting Standards 1 (“IAS 1”), “Presentation of Financial Statements”, as a result of the existence of a theoretical event of default under the Kaxu project finance agreement. As of March 31, 2022, the Company has again an unconditional right to defer the settlement of the debt for at least twelve months, and therefore the debt previously presented as current has been reclassified as non-current in accordance with the financing agreements (Note 1).

The repayment schedule for project debt in accordance with the financing arrangements as of March 31, 2022, is as follows and is consistent with the projected cash flows of the related projects:

Remainder of 2022
                                            
Interest
payment
    
Nominal
repayment
    
Between
January
and
March 2023
    
Between
April
and
December 2023
    
2024
    
2025
    
2026
    
Subsequent years
   
Total
  
($ in thousands)
  
 
57,015
      
302,466
      
29,584
      
329,085
      
367,936
      
495,038
      
410,293
      
3,045,590
       5,037,007
  

The repayment schedule for project debt in accordance with the financing arrangements and assuming there would be no acceleration of the Kaxu debt repayment as of December 31, 2021, was as follows and was consistent with the projected cash flows of the related projects:

2022
    
2023
    
2024
    
2025
    
2026
    
Subsequent years
   
Total
  
Interest
payment
    
Nominal
repayment
                                      
 
18,017
      
317,388
      
355,956
      
369,528
      
498,712
      
411,514
      
3,065,078
      
5,036,193
  

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Note 16. - Grants and other liabilities

   
Balance as of
March 31,
    
Balance as of
December 31,
  
   
2022		    
2021
  
   
($ in thousands)
  
Grants
    
955,827
      
970,557
  
Other Liabilities
    
295,751
      
293,187
  
Grants and other non-current liabilities
    
1,251,578
      
1,263,744
  

As of March 31, 2022, the amount recorded in Grants primarily corresponds to the ITC Grant awarded by the U.S. Department of the Treasury to Solana and Mojave for a total amount of $634 million ($642 million as of December 31, 2021). The amount recorded in Grants as a liability is progressively recorded as other income over the useful life of the asset.

The remaining balance of the “Grants” account corresponds to loans with interest rates below market rates for Solana and Mojave for a total amount of $319 million as of March 31, 2022 ($326 million as of December 31, 2021). Loans with the Federal Financing Bank guaranteed by the Department of Energy for these projects bear interest at a rate below market rates for these types of projects and terms. The difference between proceeds received from these loans and its fair value, is initially recorded as “Grants” in the consolidated statement of financial position, and subsequently recorded progressively in “Other operating income”.

Total amount of income for these two types of grants for Solana and Mojave is $14.6 million and $14.7 million for the three-month periods ended March 31, 2022 and 2021, respectively (Note 20).

Other liabilities mainly include:

-
$57 million of lease liabilities ($59 million as of December 31, 2021);
-
$127 million of dismantling provision ($125 million as of December 31, 2021); and
-
$78 million of provision related to the current high market prices in Spain at which the solar assets in Spain invoiced electricity up to March 31, 2022 ($75 million as of December 31, 2021), as a result of a negative adjustment to the regulated revenues expected to be recorded progressively over the remaining regulatory life of the solar assets of the Company, as a compensation.

Note 17. - Trade payables and other current liabilities

Trade payables and other current liabilities as of March 31, 2022 and December 31, 2021 are as follows:

   
Balance as of
March 31,
    
Balance as of
December 31,
  
   
2022
     2021  
   
($ in thousands)
  
Trade accounts payable
    
83,239
      
79,052
  
Down payments from clients
    
2,006
      
542
  
Other accounts payable
    
37,101
      
34,313
  
Total
    
122,346
      
113,907
  

Trade accounts payable mainly relate to the operation and maintenance of the plants.

Nominal values of trade payables and other current liabilities are considered to be approximately equal to fair values and the effect of discounting them is not significant.

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Note 18. - Income Tax

The effective tax rate for the periods presented has been established based on Management’s best estimates, taking into account the tax treatment of permanent differences and tax credits.

For the three-month period ended March 31, 2022, income tax amounted to a $3,906 thousand profit with respect to a loss before income tax of $13,748 thousand. In the three-month period ended March 31, 2021, income tax amounted to a $15,241 thousand expense with respect to a profit before income tax of $4,177 thousand. The effective tax rate differs from the nominal tax rate mainly due to unrecognized tax loss carryforwards and permanent tax differences in some jurisdictions.

Note 19. - Financial expense, net

Financial income and expense

The following table sets forth financial income and expenses for the three-month periods ended March 31, 2022 and 2021:

   
For the three-month period ended March 31,
  

 
2022
    
2021
  
Financial income
  
($ in thousands)
  
Interest income from loans and credits
    
383
      
511
  
Interest rate gains on derivatives: cash flow hedges
    
609
      
601
  
Total
    
992
      
1,112
  

   
For the three-month period ended March 31,
  

 
2022
    
2021
  
Financial expense
 
($ in thousands)
  
Interest on loans and notes     (71,126 )     (71,024 )
Interest rates losses derivatives: cash flow hedges
     (12,276 )     (14,143 )
Total
    
(83,402
)
    
(85,166
)

Interest on loans and notes primarily include interest on corporate and project debt.

Losses from interest rate derivatives designated as cash flow hedges primarily correspond to transfers from equity to financial expense when the hedged item impacts the consolidated income statement.

Net exchange differences

Net exchange differences primarily correspond to realized and unrealized exchange gains and losses on transactions in foreign currencies as part of the normal course of business of the Company.

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Other financial income and expenses

The following table sets out Other financial income and expenses for the three-month periods ended March 31, 2022, and 2021:

 
For the three-month period ended March 31,
  
Other financial income / (expenses)
2022
    
2021
  
 
($ in thousands)
  
Other financial income
    
4,124
      
6,662
  
Other financial losses
    
(5,254
)
    
(3,687
)
Total
    
(1,130)
      
2,975

Other financial income in the three-month period ended March 31, 2022, include $1.1  million of income for non-monetary change to the fair value of derivatives of Kaxu for which hedge accounting is not applied, and $1.9 million income further to the change in the fair value of the conversion option of the Green Exchangeable Notes since December 2021 (Note 14). Residual items primarily relate to interest on deposits and loans, including non-monetary changes to the amortized cost of such loans.

Other financial losses include guarantees and letters of credit, other bank fees and other minor financial expenses.

Note 20.- Other operating income and expenses

The table below shows the detail of Other operating income and expenses for the three-month periods ended March 31, 2022, and 2021:

Other operating income
  
For the three-month period ended March 31,
  
   
2022
    
2021
  
   
($ in thousands)
  
Grants (Note 16)
    
14,933
      
14,813
  
Insurance proceeds and other
    
4,440
      
7,808
  
Total
    
19,373
      
22,621
  


Other operating expenses
  
For the three-month period ended March 31,
  
   
2022
    
2021
  
   
($ in thousands)
  
Raw materials and consumables used
    
(5,010
)
    
(23,492
)
Leases and fees
    
(2,866
)
    
(988
)
Operation and maintenance
    
(36,317
)
    
(38,026
)
Independent professional services
    
(8,561
)
    
(8,158
)
Supplies
    
(15,061
)
    
(7,059
)
Insurance
    
(11,666
)
    
(10,731
)
Levies and duties
    
(4,672
)
    
(9,666
)
Other expenses
    
(3,780
)
    
(6,024
)
Total
    
(87,933
)
    
(104,146
)

The decrease in Other operating expenses in 2022 is primarily due to a specific non-recurrent solar project of Rioglass which ended in October 2021, which mainly explains the decrease in Raw materials and consumables used in 2022.

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Note 21. - Earnings per share

Basic earnings per share have been calculated by dividing the loss attributable to equity holders of the Company by the average number of outstanding shares.

Diluted earnings per share for the three-month period ended March 31, 2022 have been calculated considering the potential issuance of 3,347,305 shares on the settlement of the Green Exchangeable Notes (Note 14) and the potential issuance of 1,167,185 shares to Algonquin under the agreement signed on August 3, 2021, according to which Algonquin has the option, on a quarterly basis, to subscribe such number of shares to maintain its percentage in Atlantica in relation to the use of the ATM program (Note 13). Diluted earnings per share for the three-month period ended March 31, 2021 was calculated considering the potential issuance of 3,347,305 shares on the settlement of the Green Exchangeable Notes.

 Item  
For the three-month period ended March 31,
 
   
2022
    
2021
  
   
($ in thousands)
  
Loss attributable to Atlantica
    
(12,042
)
    
(19,172
)
Average number of ordinary shares outstanding (thousands) - basic
    
112,741
      
110,386
  
Average number of ordinary shares outstanding (thousands) - diluted
    
116,894
      
113,733
  
Earnings per share for the period (U.S. dollar per share) - basic
    
(0.11
)
    
(0.17
)
Earnings per share for the period (U.S. dollar per share) - diluted
    
(0.10
)
    
(0.17
)

Note 22. - Subsequent events

On April 4, 2022, the Company closed the acquisition of Italy PV 4, a 3.6 MW solar portfolio in Italy for a total equity investment of $3.7 million. The asset has regulated revenues under a feed in tariff until 2031.

On May 5, 2022, the Board of Directors of the Company approved a dividend of $0.44 per share, which is expected to be paid on June 15, 2022.

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Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
The following discussion and analysis should be read together with, and is qualified in its entirety by reference to, our Consolidated Condensed Interim Financial Statements and our Annual Consolidated Financial Statements prepared in accordance with IFRS as issued by the IASB and other disclosures including the disclosures under “Part II, Item 1A.—Risk Factors” of this quarterly report and “Part I, Item 3.D—Risk Factors” in our Annual Report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs, which are based on assumptions we believe to be reasonable. Our actual results could differ materially from those discussed in such forward-looking statements. The results shown here are not necessarily indicative of the results expected in any future period. Please see our Annual Report for additional discussion of various factors affecting our results of operations.
 
Overview
 
We are a sustainable infrastructure company with a majority of our business in renewable energy. Our purpose is to support the transition towards a more sustainable world by investing in and managing sustainable infrastructure, while creating long-term value for our investors and the rest of our stakeholders. In 2021, our renewable sector represented 77% of our revenue, with solar energy representing 69%. We complement our portfolio of renewable assets with storage, efficient natural gas and heat and transmission infrastructure assets, as enablers of the transition towards a clean energy mix. We also hold water assets, a relevant sector for sustainable development.
 
As of the date of this quarterly report, we own or have an interest in a portfolio of diversified assets, both in terms of business sector and geographic footprint. Our portfolio consists of 40 assets with 2,048 MW of aggregate renewable energy installed generation capacity (of which approximately 72% is solar), 343 MW of efficient natural gas-fired power generation capacity, 55 MWt of district heating capacity, 1,229 miles of transmission lines and 17.5 M ft3 per day of water desalination.
 
We currently own and manage operating facilities in North America (United States, Canada and Mexico), South America (Peru, Chile, Colombia and Uruguay) and EMEA (Spain, Italy, Algeria and South Africa). Our assets generally have contracted or regulated revenue. As of December 31, 2021, our assets had a weighted average remaining contract life of approximately 15 years.
 
Our objective is to pay a consistent and growing cash dividend to shareholders that is sustainable on a long-term basis. We expect to distribute a significant percentage of our cash available for distribution as cash dividends and we will seek to increase such cash dividends over time through organic growth, investments in new assets and acquisitions.
 
 Recent Investments and Acquisitions
 
•
In April 2021, we closed the acquisition of Coso, a 135 MW geothermal plant in the United States, with 18-year average contract life PPAs in place. The equity investment was $130 million, which was paid in April 2021. In addition, on July 15, 2021, we repaid $40 million of project debt.
 
•
In May 2021, we closed the acquisition of Calgary District Heating, a district heating asset in Canada, for a total equity investment of $22.9 million. The asset has availability-based revenue with inflation indexation and 20 years of weighted average contract life at the time of the acquisition.
 
•
In June 2021, we closed the acquisition of a 49% interest in Vento II, a 596 MW wind portfolio in the United States for a total equity investment of $198.3 million. EDP Renewables owns the remaining 51%. The assets have PPAs with investment grade off-takers with a five-year average remaining contract life at the time of the investment.
 
•
In August 2021, we closed the acquisition of Italy PV 1 and Italy PV 2, two solar PV plants in Italy with a combined capacity of 3.7 MW for a total equity investment of $9 million. In December 2021, we closed the acquisition of Italy PV 3, a 2.5 MW solar portfolio in Italy for a total equity investment of $4 million. These assets have regulated revenues under a feed in tariff until 2030, 2031 and 2032, respectively.
 
•
In November 2021, we closed the acquisition of La Sierpe, a 20 MW solar PV plant in Colombia for a total equity investment of $23.5 million. The asset was acquired under our Liberty GES ROFO Agreement.
 
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•
In 2021, we acquired in two stages the 85% equity interest in Rioglass that we did not previously own for a total investment of $17.1 million, resulting in a 100% ownership. Rioglass is a supplier of spare parts and services in the solar industry and we gained control over the asset in January 2021.
 
•
In January 2022, we closed the acquisition of Chile TL4, a 63-mile transmission line and 2 substations in Chile for a total equity investment of $39 million. We expect to make an expansion of the line no later than in 2023, which would represent an additional investment of approximately $8 million. The asset has fully contracted revenues in U.S. dollars, with inflation escalation and a 50-year contract life. The off-takers are several mini-hydro plants that receive contracted or regulated payments.
 
•
In April 2022, we closed the acquisition of Italy PV 4, a 3.6 MW solar portfolio in Italy for a total equity investment of $3.7 million. The asset has regulated revenues under a feed in tariff until 2031.
 
•
In addition, we currently have three assets under construction:
 

 −
Albisu is a 10 MW PV asset wholly owned by us, currently under construction near the city of Salto (Uruguay). The asset has a 15-year PPA with Montevideo Refrescos, S.R.L, a subsidiary of Coca-Cola Femsa., S.A.B. de C.V. The PPA is denominated in local currency with a maximum and minimum price in U.S. dollars and is adjusted monthly based on a formula referring to U.S. Consumer Price Index (CPI), Uruguay’s CPI and the applicable UYU/U.S. dollar exchange rate.
 

 −
La Tolua and Tierra Linda are two solar PV assets in Colombia with a combined capacity of 30 MW. Each plant has a 15-year PPA in local currency indexed to local inflation with Synermin, the largest independent electricity wholesaler in Colombia.
 
Recent Developments
 
•
As expected, the Administration in Spain has recently approved measures to adjust the regulated revenue component for renewable energy plants, following the increase since mid 2021 in the revenue these plants receive from sales of electricity in the market. On March 30, 2022, the Royal Decree Law 6/2022 was published, adopting urgent measures in response to the economic and social consequences of the war in Ukraine. This Royal Decree Law contains a bundle of measures in diverse fields, including those targeted at containing the sharp rise in the prices of gas and electricity. It includes temporary changes to the detailed regulated components of revenue received by our solar assets in Spain, which are applicable from January 1, 2022, as follows:
 

 −
The statutory half-period of three years from 2020 to 2022 has been split into two statutory half-periods (1) from January 1 2020 until December 31 2021 and (2) calendar year 2022. As a result, the fixed monthly payment based on installed capacity (Remuneration on Investment or Rinv) for calendar year 2022 will be revised.
 

 −
The market price assumed by the regulation for calendar year 2022 was changed from €48.82 per MWh to an expected price of €110.4 per MWh (after applying the correction factor for the technology). There is an expectation that the variable payment based on net electricity produced (Remuneration on operation or Ro), which is expressed in €/MW, will also be adjusted, although details have not been published as of the date of this quarterly report.
 

 −
For the three-year half-period starting on January 1, 2023 and ending on December 31, 2025, the adjustment mechanism for electricity market price deviations in the preceding statutory half-period will no longer apply.
 
We expect the detailed components of pricing to be published within a two-month period following the publication of the Royal Decree Law. With the information currently available, it is not possible to measure the potential economic impact of these temporary measures.
 
•
On April 17, 2022, the House of Representatives in Mexico rejected a constitutional amendment proposal submitted by the Mexican President aimed at approving a reform to the Electricity Industry Law and granting the state-owned Federal Electricity Commission priority over private sector companies. Although the Mexican President has stated that he does not intend to re-submit a modified amendment proposal for approval again, at this point we cannot guarantee that he will not pursue other relevant changes to the electricity sector in Mexico, since this has been an important component of his political agenda.

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•
On May 5, 2022, our board of directors approved a dividend of $0.44 per share. The dividend is expected to be paid on June 15, 2022, to shareholders of record as of May 31, 2022.
 
Potential implications of Abengoa developments
 
Abengoa currently performs operation and maintenance services for assets that represented 47% of our consolidated revenue for the year 2021. We are in the process of replacing Abengoa as a service provider for several of our plants. Abengoa would then provide services for assets representing slightly over 20% of our 2021 consolidated revenue. On February 22, 2021, Abengoa, S.A., which is the holding company of subsidiaries performing operation and maintenance services for those assets, filed for insolvency proceedings in Spain. Based on the public information filed in connection with these proceedings, such insolvency proceedings do not include other Abengoa companies, including Abenewco1, S.A., the controlling company of the subsidiaries performing the operation and maintenance services for us.
 
The project financing arrangement for Kaxu contained cross-default provisions related to Abengoa. The insolvency filing by the individual company Abengoa S.A. in February 2021 represented a theoretical event of default under the Kaxu project finance agreement. In September 2021, we obtained a waiver for such theoretical event of default which was conditional upon the replacement of the operation and maintenance supplier of the plant, which was an Abengoa subsidiary. On February 1, 2022, we completed the transfer of the employees performing the operation and maintenance from the above-mentioned supplier to an Atlantica subsidiary. The lenders confirmed that all the conditions precedent to the waiver were fulfilled as of March 31, 2022, and the waiver became effective as of that date. The project debt has been reclassified to non-current as of that date.
 
In addition, the insolvency filing by the individual company Abengoa, S.A. in February 2021 or other circumstances may cause an insolvency filing of Abenewco1, S.A., the controlling company of the subsidiaries providing the operation and maintenance services, or insolvency filings of subsidiaries of Abenewco1, S.A. For those assets where operation and maintenance services are provided by Abengoa, we cannot guarantee that Abengoa and/or its subcontractors will be able to continue performing the same level of service as they have in the past (or at all) or under the same terms and conditions, or at the same prices. If Abengoa cannot continue performing current services at the same prices, we may need to renegotiate contracts and pay higher prices or change the scope of those O&M contracts. For our assets in Spain, where Abengoa provides most of the operation and maintenance services, we reached an agreement in February 2022 subject to conditions precedent, including waivers from financial institutions, to terminate the O&M agreements with respect to six of our plants in Spain and to introduce a provision allowing us to terminate the rest of the agreements every three years. We are currently in the process of requesting those waivers. If and when the conditions precedent for the termination of the O&M agreements with respect to six of our plants in Spain are met, we expect to terminate such O&M agreements and we intend to perform the O&M internally for part of these plants and with third parties for the rest. We may be required to pay higher prices or change the level of service. This may have a material adverse effect on our business, financial condition, results of operations and cash flows.
 
There may be unanticipated consequences of Abengoa S.A. insolvency filings, Abenewco1, S.A. potential filing, further restructurings by Abengoa or ongoing bankruptcy proceedings by Abengoa’s subsidiaries that we have not yet identified. There are uncertainties as to how any further bankruptcy proceedings would be resolved and how our relationship with Abengoa would be affected following the initiation or resolution of any such proceedings.
 
In addition, in Mexico, Abengoa was the owner of a plant that shares certain infrastructure and has certain back-to-back obligations with ACT. We are required to deliver an equipment to Pemex which needs to be delivered to us by such plant first. If we are unable to comply with this obligation, it may result in a material adverse effect on ACT and on our business, financial condition, results of operations and cash flows. According to public information, this plant is currently controlled by a third party.
 
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Prior to the completion of our initial public offering in 2014, we and many of our assets were part of Abengoa. In addition, many of our senior executives have previously worked for Abengoa. Abengoa’s current and prior restructuring processes, and the events and circumstances that led to them, are currently the subject of various legal proceedings and investigations and may in the future become the subject of additional proceedings. To the extent that allegations are made in any such proceedings that involve us, our assets, our dealings with Abengoa or our employees, such proceedings may have a material adverse effect on our business, financial condition, results of operations and cash flows, as well as on our reputation and employees. We refer to “Risk Factors—Risks Related to Our Relationship with Algonquin and Abengoa” in our Annual Report for further discussion of potential implications of the Abengoa situation.
 
Factors Affecting the Comparability of Our Results of Operations
 
Acquisitions and non-recurrent projects
 
The results of operations of Coso, Calgary District Heating, Italy PV 1, Italy PV 2, La Sierpe, Italy PV 3 and Chile TL4 have been fully consolidated since April 2021, May 2021, August 2021 for Italy PV 1 and Italy PV 2, November 2021, December 2021 and January 2022 respectively. Vento II has been recorded under the equity method since June 2021. These acquisitions represent additional revenue for $21.2 million and additional Adjusted EBITDA of $18.8 million in the first quarter of 2022 when compared to the first quarter of 2021.
 
In addition, the results of operations of Rioglass have been fully consolidated since January 2021. In the first quarter of 2021, most of Rioglass operating results relate to a specific solar project which ended in October 2021, and which represented $29.8 million in revenue and $1.0 million in Adjusted EBITDA, included in our EMEA and Renewable energy segments for the first quarter of 2021 and which are non-recurrent.
 
Impairment
 
IFRS 9 requires impairment provisions to be based on expected credit losses on financial assets rather than on actual credit losses. For the first quarter of 2022 we recorded a reversal of the expected credit loss impairment provision at ACT for $2.5 million following an improvement of its client’s credit risk metrics which is reflected in the line item “Depreciation, amortization, and impairment charges”. For the three-month period ended March 31, 2021 we had recorded a $17.4 million reversal of the expected credit loss impairment provision in ACT.
 
Electricity market prices
 
In addition to regulated revenue, our solar assets in Spain receive revenue from the sale of electricity at market prices. Electricity prices have increased significantly since mid-2021 and revenues from the sale of electricity at current market prices represented $23.7 million in the first quarter of 2022 compared to $7.1 million in the first quarter of 2021, resulting in higher short-term cash collections. Regulated revenues are revised periodically to reflect, among other things, the difference between expected and actual market prices if the difference is higher than a pre-defined threshold. Current higher market prices in Spain will therefore cause lower regulated revenue to be received progressively over the remaining regulatory life of our solar assets. As a result, we increased our provision by $7.2 million in the first quarter of 2022 with no cash impact on the current period that has lowered revenue and Adjusted EBITDA in this geography, compared to a decrease in the provision of $0.7 million in the first quarter of 2021. On March 30, 2022 the Royal Decree Law 6/2022 introduced certain temporary changes to the detailed regulated components of revenue received by our solar assets in Spain, which will be applicable from January 1, 2022, the details of which are not public yet (see “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—— Recent Developments”).
 
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Significant Trends Affecting Results of Operations
 
Acquisitions
 
If the acquisitions recently closed perform as expected, we expect these assets to positively impact our results of operations in 2022 and upcoming years.
 
Solar, wind and geothermal resources
 
The availability of solar, wind and geothermal resources affects the financial performance of our renewable assets, which may impact our overall financial performance. Due to the variable nature of solar, wind and geothermal resources, we cannot predict future availabilities or potential variances from expected performance levels from quarter to quarter. Based on the extent to which the solar, wind and geothermal resources are not available at expected levels, this could have a negative impact on our results of operations.
 
Capital markets conditions
 
The capital markets in general are subject to volatility that is unrelated to the operating performance of companies. Our growth strategy depends on our ability to close acquisitions, which often requires access to debt and equity financing to complete these acquisitions. Volatility in capital markets may affect our ability to access this capital through debt or equity financings.
 
Exchange rates
 
Our functional currency is the U.S. dollar, as most of our revenue and expenses are denominated or linked to U.S. dollars. All our companies located in North America, with the exception of Calgary, with revenue in Canadian dollars, and most of our companies in South America have their revenue and financing contracts signed in or indexed totally or partially to U.S. dollars. Our solar power plants in Europe have their revenue and expenses denominated in euros, Kaxu, our solar plant in South Africa, has its revenue and expenses denominated in South African rand and La Sierpe our solar plant in Colombia has its revenue and expenses denominated in Colombian pesos. Project financing is typically denominated in the same currency as that of the contracted revenue agreement. This policy seeks to ensure that the main revenue and expenses streams in foreign companies are denominated in the same currency, limiting our risk of foreign exchange differences in our financial results.
 
Our strategy is to hedge cash distributions from our assets in Europe. We hedge the exchange rate for the distributions in euros after deducting euro-denominated interest payments and euro-denominated general and administrative expenses. Through currency options, we have hedged 100% of our euro-denominated net exposure for the next 12 months and 75% of our euro-denominated net exposure for the following 12 months. We expect to continue with this hedging strategy on a rolling basis.
 
Although we hedge cash-flows in euros, fluctuations in the value of the euro in relation to the U.S. dollar may affect our operating results. For example, revenue in euro-denominated companies could decrease when translated to U.S. dollars at the average foreign exchange rate solely due to a decrease in the average foreign exchange rate, in spite of revenue in the original currency being stable. Fluctuations in the value of South African rand and Colombian peso with respect to the U.S. dollar may also affect our operating results. Apart from the impact of these translation differences, the exposure of our income statement to fluctuations of foreign currencies is limited, as the financing of projects is typically denominated in the same currency as that of the contracted revenue agreements.
 
In our discussion of operating results, we have included foreign exchange impacts in our revenue by providing constant currency revenue growth. The constant currency presentation is not a measure recognized under IFRS and excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations. We calculate constant currency amounts by converting our current period local currency revenue using the prior period foreign currency average exchange rates and comparing these adjusted amounts to our prior period reported results. This calculation may differ from similarly titled measures used by others and, accordingly, the constant currency presentation is not meant to substitute recorded amounts presented in conformity with IFRS as issued by the IASB, nor should such amounts be considered in isolation.
 
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Impacts associated with fluctuations in foreign currency are discussed in more detail under “Item 3—Quantitative and Qualitative Disclosure about Market Risk—Foreign exchange risk”.
 
Interest rates
 
We incur significant indebtedness at the corporate and asset level. The interest rate risk arises mainly from indebtedness at variable interest rates. To mitigate interest rate risk, we primarily use long-term interest rate swaps and interest rate options which, in exchange for a fee, offer protection against a rise in interest rates. As of December 31, 2021, approximately 93% of our project debt and close to 100% of our corporate debt either has fixed interest rates or has been hedged with swaps or caps. Nevertheless, our results of operations can be affected by changes in interest rates with respect to the unhedged portion of our indebtedness that bears interest at floating rates, which typically bear a spread over EURIBOR, LIBOR, SOFR or over the alternative rates replacing these.
 
Electricity market prices
 
In addition to regulated revenue, our solar assets in Spain receive revenue from the sale of electricity at market prices. Regulated revenues are revised periodically to reflect the difference between expected and actual market prices if the difference is higher than a pre-defined threshold. Given that since mid-2021 electricity prices in Spain have been, and may continue to be, significantly higher than expected, it will cause lower regulated revenue over the remaining regulatory life of our solar assets. The Royal Decree Law 6/2022 was published on March 30, 2022, which included certain temporary changes to the detailed regulated components of revenue received by our solar assets in Spain (see “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Recent Developments”).
 
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Key Financial Measures
 
We regularly review a number of financial measurements and operating metrics to evaluate our performance, measure our growth and make strategic decisions. In addition to traditional IFRS performance measures, such as total revenue, we also consider Adjusted EBITDA.
 
Adjusted EBITDA is calculated as profit/(loss) for the period attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interest, income tax expense, financial expense (net), depreciation, amortization and impairment charges of entities included in the Consolidated Condensed Interim Financial Statements and depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of our equity ownership). Until September 30, 2021 adjusted EBITDA excluded equity of profit/(loss) of associates carried under the equity method and did not include depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of our equity ownership). Prior periods have been presented accordingly.
 
Our management believes Adjusted EBITDA is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired. Adjusted EBITDA is widely used by other companies in our industry.

The non-GAAP financial measures including Adjusted EBITDA may not be comparable to other similarly titled measures of other companies and has limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB. Non-GAAP financial measures and ratios are not measurements of our performance or liquidity under IFRS as issued by the IASB and should not be considered as alternatives to operating profit or profit for the period or any other performance measures derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. Adjusted EBITDA excludes the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS GAAP.

Our revenue and Adjusted EBITDA by geography and business sector for the three-month periods ended March 31, 2022 and 2021 are set forth in the following tables:
 
Revenue by geography
 
   
Three-month period ended March 31,
  
Revenue by geography
  
2022
    
2021
  
   
$ in
millions
    
% of
revenue
    
$ in
millions
    
% of
revenue
  
North America
  
$
74.4
      
30.0
%
  
$
60.6
      
22.6
%
South America
    
38.5
      
15.6
%
    
38.3
      
14.3
%
EMEA
    
134.6
      
54.4
%
    
169.3
      
63.1
%
Total revenue
  
$
247.5
      
100
%
  
$
268.2
      
100
%
 
Revenue by business sector
 
   
Three-month period ended March 31,
  
Revenue by business sector
  
2022
    
2021
  
   
$ in
millions
    
% of
revenue
    
$ in
millions
    
% of
revenue
  
Renewable energy
  
$
182.1
      
73.6
%
  
$
199.7
      
74.4
%
Efficient natural gas & heat
    
25.3
      
10.2
%
    
28.4
      
10.6
%
Transmission lines
    
26.6
      
10.7
%
    
26.6
      
10.0
%
Water
    
13.5
      
5.4
%
    
13.5
      
5.0
%
Total revenue
  
$
247.5
      
100
%
  
$
268.2
      
100
%
 
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Adjusted EBITDA by geography
 
   
Three-month period ended March 31,
  
Adjusted EBITDA by geography
  
2022
    
2021
  
   
$ in
millions
    
Adjusted
EBITDA
Margin (2)
    
$ in
millions
    
Adjusted
EBITDA
Margin (2)
  
North America
  
$
58.3
      
78.4
%
  
$
40.3
      
66.5
%
South America
    
29.1
      
75.6
%
    
29.9
      
78.1
%
EMEA
    
86.2
      
64.0
%
    
101.0
      
59.7
%
Total Adjusted EBITDA(1)
  
$
173.6
      
70.1
%
  
$
171.2
      
63.8
%
 
Adjusted EBITDA by business sector
 
   
Three-month period ended March 31,
  
Adjusted EBITDA by business sector
  
2022
    
2021
  
   
$ in
millions
    
Adjusted
EBITDA
Margin (2)
    
$ in
millions
    
Adjusted
EBITDA
Margin (2)
  
Renewable energy
  
$
122.2
      
67.1
%
  
$
117.0
      
58.6
%
Efficient natural gas & heat
    
21.7
      
85.7
%
    
23.2
      
81.7
%
Transmission lines
    
20.5
      
77.1
%
    
21.2
      
79.7
%
Water
    
9.2
      
68.1
%
    
9.8
      
72.6
%
Total Adjusted EBITDA(1)
  
$
173.6
      
70.1
%
  
$
171.2
      
63.8
%
 
Note:
 
(1)
Adjusted EBITDA is calculated as profit/(loss) for the period attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interest, income tax expense, financial expense (net), depreciation, amortization and impairment charges of entities included in the Consolidated Condensed Interim Financial Statements and depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of our equity ownership). Adjusted EBITDA is not a measure of performance under IFRS as issued by the IASB and you should not consider Adjusted EBITDA as an alternative to operating income or profits or as a measure of our operating performance, cash flows from operating, investing and financing activities or as a measure of our ability to meet our cash needs or any other measures of performance under generally accepted accounting principles. We believe that Adjusted EBITDA is a useful indicator of our ability to incur and service our indebtedness and can assist securities analysts, investors and other parties to evaluate us. Adjusted EBITDA and similar measures are used by different companies for different purposes and are often calculated in ways that reflect the circumstances of those companies. Adjusted EBITDA may not be indicative of our historical operating results, nor is it meant to be predictive of potential future results. See “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Financial Measures”.
 
(2)
Adjusted EBITDA Margin is calculated as Adjusted EBITDA for each segment based on geography and business sector divided by revenue for each segment based on geography and business sector.
 
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Reconciliation of profit/(loss) for the period to Adjusted EBITDA
 
The following table sets forth a reconciliation of Adjusted EBITDA to our net cash generated by or used in operating activities:
 
   
For the three-month period ended March 31,
  
   
2022
    
2021
  
   
($ in millions)
  
Loss attributable to the company
  
$
(12.0
)
  
$
(19.2
)
Profit attributable to non-controlling interests
    
2.2
      
8.1
  
Income tax
    
(3.9
)
    
15.2
  
Financial expense, net
    
80.5
      
81.2
  
Depreciation, amortization and impairment charges
    
100.9
      
83.5
  
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of our equity ownership)
    
5.9
      
2.4
  
Adjusted EBITDA
  
$
173.6
    
$
171.2
  
 
Reconciliation of net cash generated by operating activities to Adjusted EBITDA
 
   
For the three-month period ended March 31,
  
   
2022
    
2021
  
   
($ in millions)
  
Net cash flow provided by operating activities
  
$
137.3
    
$
147.1
  
Net interest /taxes paid
    
16.5
      
30.9
  
Variations in working capital
    
19.0
      
(17.1
)
Other non-monetary items
    
(10.4
)
    
6.8
  
Share of profit/(loss) of associates carried under the equity method, depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of our equity ownership) and other
    
11.2
      
3.5
  
Adjusted EBITDA
  
$
173.6
    
$
171.2
  
 
Operational Metrics
 
In addition to the factors described above, we closely monitor the following key drivers of our business sectors’ performance to plan for our needs, and to adjust our expectations, financial budgets and forecasts appropriately.
 
•
MW in operation in the case of Renewable energy and Efficient natural gas and heat assets, miles in operation in the case of Transmission lines and Mft3 per day in operation in the case of Water assets, are indicators which provide information about the installed capacity or size of our portfolio of assets.
 
•
Production measured in GWh in our Renewable energy and Efficient natural gas and heat assets provides information about the performance of these assets.
 
•
Availability in the case of our Efficient natural gas and heat assets, Transmission lines and Water assets also provides information on the performance of the assets. In these business segments revenues are based on availability, which is the time during which the asset was available to our client totally or partially divided by contracted availability or budgeted availability, as applicable.
 
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Key Performance Indicators
 
   
Volume sold and availability levels
As of and for the three-month period ended March 31,
  
Key performance indicator
  
2022
    
2021
  
Renewable energy
            
MW in operation(1)
    
2,044
      
1,591
  
GWh produced(2)
    
1,094
      
606
  
Efficient natural gas & heat
                
MW in operation(3)
    
398
      
343
  
GWh produced(4)
    
625
      
542
  
Availability (%)
    
100.3
%
    
98.3
%
Transmission lines
                
Miles in operation
    
1,229
      
1,166
  
Availability (%)
    
99.9
%
    
100.0
%
Water
                
Mft3 in operation(1)
    
17.5
      
17.5
  
Availability (%)
    
104.5
%
    
97.5
%
 
Notes:
 
(1)
Represents total installed capacity in assets owned or consolidated for the three-month period ended March 31, 2022 and 2021, respectively, regardless of our percentage of ownership in each of the assets except for Vento II for which we have included our 49% interest.
(2)
Includes 49% of Vento II wind portfolio production since its acquisition. Includes curtailment in wind assets for which we receive compensation
(3)
Includes 43 MW corresponding to our 30% share in Monterrey and 55MWt corresponding to Calgary District Heating.
(4)
GWh produced includes 30% of the production from Monterrey.
 
Production in the renewable business sector increased by 80.5% in the first quarter of 2022, compared to the same period of the previous year. The increase was largely due to the contribution from the recently acquired renewable assets Coso, Vento II, Italy PV 1, Italy PV 2, Italy PV 3 and La Sierpe bringing approximately 527.9 GWh of additional electricity generation.
 
In our solar assets in the U.S. solar radiation was higher than in the first quarter of 2021 and production increased in Mojave. This effect was offset by lower production in Solana due to the scheduled improvements in the storage system, which are expected to continue throughout 2022. With this, solar production decreased by 4.1% during the first quarter of 2022 compared to the same period in the previous year.
 
In our wind assets in Uruguay, production increased by 5.9% mainly due to higher wind resource and stable performance of the assets. In Chile, production in our PV assets was lower as a result of lower solar radiation and curtailment.
 
In Spain, solar radiation was lower than expected in March, which caused a decrease in production in the first quarter of 2022, compared to the same quarter of the previous year. Production also decreased in Kaxu as a result of lower radiation.
 
Efficient natural gas and heat availability and production levels during the three-month period ended March 31, 2022 were higher than during the same period from previous year due to the scheduled maintenance stops performed in the first quarter of 2021.
 
In Water, availability during the three-month period ended March 31, 2022 was higher than in the same period from previous year, with very good performance in all the assets. Our transmission lines, where revenue is also based on availability, continue to achieve high availability levels.
 
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Table of Contents
Results of Operations
 
The table below illustrates our results of operations for the three-month periods ended March 31, 2022 and 2021.
 
   
Three -month period ended March 31,
    
   
2022
    
2021
    
% Changes
    
   
($ in millions)
           
Revenue
  
$
247.5
    
$
268.2
      
(7.7
)
%
Other operating income
    
19.3
      
22.6
      
(14.6
)
%
Employee benefit expenses
    
(19.5
)
    
(18.7
)
    
4.3
  
%
Depreciation, amortization, and impairment charges
    
(100.9
)
    
(83.5
)
    
20.8
  
%
Other operating expenses
    
(87.9
)
    
(104.2
)
    
(15.6
)
%
Operating profit
  
$
58.5
    
$
84.4
      
(30.7
)
%
                                 
Financial income
    
1.0
      
1.1
      
(9.1
)
%
Financial expense
    
(83.4
)
    
(85.2
)
    
(2.1
)
%
Net exchange differences
    
3.1
      
(0.1
)
    
(3,200.0
)
%
Other financial income/(expense), net
    
(1.1
)
    
3.0
      
(136.7
)
%
Financial expense, net
  
$
(80.4
)
  
$
(81.2
)
    
(1.0
)
%
                           
Share of profit of associates carried under the equity method
    
8.2
      
0.9
      
811.1
  
%
Profit/ (loss) before income tax
  
$
(13.7
)
  
$
4.1
      
(434.1
)
%
                                 
Income tax
    
3.9
      
(15.2
)
    
(125.7
 )
%
Loss for the period
  
$
(9.8
)
  
$
(11.1
)
    
11.7
  
%
Profit attributable to non-controlling interests
    
(2.2
)
    
(8.1
)
    
(72.8
)
%
Loss for the period attributable to the company
  
$
(12.0
)
  
$
(19.2
)
    
(37.5
)
%
Weighted average number of ordinary shares outstanding - basic
    
112.7
      
110.4
             
Weighted average number of ordinary shares outstanding - diluted
    
116.9
      
113.7
             
Basic earnings per share (U.S. dollar per share)
    
(0.11
)
    
(0.17
)
           
Diluted earnings per share (U.S. dollar per share)
    
(0.10
)
    
(0.17
)
           
Dividend paid per share(1)
    
0.44
      
0.42
             
 
Note:
 
(1)
On February 25, 2022, our board of directors approved a dividend of $0.44 per share corresponding to the fourth quarter of 2021, which was paid on March 25, 2022. On February 26, 2021, our board of directors approved a dividend of $0.42 per share corresponding to the fourth quarter of 2020, which was paid on March 22, 2021.
 
Comparison of the Three-Month Periods Ended March 31, 2022 and 2021.
 
The significant variances or variances of the significant components of the results of operations are discussed in the following section.
 
Revenue
 
Revenue decreased to $247.5 million for the three-month period ended March 31, 2022, which represents a decrease of 7.7% compared to $268.2 million for the three-month period ended March 31, 2021. On a constant currency basis, revenue for the three-month period ended March 31, 2022, was $255.1 million, which represents a decrease of 4.8% compared to the three-month period ended March 31, 2021. Additionally, on a constant currency basis and excluding the non-recurrent solar project accounted for in the first quarter of 2021 revenue increased by 7.0% for the three-month period ended March 31, 2022.
 
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This increase (on a constant currency basis and excluding the Rioglass non-recurrent solar project) was mainly due to the contribution of the recently acquired and consolidated assets which represent a total of $21.2 million of additional revenue in the first quarter of 2022 compared to the first quarter of 2021. In addition, revenue increased at our solar assets in Spain in spite of lower production during the period primarily due to higher electricity prices net of its corresponding accounting provision (see “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Factors Affecting our Results of Operations – Electricity market prices). These effects were partially offset by a decrease in revenue at ACT mainly due to lower revenue in the portion of the tariff related to operation and maintenance services, driven by lower operation and maintenance costs for the three-month period ended March 31, 2022, compared to the same period of the previous year.
 
 Other operating income
 
The following table sets forth our other operating income for the three-month periods ended March 31, 2022 and 2021:
 
   
Three-month period ended March 31,
  
Other operating income
  
2022
    
2021
  
   
($ in millions)
  
Grants
  
$
14.9
    
$
14.8
  
Insurance proceeds and other
    
4.4
      
7.8
  
Total
  
$
19.3
    
$
22.6
  
 
Other operating income decreased by 14.6% to $19.3 million for the three-month period ended March 31, 2022, compared to $22.6 million for the period ended March 31, 2021.
 
“Insurance proceeds and other” for the three-month period ended March 31, 2021 included $4.8 million in profit resulting from the purchase of a long-term operation and maintenance account payable at a discounted price, compared to a $0.8 million in profit in the same period of 2022, which is the main reason for the decrease.
 
“Grants” represent the financial support provided by the U.S. Department of the Treasury to Solana and Mojave and consist of an ITC Cash Grant and an implicit grant related to the below market interest rates of the project loans with the Federal Financing Bank. Grants were stable for the three-month period ended March 31, 2022 compared to same period from previous year.
 
Employee benefit expenses
 
Employee benefit expenses increased by 4.3% to $19.5 million for the for the three-month period ended March 31, 2022, compared to $18.7 million for the three-month period ended March 31, 2021. The increase was mainly due to the consolidation of Coso and the internalization of the operation and maintenance services at Kaxu. The increase was partially offset by a decrease in the number of employees in Rioglass once the non-recurrent solar project previously mentioned has been completed.
 
Depreciation, amortization and impairment charges
 
Depreciation, amortization and impairment charges increased by 20.8% to $100.9 million for the three-month period ended March 31, 2022, compared to $83.5 million for the three-month period ended March 31, 2021 mainly due to a lower reversal of the expected credit loss impairment provision at ACT. IFRS 9 requires impairment provisions to be based on the expected credit loss of the financial assets in addition to actual credit losses. ACT recorded a reversal of the expected credit loss impairment provision of $2.5 million for the three-month period ended March 31, 2022, while for the three-month period ended March 31, 2021, there was a reversal of $17.4 million. Depreciation, amortization and impairment charges also increased due to the consolidation of recent acquisitions.
 
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Other operating expenses
 
The following table sets forth our other operating expenses for the three-month periods ended March 31, 2022 and 2021:
 
   
Three-month period ended March 31,
  
Other operating expenses
  
2022
    
2021
  
   
$ in
millions
    
% of
revenue
    
$ in
millions
    
% of
revenue
  
Leases and fees
  
$
2.9
      
1.2
%
  
$
1.0
      
0.4
%
Operation and maintenance
    
36.3
      
14.7
%
    
38.0
      
14.2
%
Independent professional services
    
8.6
      
3.5
%
    
8.2
      
3.1
%
Supplies
    
15.0
      
6.1
%
    
7.1
      
2.6
%
Insurance
    
11.7
      
4.7
%
    
10.7
      
4.0
%
Levies and duties
    
4.7
      
1.9
%
    
9.7
      
3.6
%
Other expenses
    
3.7
      
1.5
%
    
6.0
      
2.2
%
Raw materials
    
5.0
      
2.0
%
    
23.5
      
8.8
%
Total
  
$
87.9
      
35.5
%
  
$
104.2
      
38.8
%
 
Other operating expenses decreased by 15.6% to $87.9 million for the three-month period ended March 31, 2022, compared to $104.2 million for the three-month period ended March 31, 2021, mainly due to lower raw material costs corresponding to the aforementioned Rioglass non-recurrent solar project which ended in October 2021.
 
Other operating expenses also decreased due to lower levies and duties. In the third quarter of 2021, the government in Spain granted an exemption for the 7% electricity sales tax in our assets in Spain until June 2022, which reduced our costs in the first quarter of 2022 compared to the same period of the previous year.
 
On the other hand, the cost of supplies increased mainly because a portion of our supply costs are related to the electricity market prices, which have increased since mid- 2021.
 
Operating profit
 
As a result of the above-mentioned factors, operating profit decreased by 30.7% to $58.5 million for the three-month period ended March 31, 2022, compared with $84.4 million for the three-month periods ended March 31, 2021.
 
Financial income and financial expense
 
   
Three-month period ended March 31,
  
Financial income and financial expense
  
2022
    
2021
  
   
($ in millions)
  
Financial income
    
1.0
      
1.1
  
Financial expense
    
(83.4
)
    
(85.2
)
Net exchange differences
    
3.1
      
(0.1
)
Other financial income/(expense), net
    
(1.1
)
    
3.0
  
Financial expense, net
    
(80.4
)
    
(81.2
)
 
Financial expense
 
The following table sets forth our financial expense for the three-month periods ended March 31, 2022 and 2021:
 
   
For the three-month period ended March 31,
  
Financial expense
  
2022
    
2021
  
   
($ in millions)
  
Interest on loans and notes
  
$
(71.1
)
    
(71.1
)
Interest rates losses derivatives: cash flow hedges
    
(12.3
)
    
(14.1
)
Total
  
$
(83.4
)
    
(85.2
)
 
Financial expense decreased by 2.1% to $83.4 million for the three-month period ended March 31, 2022, compared to $85.2 million for the three-month period ended March 31, 2021.
 
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“Interest on loans and notes” expense remained stable while “Interest rate losses on derivatives designated as cash flow hedges” decreased slightly. Under this account we record transfers from equity to financial expense when the hedged item impacts profit and loss. The decrease was mainly due to lower losses in swaps hedging loans indexed to EURIBOR and LIBOR primarily due to lower notional amounts, as we progressively repay our project debt.
 
Other financial income/(expense), net
 
   
Three-month period ended March 31,
  
Other financial income /(expense), net
  
2022
    
2021
  
   
($ in millions)
  
Other financial income
  
$
4.1
    
$
6.7
  
Other financial expense
    
(5.2
)
    
(3.7
)
Total
  
$
(1.1
)
  
$
3.0
  
 
Other financial income/(expense), net decreased to a net expense of $1.1 million for the three-month period ended March 31, 2022 compared to a net income of $3.0 million for the three-month period ended March 31, 2021.
 
The decrease of other financial income for the three-month period ended March 31, 2022, was mainly due to lower income corresponding to the change in the fair value of Kaxu’s derivatives, for which hedge accounting is not applied. Other financial income also includes the change in the fair value of the conversion option of the Green Exchangeable Notes for $1.9 million.
 
Other financial expense includes expenses for guarantees and letters of credit, wire transfers, other bank fees and other minor financial expenses. The increase is primarily due the contribution of the recently acquired assets.
 
Share of profit of associates carried under the equity method
 
Share of profit of associates carried under the equity method increased to $8.2 million for the three-month period ended March 31, 2022, compared to $0.9 million for the three-month period ended March 31, 2021. The increase was primarily due to the contribution of Vento II.
 
Profit/(loss) before income tax
 
As a result of the previously mentioned factors, we reported a loss before income tax of $13.7 million for the three-month period ended March 31, 2022, compared to a profit before income tax of $4.1 million for the three-month period ended March 31, 2021.
 
Income tax
 
The effective tax rate for the periods presented has been established based on management’s best estimates. For the three-month period ended March 31, 2022, income tax amounted to an income of $3.9 million, with a loss before income tax of $13.7 million. For the three-month period ended March 31, 2021, income tax amounted to an expense of $15.2 million, with a profit before income tax of $4.1 million. The effective tax rate differs from the nominal tax rate mainly due to unrecognized tax losses carryforwards and permanent tax differences in some jurisdictions.
 
Profit attributable to non-controlling interests
 
Profit attributable to non-controlling interests was $2.2 million for the three-month period ended March 31, 2022 compared to $8.1 million for the three-month period ended March 31, 2021. Profit attributable to non-controlling interests corresponds to the portion attributable to our partners in the assets that we consolidate (Kaxu, Skikda, Solaben 2 & 3, Solacor 1 & 2, Seville PV, Chile PV 1, Chile PV 2 and Tenes). The decrease is mainly due to losses in our PV assets in Chile which were primarily caused by curtailment and lower electricity market prices.
 
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Profit/(loss) attributable to the parent company
 
As a result of the previously mentioned factors, loss attributable to the parent company was $12.0 million for the three-month period ended March 31, 2022, compared to a loss of $19.2 million for the three-month period ended March 31, 2021.
 
Segment Reporting
 
We organize our business into the following three geographies where the contracted assets and concessions are located: North America, South America and EMEA. In addition, we have identified four business sectors based on the type of activity: Renewable energy, Efficient natural gas and heat, Transmission and Water. We report our results in accordance with both criteria. Our Efficient natural gas and heat segment was renamed to include Calgary District Heating which has been consolidated since its acquisition in May 2021.
 
Revenue and Adjusted EBITDA by geography
 
The following table sets forth our revenue, Adjusted EBITDA and volumes for the three-month periods ended March 31, 2022 and 2021, by geographic region:
 
Revenue by geography
 
   
Three-month period ended March 31,
  
Revenue by geography
  
2022
    
2021
  
   
$ in
millions
    
%
of revenue
    
$ in
millions
    
%
of revenue
  
North America
  
$
74.4
      
30.0
%
  
$
60.6
      
22.6
%
South America
    
38.5
      
15.6
%
    
38.3
      
14.3
%
EMEA
    
134.6
      
54.4
%
    
169.3
      
63.1
%
Total revenue
  
$
247.5
      
100
%
  
$
268.2
      
100
%
 
   
Three-month period ended March 31,
  
Adjusted EBITDA by geography
  
2022
    
2021
  
   
$ in
millions
    
Adjusted
EBITDA
Margin (2)
    
$ in
millions
    
Adjusted
EBITDA
Margin (2)
  
North America
  
$
58.3
      
78.4
%
  
$
40.3
      
66.5
%
South America
    
29.1
      
75.6
%
    
29.9
      
78.1
%
EMEA
    
86.2
      
64.0
%
    
101.0
      
59.7
%
Total Adjusted EBITDA(1)
  
$
173.6
      
70.1
%
  
$
171.2
      
63.8
%
 
Note:
 
(1)
Adjusted EBITDA is calculated as profit/(loss) for the period attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interest, income tax expense, financial expense (net), depreciation, amortization and impairment charges of entities included in the Consolidated Condensed Interim Financial Statements and depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of our equity ownership). Adjusted EBITDA is not a measure of performance under IFRS as issued by the IASB and you should not consider Adjusted EBITDA as an alternative to operating income or profits or as a measure of our operating performance, cash flows from operating, investing and financing activities or as a measure of our ability to meet our cash needs or any other measures of performance under generally accepted accounting principles. We believe that Adjusted EBITDA is a useful indicator of our ability to incur and service our indebtedness and can assist securities analysts, investors and other parties to evaluate us. Adjusted EBITDA and similar measures are used by different companies for different purposes and are often calculated in ways that reflect the circumstances of those companies. Adjusted EBITDA may not be indicative of our historical operating results, nor is it meant to be predictive of potential future results. See “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Financial Measures”.
 
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Volume produced/availability
  
   
Three- Month period ended March 31,
  
Volume by geography
  
2022
    
2021
  
       
North America (GWh) (1)
    
1,348
      
760
  
North America availability(2)
    
100.3
%
    
98.3
%
South America (GWh) (3)
    
183
      
171
  
South America availability(2)
    
99.9
%
    
100.0
%
EMEA (GWh)
    
188
      
218
  
EMEA availability
    
104.5
%
    
97.5
%
 
Note:
 
(1)
GWh produced includes 30% of the production from Monterrey and our 49% of Vento II wind portfolio production since its acquisition.
(2)
Availability includes only those assets that have revenue based on availability.
(3)
Includes curtailment production in wind assets for which we receive compensation.
 
North America
 
Revenue increased by 22.8% to $74.4 million for the three-month period ended March 31, 2022, compared to $60.6 million for the three-month period ended March 31, 2021. The increase was mainly due to the contribution from the recently acquired assets, Coso and Calgary. The increase was partially offset by lower revenue at ACT mainly due to lower revenue in the portion of the tariff related to operation and maintenance services, driven by lower operation and maintenance costs for the three-month period ended March 31, 2022. Revenue also decreased at our solar assets in North America, mainly due to production, as previously described.
 
Adjusted EBITDA increased by 44.7% to $58.3 million for the three-month period ended March 31, 2022, compared to $40.3 million for the three-month period ended March 31, 2021 mainly due to the contribution of the recently acquired assets Coso, Vento II and Calgary. Adjusted EBITDA also increased at our solar assets in North America mainly driven by lower operating expenses at Mojave. During the first quarter of 2021 we carried out major scheduled maintenance works. This effect was partially offset by lower Adjusted EBITDA at ACT. Adjusted EBITDA margin increased to 78.4% for the three-month period ended March 31, 2022, compared to 66.5% for the three-month period ended March 31, 2021, mainly due to the contribution from Vento II.
 
South America
 
Revenue and Adjusted EBITDA remained stable at $38.5 million and $29.1 million respectively for the three-month period ended March 31, 2022, compared to $38.3 million and $29.9 million for the three-month period ended March 31, 2021. The increase in revenue and Adjusted EBITDA in our wind assets was mostly offset by the decrease in revenue and Adjusted EBITDA in our PV assets in Chile, due to lower production and lower market prices. Adjusted EBITDA margin decreased slightly to 75.6% for the three-month period ended March 31, 2022, compared to 78.1% for the three-month period ended March 31, 2021 mainly due to lower Adjusted EBITDA margins at our PV assets in Chile.
 
EMEA
 
Revenue decreased to $134.6 million for the three-month period ended March 31, 2022, which represents a decrease of 20.5% compared to $169.3 million for the three-month period ended March 31, 2021. On a constant currency basis, revenue for the three-month period ended March 31, 2022, was $142.3 million, which represents a decrease of 15.9% compared to the three-month period ended March 31, 2021. Additionally, on a constant currency basis and excluding the non-recurrent solar project accounted for in the first quarter of 2021 revenue for the three-month period ended March 31, 2022 increased by 2.0%.
 
Revenue increased (on a constant currency basis and excluding the non recurrent solar project) mainly due to higher revenue at our solar assets in Spain in spite of lower production, primarily thanks to higher electricity prices net of its corresponding accounting provision (see “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Factors Affecting our Results of Operations – Electricity market prices”). Revenue also increased due to the contribution of the recently acquired new assets in Italy. This increase was partially offset by lower revenue at our solar asset in South Africa mainly due to lower solar radiation during the three-month period ended March 31, 2022.
 
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Adjusted EBITDA decreased to $86.2 million for the three-month period ended March 31, 2022, which represents a decrease of 14.6% compared to $101.0 million for the three-month period ended March 31, 2021. On a constant currency basis, Adjusted EBITDA for the three-month period ended March 31, 2022, was $90.9 million which represents a decrease of 10.0% compared to the three-month period ended March 31, 2021. Additionally, on a constant currency basis and excluding the non-recurrent solar project accounted for in the first quarter of 2021 Adjusted EBITDA for the three-month period ended March 31, 2022 decreased by 9.0%. This decrease was mainly caused by lower Adjusted EBITDA at Rioglass and at our solar assets in Spain. As previously explained, for the three-month period ended March 31, 2021 we recorded $4.8 million profit in “Other operating income” resulting from the purchase of a long-term operation and maintenance account payable at a discounted price, compared to a $0.8 million in profit in the first quarter of 2022, which was the main reason for the decrease. This decrease was partially offset by the contribution of the recently acquired assets in Italy. Adjusted EBITDA margin increased to 64.0% for the three-month period ended March 31, 2022, compared to 59.7% for the three-month period ended March 31, 2021 mainly due to lower margin at the Rioglass non-recurrent solar project in 2021.
 
Revenue and Adjusted EBITDA by business sector
 
The following table sets forth our revenue, Adjusted EBITDA and volumes for the three-month period ended March 31, 2022 and 2021, by business sector:
 
   
Three-month period ended March 31,
  
Revenue by business sector
  
2022
    
2021
  
   
$ in
millions
    
% of
revenue
    
$ in
millions
    
% of
revenue
  
Renewable energy
  
$
182.1
      
73.6
%
  
$
199.7
      
74.4
%
Efficient natural gas & heat
    
25.3
      
10.2
%
    
28.4
      
10.6
%
Transmission lines
    
26.6
      
10.7
%
    
26.6
      
10.0
%
Water
    
13.5
      
5.4
%
    
13.5
      
5.0
%
Total revenue
  
$
247.5
      
100
%
  
$
268.2
      
100
%

   
Three-month period ended March 31,
  
   
2022
    
2021
  
   
$ in
millions
    
Adjusted
EBITDA
Margin (2)
    
$ in
millions
    
Adjusted
EBITDA
Margin (2)
  
Renewable energy
  
$
122.1
      
67.1
%
  
$
117.0
      
58.6
%
Efficient natural gas & heat
    
21.7
      
85.8
%
    
23.2
      
81.7
%
Transmission lines
    
20.6
      
77.4
%
    
21.2
      
79.7
%
Water
    
9.2
      
68.1
%
    
9.8
      
72.6
%
Total Adjusted EBITDA(1)
  
$
173.6
      
70.1
%
  
$
171.2
      
63.8
%
 
Note:
 
(1)
Adjusted EBITDA is calculated as profit/(loss) for the period attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interest, income tax expense, financial expense (net), depreciation, amortization and impairment charges of entities included in the Consolidated Condensed Interim Financial Statements and depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of our equity ownership). Adjusted EBITDA is not a measure of performance under IFRS as issued by the IASB and you should not consider Adjusted EBITDA as an alternative to operating income or profits or as a measure of our operating performance, cash flows from operating, investing and financing activities or as a measure of our ability to meet our cash needs or any other measures of performance under generally accepted accounting principles. We believe that Adjusted EBITDA is a useful indicator of our ability to incur and service our indebtedness and can assist securities analysts, investors and other parties to evaluate us. Adjusted EBITDA and similar measures are used by different companies for different purposes and are often calculated in ways that reflect the circumstances of those companies. Adjusted EBITDA may not be indicative of our historical operating results, nor is it meant to be predictive of potential future results. See “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Financial Measures”.
 
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Volume by business sector
 
   
Volume produced/availability
  
   
Year ended March 31,
  
Volume by business sector
  
2022
    
2021
  
Renewable energy (GWh) (1)
    
1,094
      
606
  
Efficient natural gas & heat (GWh) (2)
    
625
      
542
  
Efficient natural gas & heat availability
    
100.3
%
    
98.3
%
Transmission availability
    
99.9
%
    
100.0
%
Water availability
    
104.5
%
    
97.5
%
 
Note:
 
(1)
Includes curtailment production in wind assets for which we receive compensation. Includes our 49% of Vento II wind portfolio production since its acquisition.
 
(2)
GWh produced includes 30% of the production from Monterrey.
 
Renewable energy
 
Revenue decreased to $182.1 million for the three-month period ended March 31, 2022, which represents a decrease of 8.8% compared to $199.7 million for the three-month period ended March 31, 2021. On a constant currency basis, revenue for the three-month period ended March 31, 2022, was $189.8 million, which represents a decrease of 5.0% compared to the three-month period ended March 31, 2021. Additionally, on a constant currency basis and excluding the non-recurrent solar project accounted for in the first quarter of 2021 revenue for the three-month period ended March 31, 2022 increased by 11.7%. The increase in revenue was primarily due to the contribution from the recently acquired assets Coso, La Sierpe, Italy PV 1, Italy PV 2 and Italy PV 3. Revenue also increased at our solar assets in Spain as previously explained and at our wind assets in Uruguay mainly due to higher wind resource during the quarter. This increase was partially offset by lower revenue at Kaxu, Chile PV 1 and Chile PV 2.
 
Adjusted EBITDA increased to $122.2 million for the three-month period ended March 31, 2022, which represents an increase of 4.4% compared to $117.0 million for the three-month period ended March 31, 2021. On a constant currency basis, Adjusted EBITDA for the three-month period ended March 31, 2022, was $126.9 million which represents an increase of 8.4% compared to the three-month period ended March 31, 2021. Additionally, on a constant currency basis and excluding the non-recurrent solar project accounted for in the first quarter of 2021 Adjusted EBITDA increased by 9.4%. Adjusted EBITDA increased mainly due to the increase in Revenue, to the contribution of Vento II and to lower operation and maintenance costs at Mojave. This increase was partially offset by lower Adjusted EBITDA at Rioglass and at our solar assets in Spain. Adjusted EBITDA margin increased to 67.1% for the three-month period ended March 31, 2022, from 58.6% for the three-month period ended March 31, 2021, mainly due to the contribution from Vento II and lower margin at the Rioglass non-recurrent solar project in 2021.
 
Efficient natural gas & heat
 
Revenue decreased by 10.9% to $25.3 million for the three-month period ended March 31, 2022, compared to $28.4 million for the three-month period ended March 31, 2021, while Adjusted EBITDA decreased by 6.5% to $21.7 million for the three-month period ended March 31, 2022, compared to $23.2 million for the three-month period ended March 31, 2021. Revenue decreased at ACT mainly due to lower operation and maintenance costs, since there is a portion of revenue related to operation and maintenance services plus a margin. At ACT, operation and maintenance costs were higher in 2021 as it happens in the quarters preceding any major maintenance works. This decrease was partially offset by the contribution from the recently acquired asset in Calgary. Adjusted EBITDA decreased for the same reasons. Adjusted EBITDA margin increased to 85.8% for the three-month period ended March 31, 2022, from 81.7% for the three-month period ended March 31, 2021 mainly due to lower operation and maintenance costs at ACT.
 
Transmission lines
 
Revenue remained stable at $26.6 million for the three-month period ended March 31, 2022, compared to $26.6 million for the three-month period ended March 31, 2021. Adjusted EBITDA also remained stable at $20.6 million for the three-month period ended March 31, 2022 compared to $21.2 million for the three-month period ended March 31, 2021.
 
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Water
 
Revenue remained stable at $13.5 million for the three-month period ended March 31, 2022, compared to $13.5 million for the three-month period ended March 31, 2021. Adjusted EBITDA also remained stable at $9.2 million for the three-month period ended March 31, 2022, compared to $9.8 million for the three-month period ended March 31, 2021.
 
Liquidity and Capital Resources
 
Our principal liquidity and capital requirements consist of the following:
 
•
debt service requirements on our existing and future debt;
 
•
cash dividends to investors; and
 
•
investments in new assets and companies and operations (See “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Recent Investments and Acquisitions”).
 
As a normal part of our business, depending on market conditions, we will from time to time consider opportunities to repay, redeem, repurchase or refinance our indebtedness. Changes in our operating plans, lower than anticipated sales, increased expenses, acquisitions or other events may cause us to seek additional debt or equity financing in future periods. There can be no guarantee that financing will be available on acceptable terms or at all. Debt financing, if available, could impose additional cash payment obligations and additional covenants and operating restrictions. In addition, any of the items discussed in detail under “Item 3.D—Risk Factors” in our Annual Report and other factors may also significantly impact our liquidity.
 
Liquidity position
       
   
As of
March 31,
2022
    
As of
December 31,
2021
  
   
($ in millions)
  
Corporate Liquidity
            
Cash and cash equivalents at Atlantica Sustainable Infrastructure, plc, excluding subsidiaries
  
$
113.1
      
88.3
  
Revolving Credit Facility availability
    
393.5
      
440.0
  
Total Corporate Liquidity(1)
  
$
506.6
      
528.3
  
Liquidity at project companies
                
Restricted Cash
    
245.7
      
254.3
  
Non-restricted cash
    
380.2
      
280.1
  
Total cash at project companies
  
$
625.9
      
534.4
  
 
Note:
 
(1) Corporate Liquidity means cash and cash equivalents held at Atlantica Sustainable Infrastructure plc as of March 31, 2022, and available revolver capacity as of March 31, 2022.
 
Cash at the project level includes $245.7 million and $254.3 million restricted cash balances as of March 31, 2022 and December 31, 2021, respectively. Restricted cash consists primarily of funds required to meet the requirements of certain project debt arrangements. In the case of Solana, part of the restricted cash is being used and is expected to be used for equipment replacement. As of December 31, 2021, restricted cash also included Kaxu’s cash balance, given that the project financing of this asset was under a theoretical event of default which was resolved as of March 31, 2022 (see Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations— “Potential Implications of Abengoa developments” ).
 
Non-restricted cash at project companies includes among others, the cash that is required for day-to-day management of the companies, as well as amounts that are earmarked to be used for debt service in the future.
 
As of March 31, 2022, we had $35 million of borrowings under the Revolving Credit Facility and $21.5 million of letters of credit were outstanding. As a result, $393.5 million was available under our Revolving Credit Facility. As of December 31, 2021, we had no borrowings, $10 million of letters of credit were outstanding and $440 million was available under our Revolving Credit Facility.
 
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Management believes that the Company’s liquidity position, cash flows from operations and availability under its Revolving Credit Facility will be adequate to meet the Company’s financial commitments and debt obligations; growth, operating and maintenance capital expenditures; and dividend distributions to shareholders. Management continues to regularly monitor the Company’s ability to finance the needs of its operating, financing and investing activities within the guidelines of prudent balance sheet management.
 
Credit Ratings
 
Credit rating agencies rate us and part of our debt securities. These ratings are used by the debt markets to evaluate our credit risk. Ratings influence the price paid to issue new debt securities as they indicate to the market our ability to pay principal, interest and dividends.
 
The following table summarizes our credit ratings as of March 31, 2022. The ratings outlook is stable for S&P and Fitch.
 
 
 S&P
Fitch
Atlantica Sustainable Infrastructure Corporate Rating
BB+
BB+
Senior Secured Debt
BBB-
BBB-
Senior Unsecured Debt
BB
BB+
 
Sources of liquidity
 
We expect our ongoing sources of liquidity to include cash on hand, cash generated from our operations, project debt arrangements, corporate debt and the issuance of additional equity securities, as appropriate, and given market conditions. Our financing agreements consist mainly of the project-level financing for our various assets and our corporate debt financings, including our Green Exchangeable Notes, the Note Issuance Facility 2020, the 2020 Green Private Placement, the Green Senior Notes and the Revolving Credit Facility.
 
         
As of
March 31,
2022
    
As of
December 31,
2021
  
   
Maturity
    
($ in millions)
  
Revolving Credit Facility
  
2024(3)
    
$
34.2
      
-
  
Other Facilities(1)
  
2022-2025
      
48.4
      
41.7
  
Green Exchangeable Notes
  
2025
      
104.9
      
104.3
  
2020 Green Private Placement
  
2026
      
321.1
      
327.1
  
Note Issuance Facility 2020
  
2027
      
153.1
      
155.8
  
Green Senior Notes
  
2028
      
394.4
      
394.2
  
Total Corporate Debt(2)
        
$
1,056.1
    
$
1,023.1
  
Total Project Debt
        
$
5,037.0
    
$
5,036.2
  
 
Note:
 
(1)
Other facilities include the commercial paper program issued in October 2020, accrued interest payable and other debts.
(2)
Accounting amounts may differ from notional amounts.
(3)
The maturity of loans outstanding from time to time under the Revolving Credit Facility was extended from 2023 to 2024 pursuant to the Seventh Amendment to the Revolving Credit Facility, dated May 5, 2022.
 

A)
Corporate debt agreements
 
Green Senior Notes
 
On May 18, 2021, we issued the Green Senior Notes with an aggregate principal amount of $400 million due in 2028. The Green Senior Notes bear interest at a rate of 4.125% per year, payable on June 15 and December 15 of each year, commencing December 15, 2021, and will mature on June 15, 2028.
 
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The Green Senior Notes were issued pursuant to an Indenture, dated May 18, 2021, by and among Atlantica as issuer, Atlantica Peru S.A., ACT Holding, S.A. de C.V., Atlantica Infraestructura Sostenible, S.L.U., Atlantica Investments Limited, Atlantica Newco Limited, Atlantica North America LLC, as guarantors, BNY Mellon Corporate Trustee Services Limited, as trustee, The Bank of New York Mellon, London Branch, as paying agent, and The Bank of New York Mellon SA/NV, Dublin Branch, as registrar and transfer agent.
 
Our obligations under the Green Senior Notes rank equal in right of payment with our outstanding obligations under the Revolving Credit Facility, the 2020 Green Private Placement, the Note Issuance Facility 2020 and the Green Exchangeable Notes.
 
Green Exchangeable Notes
 
On July 17, 2020, we issued 4.00% Green Exchangeable Notes amounting to an aggregate principal amount of $100 million due in 2025. On July 29, 2020, we issued an additional $15 million aggregate principal amount in Green Exchangeable Notes. The Green Exchangeable Notes are the senior unsecured obligations of Atlantica Jersey, a wholly owned subsidiary of Atlantica, and fully and unconditionally guaranteed by Atlantica on a senior, unsecured basis. The notes mature on July 15, 2025, unless they are repurchased or redeemed earlier by Atlantica or exchanged, and bear interest at a rate of 4.00% per annum.
 
Noteholders may exchange all or any portion of their notes at their option at any time prior to the close of business on the scheduled trading day immediately preceding April 15, 2025, only during certain periods and upon satisfaction of certain conditions. Noteholders may exchange all or any portion of their notes during any calendar quarter if the last reported sale price of Atlantica’s ordinary shares for at least 20 trading days during a period of 30 consecutive trading days, ending on the last trading day of the immediately preceding calendar quarter is greater than 120% of the exchange price on each applicable trading day. On or after April 15, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date thereof, noteholders may exchange any of their notes at any time, at the option of the noteholder. Upon exchange, the notes may be settled, at our election, into Atlantica ordinary shares, cash or a combination of both. The initial exchange rate of the notes is 29.1070 ordinary shares per $1,000 of the principal amount of notes (which is equivalent to an initial exchange price of $34.36 per ordinary share). The exchange rate is subject to adjustment upon the occurrence of certain events.
 
Our obligations under the Green Exchangeable Notes rank equal in right of payment with our outstanding obligations under the Revolving Credit Facility, the 2020 Green Private Placement, the Note Issuance Facility 2020 and the Green Senior Notes.
 
Note Issuance Facility 2020
 
On July 8, 2020, we entered into the Note Issuance Facility 2020, a senior unsecured euro-denominated financing with a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder for a total amount of $156 million (€140 million). The notes under the Note Issuance Facility 2020 were issued on August 12, 2020 and are due on August 12, 2027. Interest accrues at a rate per annum equal to the sum of the 3-month EURIBOR plus a margin of 5.25% with a floor of 0% for the EURIBOR. We have entered into a cap at 0% for the EURIBOR with 3.5 years maturity to hedge the variable interest rate risk.
 
Our obligations under the Note Issuance Facility 2020 rank equal in right of payment with our outstanding obligations under the Revolving Credit Facility, the 2020 Green Private Placement, the Green Exchangeable Notes and the Green Senior Notes. The notes issued under the Note Issuance Facility 2020 are guaranteed on a senior unsecured basis by our subsidiaries Atlantica Infraestructura Sostenible, S.L.U., Atlantica Peru, S.A., ACT Holding, S.A. de C.V., Atlantica Investments Limited, Atlantica Newco Limited and Atlantica North America LLC.
 
2020 Green Private Placement
 
On March 20, 2020, we entered into a senior secured note purchase agreement with a group of institutional investors as purchasers providing for the 2020 Green Private Placement. The transaction closed on April 1, 2020 and we issued notes for a total principal amount of €290 million ($324 million), maturing on June 20, 2026. Interest accrues at a rate per annum equal to 1.96%. If at any time the rating of these senior secured notes is below investment grade, the interest rate thereon would increase by 100 basis points until such notes are again rated investment grade.
 
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Our obligations under the 2020 Green Private Placement rank equal in right of payment with our outstanding obligations under the Revolving Credit Facility, the Note Issuance Facility 2020 and the Green Senior Notes. Our payment obligations under the 2020 Green Private Placement are guaranteed on a senior secured basis by our subsidiaries Atlantica Infraestructura Sostenible, S.L.U., Atlantica Peru, S.A., ACT Holding, S.A. de C.V., Atlantica Investments Limited, Atlantica Newco Limited and Atlantica North America LLC. The 2020 Green Private Placement is also secured with a pledge over the shares of the subsidiary guarantors, the collateral of which is shared with the lenders under the Revolving Credit Facility.
 
Revolving Credit Facility
 
On May 10, 2018, we entered into a $215 million Revolving Credit Facility with a syndicate of banks. The Revolving Credit Facility was increased by $85 million to $300 million on January 25, 2019 and was further increased by $125 million (to a total limit of $425 million) on August 2, 2019. On March 1, 2021, this facility was further increased by $25 million (to a total limit of $450 million). On May 5, 2022, the maturity of the Revolving Credit Facility was extended to December 31, 2024. Under the Revolving Credit Facility, we are also able to request the issuance of letters of credit, which are subject to a sublimit of $100 million that are included in the aggregate commitments available under the Revolving Credit Facility.

Loans under the Revolving Credit Facility accrue interest at a rate per annum equal to: (A) for eurodollar rate loans, Term SOFR, plus a Term SOFR Adjustment equal to 0.10% per annum, plus a percentage determined by reference to our leverage ratio, ranging between 1.60% and 2.25% and (B) for base rate loans, the highest of (i) the rate per annum equal to the weighted average of the rates on overnight U.S. Federal funds transactions with members of the U.S. Federal Reserve System arranged by U.S. federal funds brokers on such day plus ½ of 1.00%, (ii) the prime rate of the administrative agent under the Revolving Credit Facility and (iii) Term SOFR plus 1.00%, in any case, plus a percentage determined by reference to our leverage ratio, ranging between 0.60% and 1.00%.
 
Our obligations under the Revolving Credit Facility rank equal in right of payment with our outstanding obligations under the 2020 Green Private Placement, the Note Issuance Facility 2020, the Green Exchangeable Notes and the Green Senior Notes. Our payment obligations under the Revolving Credit Facility are guaranteed on a senior secured basis by Atlantica Infraestructura Sostenible, S.L.U., Atlantica Peru, S.A., ACT Holding, S.A. de C.V., Atlantica Investments Limited, Atlantica Newco Limited and Atlantica North America LLC. The Revolving Credit Facility is also secured with a pledge over the shares of the subsidiary guarantors, the collateral of which is shared with the holders of the notes issued under the 2020 Green Private Placement.
 
Other Credit Lines
 
In July 2017, we signed a line of credit with a bank for up to €10.0 million ($11.2 million) which was available in euros or U.S. dollars. On June 30, 2021, the maturity was extended to July 1, 2023. Amounts drawn accrue interest at a rate per annum equal to the sum of the 3-month EURIBOR or LIBOR, plus a margin of 2%, with a floor of 0% for the EURIBOR or LIBOR. As of March 31, 2022, no amounts were drawn under this line of credit.
 
In December 2020 and January 2022, we also entered into two different loans with banks for €5 million ($5.6 million) each. The maturity dates are December 4, 2025, and January 31, 2026, respectively, and they accrue interest at a rate per annum equal to 2.50% and 1.90%, respectively.
 
Commercial Paper Program
 
On October 8, 2019, we filed a euro commercial paper program with the Alternative Fixed Income Market (MARF) in Spain. The program had an original maturity of twelve months and has been extended twice, for annual periods. The program allows Atlantica to issue short term notes for up to €50 million, with such notes having a tenor of up to two years. As of March 31, 2022, we had €27.7 million ($30.9 million) issued and outstanding under the Commercial Paper Program at an average cost of 0.351%.
 
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Covenants, restrictions and events of default
 
The Note Issuance Facility 2020, the 2020 Green Private Placement, the Green Senior Notes and the Revolving Credit Facility contain covenants that limit certain of our and the guarantors’ activities. The Note Issuance Facility 2020, the 2020 Green Private Placement and the Green Exchangeable Notes also contain customary events of default, including a cross-default with respect to our indebtedness, indebtedness of the guarantors thereunder and indebtedness of our material non-recourse subsidiaries (project-subsidiaries) representing more than 25% of our cash available for distribution distributed in the previous four fiscal quarters, which in excess of certain thresholds could trigger a default. Additionally, under the 2020 Green Private Placement, the Revolving Credit Facility and the Note Issuance Facility 2020 we are required to comply with a leverage ratio of our corporate indebtedness excluding non-recourse project debt to our cash available for distribution of 5.00:1.00 (which may be increased under certain conditions to 5.50:1.00 for a limited period in the event we consummate certain acquisitions).
 
B) At-The-Market Program
 
On February 28, 2022, we established an “at-the-market program” and entered into the Distribution Agreement with BofA Securities, Inc., MUFG Securities Americas Inc., and RBC Capital Markets LLC, as our sales agents, under which we may offer and sell from time to time up to $150 million of our ordinary shares, including in “at-the-market” offerings under our shelf registration statement on Form F-3 filed with the SEC on August 3, 2021, and a prospectus supplement that we filed on February 28, 2022. Upon entry into the Distribution Agreement, we terminated our prior “at-the-market program” established on August 3, 2021 and the related distribution agreement dated such date, entered into with J.P. Morgan Securities LLC. During the first quarter of 2022, we issued and sold 1,513,448 ordinary shares under such program at an average market price of $33.58 per share pursuant to our Distribution Agreement, representing gross proceeds of $50.8 million and net proceeds of $50.3 million.
 
Uses of liquidity and capital requirements
 
Cash dividends to investors
 
We intend to distribute a significant portion of our cash available for distribution to shareholders on an annual basis less all cash expenses including corporate debt service and corporate general and administrative expenses and less reserves for the prudent conduct of our business (including, among other things, dividend shortfall as a result of fluctuations in our cash flows), on an annual basis. We intend to distribute a quarterly dividend to shareholders. Our board of directors may, by resolution, amend the cash dividend policy at any time. The determination of the amount of the cash dividends to be paid to shareholders will be made by our board of directors and will depend upon our financial condition, results of operations, cash flow, long-term prospects and any other matters that our board of directors deem relevant.
 
Our cash available for distribution is likely to fluctuate from quarter to quarter and, in some cases, significantly as a result of the seasonality of our assets, the terms of our financing arrangements, maintenance and outage schedules, among other factors. Accordingly, during quarters in which our projects generate cash available for distribution in excess of the amount necessary for us to pay our stated quarterly dividend, we may reserve a portion of the excess to fund cash distributions in future quarters. During quarters in which we do not generate sufficient cash available for distribution to fund our stated quarterly cash dividend, if our board of directors so determines, we may use retained cash flow from other quarters, and other sources of cash.
 
The latest dividends paid and declared are presented below:
 
Declared
  
Record Date
  
Payment Date
  
$ per share
  
February 26, 2021
  
March 12, 2021
  
March 22, 2021
    
0.42
  
May 4, 2021
  
May 31, 2021
  
June 15, 2021
    
0.43
  
July 30, 2021
  
August 31, 2021
  
September 15, 2021
    
0.43
  
November 9, 2021
  
November 30, 2021
  
December 15, 2021
    
0.435
  
February 25, 2022
  
March 14, 2022
  
March 25, 2022
    
0.44
  
May 5, 2022
  
May 31, 2022
  
June 15, 2022
  
0.44
  

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Investments and Acquisitions
 
The acquisitions and investments detailed in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Recent Investments and Acquisitions” have been part of the use of our liquidity in 2021 and 2022. In addition, we have made investments in assets which are currently under development or construction. We expect to continue making investments in assets in operation or under construction or development to grow our portfolio.
 
Our uses of liquidity also include debt service and contractual obligations (refer to our Annual Report for further detail).
 
Cash flow
 
The following table sets forth cash flow data for the three-month periods ended March 31, 2022 and 2021:
 
   
Three-month period ended March 31,
  
   
2022
    
2021
  
   
($ in millions)
  
Gross cash flows from operating activities
            
Loss for the period
  
$
(9.8
)
  
$
(11.1
)
Adjustments to reconcile after-tax profit to net cash generated by operating activities
    
182.7
      
172.0
  
Profit for the period adjusted by non-monetary items
  
$
172.9
    
$
160.9
  
                 
Changes in working capital
  
$
(19.1
)
  
$
17.1
  
Net interest and income tax paid
    
(16.5
)
    
(30.9
)
Net cash provided by operating activities
  
$
137.3
    
$
147.1
  
                 
Net cash used in investing activities
  
$
(12.9
)
  
$
(6.4
)
                 
Net cash provided by / used in financing activities
  
$
(8.8
)
  
$
66.9
  
                 
Net increase in cash and cash equivalents
    
115.6
      
207.6
  
Cash and cash equivalents at beginning of the period
    
622.7
      
880.5
  
Translation differences in cash or cash equivalents
    
0.7
      
(9.8
)
Cash and cash equivalents at the end of the period
  
$
739.0
    
$
1,078.3
  
 
Net cash provided by operating activities
 
For the three-month period ended March 31, 2022, net cash provided by operating activities was $137.3 million, a 6.7% decrease compared to $147.1 million in the three-month period ended March 31, 2021. The decrease was largely due to a negative change in working capital compared to the positive change in working capital for the three-month period ended March 31, 2021. The change in working capital in the first quarter of 2021 was higher than usual in a first quarter due to high collections at ACT and better collection periods in Spain.
 
Net cash used in investing activities
 
For the three-month period ended March 31, 2022, net cash used in investing activities amounted to $12.9 million and corresponded mainly to $39.0 million paid for the acquisitions of Chile TL4 and investments in concessional assets for $5.0 million. These cash outflows were partially offset by $31.9 million of dividends received from associates under the equity method, of which $13.9 million corresponded to Amherst Island Partnership by AYES Canada, most of which were paid to our partner in this project.
 
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For the three-month period ended March 31, 2021, net cash used in investing activities amounted to $6.4 million and included $8.4 million for the acquisition of the additional 42.5% equity interest in Rioglass and $3.7 million (deductible from the final payment) for an option to acquire the remaining 42.5% under the same conditions until September 2021. Investments in concessional assets for $6.1 million correspond mainly to maintenance capital expenditure and equipment replacements in Solana. These cash outflows were partially offset by $8.8 million of dividends received from Amherst Island Partnership by AYES Canada, most of which were paid to our partner in this project.
 
Net cash provided by/ (used in) financing activities
 
For the three-month period ended March 31, 2022, net cash used in financing activities amounted to $8.8 million and includes the repayment of principal of our project financing for $43.9 million and dividends paid to shareholders and non-controlling interests for $55.9 million. These cash outflows were partially offset by the proceeds from the equity raised under the at-the-market programs for a net amount of $51.6 million, net of transaction costs and the withdrawal of $35 million from the Revolving Credit Facility.
 
For the three-month period ended March 31, 2021, net cash provided by financing activities amounted to $66.9 million and corresponded mainly to $130.6 million from the equity private placement closed in January 2021. These cash inflows were partially offset by the scheduled repayment of principal of our project financing agreements for an approximate amount of $24.8 million and $50.7 million of dividends paid to shareholders and non-controlling interests
 
Item 3.
Quantitative and Qualitative Disclosure about Market Risk
 
Our activities are undertaken through our segments and are exposed to market risk, credit risk and liquidity risk. Risk is managed by our Risk Management and Finance Departments in accordance with mandatory internal management rules. The internal management rules provide written policies for the management of overall risk, as well as for specific areas, such as exchange rate risk, interest rate risk, credit risk, liquidity risk, use of hedging instruments and derivatives and the investment of excess cash.
 
Market risk
 
We are exposed to market risk, such as movement in foreign exchange rates and interest rates. All of these market risks arise in the normal course of business and we do not carry out speculative operations. For the purpose of managing these risks, we use swaps and options on interest rates and foreign exchange rates. None of the derivative contracts signed has an unlimited loss exposure.
 
Foreign exchange risk
 
The main cash flows from our subsidiaries are cash collections arising from long-term contracts with clients and debt payments arising from project finance repayment. Given that financing of the projects is generally denominated in the same currency in which the contract with the client is signed, a natural hedge exists for our main operations.
 
Our functional currency is the U.S. dollar, as most of our revenue and expenses are denominated or linked to U.S. dollars. All our companies located in North America and most of our companies in South America have their revenue and financing contracts signed in, or indexed totally or partially to, U.S. dollars, with the exception of Calgary, with revenue in Canadian dollars. Our solar power plants in Europe have their revenue and expenses denominated in euros, Kaxu, our solar plant in South Africa, has its revenue and expenses denominated in South African rand and La Sierpe, our solar plant in Colombia, has its revenue and expenses denominated in Colombian pesos. Project financing is typically denominated in the same currency as that of the contracted revenue agreement. This policy seeks to ensure that the main revenue and expenses streams in foreign companies are denominated in the same currency, limiting our risk of foreign exchange differences in our financial results.
 
Our strategy is to hedge cash distributions from our assets in Europe. We hedge the exchange rate for the distributions in euros after deducting euro-denominated interest payments and euro-denominated general and administrative expenses. Through currency options, we have hedged 100% of our euro-denominated net exposure for the next 12 months and 75% of our euro-denominated net exposure for the following 12 months. We expect to continue with this hedging strategy on a rolling basis.
 
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Although we hedge cash-flows in euros, fluctuations in the value of the euro in relation to the U.S. dollar may affect our operating results. For example, revenue in euro-denominated companies could decrease when translated to U.S. dollars at the average foreign exchange rate solely due to a decrease in the average foreign exchange rate, in spite of revenue in the original currency being stable. Fluctuations in the value of the South African rand and the Colombian peso with respect to the U.S. dollar may also affect our operating results. Apart from the impact of these translation differences, the exposure of our income statement to fluctuations of foreign currencies is limited, as the financing of projects is typically denominated in the same currency as that of the contracted revenue agreement.
 
Interest rate risk
 
Interest rate risk arises mainly from our financial liabilities at variable interest rate (less than 10% of our total project debt financing). We use interest rate swaps and interest rate options (caps) to mitigate interest rate risk.
 
As a result, the notional amounts hedged as of March 31, 2022, contracted strikes and maturities, depending on the characteristics of the debt on which the interest rate risk is being hedged, are very diverse, including the following:
 
•
Project debt in euro: between 75% and 100% of the notional amount, with hedged maturing until 2038 at an average guaranteed strike interest rates of between 0.00% and 4.87%.
 
•
Project debt in U.S. dollars: between 75% and 100% of the notional amount, with hedges maturing until 2038 and average strike interest rates of between 0.86% and 5.89%.
 
The most significant impact on our Consolidated Condensed Interim Financial Statements related to interest rates corresponds to the potential impact of changes in EURIBOR or LIBOR on the debt with interest rates based on EURIBOR or LIBOR and on derivative positions.
 
In relation to our interest rate swaps positions, an increase in EURIBOR or LIBOR above the contracted fixed interest rate would create an increase in our financial expense which would be positively mitigated by our hedges, reducing our financial expense to our contracted fixed interest rate. However, an increase in EURIBOR or LIBOR that does not exceed the contracted fixed interest rate would not be offset by our derivative position and would result in a net financial loss recognized in our consolidated income statement. Conversely, a decrease in EURIBOR or LIBOR below the contracted fixed interest rate would result in lower interest expense on our variable rate debt, which would be offset by a negative impact from our hedges, increasing our financial expense up to our contracted fixed interest rate, thus likely resulting in a neutral effect.
 
In relation to our interest rate options positions, an increase in EURIBOR or LIBOR above the strike price would result in higher interest expenses, which would be positively mitigated by our hedges, reducing our financial expense to our capped interest rate, whereas a decrease of EURIBOR or LIBOR below the strike price would result in lower interest expenses.
 
In addition to the above, our results of operations can be affected by changes in interest rates with respect to the unhedged portion of our indebtedness that bears interest at floating rates.
 
In the event that EURIBOR and LIBOR had risen by 25 basis points as of March 31, 2022, with the rest of the variables remaining constant, the effect in the consolidated income statement would have been a loss of $2.0 million and an increase in hedging reserves of $20.8 million. The increase in hedging reserves would be mainly due to an increase in the fair value of interest rate swaps designated as hedges.
 
Credit risk
 
The credit rating of Eskom is currently CCC+ from S&P , Caa1 from Moody’s and B from Fitch. Eskom is the off-taker of our Kaxu solar plant, a state-owned, limited liability company, wholly owned by the government of the Republic of South Africa. Eskom’s payment guarantees to our Kaxu solar plant are underwritten by the South African Department of Energy, under the terms of an implementation agreement. The credit ratings of the Republic of South Africa as of the date of this report are BB-/Ba2/BB- by S&P, Moody’s and Fitch, respectively.
 
In addition, Pemex’s credit rating is currently BBB from S&P, Ba3 from Moody’s and BB- from Fitch. We have been experiencing delays from Pemex in collections since the second half of 2019 which have been significant in certain quarters.
 
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In 2019, we also entered into a political risk insurance agreement with the Multinational Investment Guarantee Agency for Kaxu. The insurance provides protection for breach of contract up to $78.0 million in the event the South African Department of Energy does not comply with its obligations as guarantor. We also have a political risk insurance in place for our assets in Algeria up to $38.3 million, including two years dividend coverage. These insurance policies do not cover credit risk.
 
Liquidity risk
 
The objective of our financing and liquidity policy is to ensure that we maintain sufficient funds to meet our financial obligations as they fall due.
 
Project finance borrowing permits us to finance projects through project debt and thereby insulate the rest of our assets from such credit exposure. We incur project finance debt on a project-by-project basis.
 
The repayment profile of each project is established based on the projected cash flow generation of the business.
 
Item 4
CONTROLS AND PROCEDURES
 
Not Applicable
 
PART II. OTHER INFORMATION
 
Item 1.
Legal Proceedings
 
In 2018, an insurance company covering certain Abengoa obligations in Mexico claimed certain amounts related to a potential loss. Atlantica reached an agreement under which Atlantica’s maximum theoretical exposure would in any case be limited to approximately $35 million, including $2.5 million to be held in an escrow account. In January 2019, the insurance company called on this $2.5 million from the escrow account and Abengoa reimbursed us for this amount. The insurance company could claim additional amounts if they faced new losses after following a process agreed between the parties and, in any case, Atlantica would only make payments if and when the actual loss has been confirmed and after arbitration if the Company initiates it. In the past we had indemnities from Abengoa for certain potential losses, but such indemnities are no longer valid following the insolvency filing by Abengoa S.A. in February 2021.
 
In addition, during 2021 and 2022, several lawsuits were filed related to the February 2021 winter storm in Texas against among others Electric Reliability Council of Texas (“ERCOT”), two utilities in Texas and more than 230 individual power generators, including Post Oak Wind, LLC, the project company owner of Lone Star I, one of the wind assets in Vento II where we currently have a 49% equity interest. The basis for the lawsuits is that the defendants, among other things, failed to properly prepare for cold weather, including failure to implement measures and equipment to protect against cold weather, and failed to properly conduct their operations before and during the storm.
 
Atlantica is not a party to any other significant legal proceedings Atlantica is party to various administrative and regulatory proceedings that have arisen in the ordinary course of business.
 
While Atlantica does not expect the above noted proceedings, either individually or in combination, to have a material adverse effect on its financial position or results of operations, because of the nature of these proceedings Atlantica is not able to predict their ultimate outcomes, some of which may be unfavorable to Atlantica.
 
Item 1A.
Risk Factors
 
None
 
Item 2
Unregistered Sales of Equity Securities and Use of Proceeds
 
Recent sales of unregistered securities
 
None.
 
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Use of proceeds from the sale of registered securities
 
None.
 
Purchases of equity securities by the issuer and affiliated purchasers
 
None
 
Item 3
Defaults Upon Senior Securities
 
None.
 
Item 4.
Mine Safety Disclosures
 
Not applicable.
 
Item 5.
Other Information
 
Not Applicable.
 
Item 6.
Exhibits
 
Amendment Agreement to the Distribution Agreement, dated May 9, 2022, between the Company and BofA Securities Inc., MUFG Securities Americas Inc. and RBC Capital Markets, LLC.
Seventh Amendment to Credit and Guaranty Agreement, dated May 5, 2022.
 
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SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
Date: May 9, 2022
  
   
 
ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC
       
 
By:
/s/ Santiago Seage
   
Name:
Santiago Seage
   
Title:
Chief Executive Officer
 
 
ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC
       
 
By:
/s/ Francisco Martinez-Davis
   
Name:
Francisco Martinez-Davis
   
Title:
Chief Financial Officer


72

Exhibit 1.1

EXECUTION VERSION

AMENDMENT AGREEMENT
 
This AMENDMENT AGREEMENT (the “Amendment Agreement”) is dated May 9, 2022 and made between Atlantica Sustainable Infrastructure plc (the “Company”) and BofA Securities Inc., MUFG Securities Americas Inc. and RBC Capital Markets, LLC (the “Agents”).
 
Capitalized terms used herein and not otherwise defined herein shall have the meaning assigned to such terms in the Distribution Agreement (as defined below).
 
RECITALS:
 
WHEREAS, this Amendment Agreement is entered into with reference to the Distribution Agreement, dated as of February 28, 2022, among the Company and the Agents (the “Distribution Agreement”);
 
WHEREAS, the purpose of this Amendment Agreement is to agree on certain amendments to the Distribution Agreement;
 
NOW, THEREFORE, the parties hereto agree as follows:
 
AGREEMENT:
 
SECTION 1.          AMENDMENT. The parties to this Amendment Agreement agree to amend the Distribution Agreement in accordance with this Section 1 with effect on and from the date hereof:
 
(a)          Section 2(h) of the Distribution Agreement is hereby replaced in its entirety with the following:
 
“Notwithstanding any other provision of this Agreement, the Company shall not offer or sell, or request the offer or sale, of any Shares pursuant to this Agreement (whether in an Agency Transaction or a Principal Transaction) and, by notice to any Agent given by telephone (confirmed promptly by email), shall cancel any instructions for the offer or sale of any Shares, and the Agents shall not be obligated to offer or sell any Shares, (i) during any period in which the Company’s insider trading policy, as it exists on the date of this Agreement, would prohibit the purchases or sales of the Company’s Ordinary Shares by any of its officers or directors, which such period shall be deemed to end on the date on which the Company’s subsequent Annual Report (as defined below) or Quarterly Report (as defined below) is filed or furnished, respectively, with the Commission, (ii) during any period in which the Company is, or could be deemed to be, in possession of material non-public information or (iii) at any time from and including the date on which the Company shall issue a press release containing, or shall otherwise publicly announce, its earnings, revenues or other results of operations through and including the time that is 24 hours after the time that the Company furnishes or files, respectively, a quarterly report on Form 6-K, containing reviewed quarterly financial statements for the three months ended March 31, June 30 or September 30 (each a “Quarterly Report”) or an annual report pursuant to Section 13 or 15(d) of the Exchange Act on Form 20-F (the “Annual Report”), as applicable.”
 
(b)          With effect from the date hereof, references in the Distribution Agreement to “this Agreement” shall be construed as references to the Distribution Agreement as amended by this Amendment Agreement.
 
1
(c)          Save as explicitly amended by this Amendment Agreement, the provisions of the Distribution Agreement shall continue unmodified and in full force and effect.
 
SECTION 2.          GOVERNING LAW.  This Amendment Agreement and any claim, controversy or dispute arising under or relating to this Amendment Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without regard to its choice of law provisions, and the provisions of Section 14 of the Distribution Agreement shall be deemed to be incorporated into this Amendment Agreement in full, mutatis mutandis.
 
SECTION 3.          COUNTERPARTS.  This Amendment Agreement may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument. Electronic signatures complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law will be deemed original signatures for purposes of this Amendment Agreement.
 
 [Signature Page Follows]
 
2
If the foregoing correctly sets forth the understanding between the Company and the Agents, please so indicate in the space provided below for that purpose, whereupon this letter and your acceptance shall constitute a binding agreement among the Company and the Agents to amend the Distribution Agreement in accordance with its terms.
 
 
Very truly yours,
   
 
ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC
   
 
By:
/s/ Francisco Martinez-Davis
  
   
Name: Francisco Martinez-Davis
  
   
Title: Authorized Signatory
  

Accepted and agreed to as of the
date first above written:

BOFA SECURITIES INC.
  
     
By:
/s/ David Mikula
  
 
Name: David Mikula
  
 
Title: Managing Director
  
     
MUFG SECURITIES AMERICAS INC.
  
     
By:
/s/ Jason Demark
  
 
Name: Jason Demark
  
 
Title: Director
  
     
RBC CAPITAL MARKETS, LLC
  
     
By:
 /s/ Christopher Adams
  
 
Name: Christopher Adams
  
 
Title: Managing Director
  
 

3

Exhibit 4.26
 
SEVENTH AMENDMENT TO CREDIT AND GUARANTY AGREEMENT, dated as of May 5, 2022 (this “Amendment”), among (i) Atlantica Sustainable Infrastructure plc, a company incorporated in England and Wales with company number 08818211, as borrower (the “Borrower”) under the Credit and Guaranty Agreement, dated as of May 10, 2018 (as amended, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”), among the Borrower, the Guarantors (as defined below), the L/C Issuers (as defined below), the lenders party thereto and the Administrative Agent (as defined below), (ii) the guarantors party to the Credit Agreement (the “Guarantors”), (iii) Royal Bank of Canada and Canadian Imperial Bank of Commerce, London Branch, as L/ C Issuers (the “L/C Issuers”), (iv) the lenders party hereto (the “Lenders”), and (v) Royal Bank of Canada, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”.

WITNESSETH

WHEREAS, the Borrower has requested the Lenders to amend certain provisions of the Credit Agreement; and

WHEREAS, the Lenders are agreeable to such requests upon the terms and subject to the conditions set forth herein.

NOW THEREFORE, in consideration of the premises and the agreements, provisions and covenants set forth herein, the parties hereto agree as follows:

ARTICLE I
 
RATIFICATION; DEFINITIONS AND RULES OF CONSTRUCTION

Section 1.1          Relation to Credit Agreement; Ratification.  This Amendment is entered into in accordance with Section 11.01 of the Credit Agreement and constitutes an integral part of the Credit Agreement.  Except as amended by this Amendment, the provisions of the Credit Agreement are in all respects ratified and confirmed and shall remain in full force and effect.

Section 1.2      Definitions.  Unless otherwise defined herein, terms defined in the Credit Agreement (as amended by this Amendment) are used herein as therein defined, and the rules of interpretation set forth in Section 1.02 of the Credit Agreement shall apply mutatis mutandis to this Amendment.

ARTICLE II
 
AMENDMENTS TO CREDIT AGREEMENT

Section 2.1         Amendments to Credit Agreement.  Effective as of the Amendment No. 7 Effective Date (as defined below), the Credit Agreement is hereby amended in accordance with Exhibit A attached hereto by deleting the stricken text (indicated textually in the same manner as the following example: stricken text) and by inserting the double-underlined text (indicated textually in the same manner as the following example: double-underlined text), in each case in the place where such text appears therein.
 
ARTICLE III
 
REPRESENTATIONS AND WARRANTIES

The Borrower and the Guarantors (the “Loan Parties”), jointly and severally, represent and warrant to the Administrative Agent, the Lenders and the L/C Issuers on the date hereof and on the Amendment No. 7 Effective Date, that:

Section 3.1        Authorization; No Conflicts; Etc..  The execution, delivery and performance by each Loan Party of this Amendment has been duly authorized by all necessary corporate or other organizational action, and do not and will not: (i) contravene the terms of any of such Loan Party’s Organization Documents; (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (A) any Contractual Obligation to which such Loan Party or any of its Subsidiaries is a party or affecting such Loan Party or any of its Subsidiaries or the properties of such Loan Party or any of its Subsidiaries or (B) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Loan Party or any of its Subsidiaries or the properties of such Loan Party or any of its Subsidiaries is subject; or (iii) violate any Law.

Section 3.2         Governmental Authorizations; Other Consents.  No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution and delivery of this Amendment and the performance by, or enforcement against, any Loan Party of this Amendment or of the Credit Agreement (as amended by this Amendment).

Section 3.3         Binding Effect.  This Amendment has been duly executed and delivered by each Loan Party.  This Amendment constitutes a legal, valid and binding obligation of each Loan Party, enforceable against each Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

Section 3.4          Litigation.  There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of any Loan Party after due and diligent investigation, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against any Loan Party or any of its Subsidiaries or against any of their properties or revenues that (a) purport to affect or pertain to this Amendment or any other Loan Document, or (b) either individually or in the aggregate, if determined adversely, could reasonably be expected to have a Material Adverse Effect.

Section 3.5        Disclosure.  Each Loan Party has disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries or any other Loan Party is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.  No report, financial statement, certificate or other information furnished (whether in writing or orally) by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Amendment or delivered hereunder contains any material misstatement of fact or omitted to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, each Loan Party represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.

Section 3.6         Representations and Warranties.  Each of the representations and warranties of each Borrower and each other Loan Party contained in this Amendment are true and correct on and as of the Amendment No. 7 Effective Date, as if made on and as of such date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date.

Section 3.7         No Event of Default.  No event, act or condition has occurred and is continuing or would result from the execution and delivery of this Amendment, from the performance of this Amendment or of the Credit Agreement (as amended by this Amendment) (including after giving effect on a pro forma basis to the occurrence of the Amendment No. 7 Effective Date, or from the consummation of the Expected Reorganization), which would constitute a Default or an Event of Default.
 
Section 3.8      Existence, Qualification and Power.  Each Loan Party and each of its Subsidiaries (other than Immaterial Subsidiaries):  (a) is duly organized or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under Loan Documents to which it is a party, (c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to in clause (b)(i) or (c), to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect and (d) for the purposes of The Council of the European Union Regulation No. 1346/2000 on Insolvency Proceedings (the “Regulation”), in relation to each Loan Party incorporated in a country which has adopted the Regulation, its center of main interest (as that term is used in Article 3(1) of the Regulation) is situated in its jurisdiction of incorporation or organization and it has no “establishment” (as that term is used in Article 2(h) of the Regulation) in any other jurisdiction.
 
Section 3.9         No Material Adverse Effect.  Since December 31, 2021, there has been no event or circumstance, either individually or in the aggregate, that has had or would reasonably be expected to have a Material Adverse Effect.
 
Section 3.10       Solvency.  The Loan Parties, together with their respective Subsidiaries on a consolidated basis and taken as a whole, are Solvent.

Section 3.11         Compliance with Law.  Each Loan Party and each of its Subsidiaries is in compliance with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which the failure to comply therewith, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.
 
Section 3.12        OFAC; Anti-Terrorism.  None of the Borrower, any of its Subsidiaries, or to the knowledge of the Borrower any director, officer, employee or agent, of the Borrower or any of its Subsidiaries, (a) is a Prohibited Person, (b) is or has been the subject to any claim, proceeding, formal notice or investigation with respect to Sanctions, (c) has engaged or is engaging, directly or knowingly indirectly, in any trade, business or other activities with or for the benefit of any Prohibited Person in violation of applicable Sanctions, or (d) is otherwise in breach of any applicable Sanctions.  No Loan Party nor, to the knowledge of the Borrower, any of their respective officers, directors, or agents of them (x) has violated applicable provisions of the Patriot Act or any other applicable Laws relating to terrorism or money laundering.
 
Section 3.13        Foreign Corrupt Practices Act, Etc.  Each of the Loan Parties and, to the best of the Borrower’s knowledge, their respective directors, officers, employees and any Person acting for or on behalf of such Loan Party, is in compliance with the U.S. Foreign Corrupt Practices Act (the “FCPA”) and any other applicable anti bribery or anti-corruption law.  No part of the proceeds of the Loans will be used, directly or, to the Borrower’s knowledge, indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the FCPA.  To the extent applicable, each Loan Party is in compliance, in all respects, with the (x) Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (y) the Patriot Act.
 
Section 3.14       Anti-Corruption Laws.  Each Loan Party and its Subsidiaries has instituted and maintains policies and procedures reasonably designed to promote and achieve compliance with anti-corruption laws and have conducted their businesses in compliance with applicable anti-corruption laws.
 
ARTICLE IV
 
CONDITIONS TO EFFECTIVENESS

Section 4.1         Conditions to Effectiveness.  This Amendment shall become effective on the Interest Payment Date immediately following the date each of the following conditions has been satisfied, in each case, in form and substance satisfactory to the Administrative Agent, the Lenders and the L/C Issuers (such date, the “Amendment No. 7 Effective Date”):

(a)   Execution of Amendment.  The Administrative Agent shall have received authorized and executed counterparts of this Amendment, sufficient in number for distribution to the Administrative Agent, each Lender, each L/C Issuer and the Borrower.

(b)    Process Agent.  The Administrative Agent shall have received evidence of the acceptance by the Process Agent of the extension of its appointment by each Loan Party by one year.

(c)    Fees and Expenses.  The Borrower shall have paid all fees, costs and expenses required to be paid to the Agents and the Joint Lead Arrangers and Joint Bookrunners, the Lenders and the L/C Issuers on or before the Amendment No. 7 Effective Date (including the fees, charges and disbursements of counsel to the Administrative Agent and the Joint Lead Arrangers and Joint Bookrunners (subject to such caps on fees separately agreed), and all such amounts incurred by any of them in connection with this Amendment and each other Loan Document required to be entered into as a condition precedent to the Amendment No. 7 Effective Date; provided that, at the request of the Borrower such fees and expenses shall be invoiced to the Borrower or any Subsidiary thereof).

(d)    Representations and Warranties.  The representations and warranties of each Borrower, and each other Loan Party contained in this Amendment (including the representations and warranties made pursuant to Section 3.1 hereof) shall be true and correct on and as of the Amendment No. 7 Effective Date, as if made on and as of such date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date.

(e)    No Default.

(i)           No Default or Event of Default shall have occurred and be continuing.

(ii)          No Default or Event of Default would result after giving effect to this Amendment.
 
ARTICLE V
 
MISCELLANEOUS

Section 5.1          Notices.  All notices, requests and other communications to any party hereto shall be given or served in the manner contemplated in Section 11.02 of the Credit Agreement.

Section 5.2            No Waiver; Status of Loan Documents.
 
(a)       This Amendment shall not constitute an amendment, supplement or waiver of any provision of the Credit Agreement not expressly referred to herein and shall not be construed as an amendment, supplement, waiver or consent to any action on the part of any party hereto that would require an amendment, supplement, waiver or consent of the Lenders except as expressly stated herein.  Except as expressly amended, supplemented or waived hereby, the provisions of the Credit Agreement are and shall remain in full force and effect.  No failure or delay on the part of the Lenders in the exercise of any power, right or privilege hereunder or under any other Loan Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other power, right or privilege.  All rights and remedies existing under this Amendment and any other Loan Documents are cumulative to, and not exclusive of, any rights or remedies available at equity or law.  Nothing in this Amendment shall constitute a novation of obligations of each Loan Party under the Credit Agreement or any other Loan Document.  On and after the date hereof, each reference in the Credit Agreement to “this Amendment,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement,” “thereunder,” “thereof” or words of like import referring to the Credit Agreement, shall be deemed to mean and be a reference to the Credit Agreement, as amended by this Amendment.
 
(b)        (i) each Guarantor confirms and reaffirms, as of the date hereof, its guarantee with respect to the Obligations set forth in Section 10.01 (Guaranty) of the Credit Agreement, and (ii) each Loan Party confirms and reaffirms, as of the date hereof, the Liens granted by it pursuant to the Collateral Documents to which it is a party.
 
Section 5.3          Entirety.  This Amendment and all of the other Loan Documents embody the entire agreement among the parties relating to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to the subject matter hereof and thereof not expressly set forth or referred to herein or in the other Loan Documents.  In the event of an inconsistency between the terms of this Amendment and the terms of the Loan Documents, this Amendment shall govern.  This Amendment and all of the other Loan Documents represent the final agreement between the parties and may not be contradicted by evidence of prior or contemporaneous oral agreements of the parties.  There are no unwritten oral agreements between the parties relating to the subject matter hereof.

Section 5.4           Loan Document.  This Amendment shall constitute a “Loan Document” under the Credit Agreement.
 
Section 5.5           No Novation.  This Amendment shall not constitute a novation of the obligations in the Credit Agreement.

Section 5.6        Amendment.  This Amendment may be amended, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought.

Section 5.7          Amendment Binding.  This Amendment shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and the respective successors and permitted assigns of the parties hereto.

Section 5.8          Headings.  Section headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment.

Section 5.9           Governing Law.

(a)         This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

(b)      Each of the undersigned hereto agrees that any dispute relating to this Amendment shall be determined in accordance with Sections 11.14 and 11.15 of the Credit Agreement and the provisions of said Sections 11.14 and 11.15 of the Credit Agreement are incorporated herein by reference.
 
Section 5.10          Counterparts.  This Amendment may be executed in one or more counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment by e-mail in portable document format (.pdf) or facsimile (with acknowledgment of receipt) or other electronic transmission of an executed counterpart of a signature page to this Amendment shall be effective as delivery of an original executed counterpart of this Amendment and the words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Amendment shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. The Administrative Agent may, in its discretion, require that any such documents and signatures executed electronically or delivered by fax or other electronic transmission be confirmed by a manually-signed original thereof; provided that the failure to request or deliver the same shall not limit the effectiveness of any document or signature executed electronically or delivered by fax or other electronic transmission.
 
[Remainder of this page intentionally left blank]

Signature Page
Seventh Amendment to Credit and Guaranty Agreement
 
IN WITNESS WHEREOF, each of the parties to this Amendment has caused this Amendment to be duly executed by its respective authorized representative or representatives as of the day and year first above written.
 
Yours truly,

 
ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC,
 
as the Borrower
   
 
By:
/s/ Santiago Seage
 
Name: Santiago Seage
 
Title: Director and Chief Executive Officer


ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC,
 
as the Borrower
   
 
By:
/s/ Francisco Martinez-Davis
 
Name: Francisco Martinez-Davis
 
Title: Chief Financial Officer

Signature Page
Seventh Amendment to Credit and Guaranty Agreement

 
ATLANTICA INFRAESTRUCTURA SOSTENIBLE, S.L.U (F/K/A ABY CONCESSIONS INFRASTRUCTURES S.L.U.),
 
as a Guarantor
   
 
By:
/s/ Francisco Martinez-Davis
 
Name: Francisco Martinez-Davis
 
Title: Attorney

 
ATLANTICA INFRAESTRUCTURA SOSTENIBLE, S.L.U (F/K/A ABY CONCESSIONS INFRASTRUCTURES S.L.U.),
 
as a Guarantor
   
 
By:
/s/ Irene M. Hernandez
 
Name: Irene M. Hernandez
 
Title: Attorney

Signature Page
Seventh Amendment to Credit and Guaranty Agreement

 
ATLANTICA PERU S.A. (F/K/A ABY CONCESSIONS PERU S.A.),
 
as a Guarantor
   
 
By:
/s/ Francisco Martinez-Davis
 
Name: Francisco Martinez-Davis
 
Title: Attorney

 
ATLANTICA PERU S.A. (F/K/A ABY CONCESSIONS PERU S.A.),
 
as a Guarantor
   
 
By:
/s/ Irene M. Hernandez
 
Name: Irene M. Hernandez
 
Title: Attorney

Signature Page
Seventh Amendment to Credit and Guaranty Agreement

 
ACT HOLDING, S.A. DE C.V.,
 
as a Guarantor
   
 
By:
/s/ Irene M. Hernandez
 
Name: Irene M. Hernandez
 
Title: Attorney

 
ACT HOLDING, S.A. DE C.V.,
 
as a Guarantor
   
 
By:
/s/ Carlos Colon
 
Name: Carlos Colon
 
Title: Attorney

Signature Page
Seventh Amendment to Credit and Guaranty Agreement

 
ATLANTICA INVESTMENTS LIMITED,
 
as a Guarantor
   
 
By:
/s/ Carlos Colon
 
Name: Carlos Colon
 
Title: Director

Signature Page
Seventh Amendment to Credit and Guaranty Agreement

 
ATLANTICA NEWCO LIMITED,
 
as a Guarantor
   
 
By:
/s/ Francisco Martinez-Davis
 
Name: Francisco Martinez-Davis
 
Title: Director

Signature Page
Seventh Amendment to Credit and Guaranty Agreement

 
ATLANTICA NORTH AMERICA LLC,
 
as a Guarantor
   
 
By:
/s/ Emiliano Garcia
 
Name: Emiliano Garcia
 
Title: President

Signature Page
Seventh Amendment to Credit and Guaranty Agreement

 
ROYAL BANK OF CANADA,
 
as Administrative Agent
   
 
By:
 /s/ Susan Khokher
  
 
Name: Susan Khokher
 
Title: Manager, Agency

Signature Page
Seventh Amendment to Credit and Guaranty Agreement

 
ROYAL BANK OF CANADA,
 
as Lender and L/C Issuer
   
 
By:
 /s/ Frank Lambrinos
  
 
Name: Frank Lambrinos
 
Title: Authorized Signatory

Signature Page
Seventh Amendment to Credit and Guaranty Agreement

 
CANADIAN IMPERIAL BANK OF COMMERCE,
 
LONDON BRANCH,
 
as Lender and L/C Issuer
   
 
By:
 /s/ Kwaku Ntoso
  
 
Name: Kwaku Ntoso
 
Title: Executive Director

Signature Page
Seventh Amendment to Credit and Guaranty Agreement

 
BANCO SANTANDER, S.A., NEW YORK BRANCH
 
as Lender
   
 
By:
 /s/ Pablo Urgoiti
  
 
Name: Pablo Urgoiti
 
Title: Managing Director


 
BANCO SANTANDER, S.A., NEW YORK BRANCH
 
as Lender
   
 
By:
 /s/ Andres Barbosa
  
 
Name: Andres Barbosa
 
Title: Managing Director

Signature Page
Seventh Amendment to Credit and Guaranty Agreement

 
NATIONAL BANK OF CANADA,
 
as Lender
   
 
By:
 /s/ Manny Deol
  
 
Name: Manny Deol
 
Title: Managing Director

Signature Page
Seventh Amendment to Credit and Guaranty Agreement

 
JPMORGAN CHASE BANK, N.A.,
 
as Lender
   
 
By:
 /s/ Arina Mavilian
  
 
Name: Arina Mavilian
 
Title: Executive Director

Signature Page
Seventh Amendment to Credit and Guaranty Agreement

 
MUFG BANK, LTD.,
 
as Lender
   
 
By:
 /s/ Lauren Lavin
  
 
Name: Lauren Lavin
 
Title: Vice President

Signature Page
Seventh Amendment to Credit and Guaranty Agreement

 
BANK OF AMERICA, N.A.,
 
as Lender
   
 
By:
 /s/ Jonathan Tristan
  
 
Name: Jonathan Tristan
 
Title: Vice President

Signature Page
Seventh Amendment to Credit and Guaranty Agreement

 
BANK OF MONTREAL, LONDON BRANCH,
 
as Lender
   
 
By:
 /s/ Richard Pittam
  
 
Name: Richard Pittam
 
Title: Managing Director

 
BANK OF MONTREAL, LONDON BRANCH,
 
as Lender
   
 
By:
 /s/ Scott Matthews
  
 
Name: Scott Matthews
 
Title: CFO

EXHIBIT A


CREDIT AND GUARANTY AGREEMENT
 
Dated as of May 10, 2018
 
among
 
ATLANTICA YIELD PLC,
as the Borrower,
 
The Guarantors from Time to Time Party Hereto,
 
ROYAL BANK OF CANADA,
as Administrative Agent
 
ROYAL BANK OF CANADA
CANADIAN IMPERIAL BANK OF COMMERCE, LONDON BRANCH,
as L/C Issuers,
The Lenders Party Hereto,

and
 
BANCO SANTANDER, S.A., NEW YORK BRANCH
BARCLAYS BANK PLC
CANADIAN IMPERIAL BANK OF COMMERCE, LONDON BRANCH
JPMORGAN CHASE BANK, N.A.
MERRILL LYNCH, PIERCE, FENNER & SMITH, INCORPORATED
ROYAL BANK OF CANADA
MUFG BANK, LTD.

as Joint Lead Arrangers and Joint Bookrunners
 
TABLE OF CONTENTS
 
Section
  
Page
ARTICLE I
DEFINITIONS AND ACCOUNTING TERMS
1.01
Defined Terms
1
1.02
Other Interpretive Provisions
4345
1.03
Accounting Terms
4446
1.04
Rounding
4546
1.05
Times of Day; Rates
4546
1.06
Currency Equivalents Generally
4547
1.07
Letter of Credit Amounts
4547
ARTICLE II
THE COMMITMENTS AND BORROWINGS
2.01
The Loans
4547
2.02
Borrowings, Conversions and Continuations of Loans
4647
2.03
Letters of Credit
4746
2.04
Prepayments
5859
2.05
Termination or Reduction of Commitments
6061
2.06
Repayment of Loans
6062
2.07
Interest
6059
2.08
Fees
6163
2.09
Computation of Interest and Fees
6264
2.10
Evidence of Debt
6264
2.11
Payments Generally; Administrative Agent’s Clawback
6364
2.12
Sharing of Payments by Lenders
6566
2.13
Defaulting Lenders
6567
2.14
Increase in Commitments.
6869
2.15
Refinancing Facilities.
6970
2.16
Extension of Maturity[Reserved].
7072
ARTICLE III
TAXES, YIELD PROTECTION AND ILLEGALITY
3.01
Taxes
7375
3.02
Illegality
7879
3.03
Inability to Determine Rates
78; Benchmark Replacement
 
Setting
80
3.04
Increased Costs; Reserves on Eurodollar Rate Loans
8183
3.05
Compensation for Losses
8486
3.06
Mitigation Obligations; Replacement of Lenders
8486
3.07
Survival
8587
3.08
VAT
8587

ARTICLE IV
CONDITIONS PRECEDENT TO BORROWINGS
4.01
Conditions of Initial Borrowing
8688
4.02
Conditions to all Credit Extensions
9092
ARTICLE V
REPRESENTATIONS AND WARRANTIES
5.01
Existence, Qualification and Power
9193
5.02
Authorization; No Contravention
9294
5.03
Governmental Authorization; Other Consents
9294
5.04
Binding Effect
9294
5.05
Financial Statements; No Material Adverse Effect
9295
5.06
Litigation
9395
5.07
No Default
9395
5.08
Ownership of Property; Liens; Investments
9396
5.09
Environmental Compliance
9496
5.10
Insurance
9496
5.11
Taxes
9496
5.12
ERISA Compliance
9497
5.13
Subsidiaries; Equity Interests; Loan Parties
9597
5.14
Margin Regulations; Investment Company Act
9597
5.15
Disclosure
9698
5.16
Compliance with Laws
9698
5.17
Intellectual Property; Licenses, Etc.
9698
5.18
Solvency
9698
5.19
Collateral Documents
9698
5.20
OFAC; Anti-Terrorism
9799
5.21
Foreign Corrupt Practices Act, Etc.
9799
5.22
Anti-Corruption Laws
9799
5.23
Restricted Payments
9799
5.24
Cash Collateral
9799
ARTICLE VI
AFFIRMATIVE COVENANTS
6.01
Financial Statements
98100
6.02
Certificates; Other Information
98101
6.03
Notices
100103
6.04
Payment of Obligations
101103
6.05
Preservation of Existence, Center of Main Interests and Establishments, Etc.
101103
6.06
Maintenance of Properties
101103
6.07
Maintenance of Insurance
101104
6.08
Compliance with Laws
102104
6.09
Books and Records
102104
6.10
Inspection Rights
102104
6.11
Use of Proceeds
102104
6.12
Covenant to Guarantee Obligations and Give Security
102105

6.13
Compliance with Environmental Laws
106108
6.14
Further Assurances
106108
6.15
Information Regarding Collateral
107109
6.16
Maintenance of Listing
107109
6.17
Material Contracts
107110
6.18
Maintenance of Rating
108110
 
ARTICLE VII
NEGATIVE COVENANTS
7.01
Liens
108110
7.02
Indebtedness
110112
7.03
Investments
113115
7.04
Fundamental Changes
113116
7.05
Dispositions
114116
7.06
Restricted Payments
115117
7.07
Change in Nature of Business
116117
7.08
Transactions with Affiliates
116118
7.09
Burdensome Agreements
116118
7.10
Use of Proceeds
116118
7.11
Financial Covenants
116118
7.12
Anti-Corruption Laws
117119
7.13
Sanctions
117119
7.14
Amendments of Organization Documents
117119
7.15
Accounting Changes
117119
 
ARTICLE VIII
EVENTS OF DEFAULT AND REMEDIES
8.01
Events of Default
117119
8.02
Remedies upon Event of Default
120122
8.03
Application of Funds
121123
ARTICLE IX
THE ADMINISTRATIVE AGENT
9.01
Appointment and Authority
122124
9.02
Rights as a Lender
122124
9.03
Exculpatory Provisions
122124
9.04
Reliance by Administrative Agent
125127
9.05
Delegation of Duties
125127
9.06
Resignation of Administrative Agent
125127
9.07
Non-Reliance on Administrative Agent and Other Lenders
126128
9.08
No Other Duties, Etc.
127129
ARTICLE X
GUARANTY
10.01
Guaranty.
127129
10.02
Rights of Lenders.
127129
10.03
Certain Waivers.
128123

10.04
Obligations Independent.
129130
10.05
Subrogation.
129131
10.06
Termination; Reinstatement.
129131
10.07
Subordination.
129131
10.08
Stay of Acceleration.
130132
10.09
Condition of Borrower.
130132
10.10
Payments.
130132
10.11
Keepwell.
130132
10.12
[Reserved].
130132
10.13
Spanish Guarantee Limitations.
131132
ARTICLE XI
MISCELLANEOUS
11.01
Amendments, Etc.
131133
11.02
Notices; Effectiveness; Electronic Communications
133135
11.03
No Waiver; Cumulative Remedies; Enforcement
135137
11.04
Expenses; Indemnity; Damage Waiver
136138
11.05
Payments Set Aside
138140
11.06
Successors and Assigns
138140
11.07
Treatment of Certain Information; Confidentiality
143145
11.08
Right of Setoff
144146
11.09
Interest Rate Limitation
144146
11.10
Counterparts; Integration; Effectiveness
144146
11.11
Survival of Representations and Warranties
145147
11.12
Severability
145147
11.13
Replacement of Lenders
145147
11.14
Governing Law; Jurisdiction; Etc.
146149
11.15
WAIVER OF JURY TRIAL
147149
11.16
Special Provisions Regarding Enforcement Under the Laws of Spain
148150
11.17
Judgment Currency
149151
11.18
No Advisory or Fiduciary Responsibility
150152
11.19
Electronic Execution of Assignments and Certain Other Documents
151152
11.20
USA PATRIOT Act
151153
11.21
Acknowledgment and Consent to Bail-In of Affected Financial Institutions
151153
11.22
Release of ASHUSA Inc. and ASUSHI Inc
152[Reserved]
   
154
11.23
Acknowledgement Regarding Any Supported QFCs.
152154
     
SIGNATURES
 S-1

SCHEDULES
  
 
2.01
Commitments, Applicable Percentages and HMRC DT Treaty Passport Scheme Information
 
2.03
L/C Sublimits
 
5.03
Certain Authorizations
 
5.05
Supplement to Interim Financial Statements
 
5.08(b)
Existing Liens
 
5.08(c)
Existing Investments
 
5.24
Contractual Obligations
 
7.02(iii)
Senior Notes and Existing Indebtedness
 
7.03
Investments associated with Expected Reorganization
 
7.05
Dispositions associated with the Expected Reorganization
 
7.06
Restricted Payments in connection with Expected Reorganization
 
7.08
Transactions with Affiliates made in the context of the Expected Reorganization
 
11.02
Administrative Agent’s Office; Certain Addresses for Notices
     
EXHIBITS
  
 
Form of
  
 
A
[Reserved]
 
B
Assignment and Assumption
 
C
Committed Loan Notice
 
D
Compliance Certificate
 
E
Guarantor Accession Agreement
 
F
Note
 
G
Joinder Agreement
 
H
Initial Pledge Agreements
 
I
Officer’s Certificate
 
J
Form of Prepayment Notice

CREDIT AND GUARANTY AGREEMENT
 
This CREDIT AND GUARANTY AGREEMENT (this “Agreement”) is entered into as of May 10, 2018 by and among ATLANTICA YIELD PLC, a company incorporated in England and Wales with company number 08818211 (the “Borrower”), the Guarantors from time to time party hereto, each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), ROYAL BANK OF CANADA and CANADIAN IMPERIAL BANK OF COMMERCE, LONDON BRANCH, as L/C Issuers, and ROYAL BANK OF CANADA, as administrative agent (in such capacity, the “Administrative Agent”).
 
PRELIMINARY STATEMENTS:
 
The Lenders, at the request of the Borrower, have agreed to extend a revolving credit facility to the Borrower, the proceeds of which may be used by the Borrower for general corporate purposes of the Borrower, including, among others, the financing of acquisitions and the refinancing of existing indebtedness.
 
In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:
 
ARTICLE I
DEFINITIONS AND ACCOUNTING TERMS
 
1.01       Defined Terms.  As used in this Agreement, the following terms shall have the meanings set forth below:
 
“Account Control Agreements” means each account control agreement entered into by each applicable Loan Party, the Collateral Agent, and the applicable depositary bank party thereto.
 
“Adjusted Term SOFR” means, for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such calculation plus (b) the Term SOFR Adjustment; provided that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term SOFR shall be deemed to be the Floor.
 
“Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 11.02, or such other address or account as the Administrative Agent may from time to time notify the Borrower and the Lenders.
 
“Administrative Questionnaire” means an Administrative Questionnaire in the form approved by the Administrative Agent.
 
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.
 
“Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by, or is under common Control with, the Person specified.
 
“Agents” means, collectively, the Administrative Agent and the Collateral Agent.
 
“Aggregate Commitments” means the Commitments of all the Lenders.
 
“Amendment No. 2 Effective Date” shall have the meaning ascribed to such term in the Second Amendment to Credit and Guaranty Agreement.
 
“Amendment No. 3 Effective Date” shall have the meaning ascribed to such term in the Third Amendment to Credit and Guaranty Agreement.
 
“Amendment No. 5 Effective Date” shall have the meaning ascribed to such term in the Fifth Amendment to Credit and Guaranty Agreement.
 
“Amendment No. 6 Effective Date” shall have the meaning ascribed to such term in the Sixth Amendment to Credit and Guaranty Agreement.
 
“Applicable Percentage” means, with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Facility represented by such Lender’s Commitment at such time.  If the commitment of each Lender to make Loans and the obligation of each L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, or if the Commitments have expired, then the Applicable Percentage of each Lender in respect of the Facility shall be determined based on the Applicable Percentage of such Lender in respect of the Facility most recently in effect, giving effect to any subsequent assignments.  The initial Applicable Percentage of each Lender in respect of the Facility is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.
 
“Applicable Rate” means, for each Base Rate Loans, Eurodollar Rate Loans and Letters of Credit, as applicable, the applicable rate per annum set forth in the table below determined by reference to the Leverage Ratio as of the last day of the fiscal quarter of the Borrower most recently ended in respect of which the Borrower shall have delivered to the Administrative Agent financial statements pursuant to Section 6.01(a) or (b), as applicable; provided, however, that (i) until the date on which the Administrative Agent receives financial statements for the fiscal quarter of the Borrower ending on June 30, 2018, Pricing Level 2 set forth below shall apply; and (ii) in the event the Borrower fails to deliver to the Administrative Agent financial statements pursuant to Section 6.01(a) or (b), as applicable, Pricing Level 4 set forth below shall apply until the date such financial statements have been delivered:
 
Pricing
Level
Leverage Ratio
Applicable Rate for
Base Rate Loans
Applicable Rate for Eurodollar
Rate Loans and Letters of Credit
1
<3.50:1.0
0.60%
1.60%
2
≥3.50:1.0 and <4.50:1.0
0.75%
1.75%
3
>4.50:1.0 and <5.00:1.0
0.90%
1.90%
4
>5.00:1.0
1.00%
2.25%

Any increase or decrease in the Applicable Rate resulting from a change in the Leverage Ratio shall become effective as of the first Business Day immediately following the date on which financial statements are delivered pursuant to Section 6.01(a) or (b), as applicable.
 
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“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.
 
“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 11.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit B or any other form (including electronic documentation generated by use of an electronic platform) approved by the Administrative Agent.
 
“Attributable Indebtedness” means, on any date, (a) in respect of any Capitalized Lease Obligations of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with IFRS, and (b) in respect of any sale and leaseback transaction of such Person, the capitalized amount of the remaining lease or similar payments under the relevant lease or other applicable agreement or instrument that would appear on a balance sheet of such Person prepared as of such date in accordance with IFRS if such lease or other agreement or instrument were accounted for as a Capitalized Lease Obligation.
 
“Audited Financial Statements” means, with respect to any fiscal year of the Borrower and its Subsidiaries, the audited consolidated balance sheet of the Borrower and its Subsidiaries for such fiscal year, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of the Borrower and its Subsidiaries, including the notes thereto.
 
“Availability Period” means the period from and including the date of this Agreement to the earliest of (a) the Maturity Date, (b) the date of termination of the Commitments pursuant to Section 2.05, and (c) the date of termination of the Commitment of each Lender to make Loans and of the obligation of each L/C Issuer to make L/C Credit Extensions pursuant to Section 8.02.
 
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if such Benchmark is a term rate, any tenor for such Benchmark (or payment period for interest calculated with reference to such Benchmark, as applicable,component thereof) that is or may be used for determining the length of an Interest Period pursuant to this Agreement or (y) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (e) of Section 3.03.
 
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.
 
“Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom,  Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).
 
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“Bank Levy” means any amount payable by any Lender or any of their respective Affiliates on the basis of or in relation to its balance sheet or capital base or any part of it or its liabilities or minimum regulatory capital or any combination thereof, including the U.K. bank levy as implemented by section 73 of and schedule 19 to the Finance Act 2011, and, in relation to any Lender, any Tax in any jurisdiction levied on a similar basis or for a similar purpose (and imposed by reference to assets and/or liabilities).
 
“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect, or any successor statute.
 
“Base Rate” means, for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus ½ of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by the Administrative Agent as its “prime rate,” (c) the Eurodollar Rate for Eurodollar LoansTerm SOFR in effect on such day with an Interest Period of one month, plus 1.0%.  The “prime rate” is a rate set by the Administrative Agent based upon various factors including the Administrative Agent’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in suchthe prime rate, the Federal Funds Rate, or the Term SOFR announced by the Administrative Agent shall take effect at the opening of business on the day specified in the publicfrom and including the effective date of such change in the prime rate, the Federal Funds Rate or the Term SOFR, respectively.
 
“Base Rate Term SOFR Determination Day” has the meaning specified in the definition of “Term SOFR”.
 
“Base Rate Loan” means a Loan that bears interest based on the Base Rate.
 
“Basel III” means (a) the agreements on capital requirements, leverage ratio and liquidity standards contained in “Basel III:  A global regulatory framework for more resilient banks and banking systems,” “Basel III:  International framework for liquidity risk measurement, standards and monitoring,” and “Guidance for national authorities operating the countercyclical capital buffer” published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated, (b) the rules for global systemically important banks contained in “Global systemically important banks:  assessment methodology and the additional loss absorbency requirement – Rules text” published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated and (c) any further guidance or standards published by the Basel Committee on Banking Supervision relating to “Basel III.”
 
“Benchmark” means, initially, ICE LIBORthe Term SOFR Reference Rate; provided that if a Benchmark Transition Event or an Early Opt-in Election or a Term SOFR Transition Event, as applicable, and its related Benchmark Replacement Date havehas occurred with respect to ICE LIBORthe Term SOFR Reference Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (b) of Section 3.03.
 
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“Benchmark Replacement” means:

(a) in the case of“Benchmark Replacement” means, with respect to any Benchmark Transition Event or Early Opt-in Election, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:
 
(a) the sum of (i) Daily Simple SOFR and (ii) (x) 0.11448% (11.448 basis points) for one month Interest Periods; or (y) 0.26161% (26.161 basis points) for three months Interest Periods; or
 
(1) the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;
 
(2) the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;
 
(3b) the sum of: (ai) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (iA) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (iiB) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement forto the then-current Benchmark for U.S. dollar-denominatedDollar-denominated syndicated credit facilities at such time and (bii) the related Benchmark Replacement Adjustment;.
provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; or
 
(b) in the case of a Term SOFR Transition Event, the sum of (x) Term SOFR and (y) the related Benchmark Replacement Adjustment.  If the Benchmark Replacement as determined pursuant to clause (a)(1), (a)(2), (a)(3) or (b) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.
 
“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:
 
(1) for purposes of clauses (a)(1) and (a)(2) and clause (b) of the definition of “Benchmark Replacement,” the first alternative set forth in the order below that can be determined by the Administrative Agent:


 (a)
the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor;
 
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 (b)
the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and

(2) for purposes of clause (a)(3) of the definition of “Benchmark Replacement,” Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (ia) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (iib) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominatedDollar-denominated syndicated credit facilities; at such time.
provided that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion.
 
“Benchmark Replacement Conforming Changes”  means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).
 
“Benchmark Replacement Date” means a date and time determined by the Administrative Agent, which date shall be no later than the earliest to occur of the following events with respect to the then-current Benchmark:
 

 (1)
in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof);
 
6

 (2)
in the case of clause (3) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced or on behalf of the administrator of such Benchmark (or such component thereof) or by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative or non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles of Financial Benchmarks; provided that such non-representativeness non-compliance or non-alignment will be determined by reference to the most recent statement or publication referenced in such clause (3) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.
 

 (2)
in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein;
 

 (3)
in the case of a Term SOFR Transition Event, the date that is ten (10) Business Days after the Administrative Agent has provided the Term SOFR Notice to the Lenders and the Borrower pursuant to Section 3.03(b)(ii) (Benchmark Replacement) or
 

 (4)
in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders.
 

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).
 
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

(1)
a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);
 
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(2)
a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Board of Governors of the Federal Reserve SystemBoard, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or
 
(3)
a public statement or publication of information by the regulatory supervisor foror on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representativenot, or as of a specified future date will not be, representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles of Financial Benchmarks.
 
For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).
 
“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.03 and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.03.
 
“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
 
“Board of Governors” means the Board of Governors of the United States Federal Reserve System, or any successor thereto.
 
“Borrowing” means a borrowing consisting of simultaneous Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01.
 
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“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, London, England; New York City, United States; Madrid, Spain or the jurisdiction where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any such day that is also a London Banking Day.
 
“CAFD” means, for any Measurement Period and without duplication, Distributed Cash received by the Borrower minus cash expenses of the Borrower (other than Debt Service Obligations and transaction costs), in each case during such Measurement Period.
 
“Capital Stock” means any and all shares, interests, participations or other equivalents (however denominated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants or options to purchase any of the foregoing, but excluding any Convertible Debt Securities.
 
“Capitalized Lease Obligation” means, with respect to any Person, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with IFRS; provided that any obligations of the Borrower or any other Loan Party either existing on the Closing Date or created prior to any recharacterization (a) that were not included on the consolidated balance sheet of the Borrower as capital lease obligations and (b) that are subsequently recharacterized as capital lease obligations due to a change in accounting treatment or otherwise, shall for all purposes under the Loan Documents (including the calculation of CAFD) not be treated as capital lease obligations, Capitalized Lease Obligations or Indebtedness.  Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a Responsible Officer of the Borrower to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with IFRS.
 
“Cash Collateral Certificate” shall have the meaning assigned to that term under Section 2.03(l)(i).
 
“Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of the L/C Issuers or the Lenders, as collateral for L/C Obligations or obligations of the Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances or, if the Administrative Agent and the applicable L/C Issuer shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to the Administrative Agent and the applicable L/C Issuer. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.
 
“Cash Equivalents” means:
 
(a)         direct obligations (or certificates representing an interest in such obligations) issued by, or unconditionally guaranteed by, the government of a member state of the European Union, the United States, Switzerland or Canada (including, in each case, any agency or instrumentality thereof), as the case may be, the payment of which is backed by the full faith and credit of the relevant member state of the European Union or the United States, Switzerland or Canada, as the case may be, and which are not callable or redeemable at the Borrower’s option;
 
9
(b)         overnight bank deposits, time deposit accounts, certificates of deposit, banker’s acceptances and money market deposits with maturities (and similar instruments) of 12  months or less from the date of acquisition issued by a bank or trust company which is organized under, or authorized to operate as a bank or trust company under, the laws of a member state of the European Union or of the United States or any state thereof, Switzerland or Canada; provided that such bank or trust company has capital, surplus and undivided profits aggregating in excess of U.S.$250,000,000 (or the foreign currency equivalent thereof as of the date of such investment) and whose long-term debt is rated “A1” or higher by Moody’s or “A+” or higher by S&P or the equivalent rating category of another internationally recognized rating agency;
 
(c)          repurchase obligations with a term of not more than thirty (30) days for underlying securities of the types described in clauses (a) and (b) above entered into with any financial institution meeting the qualifications specified in clause (b) above;
 
(d)          commercial paper having one of the two highest ratings obtainable from Moody’s or S&P and, in each case, maturing within one year after the date of acquisition; and
 
(e)         money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clause (a) through (d) of this definition.
 
“Change in Law” means the occurrence, after the date of this Agreement, of any of the following:  (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law,” regardless of the date enacted, adopted or issued.
 
“Change of Control” means the occurrence of any of the following, in each case, without the consent of all Lenders:
 
(a)         any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of the Borrower and its Subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), other than Algonquin Power & Utilities Corp. and its Affiliates acquiring or controlling after the date of this Agreement:
 
10
(i)          more than 50% of the Voting Rights; or
 
(ii)         the right to appoint and/or remove all or the majority of the members of the Borrower’s board of directors or other governing body, in each case whether obtained directly or indirectly, and whether obtained by ownership of share capital, the possession of Voting Rights, contract or otherwise; or
 
(b)          the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or a series of related transactions, of all or substantially all of the assets of the Borrower and its Subsidiaries taken as a whole to any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of the Borrower and its Subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan).
 
“Closing Date” means the first date all the conditions precedent in Section 4.01 and 4.02 are satisfied or waived in accordance with Section 11.01.
 
“Code” means the Internal Revenue Code of 1986.
 
“Collateral” means all of the property that is under the terms of the Collateral Documents subject to Liens in favor of the Collateral Agent for the benefit of the Secured Parties.
 
“Collateral Agent” means Royal Bank of Canada in its capacity as collateral agent under the Intercreditor Agreement, or any successor collateral agent.
 
“Collateral Documents” means, collectively, each Pledge Agreement, each supplemental pledge agreement, Guarantor Accession Agreement, Account Control Agreements, Securities Account Control Agreements, or other similar agreement executed and delivered to the Collateral Agent pursuant to Section 6.12, the Intercreditor Agreement, and each of the other agreements, instruments or documents entered into by a Loan Party that creates or purports to create a Lien in favor of the Collateral Agent for the benefit of the Secured Parties.
 
“Commitment” means, as to each Lender, its obligation to (a) make Loans to the Borrower pursuant to Section 2.01 and (b) purchase participations in L/C Obligations, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 under the caption “Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.
 
“Committed Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), in each case substantially in the form of Exhibit C or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.
 
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“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.
 
“Compliance Certificate” means a certificate substantially in the form of Exhibit D.
 
“Conforming Changes” means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “U.S. Government Securities Business Day,” the definition of “Interest Period” or any similar or analogous definition, timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of Section 3.05 and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).
 
“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.
 
“Consolidated Total Assets” means, as of any date of determination, the total consolidated assets of the Borrower and its Subsidiaries, determined on a consolidated basis in accordance with IFRS, as shown on the financial statements most recently delivered pursuant to Section 6.01(a) or Section 6.01(b).
 
“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.
 
“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.
 
“Controlled Account” means each deposit account or securities account that is subject to an Account Control Agreement or Securities Account Control Agreement in form and substance reasonably satisfactory to the applicable L/C Issuer.
 
“Convertible Debt Securities” means any debt securities or similar instruments convertible into Capital Stock.
 
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“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.
 
“Covered Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
 
“Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.
 
“CTA” means the United Kingdom Corporation Tax Act 2009.
 
“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.
 
“Debt Rating” means, as of any date of determination, the rating as determined by any Rating Agency (collectively, the “Debt Ratings”) of the Borrower’s non-credit-enhanced, senior unsecured long-term debt.
 
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“Debt Service Coverage Ratio” means as of any date of determination, the ratio of:  (a) the aggregate amount of the CAFD for the most recent Measurement Period for which financial statements are available; to (b) the aggregate amount of Debt Service Obligations of the Borrower and its Subsidiaries (other than Non-Recourse Subsidiaries), without duplication, for the most recent Measurement Period for which financial statements are available.  For purposes of this definition, (i) interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a Eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Borrower may designate, (ii) in the event that the Borrower or any of its Subsidiaries incurs, redeems, repays, retires or extinguishes any Indebtedness (other than Indebtedness incurred or repaid under any revolving credit facility unless such Indebtedness has been permanently repaid and has not been replaced) subsequent to the commencement of the period for which the Debt Service Coverage Ratio is being calculated but prior to or simultaneously with the event for which the calculation of the Debt Service Coverage Ratio is made (the “DSCR Calculation Date”), then the Debt Service Coverage Ratio shall be calculated giving Pro Forma Effect to such incurrence, redemption, repayment, retirement or extinguishment of Indebtedness; provided that for purposes of making the computation referred to above, Investments, acquisitions, Dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with IFRS) that have been made by the Borrower or any of its Subsidiaries during the Measurement Period or subsequent to such Measurement Period and on or prior to or simultaneously with the DSCR Calculation Date shall be calculated giving Pro Forma Effect to all such Investments, acquisitions, Dispositions, mergers, amalgamations, consolidations and discontinued operations (and the change in any associated fixed charge obligations and the change in CAFD resulting therefrom); provided further that if since the beginning of such period any Person that subsequently became a Subsidiary of the Borrower or was merged with or into the Borrower or any of its Subsidiaries since the beginning of such period shall have made any Investment, acquisition, Disposition, merger, amalgamation, consolidation or discontinued operation that would have required adjustment pursuant to this definition, then the Debt Service Coverage Ratio shall be calculated giving Pro Forma Effect thereto for such period, (iii) whenever Pro Forma Effect is to be given to an Investment, acquisition, Disposition, merger, amalgamation, consolidation or discontinued operation, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Borrower and shall comply with the requirements of Rule 11-02 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission, except that such pro forma calculations may include operating expense reductions for such period resulting from the acquisition which is being given Pro Forma Effect that have been realized or for which the steps necessary for realization have been taken or are reasonably expected to be taken within six (6) months following any such acquisition, including the execution or termination of any contracts, the termination of any personnel or the closing (or approval by the board of directors of the Borrower on any closing) of any facility, as applicable, provided that, in either case, such adjustments are set forth in an Officer’s Certificate signed by the Borrower’s chief financial officer and another Responsible Officer which states (A) the amount of such adjustment or adjustments, (B) that such adjustment or adjustments are based on the reasonable good faith beliefs of the officers executing such Officer’s Certificate at the time of such execution and (C) that any related incurrence of Indebtedness is permitted pursuant to this Agreement, and (iv) if any Indebtedness bears a floating rate of interest and is being given Pro Forma Effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the DSCR Calculation Date had been the applicable rate for the entire period (taking into account any Swap Contract applicable to such Indebtedness).
 
“Debt Service Obligations” means, for any Measurement Period, the sum of all amounts payable by the Borrower and its Subsidiaries (other than Non-Recourse Subsidiaries), without duplication, in respect of principal and Interest Expense on Indebtedness for Borrowed Money during such Measurement Period.
 
“Debtor Relief Laws” means the Bankruptcy Code, the Insolvency Act of 1986 of the United Kingdom, the Insolvency Rules of 1986 of the United Kingdom, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, administration, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States, the United Kingdom or other applicable jurisdictions from time to time in effect.
 
“Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default.
 
“Default Rate” means (i) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to the interest rate (including any Applicable Rate) applicable to a Eurodollar Rate Loan plus 2% per annum; provided, however, that with respect to a Base Rate Loan, the Default Rate shall be an interest rate equal to (a) the Base Rate plus (b) the Applicable Rate, if any, applicable to Base Rate Loans plus (c) 2% per annum, and (ii) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus 2% per annum.
 
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“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
 
“Defaulting Lender” means, subject to Section 2.13(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any L/C Issuer or any Lender any other amount required to be paid by it hereunder within two (2) Business Days of the date when due, (b) has notified the Borrower or the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-in Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.13(b)) as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the Borrower, each L/C Issuer and each Lender promptly following such determination.
 
“Designated Jurisdiction” means any country or territory to the extent that such country or territory itself is, or whose government is, the subject or target of any Sanctions, including, as of the date hereof, Crimea, Cuba, Iran, North Korea and Syria.
 
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“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction) of any property by any Person (or the granting of any option or other right to do any of the foregoing), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.
 
“Distributed Cash” means cash and Cash Equivalents distributed, directly or indirectly, to the Borrower in respect of Investments in any Person, in each case, held, directly or indirectly, by the Borrower (other than (x) dividends or other distributions that are funded, directly or indirectly, with substantially concurrent cash Investments, or cash Investments that were not intended to be used by such Person for capital expenditures or for operational purposes, by the Borrower or any of its Subsidiaries in such Person and (y) withholding Taxes and amounts subject to, or reasonably expected to be subject to repatriation requirements) consisting of: (a) dividends; (b) capital redemptions; (c) interest or principal repayments in respect of Indebtedness provided directly or indirectly by the Borrower; and (d) the proceeds of any loan to the Borrower from a Subsidiary of the Borrower; provided that, (i) to the extent permitted by Non-Recourse Indebtedness arrangements to which such Subsidiary is a party, the payment obligation of the Borrower under such loan is subordinated to the prior payment in full of the Obligations and (ii) any repayment of such loan prior to the Maturity Date is immediately succeeded by (A) entering into a substantially similar arrangement for an equal or greater amount; (B) payment of a dividend in an equal or greater amount than such loan by the lender to the Borrower or a Guarantor; or (C) redemption of capital stock of the lender and remittance of the proceeds of such redemption in an equal or greater amount as such loan.
 
“Dollar” and “U.S.$” mean the lawful money of the United States.
 
 
“Early Opt-in Election” means, if the then-current Benchmark is ICE LIBOR, the occurrence of:
 
 
(1)
a notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the other parties hereto that at least five (5) currently outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and
 
(2)        the joint election by the Administrative Agent and the Borrower to trigger a fallback from ICE LIBOR and the provision by the Administrative Agent of written notice of such election to the Lenders.
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
 
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
 
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“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
 
“Eligible Assignee” means any Lender, Affiliate of a Lender, Approved Fund or any other financial institution that meets the requirements to be an assignee under Section 11.06(b)(iii) and 11.06(b)(v) (subject to such consents, if any, as may be required under Section 11.06(b)(iii)).
 
“Environment” means ambient air, indoor air, surface water, groundwater, drinking water, soil, surface and subsurface strata, and natural resources such as wetlands, flora and fauna.
 
“Environmental Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, agreements or governmental restrictions relating to pollution or the protection of the Environment or human health (to the extent related to exposure to Hazardous Materials), including those relating to the manufacture, generation, handling, transport, storage, treatment, Release threat or Release of Hazardous Materials.
 
“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) Release or threatened Release of any Hazardous Materials or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.
 
“Environmental Permit” means any permit, approval, identification number, license or other authorization required under any Environmental Law.
 
“Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination.  For the purposes of this definition, “capital stock” shall include all common stock, preferred stock and other equity-like interests (including trust and usufruct rights) howsoever described.
 
“Equity Pledgor” means the Borrower and any Subsidiary of the Borrower (other than a Non-Recourse Subsidiary) holding Equity Interests, either directly or indirectly, in any Guarantor from time to time; provided that in no event shall an individual holding nominal shares (without special or additional rights to those granted to other holders of Equity Interests or preferential rights in such Guarantor) be an Equity Pledgor.
 
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“ERISA” means the Employee Retirement Income Security Act of 1974.
 
“ERISA Affiliate” means any trade or business (whether or not incorporated) (a) under common control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code) or (b) that is under common control with the Borrower within the meaning of Section 4001(a)(14) of ERISA.
 
“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (g) the determination that any Pension Plan is considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; or (h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate.
 
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.
 
“Eurodollar Rate” means:
 
(a)          for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to (i) the London Interbank Offered Rate set by ICE Benchmark Administration Limited (or such other Person that takes over the administration of such rate) (“ICE LIBOR”) or successor rate, which rate is approved by the Administrative Agent, as published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by ICE Benchmark Administration Ltd. or an entity which has replaced ICE Benchmark Administration Ltd. for the purposes of providing such quotations as may be designated from time to time by the Administrative Agent) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, and (ii) if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement; and
 
(b)          for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to ICE LIBOR, at or about 11:00 a.m., London time, determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day.
 
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“Eurodollar Rate Loan” means a Loan that bears interest based on the EurodollarAdjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.
 
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor statute.
 
“Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act (determined after giving effect to Section 10.11 and any other “keepwell, support or other agreement” for the benefit of such Guarantor and any and all guarantees of such Guarantor’s Swap Obligations by other Loan Parties) at the time the Guaranty of such Guarantor, or a grant by such Guarantor of a security interest, becomes effective with respect to such Swap Obligation.  If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guaranty or security interest is or becomes excluded in accordance with the first sentence of this definition.
 
“Excluded Taxes” means any of the following Taxes imposed on or with respect to Recipient or required to be withheld or deducted from payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or commitment pursuant to a law in effect on the date on which (A) such Lender acquires such interest in the Loan or Commitment or (B) such Lender changes its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(e), (d) any Taxes imposed under FATCA, (e) any Bank Levy and (f) any Tax imposed by the United Kingdom on payments of interest where any of the exclusions provided in Section 3.04(f) apply.
 
“Existing Credit Facility” means the credit agreement dated as of June 26, 2015 between, inter alios, the Borrower and the lenders party thereto, as amended, amended and restated, supplemented or otherwise modified from time to time.
 
“Existing Maturity Date” shall have the meaning assigned to such term in Section 2.16(a) herein.
 
“Extension Consenting Lender” shall have the meaning assigned to such term in Section 2.16(b) herein.
 
“Extension Declining Lender” shall have the meaning assigned to such term in Section 2.16(b) herein.
 
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“Extension Effective Date” shall have the meaning assigned to such term in Section 2.16(b) herein.
 
“Expected Reorganization” means a corporate reorganization of certain Subsidiaries of the Borrower existing under the Laws of a state in the United States (such Subsidiaries, the “US Subsidiaries”) that is to be made in compliance with the terms of this Agreement and as a result of which (i) ASHUSA Inc. and ASUSHI Inc. will form NewCo LLC, to be owned by Atlantica Newco Limited, ASHUSA Inc. and ASHUSHI Inc. and which will become a Non-Recourse Subsidiary, and (ii) ASHUSA Inc. and ASUSHI Inc. will become Non-Recourse Subsidiaries wholly owned by Atlantica North America LLC, which reorganization will involve different transactions, including transfers of Equity Interests in the US Subsidiaries among such US Subsidiaries.

“Facility” means, at any time, the aggregate amount of the Lenders’ Commitments at such time, which shall not exceed U.S.$450,000,000.
 
“FATCA” means Sections 1471 through 1474 of the Code (or any amended or successor version that is substantially comparable and not materially more onerous to comply with); any current or future regulations or official interpretations thereof; any applicable intergovernmental agreements between a non-U.S. jurisdiction and the United States with respect thereto; any law, regulation, or other official guidance enacted in a non-U.S. jurisdiction relating to an intergovernmental agreement related thereto; and any agreements entered into pursuant to Section 1471(b) of the Code.
 
“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as publishedgreater of (a) the rate calculated by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as sobased on such day’s Federal funds transactions by depositary institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to RBC on such day on such transactions as determined by the Administrative Agent. by the Federal Reserve Bank of New York as the Federal funds effective rate and (b) 0%.
 
“Federal Reserve Board” means the Board of Governors of the Federal Reserve System of the United States.
 
“Fee Letters” means (a) the letter agreement, dated on or about the date hereof, among the Borrower and the Joint Lead Arrangers and Joint Bookrunners, (b) the letter agreement, dated on or about the date hereof, between the Borrower and the Administrative Agent and (c) any other fee letter entered into among the Borrower and the Joint Lead Arrangers and Joint Bookrunners and/or Lenders.
 
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“Fifth Amendment to Credit and Guaranty Agreement” means the Fifth Amendment to Credit and Guaranty Agreement, dated as of December 3, 2020, among the Borrower, the Guarantors, the Lenders, the L/C Issuers and the Administrative Agent.
 
“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the Eurodollar Rate.a rate of interest equal to 0%.
 
“FSMA” means the Financial Services and Markets Act 2000 of the United Kingdom.
 
“Foreign Lender” means a Lender that is resident or organized under laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.
 
“FRB” means the Board of Governors of the Federal Reserve System of the United States.
 
“Fronting Exposure” means, at any time there is a Defaulting Lender, with respect to the L/C Issuers, such Defaulting Lender’s Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.
 
“Fund” means any Person (other than a natural Person) that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities.
 
“Governmental Authority” means the government of the United States, the United Kingdom or any other jurisdiction, or of any political subdivision thereof, whether provincial, state or local, and any agency, authority, department, instrumentality, ministry, regulatory body, court, central bank or other entity lawfully exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).
 
“Guarantee” means, as to any Person, (a) any obligation or undertaking, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or (ii) entered into for the purpose of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment thereof, to protect such obligee against loss in respect thereof in whole or in part, or to maintain working or equity capital of the primary obligee or otherwise maintain the net worth or solvency of such obligee, or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); provided, however, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.  The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith.  The term “Guarantee” as a verb has a corresponding meaning.
 
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“Guarantor Accession Agreement” means a guarantee accession agreement, substantially in the form of Exhibit E, delivered pursuant to Section 6.12.
 
“Guarantors” means, collectively, (a) Atlantica Infraestructura Sostenible, S.L.U. (f/k/a ABY Concessions Infrastructures, S.L.U.), Atlantica Peru S.A. (f/k/a ABY Concessions Peru S.A.), ACT Holding, S.A. de C.V., Atlantica Investments Limited, Atlantica Newco Limited, and Atlantica North America LLC, and subject to Section 11.22, ASHUSA Inc. and ASUSHI Inc., and (b) each other direct or indirect Subsidiary of the Borrower that executes and delivers a guaranty or Guarantor Accession Agreement pursuant to Section 6.12.
 
“Guaranty” means, collectively, the Guaranty made by the Guarantors under Article X in favor of the Secured Parties, together with each other guaranty and Guarantor Accession Agreement delivered pursuant to Section 6.12.
 
“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants including petroleum or petroleum distillates, natural gas, natural gas liquids, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, toxic mold, infectious or medical wastes and all other substances, wastes, chemicals, pollutants, contaminants or compounds of any nature in any form regulated pursuant to any Environmental Law.
 
“HMRC” means Her Majesty’s Revenue & Customs of the United Kingdom.
 
“IFRS” means international financial reporting standards and interpretations of such standards adopted by the International Accounting Standards Board (“IASB”) (which include standards and interpretations approved by the IASB and International Accounting Standards issued under previous constitutions), together with its pronouncements thereon from time to time, and applied on a consistent basis.
 
“Illegality Notice” shall have the meaning assigned to such term in Section 3.02 herein.
 
“Immaterial Subsidiary” means, as of any date, any Subsidiary (other than a Loan Party) at any time designated by the Borrower as an “Immaterial Subsidiary”; provided that if, on any date of determination, the aggregate CAFD attributable to any Subsidiary designated by the Borrower as an “Immaterial Subsidiary” for the previous four fiscal quarters (or, if shorter, the period commencing on the date such Subsidiary is acquired by a Subsidiary of the Borrower and ending on the date of determination) (i) exceeds 2.5% of the CAFD in the aggregate for such period; or (ii) when taken together with all other Immaterial Subsidiaries as of such date, exceeds 10% of the CAFD in the aggregate for such period, then such Subsidiary shall immediately cease to be an “Immaterial Subsidiary”.
 
“Impacted Loans” has the meaning assigned to such term in Section 3.03.
 
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“incur” means, with respect to any Indebtedness, to incur, create, issue, assume, guarantee or otherwise, contingently or otherwise, become liable, directly or indirectly, for or with respect to, or to extend the maturity of, or become responsible for, the payment of such Indebtedness; provided, however, that neither (a) the accrual of interest, (b) the accretion of original issue discount nor (c) an increase in the outstanding amount of Indebtedness caused solely by fluctuations in the exchange rates of currencies shall be considered an incurrence of Indebtedness.  The terms “incurrence” and “incurring” have corresponding meanings.
 
“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with IFRS:
 
(a)          Indebtedness for Borrowed Money;
 
(b)          all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts that are (i) payable in the ordinary course of business and (ii) not overdue by more than 120 days);
 
(c)          net obligations of such Person under any Swap Contract;
 
(d)         all Attributable Indebtedness in respect of Capitalized Lease Obligations and sale and leaseback transactions of such Person; and
 
(e)          all Guarantees of such Person in respect of any of the foregoing;
 
provided that in no event shall obligations under any Swap Contract be deemed “Indebtedness” for any purpose under Section 7.11 unless such obligations relate to a derivatives transaction which has been terminated (or to the extent amounts under such Swap Contract are otherwise due and owing).

“Indebtedness for Borrowed Money” means, as to any Person at a particular time, without duplication, all indebtedness accounted for as indebtedness for borrowed money in accordance with IFRS, including
 
(a)         all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; and
 
(b)         the principal component of obligations of such Person in respect of letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments, but excluding contingent obligations and other obligations that do not constitute Indebtedness.
 
“Indemnified Taxes” means (a) Taxes other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.
 
“Intercreditor Agreement” means the amended and restated Intercreditor Agreement, dated on or about the date hereof by and among the Borrower, the Guarantors from time to time party thereto, the Administrative Agent and the other Secured Parties and other Persons from time to time party thereto.
 
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“Interest Expense” means, with respect to the Borrower and its Subsidiaries (other than Non-Recourse Subsidiaries) for any period, without duplication, the sum of:  (a) consolidated interest expense of the Borrower and its Subsidiaries (other than Non-Recourse Subsidiaries) for such period (including (i) amortization of original issue discount resulting from the issuance of Indebtedness at less than par, (ii) all commissions, discounts and other fees and charges owed with respect to letters of credit, bank guarantees or bankers acceptances, (iii) the interest component of Capitalized Lease Obligations and in respect of sale and leaseback transactions, (iv) net payments, if any made (less net payments, if any, received), pursuant to interest rate Swap Contracts, and (v) any tax gross-up, Eurodollar reserves and other additional amounts and excluding (1) annual agency fees paid to the administrative agents and collateral agents under any credit facilities, (2) costs associated with obtaining Swap Contracts and breakage costs in respect of Swap Contracts, (3) penalties and interest relating to Taxes, (4) any “additional interest” or “liquidated damages” with respect to other securities for failure to timely comply with registration rights obligations, (5) amortization or expensing of deferred financing fees, amendment and consent fees, debt issuance costs, commissions, fees and expenses and discounted liabilities, (6) any expensing of bridge, commitment and other financing fees and any other fees related to any acquisitions after the date of this Agreement, (7) commissions, discounts, yield and other fees and charges (including any interest expense) related to any securitization facility and (8) any accretion of accrued interest on discounted liabilities and any prepayment premium or penalty); plus (b) consolidated capitalized interest of the Borrower and its Subsidiaries (other than Non-Recourse Subsidiaries) for such period, whether paid or accrued.  For purposes of this definition, interest in respect of sale and leaseback transactions shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such sale and leaseback transaction in accordance with IFRS.
 
“Interest Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date of such Loan; provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan, the last Business Day of each March, June, September and December and the Maturity Date of such Loan.
 
“Interest Period” means, as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date one, three or six months thereafter, or such other period (not to exceed six months) as may be agreed to by the Borrower, the Administrative Agent and the Lender of such Eurodollar Rate Loan (in each case, subject to availability), as selected by the Borrower in its Committed Loan Notice; provided that:
 
(a)          any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless, in the case of a Eurodollar Rate Loan, such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;
 
(b)          any Interest Period pertaining to a Eurodollar Rate Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and
 
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(c)          no Interest Period for any Loan shall extend beyond the Maturity Date of such Loan.
 
“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or interest in, another Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit or all or a substantial part of the business of such Person.  For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.
 
“IRS” means the United States Internal Revenue Service.
 
“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.
 
“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).
 
“Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by the applicable L/C Issuer and the Borrower (or any Affiliate) or in favor of the applicable L/C Issuer and relating to such Letter of Credit.
 
“ITA” means the United Kingdom Income Tax Act 2007.
 
“Joint Lead Arrangers and Joint Bookrunners” means (a) prior to the Amendment No. 6 Effective Date, each of Banco Santander, S.A., New York Branch, Barclays Bank PLC, Canadian Imperial Bank of Commerce, London Branch, JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith, Incorporated (or any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following the date of this Agreement), Royal Bank of Canada and MUFG Bank, Ltd., and (b) after the Amendment No. 6 Effective Date, each of Banco Santander, S.A., New York Branch, National Bank of Canada, Canadian Imperial Bank of Commerce, London Branch, JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith, Incorporated (or any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following the date of this Agreement), Royal Bank of Canada and MUFG Bank, Ltd.
 
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“Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law.
 
“L/C Advance” means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage.
 
“L/C Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Borrowing.
 
“L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof, or the reinstatement of any amount of any stated amount thereof after any draw thereunder.
 
“L/C Issuer” means, each of Royal Bank of Canada and Canadian Imperial Bank of Commerce, London Branch, in their capacity as issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder.
 
“L/C Obligations” means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings.  For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.07.  For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.
 
“Legal Reservations” means:
 
(a)         the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors;
 
(b)          the time barring of claims under the Limitation Acts, the possibility that an undertaking to assume liability for or indemnify a person against non-payment of United Kingdom stamp duty may be void and defences of setoff or counterclaim;
 
(c)          similar principles, rights and defences under the laws of any relevant jurisdiction; and
 
(d)          any other matters which are set out as qualifications or reservations as to matters of law of general application in any legal opinion delivered to the Administrative Agent in connection with this Agreement.
 
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“Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent, which office may include any Affiliate of such Lender or any domestic or foreign branch of such Lender or such Affiliate.  Unless the context otherwise requires, each reference to a Lender shall include its applicable Lending Office.
 
“Letter of Credit” means any standby letter of credit issued hereunder providing for the payment of cash upon the honoring of a presentation thereunder.
 
“Letter of Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the applicable L/C Issuer.
 
“Letter of Credit Expiration Date” means the day that is seven days prior to the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).
 
“Letter of Credit Sublimit” means, with respect to each L/C Issuer, the amount set forth opposite to such L/C Issuer’s name on Schedule 2.03 under the caption “Letter of Credit Sublimit” or opposite such caption in the Assignment and Assumption pursuant to which such L/C Issuer becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. The Letter of Credit Sublimit of an L/C Issuer that is also a Lender is part of, and not in addition to, such Lender’s Commitment.
 
“Leverage Ratio” means, as of any date of determination, without duplication, the ratio of (a) Indebtedness of the Borrower and its Subsidiaries (other than Non‑Recourse Subsidiaries), as of such date to (b) CAFD for the most recently completed Measurement Period.  For purposes of this definition, (i) in the event that the Borrower or any of its Subsidiaries incurs, assumes, guarantees, redeems, repays, retires or extinguishes any Indebtedness (other than Indebtedness incurred or repaid under any revolving credit facility unless such Indebtedness has been permanently repaid and has not been replaced) subsequent to the commencement of the period for which the Leverage Ratio is being calculated but prior to or simultaneously with the event for which the calculation of the Leverage Ratio is made (the “Leverage Ratio Calculation Date”), then the Leverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, redemption, repayment, retirement or extinguishment of Indebtedness, as if the same had occurred at the beginning of the applicable four-quarter period; provided that for purposes of making the computation referred to above, Investments, acquisitions, Dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with IFRS) that have been made by the Borrower or any of its Subsidiaries during the Measurement Period or subsequent to such Measurement Period and on or prior to or simultaneously with the Leverage Ratio Calculation Date shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, Dispositions, mergers, amalgamations, consolidations and discontinued operations (and the change in any associated fixed charge obligations and the change in CAFD resulting therefrom) had occurred on the first day of the Measurement Period; provided further that if since the beginning of such period any Person that subsequently became a Subsidiary of the Borrower or was merged with or into the Borrower or any of its Subsidiaries since the beginning of such period shall have made any Investment, acquisition, Disposition, merger, amalgamation, consolidation or discontinued operation that would have required adjustment pursuant to this definition, then the Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, Disposition, merger, amalgamation, consolidation or discontinued operation had occurred at the beginning of the applicable Measurement Period, (ii) whenever pro forma effect is to be given to an Investment, acquisition, Disposition, merger, amalgamation, consolidation or discontinued operation, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Borrower and shall comply with the requirements of Rule 11-02 of Regulation S-X promulgated by the U.S.  Securities and Exchange Commission, except that such pro forma calculations may include operating expense reductions for such period resulting from the acquisition which is being given pro forma effect that have been realized or for which the steps necessary for realization have been taken or are reasonably expected to be taken within six (6) months following any such acquisition, including the execution or termination of any contracts, the termination of any personnel or the closing (or approval by the board of directors of the Borrower on any closing) of any facility, as applicable, provided that, in either case, such adjustments are set forth in an Officer’s Certificate signed by the Borrower’s chief financial officer and another Responsible Officer which states (A) the amount of such adjustment or adjustments, (B) that such adjustment or adjustments are based on the reasonable good faith beliefs of the officers executing such Officer’s Certificate at the time of such execution and (C) that any related incurrence of Indebtedness is permitted pursuant to this Agreement, and (iii) if any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Leverage Ratio Calculation Date had been the applicable rate for the entire period (taking into account any Swap Contract applicable to such Indebtedness); provided that for purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period except as set forth in the first paragraph of this definition.
 
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“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, easement, right-of-way or other encumbrance on title to real property, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement having substantially the same economic effect as any of the foregoing).

“Limitation Acts” means the Limitation Act 1980 of the United Kingdom and the Foreign Limitation Periods Act 1984 of the United Kingdom and any analogous limitation statutes of any other applicable jurisdiction.
 
“Loan Documents” means, collectively, (a) this Agreement, (b) the Notes (if any), (c) the Collateral Documents, (d) the Intercreditor Agreement, (e) the Fee Letters and (f) the Resignation, Assignment and Assumption Agreement.
 
“Loan Parties” means, collectively, the Borrower and each Guarantor. Notwithstanding anything in the Loan Documents to the contrary, no Non-Recourse Subsidiary shall be a Loan Party.
 
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“London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market.
 
“Material Adverse Effect” means a material adverse change in, or a material adverse effect upon or with respect to:  (a) the operations, business, properties or financial condition of the Loan Parties and their respective Subsidiaries, taken as a whole; (b) the ability of the Loan Parties (taken as a whole) to perform their payment Obligations; (c) the rights, remedies and benefits available to, or conferred upon, the Administrative Agent, any Lender or any other Secured Party under any Loan Document; (d) the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party; or (e) the validity or priority of the security interests purported to be granted to any of the Secured Parties under the Collateral Documents.
 
“Material Contract” means, with respect to any Person, each contract to which such Person is a party involving aggregate consideration payable to or by such Person of U.S.$50,000,000 or more in any year or in the aggregate, or otherwise material to the business, condition (financial or otherwise), operations, performance, properties or prospects of such Person; provided that any instrument or agreement evidencing or creating a Lien to secure Non‑Recourse Indebtedness shall not constitute a Material Contract.
 
“Material Non-Recourse Subsidiary” means any Non-Recourse Subsidiary (with respect to Sections 8.01(e), 8.01(f) and 8.01(g), individually or together with any other Non-Recourse Subsidiary in respect of which an Event of Default of the type set forth in such Sections has occurred and is continuing) that made Restricted Payments, directly or indirectly through a Guarantor or otherwise, to the Borrower in an amount equal to or greater than 25% of the Distributed Cash during the most recently completed Measurement Period.
 
“Maturity Date” means December 31, 20232024.
 
“Maturity Date Extension Request” means a request by the Borrower, in a form reasonably satisfactory to Administrative Agent, for the extension of the Maturity Date pursuant to Section 2.16.
 
“Measurement Period” means, at any date of determination, the most recently completed four fiscal quarters of the Borrower or, if fewer than four consecutive fiscal quarters of the Borrower have been completed as of such date of determination, the fiscal quarters of the Borrower that have been completed by such date.
 
“Mexican Guarantor” means each Guarantor organized under Mexican law.
 
“Minimum Collateral Amount” means, at any time, (i) with respect to Cash Collateral consisting of cash or deposit account balances provided to reduce or eliminate Fronting Exposure when any Lender is a Defaulting Lender, an amount equal to 100% of the Fronting Exposure at such time (provided that if such amount is insufficient to cover any other amounts due in respect of Letters of Credit hereunder, an additional amount equal to such deficiency), (ii) with respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions of Section 2.03(l)(i)(A) or (B), an amount equal to 100% of the Outstanding Amount of all L/C Obligations and, with respect to Cash Collateral provided in accordance with the provisions of Section 2.03(l)(i)(C), the amount required pursuant to Section 8.02(c) (provided that if such amount is insufficient to cover any other amounts due in respect of Letters of Credit hereunder, an additional amount equal to such deficiency) and (iii) otherwise, an amount determined by the Administrative Agent and the applicable L/C Issuer in their reasonable judgment exercised in good faith.
 
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“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.
 
“Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions.
 
“Multiple Employer Plan” means a Plan which has two or more contributing sponsors (including the Borrower or any ERISA Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA.
 
“Net Cash Proceeds” means:
 
(a)         with respect to any Disposition by any Loan Party or any of its Subsidiaries of the type expressly permitted by Section 7.05(i), an amount equal to (i) cash and Cash Equivalents payments (including any cash and Cash Equivalents received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) received by such Loan Party or such Subsidiary from such Disposition, minus (ii) the sum of (A) the principal amount, premium or penalty, if any, interest and other amounts on any Indebtedness that is secured by the asset subject to such Disposition and required to be repaid with the proceeds of (or in an amount equal to the proceeds of) such Disposition (other than Indebtedness under the Loan Documents), (B) the reasonable and documented out-of-pocket fees and expenses (including attorneys’ fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses and brokerage, consultant and other customary fees paid to non-affiliated third parties) incurred by such Loan Party or such Subsidiary in connection with such Disposition, (C) to the extent not included in (B) above, taxes required to be paid in connection therewith (including taxes imposed on the distribution or repatriation of any such Net Cash Proceeds) and (D) in the case of any Disposition by a non-wholly owned Subsidiary of such Loan Party, all distributions and other payments required to be made to the minority interest holders in such Subsidiary (other than the Loan Parties) as a result of such Disposition (the “Net Disposition Proceeds”).
 
(b)         with respect to the incurrence or issuance of any Indebtedness by any Loan Party or any of its Subsidiaries of the type expressly permitted by Section 7.02(xx), an amount equal to (i) the sum of the cash and Cash Equivalents received by such Loan Party or such Subsidiary in connection with such Indebtedness, minus (ii) the reasonable and documented out-of-pocket fees and expenses (including attorneys’ fees and any taxes required to be paid in connection therewith (including taxes imposed on the distribution or repatriation of any such Net Cash Proceeds)) actually incurred by such Loan Party or such Subsidiary in connection with such Indebtedness incurrence (the “Net Debt Incurrence Proceeds”).
 
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“New Commitment” shall have the meaning assigned to that term in Section 2.14.
 
“New Lender” shall have the meaning assigned to that term in Section 2.14.
 
“New Loan” shall have the meaning assigned to that term in Section 2.14.
 
“New Pledge Agreements” means, collectively: (a) the amended and restated pledge agreement to be entered into on or prior to the consummation of the Expected Reorganization between the Borrower and the Collateral Agent in respect of all Equity Interests in Atlantica North America LLC and (b) the pledge agreement to be entered into on or prior to the consummation of the Expected Reorganization between the Borrower and the Collateral Agent in respect of all Equity Interests in Atlantica Newco Limited, in each case pursuant to Section 6.12(e).
 
“NewCo LLC” means a Delaware limited liability company to be formed, directly or indirectly, by the Borrower, in connection with the Expected Reorganization.
 
“Non-Consenting Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 11.01 and (b) has been approved by the Required Lenders.
 
“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.
 
“Non-Recourse Indebtedness” means Indebtedness of a Non-Recourse Subsidiary owed to an unrelated Person with respect to which the creditor has no recourse (including by virtue of a Lien, guarantee or otherwise) to the Borrower or any other Loan Party other than recourse (a) in respect of any acquisition or contribution agreement with respect to any Investment permitted hereunder entered into by Borrower or any other Loan Party, (b) by virtue of rights of such Non-Recourse Subsidiary under a Project Obligation collaterally assigned to such creditor, which rights may be exercised pursuant to such Project Obligation against the Borrower or any other Loan Party that is party to such Project Obligation, (c) pursuant to Permitted Project Undertakings or Permitted Equity Commitments or (d) pursuant to a Non-Recourse Indebtedness Pledge Agreement.
 
“Non-Recourse Indebtedness Pledge Agreement” means any share, debt or cash collateral pledge agreement (or other types of agreements or instruments with similar effect) entered into by a Loan Party for the sole purpose of pledging the Equity Interests of, or debt issued by, a Non-Recourse Subsidiary as collateral security in support of Non-Recourse Indebtedness, or pledging cash as collateral security to secure Non-Recourse Indebtedness.
 
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“Non-Recourse Subsidiary” means (a) any Subsidiary of Borrower that (i) (A) is the owner, lessor and/or operator of (or is formed to own, lease or operate) one or more Projects or conducts activities reasonably related or ancillary thereto, (B) is the lessee or borrower (or is formed to be the lessee or borrower) in respect of Non-Recourse Indebtedness financing one or more Projects, and/or (C) develops or constructs (or is formed to develop or construct) one or more Projects, (ii) has no Subsidiaries and owns no material assets other than those assets or Subsidiaries necessary for the ownership, leasing, development, construction or operation of such Projects or any activities reasonably related or ancillary thereto and (iii) has no Indebtedness other than intercompany Indebtedness (to the extent expressly permitted under Section 7.02) and Non-Recourse Indebtedness and (b) any Subsidiary of the Borrower (i) that directly or indirectly owns all or a portion of the Equity Interests in one or more Persons, each of which meets the qualifications set forth in clause (a) above, (ii) that has no Subsidiaries other than Subsidiaries which meet the qualifications set forth in clause (a) or clause (b)(i) above, (iii) that owns no material assets other than those assets necessary for the ownership, leasing, development, construction or operation of Projects or any activities reasonably related or ancillary thereto, and (iv) that has no Indebtedness other than intercompany Indebtedness (to the extent expressly permitted under Section 7.02 and Non-Recourse Indebtedness).

“Note” means a promissory note made by the Borrower in favor of a Lender evidencing Loans made by such Lender, substantially in the form of Exhibit F.
 
“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding, provided that, in respect of a Spanish Guarantor, the term “Obligations” shall not include any obligation or liability to the extent that securing those obligations or liabilities would cause a breach of the financial assistance limitations provided in articles 143.2 and 150 of the Spanish Capital Companies Act (“Ley de Sociedades de Capital”).
 
“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury.
 
“Officer’s Certificate” means, with respect to any Person, a certificate signed by a Responsible Officer of such Person.
 
“Organization Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.
 
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“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax, including as a result of such Recipient being managed or controlled, or having its seat of management, being engaged in a trade or business, or having a permanent establishment, office, fixed base or branch or similar connections in such jurisdiction (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Documents).
 
“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.06(b)).
 
“Outstanding Amount” means, on any date (in each case determined without duplication), (a) with respect to Loans and New Loans, the aggregate outstanding principal amount of the Loans or New Loans, as applicable, after giving effect to any borrowings and prepayments or repayments of Loans or New Loans, as applicable, occurring on such date and (b) with respect to any L/C Obligations, the amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date.
 
“Pari Passu Indebtedness” means any Indebtedness of the Borrower or any Loan Party that ranks equally in right of payment with the Loans, in an aggregate principal amount in excess of U.S.$10,000,000.
 
“Patriot Act” means the USA PATRIOT Act (Title III of Pub. L. 107‑56 (signed into law October 26, 2001)).
 
“PBGC” means the Pension Benefit Guaranty Corporation.
 
“Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any installment payment thereof) to Pension Plans and set forth in Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.
 
“Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that is maintained or is contributed to by the Borrower and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code.
 
“Permitted Deferred Acquisition Obligation” means an obligation of the Borrower or any of the Borrower’s Subsidiaries to pay the purchase price for the acquisition of a Person or assets over time or upon the satisfaction of certain conditions; provided that, with respect to each such acquisition, at the time the Borrower or such Subsidiary undertakes such obligations and immediately after giving effect to it, the Borrower shall be in pro forma compliance with each of the covenants set forth in Section 7.11 (such compliance to be determined on the basis of the financial information most recently delivered to Administrative Agent pursuant to Section 6.01).

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“Periodic Term SOFR Determination Day” has the meaning specified in the definition of “Term SOFR”.

“Permitted Equity Commitments” means obligations of the Borrower or any of the Borrower’s Subsidiaries to make any payment in respect of any Equity Interest in any Non-Recourse Subsidiary (and any guarantee by the Borrower or any of the Borrower’s Subsidiaries of such obligations) as long as each such payment in respect of such Equity Interest constitutes an Investment permitted by Section 7.03.

“Permitted Project Undertakings” means guaranties by or obligations of the Borrower or any of the Borrower’s Subsidiaries in respect of Project Obligations or Permitted Deferred Acquisition Obligations.

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, consortium, partnership, Governmental Authority or other entity.
 
“Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan), maintained for employees of the Borrower or any ERISA Affiliate or any such Plan to which the Borrower or any ERISA Affiliate is required to contribute on behalf of any of its employees.
 
“Pledge Agreements” means the Initial Pledge Agreements, the New Pledge Agreements, each pledge agreement delivered pursuant to Section 6.12 and any other pledge agreement executed by any Equity Pledgor in favor of the Secured Parties in respect of the Equity Interests in any Guarantor held by such Equity Pledgor.
 
“Pledged Collateral” means the Pledged Equity Interests.
 
“Pledged Equity Interests” means the Equity Interests subject to, and with respect to which a Lien is purported to be created under, each Pledge Agreement.
 
“Process Agent” means any Person appointed as agent by the Borrower, or any other Person to receive on behalf of itself and its property services of copies of summons and complaint or any other process which may be served in connection with any action or proceeding before any court arising out of or relating to this Agreement or any of the other Loan Documents that is governed by the laws of the State of New York, to which it is a party, including CT Corporation.
 
“Pro Forma Effect” means with respect to any event or circumstance (including any:  (a) Disposition, (b) adverse litigation, (c) incurrence, assumption, guarantee, redemption, repayment, retirement or extinguishment of Indebtedness, or (d) Investment, acquisition, merger, amalgamation, consolidation and discontinued operation), the effect of such event or circumstance as if such had occurred on the first day of the Measurement Period in which such event or circumstance occurred.
 
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“Prohibited Person” means any Person (a) listed on, or owned 50% or more or controlled by a Person listed on, the Specially Designated Nationals and Blocked Persons List, the Sectoral Sanctions Identification List and the List of Foreign Sanctions Evaders maintained by OFAC, the Consolidated List of Financial Sanctions Targets and the Investment Ban List maintained by Her Majesty’s Treasury, or any similar list maintained by, or public announcement of a Sanctions designation made by, a Sanctions Authority, or a Person acting on behalf of such a Person, (b) located or resident in or organized under the Laws of a Designated Jurisdiction, or owned 50% or more or controlled by, or acting on behalf of a Person located in or organized under the Laws of, a Designated Jurisdiction, or (c) who otherwise is, or is owned or controlled by a person who is, currently a subject or target of any Sanctions.
 
“Project” means property or other assets consisting of renewable energy, conventional power, electric transmission and water installation projects, in each case regardless of whether commercial or residential in nature.
 
“Project Obligations” means, as to the Borrower or any of its Subsidiaries, any Contractual Obligation of such Person under power purchase agreements; agreements for the purchase and sale of energy and renewable energy credits, climate change levy exemption certificates, embedded benefits and other environmental attributes; decommissioning agreements; Tax indemnities; operation and maintenance agreements; leases; development contracts; construction contracts; management services contracts; share retention agreements; warranties; bylaws, operating agreements, joint development agreements and other organizational documents; and other similar ordinary course contracts entered into in connection with owning, operating, developing or constructing Projects.

“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

“Qualified ECP Guarantor” means, at any time, each Loan Party with total assets exceeding U.S.$10,000,000 or that qualifies at such time as an “eligible contract participant” under the Commodity Exchange Act and can cause another person to qualify as an “eligible contract participant” at such time under § 1a(18)(A)(v)(II) of the Commodity Exchange Act.
 
“Qualifying Lender” means:
 
(a)          a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance under a Loan Document and is
 
(i)          a Lender:  (A) which is a bank (as defined for the purpose of section 879 of the ITA) making an advance under a Loan Document and is within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance or would be within such charge as respects such payments apart from section 18A of the CTA; or (B) in respect of an advance made under a Loan Document by a person that was a bank (as defined for the purpose of section 879 of the ITA) at the time that that advance was made and within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance; or
 
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(ii)          a Lender which is:  (A) a company resident in the United Kingdom for United Kingdom tax purposes; or (B) a partnership each member of which is (x) a company so resident in the United Kingdom; or (y) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of section 17 of the CTA; or (C) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the CTA) of that company; or
 
(iii)          a Treaty Lender; or
 
(b)         a Lender which is a building society (as defined for the purposes of section 880 of the ITA) making an advance under a Loan Document.
 
“Rating Agency” means any of S&P, Moody’s or Fitch, any of their respective successors or, if any of the foregoing is not in existence, another internationally recognized rating agency which is reasonably acceptable to the Administrative Agent.
 
“RBC” means Royal Bank of Canada.
 
“Recipient” means the Administrative Agent, any Lender, any L/C Issuer or any other recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder.
 
“Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is ICE LIBOR, 11:00 a.m. (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not ICE LIBOR, the time determined by the Administrative Agent in its reasonable discretion.
 
“Refinance” means, in respect of any Indebtedness, to refinance, refund, replace, renew, repay, modify, restate, defer, substitute, supplement, reissue, resell or extend (including pursuant to any defeasance or discharge mechanism); provided that the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder and the direct or any contingent obligor with respect thereto is not changed, as a result of or in connection with such refinancing, refunding, renewal or extension; provided, further, that the terms relating to principal amount, amortization, maturity, collateral (if any) and subordination (if any), and other material terms taken as a whole, of any such refinancing, refunding, renewing or extending Indebtedness, and of any agreement entered into and of any instrument issued in connection therewith, are no less favorable in any material respect to the Loan Parties or the Lenders than the terms of any agreement or instrument governing the Indebtedness being refinanced, refunded, renewed or extended and the interest rate applicable to any such refinancing, refunding, renewing or extending Indebtedness does not exceed the then applicable market interest rate; and provided, still further, that the terms “Refinances,” “Refinanced” and “Refinancing” as used for any purpose in this Agreement shall have a correlative meaning.
 
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“Refinancing Amendment” means an amendment to this Agreement executed by each of (a) the Borrower, (b) the Administrative Agent, (c) each additional Refinancing Lender and (d) each Lender that agrees to provide any portion of Refinancing Commitments or Refinancing Loans incurred pursuant thereto, in accordance with Section 2.15.
 
“Refinancing Commitments” means one or more classes of commitments hereunder that result from a Refinancing Amendment.
 
“Refinancing Loans” means one or more classes of loans that result from a Refinancing Amendment.
 
“Regulation T” means Regulation T of the Federal Reserve Board of Governors as in effect from time to time and all official rulings and interpretations thereunder or thereof.
 
“Regulation U” means Regulation U of the Federal Reserve Board of Governors as in effect from time to time and all official rulings and interpretations thereunder or thereof.
 
“Regulation X” means Regulation X of the Federal Reserve Board of Governors as in effect from time to time and all official rulings and interpretations thereunder or thereof.
 
“Related Parties” means, with respect to any Person, such Person’s Affiliates and the administrators, managers, partners, directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates.
 
“Release” means any release, spill, emission, discharge, deposit, disposal, leaking, pumping, pouring, dumping, emptying, injection or leaching into the Environment, or into, from or through any building, structure or facility.
 
“Relevant Governmental Body” means the Board of Governors of the Federal Reserve SystemBoard or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve SystemBoard or the Federal Reserve Bank of New York, or any successor thereto.
 
“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the thirty (30) day notice period has been waived.
 
“Request for Credit Extension” means (a) with respect to a Borrowing, a Committed Loan Notice, and (b) with respect to an L/C Credit Extension, a Letter of Credit Application.
 
“Required Lenders” means, at any time, Lenders holding more than 50% of the sum of the (a) Total Outstandings and (b) aggregate unused Commitments; provided that the unused Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders; provided, further, that the amount of any participation in any Unreimbursed Amounts that such Defaulting Lender has failed to fund that have not been reallocated to and funded by another Lender shall be deemed to be held by the Lender that is the L/C Issuer in making such determination.
 
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“Resignation, Assignment and Assumption Agreement” means the resignation, assignment and assumption agreement entered on or prior to the date hereof between the Borrower, HSBC Corporate Trustee Company (UK) Limited, as Resigning Collateral Agent, and the Collateral Agent.
 
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
 
“Responsible Officer” means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or controller of a Loan Party and, solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, in the case of a Loan Party incorporated under the laws of England and Wales, a director and, in the case of any other Loan Party, the secretary or any assistant secretary of a Loan Party.  Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be prima facie presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be prima facie presumed to have acted on behalf of such Loan Party.
 
“Restricted Payment” means (a) any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest of any Person or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital to any Person’s stockholders, partners or members (or the equivalent of any thereof), or any option, warrant or other right to acquire any such dividend or other distribution or payment or (b) any payment made to service intercompany Indebtedness incurred by an Affiliate of the Borrower that is not a Loan Party.
 
“Sanctions” means any trade, economic or financial sanctions Laws, regulations, embargoes or restrictive measures administered, enacted or enforced by any of the Sanctions Authorities.
 
“Sanctions Authorities” means:
 
(a)          the United States government;
 
(b)          the United Nations;
 
(c)          the European Union;
 
(d)          the United Kingdom; or
 
(e)          the respective Governmental Authorities of any of the foregoing, including OFAC, the United Nations Security Council, the United States Department of State and Her Majesty’s Treasury.
 
“S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw‑Hill Companies, Inc., and any successor thereto.
 
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“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.
 
“Second Amendment to Credit and Guaranty Agreement” means the Second Amendment to Credit and Guaranty Agreement, dated as of August 2, 2019, among the Borrower, the Guarantors, the Lenders, the L/C Issuers and the Administrative Agent.
 
“Secured Leverage Ratio” means, as of any date of determination, without duplication, the ratio of (a) Indebtedness of the Borrower and its Subsidiaries, (other than Non-Recourse Subsidiaries) secured by the Collateral, as of such date to (b) CAFD for the most recently completed Measurement Period. For purposes of this definition, (i) in the event that the Borrower or any of its Subsidiaries incurs, assumes, guarantees, redeems, repays, retires or extinguishes any Indebtedness secured by the Collateral (other than Indebtedness secured by the Collateral incurred or repaid under any revolving credit facility unless such Indebtedness has been permanently repaid and has not been replaced) subsequent to the commencement of the period for which the Secured Leverage Ratio is being calculated but prior to or simultaneously with the event for which the calculation of the Secured Leverage Ratio is made (the “Secured Leverage Ratio Calculation Date”), then the Secured Leverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, redemption, repayment, retirement or extinguishment of Indebtedness secured by the Collateral, as if the same had occurred at the beginning of the applicable four-quarter period; provided that for purposes of making the computation referred to above, Investments, acquisitions, Dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with IFRS) that have been made by the Borrower or any of its Subsidiaries during the Measurement Period or subsequent to such Measurement Period and on or prior to or simultaneously with the Secured Leverage Ratio Calculation Date shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, Dispositions, mergers, amalgamations, consolidations and discontinued operations (and the change in any associated fixed charge obligations and the change in CAFD resulting therefrom) had occurred on the first day of the Measurement Period; provided further that if since the beginning of such period any Person that subsequently became a Subsidiary of the Borrower or was merged with or into the Borrower or any of its Subsidiaries since the beginning of such period shall have made any Investment, acquisition, Disposition, merger, amalgamation, consolidation or discontinued operation that would have required adjustment pursuant to this definition, then the Secured Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, Disposition, merger, amalgamation, consolidation or discontinued operation had occurred at the beginning of the applicable Measurement Period, (ii) whenever pro forma effect is to be given to an Investment, acquisition, Disposition, merger, amalgamation, consolidation or discontinued operation, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Borrower and shall comply with the requirements of Rule 11-02 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission, except that such pro forma calculations may include operating expense reductions for such period resulting from the acquisition which is being given pro forma effect that has been realized or for which the steps necessary for realization have been taken or are reasonably expected to be taken within six (6) months following any such acquisition, including the execution or termination of any contracts, the termination of any personnel or the closing (or approval by the board of directors of the Borrower on any closing) of any facility, as applicable, provided that, in either case, such adjustments are set forth in an Officer’s Certificate signed by the Borrower’s chief financial officer and another Responsible Officer which states (A) the amount of such adjustment or adjustments, (B) that such adjustment or adjustments are based on the reasonable good faith beliefs of the officers executing such Officer’s Certificate at the time of such execution and (C) that any related incurrence of Indebtedness secured by the Collateral is permitted pursuant to this Agreement, and (iii) if any Indebtedness secured by the Collateral bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness secured by the Collateral shall be calculated as if the rate in effect on the Secured Leverage Ratio Calculation Date had been the applicable rate for the entire period (taking into account any Swap Contract applicable to such Indebtedness); provided that for purposes of making the computation referred to above, interest on any Indebtedness secured by the Collateral under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period except as set forth in the first paragraph of this definition.
 
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“Secured Obligations” means the Obligations, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding; provided that the Secured Obligations shall exclude any Excluded Swap Obligations.
 
“Secured Parties” means, collectively, the Administrative Agent, the Collateral Agent, the Lenders, the L/C Issuers, each co-agent or sub-agent appointed by the Administrative Agent or the Collateral Agent from time to time pursuant to Section 9.05, and the other Persons the Secured Obligations owing to which are or are purported to be secured by the Collateral under the terms of the Collateral Documents.
 
“Securities Account Control Agreements” means each securities account control agreement entered into by a Loan Party, the Collateral Agent, and the applicable securities intermediary party thereto.
 
“Senior Notes” means the 7.000% senior notes due 2019 issued pursuant to the Indenture, dated as of November 17, 2014, among the Borrower, as issuer, and The Bank of New York Mellon, as trustee, outstanding as of the date hereof in the amount of U.S.$255,000,000.
 
“Sixth Amendment to Credit and Guaranty Agreement” means the Sixth Amendment to Credit and Guaranty Agreement, dated as of February 26, 2021, among the Borrower, the Guarantors, the Lenders, the L/C Issuers and the Administrative Agent.
 
“SOFR” means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day publishedas administered by the SOFR Administrator on the SOFR Administrator’s Website at approximately 8:00 a.m. (New York City time) on the immediately succeeding Business Day..
 
“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).
 
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“SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.
 
“Solvent” and “Solvency” mean, with respect to any Person on any date of determination, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small capital, (e) such Person is able to pay its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business and (f) in the case of a Person which is a company incorporated under the laws of England and Wales, that Person is not deemed unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986 of the United Kingdom (as amended from time to time).  The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.
 
“Spanish Guarantor” means each Guarantor that is organized under Spanish law.
 
“Specified Loan Party” means any Loan Party that is not an “eligible contract participant” under the Commodity Exchange Act (determined prior to giving effect to Section 10.11).
 
“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person.  Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower.
 
“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.
 
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“Swap Obligation” means with respect to any Guarantor any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.
 
“Tax Confirmation” means, with respect to the Borrower, a confirmation by a Lender that the person beneficially entitled to interest payable to that Lender in respect of an advance under a Loan Document is either (i) a company resident in the United Kingdom for United Kingdom tax purposes; or (ii) a partnership each member of which is (A) a company so resident in the United Kingdom; or (B) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of section 17 of the CTA; or (iii) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the CTA) of that company.
 
“Tax Deduction” means a deduction or withholding for or on account of Tax from a payment under a Loan Document.
 
“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
 
“Term SOFR” means:
 
(a)          for any calculation with respect to an Eurodollar Rate Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, and
 
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(b)          for any calculation with respect to an Base Rate Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the “Base Rate Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Base Rate SOFR Determination Day.
 
“Term SOFR Adjustment” means a percentage equal to 0.10% per annum.
 
“Term SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).
 
“Term SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, Reference Rate” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
 
“Term SOFR Notice” means a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Transition Event.
 
“Term SOFR Transition Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, and is determinable for each Available Tenor and (b) the administration of Term SOFR is administratively feasible for the Administrative Agent.
 
“Threshold Amount” means U.S.$100,000,000.
 
“Total Credit Exposure” means, as to any Lender at any time, the unused Commitments and aggregate principal amount of outstanding Loans of such Lender at such time.
 
“Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C Obligations.
 
“Treaty Lender” means, with respect to the Borrower, a Lender that:  (a) is treated as a resident of a jurisdiction having a double taxation agreement with the United Kingdom that makes provision for full exemption from tax on payments of interest imposed by the United Kingdom (a “Treaty”), (b) does not carry on a business in the United Kingdom through a permanent establishment with which that Lender’s participation in the Loan is effectively connected and (c) meets all other conditions in the relevant Treaty for full exemption from Taxes imposed by the United Kingdom on interest, provided that for these purposes it shall be assumed that all procedural formalities have been completed.
 
“Type” means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan.
 
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“UCC” means the Uniform Commercial Code as in effect in the State of New York; provided that, if perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority.
 
“UCP” means, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce (“ICC”) Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).
 
“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.
 
“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.
 
“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.
 
“United Kingdom” means the United Kingdom of Great Britain and Northern Ireland.
 
“United States” and “U.S.” mean the United States of America.
 
“U.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.
 
“U.S. Tax Obligor” means a Loan Party some or all of whose payments under the Loan Documents are from sources within the U.S. for U.S. federal income tax purposes.
 
“VAT” means (a) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and (b) any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in clause (a) above, or imposed elsewhere.
 
“Voting Rights” means the right generally to vote at a general meeting of shareholders of the Borrower (irrespective of whether or not, at the time, stock of any other class or classes shall have or might have voting power by reason of the happening of any contingency).
 
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“Write-down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,  any powers of the applicable Resolution Authority  under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution  or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those power.

1.02      Other Interpretive Provisions.  With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:
 
(a)         The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”  The word “will” shall be construed to have the same meaning and effect as the word “shall.”  Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified or ratified (subject to any restrictions on such amendments, supplements, modifications or ratifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Preliminary Statements, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Preliminary Statements, Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.
 
(b)         In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including,” the words “to” and “until” each mean “to but excluding,” and the word “through” means “to and including.”
 
(c)        Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.
 
1.03        Accounting Terms.

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(a)         Generally.  All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, IFRS applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements for the fiscal year ended December 31, 2016, except as otherwise specifically prescribed herein.  Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Borrower and the other Loan Parties shall be deemed to be carried at 100% of the outstanding principal amount thereof.
 
(b)         Changes in IFRS.  If at any time any change in IFRS would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in IFRS (subject to the approval of the Required Lenders); provided that, until so amended, (A) such ratio or requirement shall continue to be computed in accordance with IFRS prior to such change therein and (B) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in IFRS.
 
1.04       Rounding.  Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).
 
1.05        Times of Day; Rates.  Unless otherwise specified, all references herein to times of day shall be references to Eastern Time.  The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to, the administration, submission or any other matter related to the rates in the definition of “Eurodollar Rate” or with respect to any comparable or successor rate thereto.
 
.  The Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to Base Rate, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, or any component definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, Base Rate, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes.  The Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of Base Rate, the Term SOFR Reference Rate, Adjusted Term SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower.  The Administrative Agent may select information sources or services in its reasonable discretion to ascertain Base Rate, the Term SOFR Reference Rate, Adjusted Term SOFR, or any other Benchmark, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.
 
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1.06       Currency Equivalents Generally.  Any amount specified in this Agreement (other than in Articles II and IX) or any of the other Loan Documents to be in Dollars shall also include the equivalent of such amount in any currency other than Dollars, such equivalent amount thereof in the applicable currency to be determined by the Administrative Agent at such time on the basis of the Spot Rate (as defined below) for the purchase of such currency with Dollars.  For purposes of this Section 1.06, the “Spot Rate” for a currency means the rate determined by the Administrative Agent to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date that is two (2) Business Days prior to the date of such determination; provided that the Administrative Agent may obtain such spot rate from another financial institution designated by the Administrative Agent if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency.
 
1.07       Letter of Credit Amounts.  Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.
 
ARTICLE II
THE COMMITMENTS AND BORROWINGS
 
2.01     The Loans.Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “Loan”) to the Borrower from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided, however, that after giving effect to any Borrowing, the Total Outstandings shall not exceed the Facility.  Within the limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01, prepay under Section 2.04, and reborrow under this Section 2.01.  Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein.  Each Borrowing shall be made on a pro rata basis as among the Lenders.
 
2.02        Borrowings, Conversions and Continuations of Loans.
 
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(a)        Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by a Committed Loan Notice.  Each such Committed Loan Notice must be received by the Administrative Agent not later than 10:00 a.m.  (A) three (3) U.S. Government Securities Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (B) two (2) Business Days prior to the requested date of any Borrowing of Base Rate Loans.  Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans thereunder shall be in a principal amount of U.S.$5,000,000 or a whole multiple of U.S.$1,000,000 in excess thereof.  Each Borrowing of or conversion to Base Rate Loans thereunder shall be in a principal amount of U.S.$500,000 or a whole multiple of U.S.$100,000 in excess thereof.  Each Committed Loan Notice shall specify (I) whether the Borrower is requesting a Borrowing, a conversion of Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (II) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (III) the principal amount of Loans to be borrowed, converted or continued, (IV) the Type of Loans to be borrowed or to which existing Loans are to be converted, and (V) if applicable, the duration of the Interest Period with respect thereto.  If the Borrower fails to specify a Type of Loan in a Committed Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans.  If the Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.
 
(b)        Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Applicable Percentage under the Facility of the Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Eurodollar Rate Loans described in Section 2.02(a). In the case of a Borrowing, each Lender shall make the amount of its Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice.  Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial Borrowing, Section 4.01), the Administrative Agent shall promptly make all funds so received available to the Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of the Borrower on the books of the Administrative Agent with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower; provided, however, that if, on the date the Committed Loan Notice with respect to such Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to the Borrower as provided above.

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(c)         Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurodollar Rate Loan.  During the existence of a Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of the Required Lenders.
 
(d)         The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders of any change in the Administrative Agent’s prime rate used in determining the Base Rate no later than five (5) Business Days prior to the immediately succeeding Interest Payment Date after the public announcement of such change.
 
(e)         After giving effect to all Borrowings, all conversions of Loans from one Type to the other, and all continuations of Loans as the same Type, there shall not be more than ten (10) Interest Periods in effect in respect of the Facility.
 
2.03       Letters of Credit.
 
(a)          The Letter of Credit Commitment.
 
(i)         Subject to the terms and conditions set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower or its Affiliates, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below and, in each case, on a pro rata basis among the L/C Issuers, and (2) to honor drawings under such Letters of Credit made in accordance with the terms thereof; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Affiliates and any drawings thereunder in accordance with the terms thereof; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings shall not exceed the Aggregate Commitments and (y) the Outstanding Amount of the L/C Obligations of an L/C Issuer shall not exceed such L/C Issuer’s Letter of Credit Sublimit.  Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence.  Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and fully reimbursed.
 
(ii)         No L/C Issuer shall issue any Letter of Credit if the expiry date of the requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the Required Lenders have approved such expiry date.
 
(iii)         No L/C Issuer shall be under any obligation to issue any Letter of Credit if:
 
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(A)       any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such L/C Issuer from issuing the Letter of Credit, or any Law applicable to such L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit, or request that such L/C Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon such L/C Issuer with respect to the Letter of Credit any restriction, reserve or capital requirement (for which such L/C Issuer is not otherwise compensated hereunder) not in effect on the date hereof, or shall impose upon such L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the date hereof and which such L/C Issuer in good faith deems material to it;
 
(B)      except as otherwise agreed by the Administrative Agent and such L/C Issuer, the Letter of Credit is in an initial stated amount less than $100,000;
 
(C)       the issuance of such Letter of Credit would violate one or more policies of such L/C Issuer applicable to letters of credit generally;
 
(D)       such Letter of Credit is to be denominated in a currency other than Dollars; or
 
(E)       a default of any Lender’s obligations to fund under Section 2.03(c) exists or any Lender is at such time a Defaulting Lender hereunder.
 
(iv)        No L/C Issuer shall amend any Letter of Credit if  (A) such L/C Issuer would not be permitted at such time to issue the Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit.
 
Each L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and each L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article IX with respect to any acts taken or omissions suffered by such L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Article IX included such L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to the L/C Issuers.
 
(b)         Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit.
 
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(i)          Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to the applicable L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrower.  Such Letter of Credit Application may be sent by facsimile, by e-mail, by overnight courier, by electronic transmission using the system provided by the applicable L/C Issuer, by personal delivery or by any other means acceptable to the applicable L/C Issuer.  Such Letter of Credit Application must be received by the applicable L/C Issuer and the Administrative Agent not later than 11:00 a.m. at least three (3) Business Days prior to the proposed issuance date or date of amendment, as the case may be.  In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the applicable L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof (including a final expiration date in case of an Auto-Extension Letter of Credit); (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature of the requested Letter of Credit; and (H) to the extent the relevant Letter of Credit shall be issued in respect of an Affiliate of the Borrower that is not a Guarantor or a Material Non-Recourse Subsidiary, all documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti‑money laundering rules and regulations, including the Patriot Act, in respect of such Affiliate, which documentation shall be satisfactory to the applicable L/C Issuer in its sole discretion.  In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the applicable L/C Issuer may require.
 
(ii)         Promptly after receipt of any Letter of Credit Application, the applicable L/C Issuer will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, such L/C Issuer will provide the Administrative Agent with a copy thereof.  Unless the applicable L/C Issuer has received written notice from any Lender, the Administrative Agent or any Loan Party, at least one (1) Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Article IV shall not then be satisfied, then, subject to the terms and conditions hereof, the applicable L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower (or the applicable Affiliate) or enter into the applicable amendment, as the case may be, in each case in accordance with such L/C Issuer’s usual and customary business practices.  Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the applicable L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Letter of Credit.
 
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(iii)      If the Borrower so requests in any applicable Letter of Credit Application, the applicable L/C Issuer may, in its sole discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of Credit must permit the applicable L/C Issuer to prevent any such extension at least once in each twelve (12) month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve (12) month period to be agreed upon at the time such Letter of Credit is issued.  Unless otherwise directed by the applicable L/C Issuer, the Borrower shall not be required to make a specific request to such L/C Issuer for any such extension.  Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the applicable L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the applicable L/C Issuer shall not permit any such extension if (A) such L/C Issuer has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.03(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven (7) Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Required Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Lender or the Borrower that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, and in each such case directing such L/C Issuer not to permit such extension.
 
(iv)       If the Borrower so requests in any applicable Letter of Credit Application, the applicable L/C Issuer may, in its sole discretion, agree to issue a Letter of Credit that permits the automatic reinstatement of all or a portion of the stated amount thereof after any drawing thereunder (each, an “Auto-Reinstatement Letter of Credit”).  Unless otherwise directed by the applicable L/C Issuer, the Borrower shall not be required to make a specific request to the applicable L/C Issuer to permit such reinstatement.  Once an Auto-Reinstatement Letter of Credit has been issued, except as provided in the following sentence, the Lenders shall be deemed to have authorized (but may not require) the applicable L/C Issuer to reinstate all or a portion of the stated amount thereof in accordance with the provisions of such Letter of Credit.  Notwithstanding the foregoing, if such Auto-Reinstatement Letter of Credit permits the applicable L/C Issuer to decline to reinstate all or any portion of the stated amount thereof after a drawing thereunder by giving notice of such non-reinstatement within a specified number of days after such drawing (the “Non-Reinstatement Deadline”), the applicable L/C Issuer shall not permit such reinstatement if it has received a notice (which may be by telephone or in writing) on or before the day that is seven (7) Business Days before the Non-Reinstatement Deadline (A) from the Administrative Agent that the Required Lenders have elected not to permit such reinstatement or (B) from the Administrative Agent, any Lender or the Borrower that one or more of the applicable conditions specified in Section 4.02 is not then satisfied (treating such reinstatement as an L/C Credit Extension for purposes of this clause) and, in each case, directing the applicable L/C Issuer not to permit such reinstatement.  Notwithstanding anything to the contrary herein, no amount drawn under any Letter of Credit may be reinstated if after giving effect to such reinstatement: (x) the Total Outstanding will exceed the Aggregate Commitments or (y) the Outstanding Amount of the L/C Obligations of an L/C Issuer exceeds such L/C Issuer’s Letters of Credit Sublimit.
 
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(v)          Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the applicable L/C Issuer will also deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment.
 
(c)         Drawings and Reimbursements; Funding of Participations.
 
(i)         Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable L/C Issuer shall notify the Borrower and the Administrative Agent thereof.  Not later than 11:00 a.m. on the date which is three (3) Business Days following the date of any payment by the applicable L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing.  Interest shall be payable on any such amounts from the date on which the relevant drawing is made until reimbursement in full at a rate equal to (i) until the third succeeding Business Day following the date of the relevant notice, the Applicable Rate then in effect and (ii) thereafter, the Default Rate.  If the Borrower fails to so reimburse the applicable L/C Issuer by such time, the Administrative Agent shall promptly notify each Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Lender’s Applicable Percentage thereof.  In such event, the Borrower shall be deemed to have requested a Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice).  Any notice given by the applicable L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.
 
(ii)          Each Lender shall upon any notice pursuant to Section 2.03(c)(i) make funds available for the account of the applicable L/C Issuer at the Administrative Agent’s Office in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount.  The Administrative Agent shall remit the funds so received to the applicable L/C Issuer.
 
(iii)       With respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing of Base Rate Loans because the conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from the applicable L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate.  In such event, each Lender’s payment to the Administrative Agent for the account of the applicable L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.03.
 
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(iv)         Until each Lender funds its Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse the applicable L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage of such amount shall be solely for the account of the applicable L/C Issuer.
 
(v)          Each Lender’s obligation to make Loans or L/C Advances to reimburse any L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against any L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s obligation to make Loans pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Borrower of a Committed Loan Notice).  No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrower to reimburse the applicable L/C Issuer for the amount of any payment made by such L/C Issuer under any Letter of Credit, together with interest as provided herein.
 
(vi)         If any Lender fails to make available to the Administrative Agent for the account of any L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii), then, without limiting the other provisions of this Agreement, the applicable L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by such L/C Issuer in connection with the foregoing.  If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be.  A certificate of the applicable L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) shall be conclusive absent manifest error.
 
(d)          Repayment of Participations.
 
(i)          At any time after any L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender its Applicable Percentage thereof in the same funds as those received by the Administrative Agent.
 
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(ii)         If any payment received by the Administrative Agent for the account of any L/C Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered into by the applicable L/C Issuer in its discretion), each Lender shall pay to the Administrative Agent for the account of the applicable L/C Issuer its Applicable Percentage thereof on written demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect.  The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.
 
(e)          Obligations Absolute.  The obligation of the Borrower to reimburse any L/C Issuer for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:
 
(i)           any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;
 
(ii)         the existence of any claim, counterclaim, setoff, defense or other right that any Loan Party or any of its Subsidiaries may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), any L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;
 
(iii)        any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;
 
(iv)         waiver by the applicable L/C Issuer of any requirement that exists for such L/C Issuer’s protection and not the protection of the Borrower or any waiver by such L/C Issuer which does not in fact materially prejudice the Borrower;
 
(v)          honor of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft;
 
(vi)        any payment made by the applicable L/C Issuer in respect of an otherwise complying item presented after the date specified as the expiration date of, or the date by which documents must be received under, such Letter of Credit if presentation after such date is authorized by the UCC, ISP or the UCP, as applicable;
 
(vii)        any payment by the applicable L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not comply with the terms of such Letter of Credit; or any payment made by such L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or
 
(viii)     any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or any of its Subsidiaries.
 
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The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will immediately notify the applicable L/C Issuer.  The Borrower shall be conclusively deemed to have waived any such claim against the applicable L/C Issuer and its correspondents unless such notice is given as aforesaid.
 
(f)         Role of L/C Issuer.  Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, no L/C Issuer shall have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document.  None of the L/C Issuers, the Administrative Agent, any of their respective Related Parties or any correspondent, participant or assignee of any L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document.  The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement.  None of the L/C Issuers, the Administrative Agent, any of their respective Related Parties or any correspondent, participant or assignee of any L/C Issuer shall be liable or responsible for any of the matters described in clauses (i) through (viii) of Section 2.03(e); provided, however, that anything in such clauses to the contrary notwithstanding, the Borrower may have a claim against a L/C Issuer, and such L/C Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which the Borrower proves were caused by such L/C Issuer’s willful misconduct or gross negligence.  In furtherance and not in limitation of the foregoing, any L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and no L/C Issuer shall be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.  Any L/C Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary.
 
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Any L/C Issuer may resign at any time by giving thirty (30) days’ prior notice to the Administrative Agent, the Lenders and the Borrower.  After the resignation of an L/C Issuer hereunder, the retiring L/C Issuer shall remain a party hereto and shall continue to have all the rights and obligations of an L/C Issuer under this Agreement and the other Loan Documents with respect to Letters of Credit issued by it prior to such resignation, but shall not be required to issue additional Letters of Credit or to extend, renew or increase any existing Letter of Credit.
 
(g)         Applicability of ISP; Limitation of Liability.  Unless otherwise expressly agreed by the applicable L/C Issuer and the Borrower when a Letter of Credit is issued, the rules of the ISP shall apply to each standby Letter of Credit and, as to all matters not governed thereby, the laws of the State of New York.  Notwithstanding the foregoing, no L/C Issuer shall be responsible to the Borrower for, and no L/C Issuer’s rights and remedies against the Borrower shall be impaired by, any action or inaction of such L/C Issuer required or permitted under any law, order or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where such L/C Issuer or the beneficiary is located, the practice stated in the ISP, or in the decisions, opinions, practice statements or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.
 
(h)          Letter of Credit Fees.  The Borrower shall pay to the Administrative Agent for the account of each Lender a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate then in effect per annum times the daily amount available to be drawn under such Letter of Credit.  For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.07.  Letter of Credit Fees shall be (i) due and payable on the first Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.  Notwithstanding anything to the contrary contained herein, upon the request of the Required Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate.
 
(i)          Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer.  The Borrower shall pay directly to each L/C Issuer for its own account a fronting fee equal to 0.25% per annum calculated on the basis of the undrawn portion of the amount available to be drawn under each Letter of Credit outstanding for the period during which such Letter of Credit is outstanding.  Such fronting fee shall be due and payable on the tenth (10th) Business Day after the end of each March, June, September and December in respect of the most recently ended quarterly period (or portion thereof, in the case of the first payment), commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand.  For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.07.  In addition, the Borrower shall pay directly to each L/C Issuer for its own account the customary issuance, presentation, amendment and other reasonable and documented processing fees, and other reasonable and documented standard costs and charges, of such L/C Issuer relating to letters of credit as from time to time in effect.  Such reasonable and documented customary fees and standard costs and charges shall be due and payable no later than ten (10) Business Days after demand therefor and are nonrefundable.
 
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(j)         Conflict with Issuer Documents.  In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control.
 
(k)         Letters of Credit Issued for Affiliates.  Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, an Affiliate, the Borrower shall be obligated to reimburse the applicable L/C Issuer hereunder for any and all drawings under such Letter of Credit.  Each of the Borrower and the Guarantors hereby acknowledges that the issuance of Letters of Credit for the account of Affiliates of the Borrower inures to the benefit of the Borrower and the Guarantors, and that each of the Borrower’s and the Guarantors’ business derives substantial benefits from the businesses of such Affiliates.
 
(l)          Cash Collateral.
 
(i)          Certain Credit Support Events.  If (A) any L/C Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, (B) as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, (C) the Borrower shall be required to provide Cash Collateral pursuant to Section 8.02(c), or (D) any Lender shall be a Defaulting Lender, the Borrower shall immediately (in the case of clause (C) above) or within one (1) Business Day (in all other cases) following any written request by the Administrative Agent or any L/C Issuer, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined, in the case of Cash Collateral provided pursuant to clause (D) above, after giving effect to Section 2.13(a)(iv) and any Cash Collateral provided by the Defaulting Lender); provided that, anything herein to the contrary notwithstanding, (x) the Borrower shall only be required to provide Cash Collateral if such action will not result in a breach of any of its Contractual Obligations existing as of the date hereof and identified in Schedule 5.24 that remain in effect and (y) if providing Cash Collateral will result in a breach of any of the Borrower’s Contractual Obligations existing as of the date hereof and identified in Schedule 5.24 that remain in effect, then the Borrower shall deliver to the Administrative Agent promptly, and in any event no later than three (3) Business Days from the date the event described above has occurred, an Officer’s Certificate certifying the foregoing and providing reasonable detail of the Contractual Obligations of the Borrower that would be breached if it were to provide such Cash Collateral (such certificate, the “Cash Collateral Certificate”).  Additionally, if the Administrative Agent notifies the Borrower at any time that the Outstanding Amount of all L/C Obligations of an L/C Issuer at such time exceeds such L/C Issuer’s Letter of Credit Sublimit then in effect, then, within two (2) Business Days after receipt of such notice, the Borrower shall provide Cash Collateral for the Outstanding Amount of such L/C Obligations in an amount not less than the amount by which the Outstanding Amount of all such L/C Obligations exceeds such L/C Issuer’s Letter of Credit Sublimit, to the extent only the Borrower is not otherwise prevented from providing such Cash Collateral pursuant to the terms hereof.
 
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(ii)         Grant of Security Interest.  The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuers and the Lenders, and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to Section 2.03(l)(iii).  If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent, the Lenders or any L/C Issuer as herein provided or the depositary or intermediary institution in respect of such Cash Collateral and the relevant Controlled Accounts, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.  All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in one or more Controlled Accounts at RBC.  The Borrower shall pay promptly upon written demand therefor from time to time all customary account opening, activity and other reasonable and documented administrative fees and charges in connection with the maintenance and disbursement of Cash Collateral.
 
(iii)       Application.  Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, Cash Collateral provided under this Section 2.03 or Section 2.04, 2.13 or 8.02 in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein.
 
(iv)       Release.  Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall be released promptly (i) following the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with Section 11.06(b)(vi))) or (ii) if there exists excess Cash Collateral; provided, however, the Borrower and the applicable L/C Issuer may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other obligations.
 
2.04        Prepayments.
 
(a)        Optional.  Subject to the last sentence of this Section 2.04(a), the Borrower may, upon notice to the Administrative Agent by the delivery of a Prepayment Notice substantially in the form of Exhibit J, at any time or from time to time, voluntarily prepay Loans in whole or in part without premium or penalty; provided that (i) such notice must be in a form acceptable to the Administrative Agent and be received by the Administrative Agent not later than 9:30 a.m. (A) three (3) U.S. Government Securities Business Days prior to any date of prepayment of Eurodollar Rate Loans and (B) two (2) Business Days prior to any date of prepayment of Base Rate Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in a principal amount of U.S.$5,000,000 or a whole multiple of U.S.$1,000,000 in excess thereof; and (iii) any prepayment of Base Rate Loans shall be in a principal amount of U.S.$500,000 or a whole multiple of U.S.$100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding.  Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans.  The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s ratable portion of such prepayment (based on such Lender’s Applicable Percentage).  If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.  Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05.  Each prepayment of the outstanding Loans shall be paid to the Lenders in accordance with their respective Applicable Percentages in respect of the Facility.
 
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(b)         Mandatory.
 
(i)         In case of receipt by any Loan Party or any of its Subsidiaries (other than any Non-Recourse Subsidiary or Immaterial Subsidiary) of any Net Disposition Proceeds, within thirty (30) days after receipt of such Net Disposition Proceeds, such Loan Party shall deliver a written notice to the Administrative Agent confirming whether it will, or will cause such Subsidiary to:
 
(A)        apply such Net Disposition Proceeds within a twelve (12) month period after the receipt of such Net Disposition Proceeds to prepay the Loans, or repurchase, repay, redeem or prepay Indebtedness of any Loan Party or any Subsidiary thereof, in which case, such Loan Party or such Subsidiary shall (and the Loan Parties shall cause such Subsidiaries to) apply such Net Disposition Proceeds in accordance with the foregoing within the period referred to herein; or
 
(B)        invest such Net Disposition Proceeds within a twelve (12)-month period after the receipt of such Net Disposition Proceeds (which period may be extended for up to six (6) months thereafter if such Loan Party or such Subsidiary has entered into binding commitments with respect thereto with an unaffiliated third party) in assets of the general type used by the Loan Parties and their Subsidiaries in their line of business, in which case, such Loan Party or such Subsidiary shall (and the Loan Parties shall cause such Subsidiaries to) apply such Net Disposition Proceeds in accordance with the foregoing within the period referred to herein,
 
provided that in the event the relevant Loan Party fails to deliver such notice in the relevant period set forth in clause (b)(i) above, such Loan Party shall apply, or cause the relevant Subsidiary to apply, such Net Disposition Proceeds to prepay the Loans, or repurchase, repay, redeem or prepay Indebtedness of any Loan Party or any Subsidiary thereof within the twelve (12) months after receipt of such Net Disposition Proceeds.
 
(ii)        In case of receipt by any Loan Party or any of its Subsidiaries (other than any Non-Recourse Subsidiary or Immaterial Subsidiary) of any Net Debt Incurrence Proceeds, such Loan Party shall, or shall cause such Subsidiary to, prepay the Loans, or repurchase, repay, redeem or prepay Indebtedness of such Loan Party or such Subsidiary (and, to the extent provided herein, Cash Collateralize L/C Obligations), at the election of such Loan Party or such Subsidiary, on the fifth (5th) Business Day succeeding the day of receipt of such Net Debt Incurrence Proceeds by such Loan Party or such Subsidiary, in an amount equal to such Net Debt Incurrence Proceeds. Prepayments of the Loans made pursuant to this clause (ii) shall be applied in accordance with Section 2.04(b)(iv).
 
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(iii)        If for any reason the Total Outstandings at any time exceed the Facility at such time, the Borrower shall immediately prepay Loans and/or Cash Collateralize the L/C Obligations (other than the L/C Borrowings) in an aggregate amount equal to such excess.
 
(iv)       Prepayments made pursuant to Section 2.04(b) shall be applied, first, to the New Loans held by all New Lenders in accordance with their Applicable Percentages (allocated to principal repayment installments thereof as set forth in the applicable Joinder Agreement) (other than in the case of a prepayment pursuant to Section 2.04(b)(iii), in which case such prepayment will be applied first to the following clause second (and shall not be applied to clause first)), second, to the L/C Borrowings, third, ratably to the outstanding Loans and New Loans held by all Lenders and New Lenders, respectively, in accordance with their Applicable Percentages, and, fourth, to Cash Collateralize the remaining L/C Obligations.  Upon the drawing of any Letter of Credit that has been Cash Collateralized, the funds held as Cash Collateral shall be applied (without any further action by or notice to or from the Borrower or any other Loan Party) to reimburse the applicable L/C Issuer or the Lenders, as applicable.  Amounts to be applied pursuant to this Section 2.04(b) to the mandatory prepayment of New Loans, Refinancing Loans and Loans shall be applied, as applicable, first to reduce outstanding Base Rate Loans and any amounts remaining after such application shall be applied to prepay Eurodollar Rate Loans.
 
2.05        Termination or Reduction of Commitments.
 
(a)        Optional.  The Borrower may, upon notice to the Administrative Agent, terminate the Facility, or from time to time permanently reduce the Facility; provided that (i) any such notice shall be received by the Administrative Agent not later than 9:30 a.m. five (5) U.S. Government Securitie Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of U.S.$10,000,000 or any whole multiple of U.S.$1,000,000 in excess thereof, and (iii) the Borrower shall not terminate or reduce (A) the Facility if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Facility or (B) the Letter of Credit Sublimit of any L/C Issuer if, after giving effect thereto, the Outstanding Amount of L/C Obligations of such L/C Issuer not fully Cash Collateralized hereunder would exceed such L/C Issuer’s Letter of Credit Sublimit.
 
(b)        Mandatory.  The Commitments of each of the Facilities shall be automatically, permanently and ratably reduced on each date on which a prepayment of the Loans is actually made pursuant to Section 2.04(b)(i) by an amount equal to the sum of the principal of the Loans outstanding so prepaid.  If after giving effect to any reduction or termination of the Commitments under this Section 2.05(b), the Letter of Credit Sublimit of any L/C Issuer exceeds the Outstanding Amount of L/C Obligations of such L/C Issuer not fully Cash Collateralized pursuant to Section 2.03(l), such L/C Issuer’s Letter of Credit Sublimit shall be automatically reduced by the amount of such excess.
 
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(c)       Application of Commitment Reductions; Payment of Fees.  The Administrative Agent will promptly notify the Lenders of any termination or reduction of the Commitments under this Section 2.05. Upon any reduction of the Commitments, the Commitment of each Lender shall be reduced by such Lender’s Applicable Percentage of such reduction amount. All fees in respect of the Facility accrued until the effective date of any termination of the Facility shall be paid on the effective date of such termination.
 
2.06        Repayment of Loans.  The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of all Loans outstanding on such date.
 
2.07        Interest.
 
(a)        Subject to the provisions of Section 2.07(b), (i) each Eurodollar Rate Loan under the Facility shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar RateAdjusted Term SOFR for such Interest Period plus the Applicable Rate; and (ii) each Base Rate Loan under the Facility shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate.
 
(b)         (i)          While any Event of Default under Section 8.01(a) exists, the Borrower shall pay interest on the relevant overdue amounts hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.
 

(ii)          Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.
 
(c)         Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein.  Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.
 
(d)       If, as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other reason, the Borrower or the Lenders determine that (i) the Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders or the L/C Issuers, as the case may be, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code, automatically and without further action by the Administrative Agent, any Lender or any L/C Issuer), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period.  This paragraph shall not limit the rights of the Administrative Agent, any Lender or any L/C Issuer, as the case may be, under Section 2.03(c)(vi), 2.03(i) or 2.07(b) or under Article VIII.  The Borrower’s obligations under this paragraph shall survive the termination of the Aggregate Commitments and the repayment of all other Obligations hereunder.
 
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(e)       In connection with the use or administration of Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.  The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of Term SOFR.
 
2.08        Fees.
 
(a)       Commitment Fees.  The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage, a commitment fee equal to the rate per annum set forth in the table below under the caption “Commitment Fee Rate” opposite the Leverage Ratio for the Measurement Period most recently ended prior to the relevant Commitment Fee Payment Date, times the actual daily amount by which the Facility exceeds the Total Outstandings, subject to adjustment as provided in Section 2.13.  The commitment fee shall accrue at all times during the Availability Period, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the date of this Agreement, and on the last day of the Availability Period (each such date, a “Commitment Fee Payment Date”).
 
Pricing Level
Leverage Ratio
Commitment Fee Rate
1
<3.50:1.0
0.30%
2
≥3.50:1.0 and <4.50:1.0
0.40%
3
>4.50:1.0 and <5.00:1.0
0.50%
4
>5.00:1.0
0.60%

Any increase or decrease in the commitment fees resulting from a change in the Leverage Ratio shall become effective as of the first Business Day following the date on which financial statements are delivered pursuant to Section 6.01(a) or (b), as applicable.  Notwithstanding anything to the contrary herein, (x) until the date on which the Administrative Agent receives financial statements for the fiscal quarter of the Borrower ending on June 30, 2018, Pricing Level 2 set forth above shall apply and (y) in the event the Borrower fails to deliver to the Administrative Agent financial statements pursuant to Sections 6.01(a) or (b), as applicable, Pricing Level 4 set forth above shall apply until the date such financial statements have been delivered.
 
(b)        Other Fees.  The Borrower shall pay to the Joint Lead Arrangers and Joint Bookrunners and the Agents for their own respective accounts fees in the amounts and at the times specified in the Fee Letters.  Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.
 
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2.09      Computation of Interest and Fees.  All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurodollar Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.  All other computations of fees and interest shall be made on the basis of a 360‑day year and actual days elapsed (which results in more fees or interest, as applicable, being paid then if computed on the basis of a 365-day year).  Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one day.  Each determination by the Administrative Agent of an interest rate or fee hereunder shall be prima facie evidence of the interest rate or fee.

2.10      Evidence of Debt.  The Loans made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business.  The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Loans made by the Lenders to the Borrower and the interest and payments thereon.  Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations.  In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.  Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans in addition to such accounts or records.  Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.
 
2.11        Payments Generally; Administrative Agent’s Clawback.
 
(a)        General.  All payments to be made by the Borrower shall be made free and clear of and without condition or deduction for any counterclaim, defense, recoupment or setoff.  Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein.  The Administrative Agent will promptly distribute to each Lender its Applicable Percentage in respect of the Facility (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office.  All payments received by the Administrative Agent after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue.  If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in the computation of interest or fees, as the case may be.
 
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(b)         (ii) Funding by Lenders; Presumption by Administrative Agent.  Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available to the Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans.  If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period.  If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing.  Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.
 
(i)         Payments by Borrower; Presumptions by Administrative Agent.  Unless the Administrative Agent shall have received notice from the Borrower prior to the time at which any payment is due to the Administrative Agent for the account of the Lenders or the L/C Issuers hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the L/C Issuers, as the case may be, the amount due.  In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the L/C Issuers, as the case may be, severally agree to repay to the Administrative Agent forthwith on written demand the amount so distributed to such Lender or such L/C Issuer, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
 
A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this subsection (b) shall be prima facie evidence of the amount.
 
(c)         Failure to Satisfy Conditions Precedent.  If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Borrowing set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.
 
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(d)        Obligations of Lenders Several.  The obligations of the Lenders hereunder to make Loans and to make payments pursuant to Section 11.04(c) are several and not joint.  The failure of any Lender to make any Loan or to make any payment under Section 11.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under Section 11.04(c).
 
(e)         Funding Source.  Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.
 
(f)        Insufficient Funds.  If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, toward payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, (ii) second, toward payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties, and (iii) third, costs and expenses of the Joint Lead Arrangers and Joint Bookrunners and the Lenders (including fees, charges and disbursements of the advisors and, subject to Section 11.04(a), counsel to any of the Lenders).
 
2.12       Sharing of Payments by Lenders.  If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of (a) Obligations due and payable to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations due and payable to such Lender at such time to (ii) the aggregate amount of the Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such time) of payments on account of the Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such time obtained by all the Lenders at such time or (b) Obligations owing (but not due and payable) to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations owing (but not due and payable) to such Lender at such time to (ii) the aggregate amount of the Obligations owing (but not due and payable) to all Lenders hereunder and under the other Loan Parties at such time) of payment on account of the Obligations owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents at such time obtained by all of the Lenders at such time, then the Lender receiving such greater proportion shall (x) notify the Administrative Agent of such fact, and (y) purchase (for cash at face value) participations in the Loans of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of Obligations then due and payable to the Lenders or owing (but not due and payable) to the Lenders, as the case may be, provided that:
 
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(i)        if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and
 
(ii)         the provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than an assignment to the Borrower or any Affiliate thereof (as to which the provisions of this Section shall apply).
 
Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation.

2.13         Defaulting Lenders.
 
(a)         Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law:
 
(i)         Waivers and Amendments.  Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 11.01 and in the definition of “Required Lenders”.
 
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(ii)      Defaulting Lender Waterfall.  Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 11.09 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment of any amount owing by such Defaulting Lender to the L/C Issuers; third, so long as no Cash Collateral Certificate has been delivered to the Administrative Agent (and to the extent only such Cash Collateral Certificate has not been rescinded by the Borrower) to Cash Collateralize each L/C Issuer’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.03(l); fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) so long as no Cash Collateral Certificate has been delivered to the Administrative Agent (and to the extent only such Cash Collateral Certificate has not been rescinded by the Borrower), Cash Collateralize each L/C Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.03(l); sixth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations are held by the Lenders pro rata in accordance with the Commitments hereunder.  Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.13(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.
 
(iii)         Fees.
 
(A)       No Defaulting Lender shall be entitled to receive any fee payable under Section 2.08(a) for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).
 
(B)      Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which such Revolving Credit Lender is a Defaulting Lender only to the extent allocable to its Applicable Revolving Credit Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.03(l).
 
(C)         With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to each L/C Issuer the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such L/C Issuer’s Fronting Exposure to such Defaulting Lender and (z) not be required to pay the remaining amount of any such fee.
 
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(iv)      Reallocation of Applicable Percentages to Reduce Fronting Exposure.  All or any part of such Defaulting Lender’s participation in L/C Obligations shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the conditions set forth in Section 4.02 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time) and (y) such reallocation does not cause the aggregate credit exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment.  Subject to Section 11.21 (Acknowledgment and Consent to Bail-In of Affected Financial Institutions), no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.
 
(b)          Defaulting Lender Cure.  If the Borrower, the Administrative Agent and the L/C Issuers agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Non-Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.
 
2.14       Increase in Commitments.
 
(a)         The Borrower may by written notice to Administrative Agent elect to request, at any time following the Amendment No. 6 Effective Date, an increase to the existing Commitments (any such increase, the “New Commitments”) by an amount not in excess of U.S.$50,000,000 in the aggregate. Such New Commitments shall not be less than U.S.$10,000,000 individually (or such lesser amount which shall be approved by Administrative Agent), and shall be in integral multiples of U.S.$1,000,000 in excess of that amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Commitments shall be effective, which shall be a date not less than (10) Business Days after the date on which such notice is delivered to Administrative Agent, and (B) the identity of each Lender or other Person that is an Eligible Assignee (each, a “New Lender”) to whom the Borrower proposes any portion of such New Commitments be allocated and the amounts of such allocations; provided any Lender approached to provide all or a portion of the New Commitments, may elect or decline, in its sole discretion, to provide a New Commitment; provided, further, that any New Lender shall be acceptable to the Administrative Agent. Such New Commitments shall become effective as of such Increased Amount Date; provided that (1) no Default or Event of Default shall exist on such Increased Amount Date immediately prior to or after giving effect to such New Commitments; (2) both immediately prior to and after giving effect to such New Commitments each of the conditions set forth in Section 4.02 shall be satisfied; (3) the Borrower shall be in compliance with the financial covenants set forth in Section 7.11 both as of the last day of the most recently ended fiscal quarter and immediately after giving effect to such New Commitments; (4) the New Commitments shall be effected pursuant to one or more joinder agreements substantially in the form of Exhibit G (a “Joinder Agreement”) executed and delivered by the Borrower, the New Lender and Administrative Agent, and each of which shall be recorded in the Register and each New Lender shall be subject to the requirements set forth in Section 3.01; and (5) the Borrower shall deliver or cause to be delivered any legal opinions or other documents of the type specified in Section 4.01 reasonably requested by Administrative Agent in connection with any such New Commitment.
 
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(b)        On any Increased Amount Date on which New Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders shall assign to each of the New Lenders, and each of the New Lenders shall purchase from each of the Lenders, at the principal amount thereof (together with accrued interest), such interest in the Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Loans will be held by existing Lenders and New Lenders ratably in accordance with their Commitments after giving effect to the addition of such New Commitments to the Commitments, (b) each New Commitment shall be deemed for all purposes a Commitment and each Loan made thereunder (a “New Loan”) shall be deemed, for all purposes, a Loan and (c) each New Lender shall become a Lender with respect to the New Commitment and all matters relating thereto.
 
(c)         The Administrative Agent shall notify the Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date and in respect thereof (x) the New Commitments and the New Lenders, and (y) the respective interests in such Lender’s Loans, in each case subject to the assignments contemplated by this Section 2.14. The terms and provisions of the New Loans shall be identical to the Loans. Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of Administrative Agent, to effect the provisions of this Section 2.13.
 
2.15       Refinancing Facilities.

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(a)          On one or more occasions after the Closing Date, the Borrower may obtain, from any Lender or any other bank, financial institution or other institutional lender or investor that agrees to provide any portion of Refinancing Commitments pursuant to a Refinancing Amendment in accordance with this Section 2.15 (each, an “Additional Refinancing Lender”) (provided that Administrative Agent and each Lender shall have consented (such consent not to be unreasonably withheld or delayed unless a Default or Event of Default has occurred and is continuing) to such Lender’s or Additional Refinancing Lender’s providing such Refinancing Commitments to the extent such consent, if any, would be required under Section 11.06 for an assignment of Loans or Commitments, as applicable, to such Lender or Additional Refinancing Lender), Refinancing Indebtedness in respect of all or any portion of Loans (which, for the purposes of this Section, shall include Refinancing Loans) (or unused Commitments (which, for purposes of this Section, shall include Refinancing Commitments)) then outstanding under this Agreement, in the form of Refinancing Commitments or Refinancing Loans pursuant to a Refinancing Amendment; provided that notwithstanding anything to the contrary in this Section 2.15 or otherwise, (i) the borrowing and repayment (except for (A) payments of interest and fees at different rates on Refinancing Commitments (and related outstandings), (B) repayments required upon the maturity date of the Refinancing Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments (subject to clause (iii) below)) of Loans with respect to Refinancing Commitments after the date of obtaining any Refinancing Commitments shall be made on a pro rata basis with all other Commitments, (ii) the permanent repayment of Loans with respect to, and termination of, Refinancing Commitments after the date of obtaining any Refinancing Commitments shall be made on a pro rata basis with all other Commitments, (iii) assignments and participations of Refinancing Commitments and Refinancing Loans shall be governed by the same assignment and participation provisions applicable to Commitments and Loans, (iv) the Refinancing Loans may have different amortization payments and maturity dates than the other Loans and the Refinancing Commitments may have longer (but not shorter) availability periods than the Availability Period; provided that the final maturity date and weighted average life to maturity of such Refinancing Loans shall not be prior to or shorter than that applicable to the Loans being refinanced thereby, (v) all other terms applicable to such Refinancing Loans and Refinancing Commitments (other than provisions relating to original issue discount, upfront fees and interest rates, which shall be as agreed between the Borrower and the Refinancing Lenders providing such Refinancing Loans and Refinancing Commitments) shall be identical to the terms applicable to the Loans and Commitments, respectively, being refinanced thereby (except to the extent such covenants and other terms (A) apply solely to any period after the latest stated final maturity of the Loans in effect on the Refinancing Effective Date immediately prior to the borrowing of such Refinancing Loans and the incurrence of such Refinancing Commitments or (B) are otherwise added for the benefit of the other Lenders hereunder), (vi) the proceeds of Refinancing Loans and the Refinancing Commitments shall be applied, substantially concurrently with the incurrence thereof, to the refinancing of the outstanding Loans and Commitments so refinanced, and (vii) the principal amount of Refinancing Loans and the Refinancing Commitments does not exceed the principal amount of Loans and Commitments, respectively, being refinanced thereby except by an amount equal to unpaid accrued interest and premium thereon plus other amounts owing or unpaid related to such Loans and Commitments being refinanced and fees and expenses incurred in connection with such refinancing (including, underwriting, commitment, syndication and similar fees).
 
(b)          The effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof of each of the conditions set forth in Section 4.02 and, to the extent reasonably requested by Administrative Agent, receipt by Administrative Agent of (i) customary legal opinions, board resolutions and officers’ certificates consistent with those delivered on the Closing Date other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel’s form of opinion reasonably satisfactory to Administrative Agent and (ii) reaffirmation agreements and/or such amendments to the Collateral Documents as may be reasonably requested by Administrative Agent in order to ensure that such Refinancing Indebtedness is provided with the benefit of the applicable Loan Documents.
 
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(c)         Each issuance of Refinancing Indebtedness under Section 2.15(a) shall be in an aggregate principal amount that is (x) not less than U.S.$5,000,000 and (y) an integral multiple of U.S.$1,000,000 in excess thereof.
 
(d)       Each of the parties hereto hereby agrees that this Agreement and the other Loan Documents may be amended pursuant to a Refinancing Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Refinancing Indebtedness incurred pursuant thereto and (ii) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of Administrative Agent and the Borrower, to effect the provisions of this Section 2.15, including any amendments necessary to treat the applicable Loans and/or Commitments established under the Refinancing Amendment as a new class of Loans and/or Commitments hereunder, and the Lenders hereby expressly authorize Administrative Agent to enter into any such Refinancing Amendment.
2.16       Extension of Maturity[Reserved].
 
(a)         The Borrower may, on a one-time basis, by delivery of a Maturity Date Extension Request to the Administrative Agent (which shall promptly deliver a copy thereof to each of the Lenders) not less than thirty (30) days prior to the existing Maturity Date (for all purposes hereunder, the Maturity Date in effect as of the date hereof and prior to giving effect to any extension, shall be referred to as the “Existing Maturity Date”), request that the Lenders extend the Existing Maturity Date by 365 days in accordance with this Section 2.16.
 
(b)         In the event a Maturity Date Extension Request shall have been delivered by the Borrower in accordance with paragraph (a) above, each Lender shall have the right, on an individual and discretionary basis, to agree to the extension of the Existing Maturity Date solely with respect to all or any portion of its Loans or Commitments (each Lender agreeing to the Maturity Date Extension Request shall be referred to as an “Extension Consenting Lender” and each other Lender shall be referred to as an “Extension Declining Lender”).  Each Lender that is in agreement with the Maturity Date Extension Request shall evidence its agreement in a written notice (such notice, the “Extension Confirmation Notice”) to the Borrower, with a copy to the Administrative Agent.  Each Extension Confirmation Notice shall only be deemed to be valid if (x) it is delivered no later than the Existing Maturity Date and (y) it specifies the amount of the corresponding Lender’s Commitment and Loans that will be subject to such extension, and each Extension Confirmation Notice will be subject to the occurrence of the Extension Effective Date; provided that:
 
(i)         subject to Section 2.16(e) below, upon the delivery of an Extension Confirmation Notice by an Extension Consenting Lender, and to the extent only the Extension Effective Date has occurred on or prior to the Existing Maturity Date, the Existing Maturity Date of the Commitments and the Loans of such Extension Consenting Lender that are specified in such Extension Confirmation Notice shall be automatically extended by 365 days from the Existing Maturity Date (it being understood that any amount of such Extension Consenting Lender’s Commitments or Loans not otherwise expressly set forth in such Extension Confirmation Notice shall not be subject to such extension); and
 
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(ii)         any Lender that fails to deliver an Extension Confirmation Notice by the Existing Maturity Date shall be deemed to be an Extension Declining Lender with respect to all of its Commitments and Loans.
 
(c)         If a Lender elects to extend only a portion of its Commitment or Loans in accordance with paragraph (b) above, such Lender shall be deemed to be for all purposes hereof (i) an Extension Consenting Lender solely with respect of the portion of its Commitments and Loans specified in its Extension Confirmation Notice and (ii) an Extension Declining Lender with respect to the remaining portion of its Commitments and Loans, as applicable.
 
(a)         Notwithstanding the foregoing, if the Extension Effective Date has occurred, then the Borrower shall have the right, in accordance with Section 11.13, at any time prior to the Existing Maturity Date, to replace any Extension Declining Lender, but solely with respect to the amount of Commitments and Loans of such Extension Declining Lender which have not been the subject of the extension of the Maturity Date pursuant to paragraph (b) above; provided that:
 
(i)          such replacement may only be effected with an Eligible Assignee that has agreed in writing to a Maturity Date Extension Request for an aggregate amount of Commitments and Loans at least equal to the amount of Commitments and Loans of such Extension Declining Lender which have not been the subject of the extension of the Maturity Date pursuant to paragraph (b) above; and
 
(ii)         any such Eligible Assignee shall for all purposes hereunder constitute an Extension Consenting Lender in respect of the Commitments and Loans assigned to, and assumed by, it on and after the effective time of such replacement.
 
(b)        Any extension of the Maturity Date pursuant to the terms hereof shall only become effective if each of the following conditions precedent has been satisfied, in each case, prior to the Existing Maturity Date and in form and substance satisfactory to each Extension Consenting Lender (the date when each such condition is satisfied, the “Extension Effective Date”):
 
(i)          the representations and warranties of each Loan Party contained in Article V or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be (A) if such representation and warranty is qualified as to materiality or by reference to the existence of a Material Adverse Effect, true and correct to the extent of such qualification as of the Existing Maturity Date, or (B) if such representation and warranty is not so qualified, true and correct in all material respects on and as of the Existing Maturity Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, except that for purposes of this paragraph (e), the representations and warranties contained in Sections 5.05(a) and 5.05(b) shall be deemed to refer to the most recent statements furnished pursuant to Section 6.01(a) and Section 6.01(b), respectively;
 
(ii)         (A) no Default or Event of Default shall have occurred and be continuing and (B) no Default or Event of Default would result as a result of the extension of the Maturity Date pursuant to the terms of this Section 2.16;
 
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(iii)        subject to the proviso below, no Material Non-Recourse Subsidiary shall have (A) failed to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) after giving effect to any grace or any cure periods, in respect of any Indebtedness (other than Indebtedness hereunder), or (B) failed to observe or perform any other agreement or condition relating to any Indebtedness (other than Indebtedness hereunder) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the applicable Threshold Amount beyond the period of grace, if any, provided in the instrument or agreement evidencing, securing or relating thereto, or any other event shall have occurred, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or cash collateral in respect thereof to be demanded, and in each case, such default or event is continuing; provided, however, that the condition set forth in this clause (iii) shall not be required to be satisfied if (x) the relevant event described in clause (A) or (B) above ceases to exist or (y) following the occurrence of any such default or event with respect to any such Indebtedness of any Material Non-Recourse Subsidiary (1) such Material Non-Recourse Subsidiary shall have made a Restricted Payment in compliance with its Contractual Obligations, and (2) the Borrower is in compliance with Section 7.11 as of the end of the most recently ended fiscal quarter of the Borrower following the occurrence of such default or event, as evidenced in the Compliance Certificate delivered by the Borrower pursuant to Section 6.02(b) with respect to such fiscal quarter of the Borrower;
 
(iv)         evidence that each of the actions described in Sections 6.14(a), and 6.14(b) have been effectively taken;
 
(v)       the Borrower shall have delivered to each Extension Consenting Lender a duly executed Note in the amount of the Commitment of such Extension Consenting Lender specified in its Extension Confirmation Notice; and
 
(vi)         the Administrative Agent and each Extension Consenting Lender shall have received a certificate dated as of the Existing Maturity Date and executed by a Responsible Officer of the Borrower certifying the foregoing.
 
(c)        The Borrower, the Administrative Agent and the Extension Consenting Lenders may, at the request of any Extension Consenting Lender or the Administrative Agent, enter into an amendment to this Agreement to effect such modifications as may be necessary to reflect the terms of any extension of the Maturity Date that has become effective in accordance with the provisions of this Section 2.16, in each case, solely with respect to the Commitment and Loans of the Extension Consenting Lenders that were expressly specified in the Extension Confirmation Notices of such Extension Consenting Lenders.  Failure by the Borrower, the Administrative Agent and the Extension Consenting Lenders to enter into such amendments within thirty (30) days after the date of any such request, shall result in the extension of the Maturity Date automatically ceasing to be in effect and it will be understood that the Maturity Date was not extended with respect to any Commitment or any Loan.
 
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ARTICLE III
TAXES, YIELD PROTECTION AND ILLEGALITY
 
3.01       Taxes.
 
(a)          Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.
 
(i)          Any and all payments by or on account of any obligation of any Loan Party hereunder or under any Loan Document shall be made free and clear of and without deduction or withholding for any Taxes, except as required by applicable Laws.  If any applicable Laws (as determined in the good faith discretion of any Loan Party or the Administrative Agent) require the deduction or withholding of any Tax from any such payment by any Loan Party or the Administrative Agent, then the applicable Loan Party or the Administrative Agent shall be entitled to make any such deduction or withholding.
 
(ii)          If any Loan Party or the Administrative Agent shall be required by any applicable Laws (including the Code) to withhold or deduct any Taxes from any payment, then (A) such Loan Party or the Administrative Agent, as required by such Laws, shall withhold or make such deductions as are determined by it to be required, (B) such Loan Party or the Administrative Agent, to the extent required by such Laws, shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made.
 
(b)          Payment of Other Taxes by the Loan Parties.  Without limiting the provisions of clause (a) above, the Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.
 
(c)          Tax Indemnifications.
 
(i)         The Borrower shall indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be prima facie evidence.
 
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(ii)          Each Lender shall, and does hereby, severally indemnify, and shall make payment in respect thereof within ten (10) days after written demand therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (y) the Administrative Agent and the Loan Parties, as applicable, against any Taxes attributable to such Lender’s failure to comply with the provisions of Section 11.06(d) relating to the maintenance of a Participant Register and (z) the Administrative Agent and the Loan Parties, as applicable, against any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent or a Loan Party in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be prima facie evidence.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this Section 3.01(c)(ii).
 
(d)         Evidence of Payments.  As soon as reasonably practicable after any payment of Taxes by any Loan Party or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, the Borrower shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to the Borrower or the Administrative Agent, as the case may be.
 
(e)          Status of Lenders; Tax Documentation.
 
(i)          Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, the Borrower and the relevant Lender (at the reasonable written request of the Borrower) shall co-operate promptly in completing any procedural formalities necessary for the Borrower to obtain authorization to make a payment without a Tax Deduction.  In addition, each Lender shall promptly deliver such other documentation prescribed by applicable Law or reasonably requested by the Borrower or the Administrative Agent in writing as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.
 
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(ii)         Each party shall, at the time or times reasonably requested in writing by another party to this Agreement:  (A) supply to that other party such forms, documentation and other information relating to its status under FATCA as that other party requests for the purposes of that other Party’s compliance with FATCA; and (B) supply to that other party such forms, documentation and other information relating to its status as that other party reasonably requests for the purposes of that other party’s compliance with any similar law, regulation, or exchange of information regime.  Solely for purposes of this clause (ii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
 
(iii)         Each Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.01 (or was treated as having delivered) expires or becomes inaccurate, incorrect or obsolete, it shall promptly update such form or certification, or notify in writing the Borrower and the Administrative Agent of the change to the information, or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.
 
(iv)         Without limiting the generality of Section 3.01(e)(i), each Lender which becomes a Lender under this Agreement after the date of this Agreement shall indicate in the Assignment and Assumption which it executes on becoming a Lender which of the following categories it falls in:  (A) not a Qualifying Lender; (B) a Qualifying Lender (other than a Treaty Lender); or (C) a Treaty Lender.
 
(v)          Nothing in this Section 3.01(e) shall require a Treaty Lender to:
 
(A)         register under the HMRC DT Treaty Passport scheme; or
 
(B)         apply the HMRC DT Treaty Passport scheme to any Loan if it has so registered.
 
(vi)         A Treaty Lender which becomes a Lender on the day on which this Agreement is entered into that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall include an indication to that effect by including its scheme reference number and its jurisdiction of tax residence opposite its name in Schedule 2.01 and any such passport holder that becomes a Lender after the date of this Agreement and wishes the HMRC DT Treaty Passport scheme to apply shall give an indication to that effect in the Assignment and Assumption and include its scheme reference number and its jurisdiction of tax residence in such Assignment and Assumption, and, having done so, that Lender shall be under no obligation pursuant to Section 3.01(e)(i) above, unless:
 
(A)         the Borrower has made a duly completed DTTP2 filing but:
 
(1)          the DTTP2 filing has been rejected by HMRC;
 
(2)          HMRC has not given the Borrower authority to make payments to that Lender without a Tax Deduction within sixty (60) days of the date of the DTTP2 filing; or
 
(B)        HMRC gave but subsequently withdrew authority for the Borrower to make payments to that Lender without a Tax Deduction or such authority has otherwise terminated or expired or is due to otherwise terminate or expire within the next three (3) months,
 
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and in each case, the Borrower has notified that Lender in writing, and such Lender and the Borrower shall co-operate in completing any additional procedural formalities necessary for the Borrower to obtain authorization to make that payment without a Tax Deduction.
 
(vii)    Where a Lender includes the indication described in Section 3.01(e)(vi) above in Schedule 2.01 or in the Assignment and Assumption, the Borrower shall, to the extent that that Lender is a Lender under a Loan made available to the Borrower, file a duly completed form DTTP2 in respect of such Lender with the HMRC within thirty (30) days of the date of this Agreement or date of assignment, as appropriate, and shall promptly provide the Lender with a copy of that filing.
 
(viii)     If a Lender has not included an indication to the effect that it wishes the HMRC DT Treaty Passport scheme to apply to this Agreement in accordance with Section 3.01(e)(vi) above, the Borrower shall not file any form relating to the HMRC DT Treaty Passport scheme in respect of that Lender’s Loan unless the Lender otherwise agrees.
 
(ix)       If a Loan Party is a U.S. Tax Obligor or the Administrative Agent reasonably believes that its obligations under FATCA or any other applicable law or regulation require it, each Lender shall, within ten (10) Business Days of (A) where a Loan Party is a U.S. Tax Obligor, the date on which the relevant Lender becomes a party to this Agreement or (B) where a Loan Party is not a U.S. Tax Obligor, the date of a request from the Administrative Agent, supply to the Administrative Agent: (1) a withholding certificate on an applicable and properly completed Internal Revenue Service Form W-8, Internal Revenue Service Form W-9 or any other relevant form; or (2) any withholding statement or other document, authorization, information or waiver as the Administrative Agent may require to certify or establish the status of such Lender under FATCA or any other Law or regulation.
 
(x)       The Administrative Agent shall provide any withholding certificate, withholding statement, document, authorization or waiver it receives from a Lender pursuant to Section 3.01(e)(ix) above to the relevant Loan Party.
 
(xi)    If any withholding certificate, withholding statement, document, authorization or waiver provided to the Administrative Agent by a Lender pursuant to Section 3.01(e)(ix) above is or becomes expired, inaccurate, obsolete or incomplete, that Lender shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorization or waiver to the Administrative Agent unless it is unlawful for the Lender to do so (in which case the Lender shall promptly notify the Administrative Agent in writing).  The Administrative Agent shall provide any such updated withholding certificate, withholding statement, document, authorization or waiver to the relevant Loan Party.
 
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(f)          Treatment of Certain Refunds.  Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid for the account of such Lender.  If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by any Loan Party or with respect to which any Loan Party has paid additional amounts pursuant to this Section 3.01, it shall pay to the Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by a Loan Party under this Section 3.01 with respect to the Taxes giving rise to such refund), net of all Taxes and reasonable, out-of-pocket expenses incurred by such Recipient, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Loan Party, upon the request of the Recipient, agrees to repay the amount paid over to the Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this subsection, in no event will the applicable Recipient be required to pay any amount to the Loan Party pursuant to this clause (f) the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This clause (f) shall not be construed to require any Recipient to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to any Loan Party or any other Person.
 
(g)         Survival.  Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations.
 
3.02       Illegality.  If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar Rate,SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank marketSOFR, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, then, onupon notice thereof by such Lender to the Borrower through the Administrative Agent, (a) any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended, and (b) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Eurodollar RateSOFR component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar RateSOFR component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist.  Upon receipt of such notice, (x) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar RateSOFR component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon SOFR, the EurodollarTerm SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Eurodollar RateSOFR component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon SOFR, the EurodollarTerm SOFR Reference Rate, Adjusted Term SOFR or Term SOFR.  Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.
 
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3.03        Inability to Determine Rates; Benchmark Replacement Setting.
 
(a)         Subject to Section 3.03(b), if, on or prior to the first day of any Interest Period for any Eurodollar Rate Loan:
 
(i)         the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that “Adjusted Term SOFR” cannot be determined pursuant to the definition thereof, or
 
(aii)      Ifthe Required Lenders determine that for any reason in connection with any request for a Eurodollar Rate Loan or a conversion to orthereto or a continuation thereof, (i) the Administrative Agent determines that (x) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan, or (y) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed Base Rate Loan (in each case with respect to clause (i) above, “Impacted Loans”), or (ii) the Administrative Agent or the Required Lenders determine that for any reason the Eurodollar Rate for that Adjusted Term SOFR for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Eurodollar Rate Loan, making and maintaining such Loan, and the Required Lenders have provided notice of such determination to the Administrative Agent,
 
the Administrative Agent will promptly so notify the Borrower and each Lender.  Thereafter, (A)
 
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 theUpon notice thereof by the Administrative Agent to the Borrower, any obligation of the Lenders to make or maintain Eurodollar Rate Loans, and any right of the Borrower to continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans, shall be suspended (to the extent of the affected Eurodollar Rate Loans or affected Interest Periods) and (B) in the event of a determination described in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (uponwith respect to clause (b), at the instruction of the Required Lenders) revokes such notice.  Upon receipt of such notice, (i) the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate Loans or affected Interest Periods) or, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans in the amount specified therein. and (ii) any outstanding affected Eurodollar Rate Loans will be deemed to have been converted into Base Rate Loans at the end of the applicable Interest Period.  Upon any such conversion, the Borrower shall also pay accrued interest on the amount so converted, together with any additional amounts required pursuant to Section 3.05. Subject to Section 3.03(b), if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that “Adjusted Term SOFR” cannot be determined pursuant to the definition thereof on any given day, the interest rate on Base Rate Loans shall be determined by the Administrative Agent without reference to clause (c) of the definition of “Base Rate” until the Administrative Agent revokes such determination.
 
Notwithstanding the foregoing, if the Administrative Agent has made the determination described in clause (i) of this Section, the Administrative Agent, in consultation with the Borrower and the affected Lenders, may establish an alternative interest rate for the Impacted Loans, in which case such alternative rate of interest shall apply with respect to such Impacted Loans until (1) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under clause (i) of the first sentence of this Section, (2) the Administrative Agent notifies the Borrower or the Required Lenders notify the Administrative Agent and the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (3) any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of interest or to determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Administrative Agent and the Borrower written notice thereof.
 
(b)         Benchmark Replacement Setting(bi)Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a)(1) or (a)(2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (a)(3b) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders. Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph, if a Term SOFR Transition Event and its related If the Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then Term SOFR will replace the then-current Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document; provided that this paragraph (b) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice.is Daily Simple SOFR, all interest payments will be payable on a quarterly basis.
 
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(cii)        Benchmark Replacement Conforming Changes.  In connection with the use, administration, adoption or implementation of a Benchmark Replacement (including, for the avoidance of doubt, in connection with the occurrence of a Term SOFR Transition Event), the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.
 
(diii)      Notices; Standards for Decisions and Determinations.  The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) thethe implementation of any Benchmark Replacement, and (iiiii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the in connection with the use, administration, adoption or implementation of a Benchmark Replacement.  The Administrative Agent will notify the Borrower of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to clause Section 3.03(eb) below(iv) and (vy) the commencement or conclusion of any Benchmark Unavailability Period.  Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 3.03(b), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 3.03(b).
 
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(eiv)          Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR or ICE LIBORReference Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the administrator of such Benchmark or the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will be no longernot be representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks, then the Administrative Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or, non-representative, non-compliant or non-aligned tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will no longernot be representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.
 
(fv)      Benchmark Unavailability Period.  Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for a Borrowing of Eurodollar Rate Loans, conversion to or continuation of Eurodollar Rate Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans.  During anya Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate.
 
3.04        Increased Costs; Reserves on Eurodollar Rate Loans.
 
(b)          Increased Costs Generally.  If any Change in Law shall:
 
(i)          impose, modify or deem applicable any reserve (including pursuant to regulations issued from time to time by the Federal Reserve Board for determining the maximum reserve requirement, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(d)) or any L/C Issuer;
 
(ii)          subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of “Excluded Taxes” and (C) Connection Income Taxes) on its loans, loan principal commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or
 
(iii)         impose on any Lender or any L/C Issuer or the London interbank market any other condition, cost or expense affecting this Agreement or Eurodollar Rate Loans made by such Lender or any Letter of Credit or participation therein;
 
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and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or such L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or such other Recipient hereunder (whether of principal, interest or any other amount) then, subject to Section 3.04(e) and upon written request of such Lender or such other Recipient, the Borrower will pay to such Lender or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender or other Recipient, as the case may be, for such additional costs incurred or reduction suffered.
 
Notwithstanding the foregoing, no Lender or such other Recipient shall be entitled to seek compensation pursuant to this Section 3.04(a) if it shall not be the general policy of such Lender or such other Recipient at such time to seek compensation from other similarly situated borrowers in respect of Contractual Obligations with such borrowers that provide for such compensation.
 
(b)         Capital Requirements.  If any Lender or any L/C Issuer determines that any Change in Law affecting such Lender or such L/C Issuer or any Lending Office of such Lender or such Lender’s or such L/C Issuer’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing (i) the rate of return on such Lender’s or such L/C Issuer’s capital or on the capital of such Lender’s or such L/C Issuer’s holding company, if any, as a consequence of this Agreement, or (ii) the Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such L/C Issuer, to a level below that which such Lender or such Lender’s or such L/C Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such L/C Issuer’s policies and the policies of such Lender’s or such L/C Issuer’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or such L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s holding company for any such reduction suffered.
 
(c)         Delay in Requests.  Failure or delay on the part of any Lender or any L/C Issuer to demand compensation pursuant to the foregoing provisions of this Section 3.04 shall not constitute a waiver of such Lender’s or such L/C Issuer’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender or a L/C Issuer pursuant to the foregoing provisions of this Section 3.04 for any increased costs incurred or reductions suffered more than one hundred eighty (180) days prior to the date that such Lender or such L/C Issuer, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or such L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the one hundred eighty (180) day period referred to above shall be extended to include the period of retroactive effect thereof).
 
(d)         Reserves on Eurodollar Rate Loans.  The Borrower shall pay to each Lender, as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such Loans.
 
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(e)       Certificates for Reimbursement.  A certificate of a Lender or a L/C Issuer setting forth (i) the amount or amounts necessary to compensate such Lender, such L/C Issuer or its holding company, as the case may be, as specified in clause (a), (b) or (d) of this Section and (ii) in reasonable detail the basis for calculation of such amount, shall be delivered to the Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender or such L/C Issuer the amount shown as due on any such certificate within (i) in the case of clauses (a) and (b), and, with respect to payments to a L/C Issuer, clause (d) above, ten (10) days after receipt thereof and (ii) in the case of clause (d), and with respect only to payments to a Lender, on the later of (A) ten (10) days after receipt thereof and (B) the immediately succeeding date on which interest is payable on such Loan and, thereafter, on each subsequent date on which interest is payable on such Loan, so long as such requirement remains in effect.
 
(f)        Exceptions.  No Loan Party is required to make an additional payment to a Lender under Sections 3.01(a), 3.01(b), and 3.01(c) above:
 
(i)          attributable to the willful breach by the relevant Lender or Recipient of any Law or regulation; or
 
(ii)        in respect of Tax imposed by the United Kingdom from a payment of interest on a Loan, if on the date on which the payment falls due:
 
(A) the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying Lender other than as a result of (i) any change after the date it became a Lender under this Agreement in (or in the interpretation, administration or application of) any law or treaty or any published practice or published concession of any relevant taxing authority; or (ii) the Borrower changing its jurisdiction of tax residence.
 
(B) the relevant Lender is a Qualifying Lender solely by virtue of clause (a)(ii) of the definition of “Qualifying Lender” and:
 
(x)        an officer of the HMRC has given (and not revoked) a direction (a “Direction”) under section 931 of the ITA which relates to the payment and that Lender has received from the Borrower making the payment or from the Company a certified copy of that Direction; and
 
(y)         the payment could have been made to the Lender without any Tax Deduction if that Direction had not been made; or
 
(C) the relevant Lender is a Qualifying Lender solely by virtue of clause (a)(ii) of the definition of “Qualifying Lender” and:
 
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(x)          the relevant Lender has not given a Tax Confirmation to the Company; and
 
(y)       the payment could have been made to the Lender without any Tax Deduction if the Lender had given a Tax Confirmation to the Company, on the basis that the Tax Confirmation would have enabled the Borrower to have formed a reasonable belief that the payment was an “excepted payment” for the purpose of section 930 of the ITA.
 
3.05        Compensation for Losses.  Upon written demand of an affected Lender (with a copy to the Administrative Agent) (which demand shall set forth in reasonable detail the basis for requesting such amount and, absent manifest error, the amount requested shall be final and prima facie evidence) from time to time, the Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:
 
(a)         any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);
 
(b)        any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower; or
 
(c)         any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower pursuant to Section 11.13;
 
including any loss of anticipated profits and including any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained.  The Borrower shall also pay any customary administrative fees charged by such Lender in connection with the foregoing.
 
For purposes of calculating amounts payable by the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded. This Section 3.05 shall not apply to Taxes which shall be governed by Section 3.01.
 
This Section 3.05 shall not apply to Taxes which shall be governed by Section 3.01.
 
3.06      Mitigation Obligations; Replacement of Lenders.
 
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(c)         Designation of a Different Lending Office.  Each Lender may fund or book any Loan to the Borrower through any Lending Office, provided that the exercise of this option shall not affect the obligation of the Borrower to repay the Loan in accordance with the terms of this Agreement.  If any Lender requests compensation under Section 3.04, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender, any L/C Issuer or any Governmental Authority for the account of any Lender or any L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then at the request of the Borrower such Lender or such L/C Issuer shall, as applicable, use reasonable efforts (which shall not require such Lender or L/C Issuer to incur an unreimbursed loss or unreimbursed cost or expense or otherwise take any action inconsistent with its internal policies or legal or regulatory restrictions or suffer any disadvantage or burden deemed by it to be significant) to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender or such L/C Issuer, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender or such L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or such L/C Issuer, as the case may be.  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or any L/C Issuer in connection with any such designation or assignment.
 
(b)       Replacement of Lenders.  If any Lender requests compensation under Section 3.04, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, and in each case, such Lender has declined or is unable to designate a different Lending Office in accordance with Section 3.06(a), then the Borrower may replace such Lender in accordance with Section 11.13.
 
3.07     Survival.  All of the Borrower’s obligations under this Article III shall survive termination of the Aggregate Commitments, repayment of all other Obligations hereunder, and resignation of the Administrative Agent.
 
3.08        VAT.
 
(a)        All amounts expressed to be payable under a Loan Document by any party hereto to a Recipient which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply and, accordingly, subject to Section 3.08(b) below; if VAT is or becomes chargeable on any supply made by any Recipient to any party hereto under a Loan Document and such Recipient is required to account to the relevant tax authority for the VAT, that party hereto must pay to such Recipient (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT (and such Recipient must promptly provide an appropriate VAT invoice to that party).
 
(b)         If VAT is or becomes chargeable on any supply made by any Recipient (the “Supplier”) to any other Recipient (the “VAT Recipient”) under a Loan Document, and any party hereto other than the VAT Recipient (the “Relevant Party”) is required by the terms of any Loan Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the VAT Recipient in respect of that consideration):
 
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(i)          where the Supplier is the person required to account to the relevant tax authority for the VAT, the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT and the VAT Recipient must (where this clause (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the VAT Recipient receives from the relevant tax authority which the VAT Recipient reasonably determines relates to the VAT chargeable on that supply; and
 
(ii)         where the VAT Recipient is the person required to account to the relevant tax authority for the VAT, the Relevant Party must promptly, following written demand from the VAT Recipient, pay to the VAT Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the VAT Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT.
 
(c)        Where a Loan Document requires any party hereto to reimburse or indemnify a Recipient for any cost or expense, that party shall reimburse or indemnify (as the case may be) such Recipient for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Recipient reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority.
 
(d)         Any reference in this Section 3.08 to any party hereto shall, at any time when such party is treated as a member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the supply, under the grouping rules (provided for in Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state of the European Union) or any other similar provision in any jurisdiction which is not a member state of the European Union), so that a reference to a party shall be construed as a reference to that party or the relevant group or unity (or fiscal unity) of which that party is a member for VAT purposes at the relevant time or the relevant representative member (or head) of that group or unity (or fiscal unity) at the relevant time (as the case may be).
 
(e)        In relation to any supply made by a Recipient to any party hereto under a Loan Document, if reasonably requested by such Recipient, that party must promptly provide such Recipient with details of that party’s VAT registration and such other information as is reasonably requested in connection with such Recipient’s VAT reporting requirements in relation to such supply.
 
ARTICLE IV
CONDITIONS PRECEDENT TO BORROWINGS
 
4.01       Conditions of Initial Borrowing.  The obligation of each L/C Issuer and each Lender to make its initial Credit Extension hereunder is subject to satisfaction of the following conditions precedent and each of the conditions precedent set forth in Section 4.02:
 
(a)        The Administrative Agent’s receipt of the following, each of which shall be originals or telecopies or “pdf” or similar electronic copies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to the Administrative Agent and each of the Lenders:
 
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(i)          executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
 
(ii)         a Note in the amount of the Commitment of each Lender executed by the Borrower in favor of such Lender requesting a Note;
 
(iii)        pledge agreements (or amendments to pledge agreements, as applicable) substantially in the form attached as Exhibit H (the “Initial Pledge Agreements”), duly executed by the Equity Pledgors and all other parties thereto in respect of all Equity Interests in the entities identified in clause (a) of the definition of the term “Guarantors”, together with such documentation required to be delivered under such Initial Pledge Agreements on their signing date;
 
(iv)         each Fee Letter, duly executed by the Borrower;
 
(v)          executed counterparts of the Resignation, Assignment and Assumption Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower;
 
(vi)      a certificate signed by a Responsible Officer substantially in the form of Exhibit I, with appropriate insertions and attachments, (A) certifying (1) the identity (including specimen signatures), authority and capacity of the Responsible Officer of each Loan Party authorized to act as a Responsible Officer in connection with each Loan Document to which such Loan Party is a party, (2) the authority of each Loan Party to execute, deliver, perform and observe the terms and conditions of each Loan Document to which such Loan Party is a party, (3) the due organization or formation, as applicable, of each Loan Party, (4) the Solvency of the Loan Parties and (5) the absence of any event or circumstance since the Audited Financial Statements for the fiscal year ended December 31, 2017 that has had or would reasonably be expected to have, a Material Adverse Effect; and (B) to the extent applicable, attaching copies of the Organizational Documents of each Loan Party, the documents and certifications evidencing that each Loan Party is validly existing, in good standing (as applicable) and qualified to engage in business in the place of its organization or formation, all consents, licenses and approvals required in connection with the execution, delivery and performance by each Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and stating that such Organizational Documents, documents and certifications, consents, licenses and approvals are in full force and effect;
 
(vii)         the following legal opinions (with sufficient copies thereof for each addressee):
 
(A)      an opinion of Skadden, Arps, Slate, Meagher & Flom LLP, New York counsel to the Loan Parties, addressed to, and in form and substance satisfactory to, the Administrative Agent and each Lender party to this Agreement on the Closing Date;
 
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(B)        an opinion of Skadden, Arps, Slate, Meagher & Flom (UK) LLP, English counsel to the Loan Parties, addressed to, and in form and substance satisfactory to, the Administrative Agent and each Lender party to this Agreement on the Closing Date;
 
(C)         an opinion of Santamarina y Steta, S.C., Mexican counsel to the Loan Parties, addressed to, and in form and substance satisfactory to, the Administrative Agent and each Lender party to this Agreement on the Closing Date;
 
(D)         an opinion of Miranda & Amado Abogados, Peruvian counsel to the Loan Parties, addressed to, and in form and substance satisfactory to, the Administrative Agent and each Lender party to this Agreement on the Closing Date; and
 
(E)         an opinion of J&A Garrigues, S.L.P., Spanish counsel to the Loan Parties, addressed to, and in form and substance satisfactory to, the Administrative Agent and each Lender party to this Agreement on the Closing Date;
 
(viii)       evidence of the irrevocable appointment and acceptance by the Process Agent of its appointment by the Borrower and each other Loan Party pursuant to Section 11.14(d) (including, in the case of any Mexican Guarantor, an irrevocable power of attorney for lawsuits and collections (pleitos y cobranzas) granted by such Mexican Guarantor before a Mexican notary public and apostilled in favor of the Process Agent, in form and substance satisfactory to the Lenders, appointing such Process Agent, and such power of attorney shall have been duly notarized in accordance with, and shall otherwise comply with, Mexican law); and
 
(ix)         an electronic extract (nota simple telemática) issued by the relevant Spanish Mercantile Registry and dated no earlier than fifteen (15) days prior to the Closing Date in respect of each Spanish Guarantor.
 
(b)          (i) All fees and reasonable and documented costs and expenses required to be paid to the Agents and the Joint Lead Arrangers and Joint Bookrunners on or before the Closing Date shall have been paid (including the reasonable and documented fees, charges and disbursements of counsel to the Administrative Agent and the Joint Lead Arrangers and Joint Bookrunners (subject to such caps on fees separately agreed); provided, that at the request of the Borrower such fees and expenses shall be invoiced to the Borrower or any Subsidiary thereof) and (ii) all reasonable and documented fees, costs and expenses required to be paid to the Lenders on or before the Closing Date shall have been paid.
 
(c)          The Lenders and the Administrative Agent shall have received, to the extent requested in writing, on or before the date which is five (5) Business Days prior to the Closing Date, all documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti‑money laundering rules and regulations, including the Patriot Act.

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 (d)         No event, circumstance or change shall have occurred since the date of the Audited Financial Statements for the fiscal year ended December 31, 2017 that has resulted, or could reasonably be expected to result in, either in any case or in the aggregate, a Material Adverse Effect.
 
(e)        The Loan Parties, together with their respective Subsidiaries on a consolidated basis and taken as a whole shall be, and after the making of the Loans under this Agreement and the other transactions contemplated by the Loan Documents shall be, Solvent.
 
(f)          [reserved].
 
(g)         Evidence that all Indebtedness incurred under, or in connection with, the Existing Credit Facility and each Swap Contract entered into in connection therewith, has been repaid and discharged in full, and that the Existing Credit Facility and each Swap Contract entered into in connection therewith have been terminated.
 
(h)          Evidence that:
 
(i)          except for such actions permitted to be taken after the Closing Date pursuant to Sections 6.14(a) and 6.14(b), the Liens or other security interests created by or pursuant to, or purported to be created by or pursuant to, the Collateral Documents have been duly created and perfected as valid and enforceable first priority Liens in all the Collateral (subject to Liens permitted under Section 7.01 that are mandatorily preferred by Law), including evidence that each Collateral Document required to be registered has been duly registered in accordance with the terms thereof;

(ii)          except for such actions permitted to be taken after the Closing Date pursuant to Sections 6.14(a) and 6.14(b), all documents that the Loan Parties or the Secured Parties (as required under applicable Law) are required to file, register, notarize, legalize, consularize or record (including, where applicable, appropriately completed and filed UCC financing statements) in order to create, perfect and, where applicable, register each Lien or other security interest created by or pursuant to, or purported to be created by or pursuant to, the Collateral Documents as a valid and enforceable first priority Lien in all the Collateral (subject to Liens permitted under Section 7.01 that are mandatorily preferred by Law) have been properly filed, registered, notarized, obtained or recorded in each office of each jurisdiction in which such filings, registrations, notarizations, legalizations, consularizations or recordations are required and any other action required to perfect such Lien or security interest as a first priority Lien (subject to Liens permitted under Section 7.01 that are mandatorily preferred by Law) has been taken;
 
(iii)        except for such actions permitted to be taken after the Closing Date pursuant to Sections 6.14(a) and 6.14(b), all notices and acknowledgements required to be delivered and/or obtained by the Loan Parties for each Lien or other security interest created by or pursuant to, or purported to be created by or pursuant to, the Collateral Documents to be created and perfected as a valid and enforceable first priority Lien in all the Collateral (subject to Liens permitted under Section 7.01 that are mandatorily preferred by Law) have been delivered and obtained (as applicable);
 
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(iv)          with respect to the Initial Pledge Agreement governed by Mexican Law; (x) such Initial Pledge Agreement has been amended and restated (A) to recognize the Collateral Agent as pledgee and (B) to guarantee the Loan Parties’ obligations created under the Loan Documents, (y) the corresponding Equity Pledgors have endorsed in pledge (endosado en prenda) their Equity Interests in ACT Holding, S.A. de C.V. on behalf of the Collateral Agent, and (z) such Initial Pledge Agreement has been ratified before a notary public and registered in the Sole Registry of Guaranties Over Goods (Registro Único de Garantías Mobiliarias) and in the shareholders’ registry book (Libro de Registro de Accionistas) of ACT Holding, S.A. de C.V.
 
Without limiting the generality of the provisions of Section 9.03(c), for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender party to this Agreement on the Closing Date shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent received notice from such Lender prior to the Closing Date specifying its objection thereto.
 
4.02          Conditions to all Credit Extensions.  The obligation of each Lender to honor any Request for Credit Extension is subject to the following conditions precedent:
 
(a)         The representations and warranties of each Loan Party contained in Article V or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be (i) if such representation and warranty is qualified as to materiality or by reference to the existence of a Material Adverse Effect, true and correct to the extent of such qualification as of the date of such Credit Extension, or (ii) if such representation and warranty is not so qualified, true and correct in all material respects on and as of the date of such Credit Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, except that for purposes of this Section 4.02, the representations and warranties contained in Sections 5.05(a) and 5.05(b) shall be deemed to refer to the most recent statements furnished pursuant to Section 6.01(a) and Section 6.01(b), respectively.
 
(b)       No Default or Event of Default shall have occurred and be continuing or would result from such Credit Extension or from the application of proceeds therefrom.
 
(c)       The Administrative Agent and, if applicable, the applicable L/C Issuer shall have received a Request for Credit Extension in accordance with the requirements set forth in this Agreement.
 
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(d)         Subject to the proviso below, no Material Non-Recourse Subsidiary shall have (i) failed to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) after giving effect to any grace or any cure periods, in respect of any Indebtedness (other than Indebtedness hereunder), or (ii) failed to observe or perform any other agreement or condition relating to any Indebtedness (other than Indebtedness hereunder) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the applicable Threshold Amount beyond the period of grace, if any, provided in the instrument or agreement evidencing, securing or relating thereto, or any other event shall have occurred, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or cash collateral in respect thereof to be demanded, and in each case, such default or event is continuing; provided, however, that the condition set forth in this Section 4.02(d) shall not be required to be satisfied in connection with any Request for Credit Extension if (A) the relevant event described in clause (i) or (ii) above ceases to exist or (B) following the occurrence of any such default or event with respect to any such Indebtedness of any Material Non-Recourse Subsidiary (x) such Material Non-Recourse Subsidiary shall have made a Restricted Payment in compliance with its Contractual Obligations, and (y) the Borrower is in compliance with Section 7.11 as of the end of the most recently ended fiscal quarter of the Borrower following the occurrence of such default or event, as evidenced in the Compliance Certificate delivered by the Borrower pursuant to Section 6.02(b) with respect to such fiscal quarter of the Borrower.
 
(e)         With respect to any Credit Extension, except for the first Credit Extension, evidence that each of the actions described in Sections 6.14(a) and 6.14(b) have been effectively taken.
 
Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type or a continuation of Eurodollar Rate Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Section 4.02 have been satisfied on and as of the date of the applicable Credit Extension.
 
ARTICLE V
REPRESENTATIONS AND WARRANTIES
 
Each Loan Party represents and warrants to the Administrative Agent, the Lenders and the L/C Issuers as of the date of this Agreement, as of the date of each Borrowing and as of the date of each L/C Credit Extension, that:
 
5.01         Existence, Qualification and Power.  Each Loan Party and each of its Subsidiaries (other than Immaterial Subsidiaries):  (a) is duly organized or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is or is to be a party, (c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to in clause (b)(i) or (c), to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect and (d) for the purposes of The Council of the European Union Regulation No. 1346/2000 on Insolvency Proceedings (the “Regulation”), in relation to each Loan Party incorporated in a country which has adopted the Regulation, its center of main interest (as that term is used in Article 3(1) of the Regulation) is situated in its jurisdiction of incorporation or organization and it has no “establishment” (as that term is used in Article 2(h) of the Regulation) in any other jurisdiction.
 
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5.02       Authorization; No Contravention.  The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is or is to be a party have been duly authorized by all necessary corporate or other organizational action, and do not and will not:  (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any Contractual Obligation to which such Person or any of its Subsidiaries is a party or affecting such Person or any of its Subsidiaries or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or any of its Subsidiaries or the properties of such Person or any of its Subsidiaries is subject; or (c) violate any Law.  Each Loan Party is in compliance with all Contractual Obligations referred to in clause (b)(i) except to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect.
 
5.03      Governmental Authorization; Other Consents.  No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with (a) the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, (b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection or maintenance of the Liens created under the Collateral Documents (including the first priority nature thereof) or (d) the exercise by the Administrative Agent, the Collateral Agent, any Lender or any L/C Issuer of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents, except for (i) the authorizations, approvals, actions, notices and filings listed on Schedule 5.03, all of which have been duly obtained, taken, given or made and are in full force and effect and (ii) filings and recordings in respect of Liens created pursuant to the Collateral Documents to be made following the Closing Date pursuant to Section 6.14.
 
5.04       Binding Effect.  This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto.  Subject to the Legal Reservations, this Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms.
 
5.05       Financial Statements; No Material Adverse Effect.
 
(d)       The Audited Financial Statements for the fiscal year ended December 31, 2017 (i) were prepared in accordance with IFRS consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (ii) fairly present, in all material respects, the consolidated financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations, cash flows and changes in shareholders’ equity for the period covered thereby in accordance with IFRS consistently applied throughout the period covered thereby, except as otherwise expressly noted therein.
 
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(b)         The unaudited consolidated balance sheets of the Borrower and its Subsidiaries dated March 30, 2018, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for the fiscal quarter ended on that date, (i) were prepared in accordance with IFRS consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present, in all material respects, the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations, cash flows and changes in shareholders’ equity for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments.  Schedule 5.05 sets forth all material Indebtedness for Borrowed Money, of the Borrower and its consolidated Subsidiaries as of the date of such financial statements.
 
(c)        Since December 31, 2017, there has been no event or circumstance, either individually or in the aggregate, that has had or would reasonably be expected to have a Material Adverse Effect.
 
(d)        The consolidated forecasted balance sheets, statements of income and cash flows of the Borrower and its Subsidiaries delivered pursuant to Section 4.01 or Section 6.01 were prepared in good faith on the basis of the assumptions stated therein, which assumptions were reasonable in light of the conditions existing at the time of delivery of such forecasts, and represented, at the time of delivery, the Borrower’s best estimate of its future financial condition and performance, it being understood that such forecasts are not to be viewed as facts and are subject to significant uncertainties and contingencies, many of which may be beyond the control of the Borrower and its Subsidiaries (and that may be material) and that no assurance can be given that any such forecast will be realized.
 
5.06      Litigation.  There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Loan Parties after due inquiry, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against any Loan Party or any of its Subsidiaries or against any of their properties or revenues that (a) would, either individually or in the aggregate, reasonably be expected to have a material adverse effect upon or with respect to this Agreement or any other Loan Document, or (b) either individually or in the aggregate, which, if there is a reasonable possibility of an adverse determination and if determined adversely, would reasonably be expected to have a Material Adverse Effect.
 
5.07       No Default.  No Default exists or would be reasonably expected to result from the incurring of any Obligations by any Loan Party or from the grant or perfection of the Liens in favor of the Secured Parties on the Collateral.  No Loan Party or any of its Subsidiaries is in default under or with respect to, or a party to, any Contractual Obligation that would, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.
 
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5.08       Ownership of Property; Liens; Investments.
 
(e)       Each Loan Party and each of its respective Subsidiaries has good, legal and valid title to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business, except for where the failure to have such good title or interest in such property would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
 
(b)          As of the Closing Date, the property of each Loan Party is subject to no Liens, other than Liens set forth on Schedule 5.08(b), and as otherwise permitted by Section 7.01.
 
(c)          Schedule 5.08(c) sets forth all Investments held by any Loan Party as of the Closing Date, showing as of the date hereof the amount, obligor or issuer and maturity, if any, thereof.
 
5.09      Environmental Compliance  The Loan Parties and their respective Subsidiaries:  (a) are, and within the period of all applicable statutes of limitation have been, in compliance with all applicable Environmental Laws (except in such instances in which (i) such requirement of Environmental Law is being contested in good faith by appropriate proceedings diligently conducted and (ii) the failure to comply therewith, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect); (b) hold all Environmental Permits (each of which is in full force and effect) required for any of their current or intended operations or for any property owned, leased, or otherwise operated by any of them, except to the extent that failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (c) are, and within the period of all applicable statutes of limitation have been, in compliance with all of their Environmental Permits, except to the extent that failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (d) to the extent within the control of the Loan Parties and their respective Subsidiaries, each of their Environmental Permits will be timely renewed and complied with, any additional Environmental Permits that may be required of any of them will be timely obtained and complied with, without material expense, and compliance with any Environmental Law that is or is expected to become applicable to any of them will be timely attained and maintained, without material expense, in each case, except to the extent that failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
 
5.10       Insurance.  All insurance required pursuant to Section 6.07 has been obtained and is in full force and effect.
 
5.11       Taxes.  Each Loan Party and its Subsidiaries has filed all material Tax returns and reports required to be filed, and has timely paid all material Taxes including in its capacity as a withholding agent, levied or imposed upon it or its properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with IFRS.
 
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5.12        ERISA Compliance.
 
(a)         Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other U.S. Federal or state laws.  Except as would not reasonably be expected to have a Material Adverse Effect, each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination letter from the Internal Revenue Service to the effect that the form of such Plan is qualified under Section 401(a) of the Code and the trust related thereto has been determined by the Internal Revenue Service to be exempt from federal income tax under Section 501(a) of the Code, or an application for such a letter is currently being processed by the Internal Revenue Service.  To the best knowledge of the Borrower, nothing has occurred that would prevent or cause the loss of such tax-qualified status.
 
(b)         There are no pending or, to the best knowledge of the Borrower, threatened in writing, claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or would reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect.
 
(c)         (i) No ERISA Event has occurred, and neither the Borrower nor any ERISA Affiliate is aware of any fact, event or circumstance that would reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan or Multiemployer Plan; (ii) as of the most recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is 80% or higher and neither the Borrower nor any ERISA Affiliate knows of any facts or circumstances that could reasonably be expected to cause the funding target attainment percentage for any such plan to drop below 80% as of the most recent valuation date; (iii) neither the Borrower nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and there are no premium payments which have become due that are unpaid; (iv) neither the Borrower nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and (v) no Pension Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred or exists that could reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Plan.
 
5.13        Subsidiaries; Equity Interests; Loan Parties.  As of the Closing Date, the Borrower has no Subsidiaries other than those specifically disclosed in Schedule 5.13, and all of the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and non-assessable, are not subject to any option to purchase or similar rights, and are legally and beneficially owned by a Loan Party in the amounts specified on Schedule 5.13 free and clear of all Liens except those created under the Collateral Documents and Liens permitted hereunder.
 
5.14        Margin Regulations; Investment Company Act.
 
(f)          The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock.  No portion of the proceeds of any Credit Extension shall be used in any manner, whether directly or indirectly, that causes or could reasonably be expected to cause, such Credit Extension or the application of such proceeds to violate Regulation T, Regulation U or Regulation X of the Federal Reserve Board of Governors or any other regulation thereof or to violate the Exchange Act.
 
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(b)        No Loan Party is or is required to be registered as an “investment company” under the Investment Company Act of 1940, as amended.
 
5.15      Disclosure.  The Borrower has disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which it or any other Loan Party is subject, and all other matters known to it, that, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect.  No report, financial statement, certificate or other information furnished in writing (taken as a whole) by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document, at the Closing Date or at the time furnished, contains any material misstatement of fact or omitted to state any material fact necessary to make the statements therein, taken as a whole and in the light of the circumstances under which they were made, not misleading (after giving effect to all supplements so furnished prior to such time); provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time, it being understood that such forecasts are not to be viewed as facts and are subject to significant uncertainties and contingencies, many of which may be beyond the control of the Borrower and its Subsidiaries (and that may be material) and that no assurance can be given that any such forecast will be realized.
 
5.16        Compliance with Laws.  Each Loan Party and each of its Subsidiaries is in compliance with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which the failure to comply therewith, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.
 
5.17        Intellectual Property; Licenses, Etc.  Each Loan Party possesses all material franchises, patents, trademarks, trade names, licenses and permits, and rights in respect of the foregoing, adequate for the conduct of its business substantially as now conducted except where in any such case any such conflict would not have a Material Adverse Effect, without known conflict with any rights of others.
 
5.18       Solvency.  The Loan Parties, together with their respective Subsidiaries on a consolidated basis and taken as a whole, are Solvent.
 
5.19        Collateral Documents.  Subject to the Legal Reservations, the provisions of each of the Collateral Documents are effective to create in favor of the Collateral Agent, for the benefit of the Secured Parties, a legal, valid and enforceable first priority security interest in all right, title and interest of the Loan Parties in the Collateral described therein (subject only to Liens permitted by Section 7.01) and:
 
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(a)         with respect to any Collateral Document that is governed by English law, following the registration of such Collateral Document in the Companies House, the consummation of the other actions, recordings and filings required pursuant to Section 6.14(a), the security interest created or granted under such Collateral Document shall be perfected pursuant to applicable Laws; and
 
(b)         with respect to any Collateral Document that is governed by Peruvian law, upon consummation of the actions, recordings and filings required pursuant to Section 6.14(b), the security interest created or granted under such Collateral Document shall be perfected pursuant to applicable Laws.
 
5.20       OFAC; Anti-Terrorism.  None of the Borrower, any of its Subsidiaries, or to the knowledge of the Borrower any director, officer, employee or agent, of the Borrower or any of its Subsidiaries, (a) is a Prohibited Person, (b) is or has been the subject to any claim, proceeding, formal notice or investigation with respect to Sanctions, (c) has engaged or is engaging, directly or knowingly indirectly, in any trade, business or other activities with or for the benefit of any Prohibited Person in violation of applicable Sanctions, or (d) is otherwise in breach of any applicable Sanctions.  No Loan Party nor, to the knowledge of the Borrower, any of their respective officers, directors, or agents of them (x) has violated applicable provisions of the Patriot Act or any other applicable Laws relating to terrorism or money laundering.
 
5.21       Foreign Corrupt Practices Act, Etc.  Each of the Loan Parties and, to the best of the Borrower’s knowledge, their respective directors, officers, employees and any Person acting for or on behalf of such Loan Party, is in compliance with the U.S. Foreign Corrupt Practices Act (the “FCPA”) and any other applicable anti‑bribery or anti-corruption law.  No part of the proceeds of the Loans will be used, directly or, to the Borrower’s knowledge, indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the FCPA.  To the extent applicable, each Loan Party is in compliance, in all respects, with the (x) Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (y) the Patriot Act.
 
5.22      Anti-Corruption Laws.  Each Loan Party and its Subsidiaries has instituted and maintains policies and procedures reasonably designed to promote and achieve compliance with anti-corruption laws and have conducted their businesses in compliance with applicable anti-corruption laws.
 
5.23        Restricted Payments.  As of the Closing Date, no Contractual Obligation limits the ability of any Subsidiary of the Borrower to make Restricted Payments, directly or through one or more intermediate Subsidiaries of the Borrower, to the Borrower or to otherwise transfer property to or invest in the Borrower, except customary restrictions and conditions which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.


5.24         Cash Collateral.  As of the Closing Date, no Contractual Obligation limits the ability of the Borrower to provide Cash Collateral upon the occurrence of any of the events described in Section 2.03(l), except for those Contractual Obligations of the Borrower in effect on the date hereof and set forth in Schedule 5.24.

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ARTICLE VI
AFFIRMATIVE COVENANTS
 
So long as any Lender shall have any Commitment hereunder, or any Loan or other Obligation hereunder shall remain unpaid or unsatisfied (other than Obligations in respect of indemnification, expense reimbursement, tax gross up or any contingent obligations, in each case, for which no claim has been made) or any Letter of Credit shall remain outstanding, the Borrower shall, and each other Loan Party shall (except in the case of the covenants set forth in Sections 6.01, 6.02, 6.03, 6.11 and 6.16):
 
6.01        Financial Statements.  Deliver to the Administrative Agent for further distribution to the Lenders:
 
(a)        as soon as available, but in any event within one hundred twenty (120) days (or earlier as may be required for the filing of the Borrower’s financial statements by the SEC) after the end of each fiscal year of the Borrower, a consolidated balance sheet of the Borrower and its Subsidiaries as of the end of such fiscal year, and the related consolidated statements of income or operations, changes in shareholders’ equity, and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with IFRS, such consolidated statements to be audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit;
 
(b)         as soon as available, but in any event within sixty (60) days (or earlier as may be required for the filing of the Borrower’s financial statements by the SEC) after the end of each of the first three fiscal quarters of each fiscal year of the Borrower, a consolidated balance sheet of the Borrower and its Subsidiaries as of the end of such fiscal quarter, and the related consolidated statements of income or operations, changes in shareholders’ equity, and cash flows for such fiscal quarter and for the portion of the Borrower’s fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail, such consolidated statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of the Borrower as fairly presenting the financial condition, results of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries in accordance with IFRS, subject only to normal year-end audit adjustments and the absence of footnotes; and
 
(c)        as soon as available, but in any event at least fifteen (15) days after the end of each fiscal year of the Borrower, an Officer’s Certificate certifying as to the list of names of all Immaterial Subsidiaries for the preceding fiscal quarter, that each Subsidiary set forth on such list individually qualifies as an Immaterial Subsidiary and that all such Subsidiaries in the aggregate do not exceed the limitations set forth in the definition “Immaterial Subsidiary”.

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6.02        Certificates; Other Information.  Deliver to the Administrative Agent for further distribution to the Lenders:
 
(a)        concurrently with the delivery of the financial statements referred to in Section 6.01(a), a duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, treasurer or controller of the Borrower (in its capacity as such); and stating that in making the examination necessary therefor no knowledge was obtained of any Default or, if any such Default shall exist, stating the nature and status of such event;
 
(b)         concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and 6.01(b) a certificate by the Responsible Officer confirming compliance with the Leverage Ratio and the Debt Service Coverage Ratio for the most recently ended fiscal quarter and providing for a detailed calculation of such financial ratios;
 
(c)          promptly after the same are available, copies of all annual, regular, periodic and special reports and registration statements which the Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, or with any national securities exchange, and in any case not otherwise required to be delivered to the Administrative Agent pursuant hereto;
 
(d)        promptly, and in any event within fifteen (15) Business Days after receipt thereof by any Loan Party or any Subsidiary thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational results of any Loan Party or any Subsidiary thereof;
 
(e)         promptly after any request of the Collateral Agent, any information the Collateral Agent may require regarding the Collateral and the compliance of the Loan Parties with the terms of any Collateral Document;
 
(f)         promptly upon the Borrower no longer having a restriction under any of its Contractual Obligations identified in Schedule 5.24 to provide Cash Collateral pursuant to Section 2.03(l), deliver a written notice to the Administrative Agent rescinding each Cash Collateral Certificate then in effect;
 
(g)        promptly after any request of the Administrative Agent, all documentation and other information required by the Administrative Agent, the Collateral Agent or any Lender in order for such Person to comply with applicable “know your customer” and anti‑money laundering rules and regulations, including the Patriot Act; and
 
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(h)         documents required to be delivered pursuant to Section 6.01(a) or 6.01(b) or Section 6.02(c) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address listed on Schedule 11.02 and provides written notice thereof to the Administrative Agent; or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that:  (i) the Borrower shall deliver paper copies of such documents to the Administrative Agent or any Lender upon its request to the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the Borrower shall notify the Administrative Agent and each Lender (by facsimile or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents.  The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.
 
The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Joint Lead Arrangers and Joint Bookrunners will make available to the Lenders and the L/C Issuers materials and/or information provided by or on behalf of the Loan Parties hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks, Debtdomain, Syndtrak, ClearPar, or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities.  The Borrower hereby agrees that it will use commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Joint Lead Arrangers and Joint Bookrunners, the Lenders and the L/C Issuers to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to the Loan Parties or their respective securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 11.08); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information”; and (z) the Administrative Agent and the Joint Lead Arrangers and Joint Bookrunners shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.”
 
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6.03        Notices.  Promptly notify the Administrative Agent for further distribution to the Lenders of:
 
(a)          the occurrence of any Default or Event of Default;
 
(b)          any matter that has resulted or would reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect;
 
(c)          any material change in accounting policies or financial reporting practices by any Loan Party;
 
(d)        the (i) occurrence of any Disposition of property or assets for which the Borrower is required to make a mandatory prepayment pursuant to Section 2.04(b)(i) and (ii) incurrence or issuance of any Indebtedness for which the Borrower is required to make a mandatory prepayment pursuant to Section 2.04(b)(ii);
 
(e)          any announcement by any Rating Agency of any decline in a Debt Rating issued by such Rating Agency; and
 
(f)        the occurrence of any default or event of default under, or breach or violation of any provision contained in, any instrument or agreement evidencing, securing or relating to Non-Recourse Indebtedness of any Material Non-Recourse Subsidiary.
 
Each notice pursuant to this Section 6.03 shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto.  Each notice pursuant to Section 6.03(a) shall describe in reasonable detail all provisions of this Agreement and any other Loan Document that have been breached.
 
6.04       Payment of Obligations.  Except as would not reasonably be expected to result in a Material Adverse Effect, (a) pay and discharge, as the same shall become due and payable, (i) all its Tax liabilities, assessments and governmental charges or levies upon it or its properties or assets unless the same are being contested in good faith and with respect to which adequate reserves have been made in accordance with IFRS (to the extent required thereby) and (ii) all lawful claims which, if unpaid, would by law become a Lien upon its property; and (b) timely file all Tax returns required to be filed.
 
6.05      Preservation of Existence, Center of Main Interests and Establishments, Etc.  (a) Preserve, renew and maintain in full force and effect its legal existence and good standing (as applicable) under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.04 or 7.05; (b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect; (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect; and (d) in the case of each Loan Party incorporated in a country which has adopted the Regulation, for the purposes of the Regulation, maintain its center of main interest (as that term is used in Article 3(1) of the Regulation) in its original jurisdiction and not maintain an “establishment” (as that term is used in Article 2(h) of the Regulation) in any other jurisdiction.
 
6.06      Maintenance of Properties.  (a) Except where the failure to do so would not reasonably be expected to have a Material Adverse Effect, (i) maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted and (ii) make all necessary repairs thereto and renewals and replacements thereof, and (b) use the standard of care typical in the industry in the operation and maintenance of its facilities.
 
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6.07     Maintenance of Insurance.  Maintain with insurance companies that the Borrower believes (in the good faith judgment of the management of the Borrower) are financially sound and responsible at the time of the relevant coverage is placed or renewed, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons.
 
6.08      Compliance with Laws.  Comply with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which the failure to comply therewith would not reasonably be expected to have a Material Adverse Effect.
 
6.09      Books and Records.  (a) Maintain proper books of record and account, in which full, true and correct entries in conformity with IFRS consistently applied shall be made of all financial transactions and matters involving the assets and business of the Borrower or such other Loan Party, as the case may be; and (b) maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over the Borrower or such other Loan Party, as the case may be.
 
6.10      Inspection Rights.  Permit representatives and independent contractors of the Administrative Agent to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, all at the reasonable expense of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower; provided that the foregoing shall, unless an Event of Default has occurred and is continuing, occur not more than twice during any fiscal year of the Borrower (but not with less than forty-eight (48) hours advanced notice); provided, further, so long as no Event of Default shall have occurred and be continuing, any visit pursuant to this Section in excess of once per calendar year by the Administrative Agent shall be at the expense of the Lenders; provided, further, that when an Event of Default exists, the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and without advance notice.  Notwithstanding anything to the contrary herein, none of the Loan Parties or any of their respective Subsidiaries will be required to disclose, or permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter (a) that constitutes non-financial trade secrets or non-financial proprietary information, (b) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by applicable Law or any bona fide binding agreement entered into with a non-affiliated third party or (c) that is subject to attorney-client or similar privilege or constitutes attorney work product.
 
6.11     Use of Proceeds.  Use the proceeds of the Credit Extensions solely for general corporate purposes, including the financing of acquisitions, refinancing of indebtedness, financing of capital expenditures and working capital needs, and to pay certain costs, fees and expenses in connection with the consummation of the transactions contemplated by this Agreement.
 
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6.12      Covenant to Guarantee Obligations and Give Security(a)          .  (a)  Upon (x) the formation or acquisition of any new direct or indirect Subsidiary (other than NewCo LLC, any Immaterial Subsidiary, any Non-Recourse Subsidiary or any Subsidiary satisfying the requirements of Section 6.12(c)(ii)(A) or (ii)(B), as applicable) by any Loan Party, (y) a Non-Recourse Subsidiary no longer qualifying as a Non-Recourse Subsidiary but remaining a direct or indirect Subsidiary of any Loan Party or (z) any Subsidiary ceasing to satisfy the requirements of Section 6.12(c)(ii)(A) or (ii)(B), as applicable, then, in each case, the Borrower shall, at the Borrower’s expense:
 
(i)         within thirty (30) days after any such event, cause such Subsidiary, and cause each direct and indirect parent of such Subsidiary (if it has not already done so), to duly execute and deliver to each Agent a Guarantor Accession Agreement or a guaranty or guarantor accession agreement in form and substance satisfactory to the Administrative Agent, guaranteeing the other Loan Parties’ obligations under the Loan Documents;
 
(ii)       within thirty (30) days after any such event, furnish to each Agent (A) a description of the real and personal properties of such Subsidiary, in detail satisfactory to each Agent, and (B) such documents of the types described in Section 4.01(a)(v);
 
(iii)        within forty-five (45) days after any such event, cause such Subsidiary and each direct and indirect parent of such Subsidiary (if it has not already done so) to duly execute and deliver to each Agent a Pledge Agreement or a supplement to a Pledge Agreement, as specified by and in form and substance satisfactory to each Agent (including delivery of all certificates, if any, representing the Equity Interests in and of, such Subsidiary, and other instruments of the type specified in Sections 4.01(a)(iii) and 4.01(h)), securing payment of all the Secured Obligations of such Subsidiary or such parent, as the case may be, under the Loan Documents and constituting Liens on all such personal properties;
 
(iv)        within forty-five (45) days after any such event, cause such Subsidiary and each direct and indirect parent of such Subsidiary (if it has not already done so) to take whatever action (including the filing of UCC financing statements, if applicable) may be necessary or advisable in the opinion of any Agent to vest in the Collateral Agent (or in any representative of the Collateral Agent designated by it) first priority valid and subsisting Liens on the properties purported to be subject to the Pledge Agreements delivered pursuant to this Section 6.12, enforceable against all third parties in accordance with their terms; and
 
(v)      within sixty (60) days after any such event, deliver to the Administrative Agent, upon the request of the Administrative Agent in its sole discretion, a signed copy of a favorable opinion, addressed to the Agents and the other Secured Parties, of counsel for the Loan Parties acceptable to the Administrative Agent and qualified in the relevant jurisdiction as reasonably determined by the Administrative Agent, as to the matters contained in clauses (i), (iii) and (iv) above, and as to such other matters as the Administrative Agent may reasonably request.
 
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(b)          In furtherance of the foregoing provisions of this Section 6.12, upon the acquisition of any Equity Interests by any Loan Party (other than in any Non-Recourse Subsidiary, in any Immaterial Subsidiary, or in any Subsidiary satisfying the requirements of Section 6.12(c)(ii)(B)), if such Equity Interests shall not already be subject to a perfected first priority security interest in favor of the Collateral Agent for the benefit of the Secured Parties, such Loan Party shall, at the Borrower’s expense, deliver and shall cause each of the applicable Loan Parties to deliver such documentation as the Collateral Agent may reasonably deem necessary in connection with the creation, perfection, protection or maintenance of such security interest as a first priority security interest, including pledge agreements, UCC financing statements, certified resolutions and other organizational and authorizing documents of the grantor of a security interest, favorable opinions of counsel (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to above and the perfection of the Collateral Agent’s Liens thereunder) and other items of the types required to be delivered pursuant to Section 4.01, all in form, content and scope reasonably satisfactory to the Agents.
 
(c)         Notwithstanding the foregoing, (i) to the extent that any limitations or restrictions set forth in any Contractual Obligation to which the Borrower or ASO Holding LLC and Mojave Holding LLC is a party prevent such Subsidiary from guaranteeing the Obligations of the Borrower or any other Guarantor, such Subsidiary shall not be required to become a Guarantor hereunder, (ii) (A) to the extent that any limitations or restrictions set forth in Contractual Obligations (to the extent entered into in good faith) to which any Subsidiary of the Borrower or any Guarantor is a party prevent such Subsidiary from guaranteeing the Obligations of the Borrower or any other Guarantor, such Subsidiary shall not be required to become a Guarantor hereunder during any time that such limitation or restriction remains in effect or (B) to the extent that applicable Law prohibits a Subsidiary from guaranteeing obligations of its Affiliates, such Subsidiary shall not be required to become a Guarantor hereunder to the extent prohibited from doing so under applicable Law during any time that such applicable Law remains in effect, and (iii) (A) to the extent that any limitations or restrictions set forth in Contractual Obligations (to the extent entered into in good faith) to which any Subsidiary of the Borrower or any Guarantor is a party prevent such Subsidiary from pledging the Equity Interests of its Affiliates, such Subsidiary shall not be required to become an Equity Pledgor hereunder in respect of such Equity Interests during any time that such limitation or restriction remains in effect or (B) to the extent that applicable Law prohibits a Subsidiary from pledging the Equity Interests of its Affiliates, such Subsidiary shall not be required to become an Equity Pledgor hereunder in respect of such Equity Interests to the extent prohibited from doing so under applicable Law during any time that such applicable Law remains in effect; provided that the Borrower or such Subsidiary shall exercise commercially reasonable efforts to remove any limitation, restriction, or prohibition in any Refinancing or Indebtedness evidencing such limitation, restriction, or prohibition, in each case of Sections 6.12(c)(i), (ii) and (iii).
 
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(d)       The Borrower shall promptly provide to the Administrative Agent a certificate signed by its Responsible Officer describing in reasonable detail the reason(s) that prevent any Subsidiary from becoming a Guarantor, pledging Equity Interests pursuant to Section 6.12(a), Section 6.12(b) or Section 6.12(c).
 
(e)         The Borrower shall, not later than on the date on which any portion of the Expected Reorganization is effected,
 
 
(i)
duly execute and deliver to each Agent the New Pledge Agreements, as specified by and in form and substance satisfactory to each Agent (including delivery of all certificates, if any, representing the Equity Interests in and of Atlantica North America LLC and Atlantica Newco Limited), and cause each New Pledge Agreement to be in full force and effect in accordance with its terms;
 

 (ii)
deliver to the Administrative Agent evidence that the Liens or other security interests created by or pursuant to, or purported to be created by or pursuant to, the New Pledge Agreements have been duly created and perfected as valid and enforceable first priority Liens in all the Collateral subject thereto (subject to Liens permitted under Section 7.01 that are mandatorily preferred by Law), including evidence that each such New Pledge Agreement required to be registered has been duly registered;
 

 (iii)
deliver to the Administrative Agent evidence that all documents that the Loan Parties or the Secured Parties (as required under applicable Law) are required to file, register, notarize, legalize, consularize or record (including, where applicable, appropriately completed UCC financing statements) in order to create, perfect and, where applicable, register each Lien or other security interest created by or pursuant to, or purported to be created by or pursuant to, the New Pledge Agreements as a valid and enforceable first priority Lien in all the Collateral subject thereto (subject to Liens permitted under Section 7.01 that are mandatorily preferred by Law) have been properly filed, registered, notarized, obtained or recorded in each office of each jurisdiction in which such filings, registrations, notarizations, legalizations, consularizations or recordations are required and any other action required to perfect such Lien or security interest as a first priority Lien (subject to Liens permitted under Section 7.01  that are mandatorily preferred by Law) has been taken;
 

 (iv)
deliver to the Administrative Agent evidence that all notices and acknowledgements required to be delivered and/or obtained by the Loan Parties for each Lien or other security interest created by or pursuant to, or purported to be created by or pursuant to, the New Pledge Agreements to be created and perfected as a valid and enforceable first priority Lien in all the Collateral subject thereto (subject to Liens permitted under Section 7.01 that are mandatorily preferred by Law) have been delivered and obtained (as applicable); and
 
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 (v)
deliver to the Administrative Agent a signed copy of a favorable opinion, addressed to the Agents and the other Secured Parties, of counsel for the Loan Parties acceptable to the Administrative Agent and qualified in the relevant jurisdiction as reasonably determined by the Administrative Agent, as to matters relating to the New Pledge Agreements as the Administrative Agent may reasonably request.
 
6.13        Compliance with Environmental Laws.  Except as would not reasonably be expected to have a Material Adverse Effect:  (a) comply, and cause all lessees and other Persons operating or occupying its properties to comply, with all applicable Environmental Laws and Environmental Permits; (b) timely obtain and renew all Environmental Permits necessary for its operations and properties; and (c) conduct any investigation, study, sampling and testing, and undertake any cleanup, response or other corrective action necessary to address all Hazardous Materials at, on, under or emanating from any of properties owned, leased or operated by it in accordance with the requirements of all Environmental Laws; provided, however, that neither the Borrower nor any of its Subsidiaries shall be required to undertake any such cleanup, removal, remedial or other action to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with IFRS.
 
6.14        Further Assurances
 
(a)         Promptly and in no event later than twenty one (21) days after the Closing Date, the Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent, evidence of the completion of the following actions, recordings and filings of, or with respect to, the Initial Pledge Agreement governed by English law, including the receipt of any necessary approvals of any Governmental Authority, that the Administrative Agent or the Collateral Agent may reasonably deem necessary in order to protect the Liens created thereby and to perfect the Liens created thereby as a first priority Lien in all Collateral subject to such Collateral Document (subject to Liens permitted under Section 7.01 that are mandatorily preferred by Law):
 
(i)           such Initial Pledge Agreement has been registered in England and Wales at Companies House.
 
(b)         Promptly and in no event later than thirty (30) Business Days after the Closing Date, the Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent, evidence of the completion of the following actions, recordings and filings of, or with respect to, the amendment to the Initial Pledge Agreement governed by Peruvian law, including the receipt of any necessary approvals of any Governmental Authority, that the Administrative Agent or the Collateral Agent may reasonably deem necessary in order to protect the Liens created thereby and to perfect the Liens created thereby as a first priority Lien in all Collateral subject to such Collateral Document (subject to Liens permitted under Section 7.01 that are mandatorily preferred by Law):
 
(i)           such amendment has been recorded in the Contracts Registry (Registro Mobiliario de Contratos) of Peru.
 
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(c)       This Agreement has been executed in a private document.  Each party hereto shall be entitled to request to the others the formalization of this Agreement and/or a Loan Document into a public deed before a Spanish Notary Public at any time.  The Borrower shall bear all costs and expenses relating to such formalization.  The public deed by which this Agreement is raised to the status of public document will confirm in Spain the guarantee granted by a Spanish Guarantor under Article X and the appointment of the Administrative Agent under Article IX.  Each of the Borrower, any Spanish Guarantor and any Secured Party shall be required to be a party to the formalization of this Agreement and/or a Loan Document into a public deed before a Spanish Notary Public at any time.
 
(d)        Promptly upon request by the Administrative Agent, any Lender or any L/C Issuer through the Administrative Agent, each party hereto shall (i) correct any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof, and (ii) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re‑register any and all such further acts, deeds, certificates, assurances and other instruments as the Administrative Agent, any Lender or any L/C Issuer through the Administrative Agent may reasonably require from time to time in order to (A) carry out more effectively the purposes of the Loan Documents, (B) to the fullest extent permitted by applicable Law, subject any Loan Party’s or any of its Subsidiaries’ properties, assets, rights or interests to the Liens now or hereafter intended to be covered by any of the Collateral Documents, (C) perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents and any of the Liens intended to be created thereunder, (D) assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Secured Parties the rights granted or now or hereafter intended to be granted to the Secured Parties under any Loan Document or under any other instrument executed in connection with any Loan Document to which any Loan Party or any of its Subsidiaries is or is to be a party, and cause each of its Subsidiaries to do so and (E) facilitate the realization of the Collateral.
 
6.15       Information Regarding Collateral.  Not effect any change (i) in any Loan Party’s legal name, (ii) in the location of any Loan Party’s chief executive office, (iii) in any Loan Party’s identity or organizational structure or (iv) in any Loan Party’s jurisdiction of organization (in each case, including by merging with or into any other entity, reorganizing, dissolving, liquidating, reorganizing or organizing in any other jurisdiction), until (A) it shall have given the Administrative Agent not less than fifteen (15) days’ prior written notice (in the form of a certificate signed by a Responsible Officer), or such lesser notice period agreed to by the Administrative Agent, of its intention to do so, clearly describing such change and (B) it shall have taken all action reasonably satisfactory to the Collateral Agent to maintain the perfection and priority of the security interest of the Collateral Agent for the benefit of the Secured Parties in the Collateral, if applicable.  The Borrower agrees to promptly provide, or cause the applicable Loan Parties to promptly provide, the Administrative Agent and the Collateral Agent with certified Organization Documents reflecting any of the changes described in the preceding sentence.
 
6.16     Maintenance of Listing.  In the case of the Borrower, at all times use commercially reasonable efforts to maintain a listing of Borrower’s capital stock on the NASDAQ Stock Market, the NYSE stock exchange or any successor stock exchange.
 
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6.17       Material Contracts.  Perform and observe all of the terms and provisions of each Material Contract to be performed or observed by it and enforce each such Material Contract in accordance with its terms, except, in any case, where the failure to do so, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.
 
6.18       Maintenance of Rating.  In the case of the Borrower, at all times use commercially reasonable efforts to maintain at least one Debt Rating.
 
ARTICLE VII
NEGATIVE COVENANTS
 
So long as any Lender shall have any Commitment hereunder, or any Loan or other Obligation hereunder shall remain unpaid or unsatisfied (other than Obligations in respect of indemnification, expense reimbursement, tax gross up or any contingent obligations, in each case, for which no claim has been made) or any Letter of Credit shall remain outstanding, no Loan Party shall (nor shall any Loan Party permit, if specified below, its Subsidiaries (other than any Non-Recourse Subsidiary) to):
 
7.01       Liens.  Create, incur, assume or suffer to exist, or permit any Subsidiary (other than any Non-Recourse Subsidiary or Immaterial Subsidiary) to create, incur, assume or suffer to exist, any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, or sign or file or suffer to exist under the UCC or other Law of any jurisdiction a financing statement (or equivalent filing or registration) that names any Loan Party or any of its Subsidiaries (other than any Non-Recourse Subsidiary or Immaterial Subsidiary) as debtor, or assign any accounts or other right to receive income, other than the following:
 
(i)           Liens pursuant to any Loan Document;
 
(ii)          Liens existing on the date hereof and listed on Schedule 5.08(b) and any renewals or extensions thereof, provided that (A) the property covered thereby is not changed (other than after-acquired property that is affixed or incorporated into the property covered thereby), (B) the amount secured or benefited thereby is not increased except as contemplated by Section 7.02(iii), (C) the direct or any contingent obligor with respect thereto is not changed, and (D) any renewal or extension of the obligations secured or benefited thereby is permitted by Section 7.02(iii);
 
(iii)        Liens securing Indebtedness under cash pooling and Swap Contracts and Liens securing or arising by reason of any netting or set-off arrangement entered into in the ordinary course of banking or other trading activities;
 
(iv)       Liens on cash and cash equivalents securing Indebtedness incurred to finance an acquisition of assets or a business or multiple businesses; provided that within one hundred eighty (180) days from the date the related Indebtedness was incurred, such cash or cash equivalents are used to (A) fund an acquisition (or a similar transaction), including any related fees and expenses, and the related Indebtedness is (1) secured by Liens otherwise permitted under this covenant or (2) unsecured; or (B) retire or repay the Indebtedness that it secures and to pay any related fees and expenses;
 
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(v)         Liens solely on any cash earnest money deposits made by the Borrower or any of its Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder;
 
(vi)         Liens securing insurance premium financing arrangements;
 
(vii)        Liens in favor of credit card companies pursuant to agreements therewith;
 
(viii)       Liens securing cash management services in the ordinary course of business;
 
(ix)        carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business which are not overdue for a period of more than thirty (30) days or which are being contested in good faith and by appropriate proceedings, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with IFRS or security has been posted in respect thereof;
 
(x)         Liens incurred in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA or any similar pension benefit plan;
 
(xi)       deposits to secure the performance of statutory obligations, surety and appeal bonds incurred in the ordinary course of business;
 
(xii)        Liens securing judgments for the payment of money not constituting an Event of Default under Section 8.01(h);
 
(xiii)       Liens created under Non-Recourse Indebtedness Pledge Agreements;
 
(xiv)      Liens on property of any Subsidiary existing at the time such Person is merged into or consolidated with the Borrower or any Subsidiary of the Borrower or becomes a Subsidiary of the Borrower; provided that such Liens were not created in contemplation of such merger, consolidation or Investment and do not extend to any assets other than those of the Person merged into or consolidated with the Borrower or such Subsidiary or acquired by the Borrower or such Subsidiary;
 
(xv)        purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal property entered into in the ordinary course of business;
 
(xvi)       Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods;
 
(xvii)      any zoning or similar law or right reserved to or vested in any governmental office or agency to control or regulate the use of any real property;
 
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(xviii)     non-exclusive outbound licenses of patents, copyrights, trademarks and other intellectual property rights granted by the Borrower or any of its Subsidiaries in the ordinary course of business and not interfering in any respect with the ordinary conduct of or materially detracting from the value of the business of the Borrower or such Subsidiary;
 
(xix)       any agreement to lease, option to lease, license, sub-lease or other right to occupancy assumed or entered by or on behalf of the Borrower or any Subsidiary in the ordinary course of its business;
 
(xx)       Liens for Taxes if obligations with respect to such Taxes that are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted and adequate reserves have been made in accordance with and to the extent required by IFRS;
 
(xxi)      easements, rights-of-way, restrictions, encroachments, reservations of title and other minor defects or irregularities in title, in each case which do not and will not interfere in any material respect with the ordinary conduct of the business of the Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries and Non-Recourse Subsidiaries);
 
(xxii)     [Reserved.]
 
(xxiii)    Liens in the nature of rights of first refusal, rights of first offer, purchase options and similar rights in respect of the Equity Interests or assets of Non-Recourse Subsidiaries included in documentation evidencing contemplated purchase and sale transactions permitted under this Agreement, any Non-Recourse Indebtedness or any Project Obligations;
 
(xxiv)     reservations, limitations, provisos and conditions, if any, expressed in any grants from any Governmental Authority or any similar authority;
 
(xxv)      Liens on real estate in connection with the financing of the acquisition or development thereof, provided that facilities are or will be located on such property or assets primarily for the use of the Borrower or any of its Subsidiaries; and
 
(xxvi)     other Liens on the Collateral securing Indebtedness permitted under Section 7.02(xix); provided that the lenders or providers of such Indebtedness shall have executed or acceded to the Intercreditor Agreement prior to or concurrently with the incurrence of such Indebtedness and Liens.
 
7.02       Indebtedness.  Create, incur, assume or suffer to exist any Indebtedness (or permit any Subsidiary (other than any Non-Recourse Subsidiary or Immaterial Subsidiary) to do so), except:
 
(i)           Indebtedness under the Loan Documents;
 
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(ii)        Indebtedness of the Borrower or any Subsidiary of the Borrower owing to the Borrower or any Subsidiary of the Borrower (other than any Non-Recourse Subsidiary or Immaterial Subsidiary);
 
(iii)       the Senior Notes and Indebtedness outstanding on the date hereof and listed on Schedule 7.02(iii) and any refinancing, refunding, renewals or extensions thereof; provided that the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder;
 
(iv)        obligations (contingent or otherwise) existing or arising under any Swap Contract, provided that such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with fluctuations in interest rates or foreign exchange rates and not for speculative purposes;
 
(v)         Indebtedness incurred for the purpose of financing all or any part of the purchase price or cost of design, construction, installation or improvement or lease of property (real or personal), plant or equipment used or useful in the business of such Person, in each case in an aggregate principal amount not to exceed the purchase price or cost of such property so acquired or designed, constructed, installed, improved or leased;
 
(vi)        the incurrence by the Borrower or any of its Subsidiaries of Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds in the ordinary course of business, so long as such Indebtedness is covered within five (5) Business Days;
 
(vii)      Guarantees of the Borrower or any of its Subsidiaries in respect of Indebtedness otherwise permitted hereunder of the Borrower or any of its Subsidiaries (other than any Non-Recourse Subsidiary or Immaterial Subsidiary);
 
(viii)    guarantees by any Loan Party and their respective Subsidiaries in the ordinary course of business of obligations of such Loan Party or Subsidiary to non-affiliated suppliers, customers, franchisees and licensees; provided that each such Subsidiary may only incur such Indebtedness with respect to another Subsidiary that is the direct or indirect parent of such Subsidiary;
 
(ix)       Indebtedness of the Loan Parties and their respective Subsidiaries providing for indemnification, adjustment of purchase price or similar price or similar obligations in connection with the acquisition of any business, assets or Equity Interest of a Subsidiary after the date of this Agreement;
 
(x)          Indebtedness in respect of netting services, overdraft protections and otherwise in connection with deposit accounts;
 
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(xi)        Indebtedness constituting reimbursement obligations with respect to letters of credit, banker’s acceptances or similar instruments or obligations issued in the ordinary course of business; provided that upon the drawing or other funding of such letters of credit or other instruments or obligations, such drawings or fundings are reimbursed within seven days;
 
(xii)       Indebtedness under cash pooling arrangements and Swap Obligations (with respect to currency risk, interest rate risks, commodity risks and price risks) in the ordinary course of business;
 
(xiii)      (A) the factoring of accounts receivable and (B) reverse factoring or confirming of accounts payable, in each case arising in the ordinary course of business;
 
(xiv)      Non-Recourse Indebtedness incurred by any Loan Party in respect of, and solely to the extent of, any collateral secured by a Non-Recourse Indebtedness Pledge Agreement, and any Refinancing thereof to the extent such Refinanced Indebtedness constitutes Non-Recourse Indebtedness;
 
(xv)      Indebtedness of the Loan Parties and their respective Subsidiaries incurred in respect of worker’s compensation claims, self-insurance obligations, performance, surety and similar bonds and completion guarantees provided by the Borrower and its Subsidiaries in the ordinary course of business;
 
(xvi)       Indebtedness consisting of the financing, by the applicable insurer, of insurance premiums in the ordinary course of business;
 
(xvii)     Indebtedness arising from honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds or credit lines in the ordinary course of business; provided that such Indebtedness is disbursed within seven (7) days of incurrence;
 
(xviii)    advance payments received from customers for goods and services purchased and credit periods in the ordinary course of business;
 
(xix)      additional Indebtedness of the Loan Parties and their respective Subsidiaries; provided that (i) the Borrower shall be in compliance with the covenants set forth in Section 7.11 immediately prior to and after giving effect to the incurrence of such Indebtedness on a pro forma basis, and (ii) the aggregate amount of Indebtedness that may be secured by the Collateral at any one time outstanding shall not exceed the greater of (x) $550,000,000 and (y) an amount such that, after giving effect to the incurrence thereof, the Borrower could incur not less than $1.00 of additional Indebtedness and maintain a Secured Leverage Ratio no greater than 3.50:1.00; and
 
(xx)       additional Indebtedness of the Borrower or any of its Subsidiaries not otherwise permitted under this Section 7.02; provided that the Net Cash Proceeds of such Indebtedness are applied as required by Section 2.04(b)(ii).
 
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7.03       Investments.  Make or hold any Investments, except:
 
(a)          Investments held by the Borrower and the other Loan Parties in the form of Cash Equivalents;
 
(b)       (i) Investments by the Borrower and the other Loan Parties in their respective Subsidiaries outstanding on the date hereof and set forth on Schedule 5.08(c); (ii) additional Investments by any Loan Party in another Loan Party or in a Non-Recourse Subsidiary; and (iii) Investments of the Borrower in any Subsidiary and Investments of any Subsidiary in the Borrower or in another Subsidiary and any extension, modification or renewal of any such Investments (but not any such extension, modification or renewal to the extent it involves additional advances, contributions or other investments of cash or property);
 
(c)         Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss;
 
(d)         Investments in respect of any acquisition if:  (i) immediately before and immediately after giving Pro Forma Effect to such acquisition, no Default or Event of Default shall have occurred and be continuing and (ii) immediately after giving Pro Forma Effect to such acquisition, the Borrower and its Subsidiaries shall be in pro forma compliance with all of the covenants set forth in Section 7.11, such compliance to be determined on the basis of the financial information most recently delivered to the Administrative Agent and the Lenders pursuant to Section 6.01(a) or 6.01(b);
 
(e)       (i) Investments constituting Indebtedness to the extent that the Borrower is in compliance with Section 7.02 at the time such Indebtedness is incurred and (ii) Investments in the form of Indebtedness provided by such Loan Party or such Subsidiary;
 
(f)          Investments constituting Restricted Payments, to the extent that the Borrower is in compliance with Section 7.06 at the time such Restricted Payment is made; and
 
(g)        Investments associated with the Expected Reorganization, as described in Schedule 7.03, only to the extent the obligations of the Borrower contained in Section 6.12(e) shall have been fulfilled.
 
7.04       Fundamental Changes.  Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default exists or would result therefrom:
 
(a)         any Loan Party may merge with (i) the Borrower, provided that the Borrower shall be the continuing or surviving Person, or (ii) any one or more other Subsidiaries of the Borrower, provided that when any Loan Party is merging with another Subsidiary that is not a Loan Party, such Loan Party shall be the continuing or surviving Person;
 
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(b)          any Loan Party may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower or to another Loan Party;
 
(c)          any Non-Recourse Subsidiary may dispose of all or substantially all of its assets (including any Disposition that is in the nature of a liquidation) to a Loan Party;
 
(d)          the Loan Parties may consummate, subject to Section 7.03, acquisitions; and
 
(e)         so long as no Default or Event of Default has occurred and is continuing or would result therefrom, in connection with any acquisition permitted under Section 7.03, any Loan Party (other than the Borrower) may merge into or consolidate with any other Person or permit any other Person to merge into or consolidate with it; provided, however, that in each case, immediately after giving effect thereto, (x) in the case of any such merger to which any Loan Party (other than the Borrower) is a party, such Loan Party is the surviving Person, (y) there is no existing Material Adverse Effect or any event or circumstance, either individually or in the aggregate, that would reasonably be expected to have a Material Adverse Effect, and (z) the Borrower and its Subsidiaries shall be in pro forma compliance with all of the covenants set forth in Section 7.11, such compliance to be determined on the basis of the financial information most recently delivered to the Administrative Agent and the Lenders pursuant to Section 6.01(a) as though such acquisition had been consummated as of the first day of the fiscal period covered thereby.
 
7.05      Dispositions.  Make any Disposition or enter into any agreement to make any Disposition, or permit any Subsidiary (other than any Non-Recourse Subsidiary or Immaterial Subsidiary) to make any Disposition or enter into any agreement to make any Disposition, except:
 
(a)          Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;
 
(b)          Dispositions of inventory in the ordinary course of business;
 
(c)          Dispositions of equipment or real property to the extent that such property is exchanged for credit against the purchase price of similar replacement property;
 
(d)          Dispositions of property by any Loan Party (other than the Borrower) to a Loan Party;
 
(e)          Dispositions permitted by Section 7.04;
 
(f)          Dispositions permitted by Section 7.06;
 
(g)          Dispositions in respect of Liens for Non-Recourse Indebtedness permitted by Section 7.01;
 
(h)         Dispositions by a Loan Party or any of its Subsidiaries not otherwise permitted under this Section 7.05 to the extent that, (i) no Event of Default has occurred and is continuing at the time of and immediately after giving effect to such Disposition, (ii) after giving Pro Forma Effect to such Disposition, the Borrower shall be in pro forma compliance with all of the covenants set forth in Section 7.11, such compliance to be determined on the basis of the financial information most recently delivered to the Administrative Agent pursuant to Section 6.01(a) or (b), as applicable and (iii) such Disposition shall be for fair market value; provided that, after giving effect to any such Disposition of less than 100% of the Equity Interests of any Non-Recourse Subsidiary, the Borrower shall retain Control of such Non-Recourse Subsidiary;
 
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(i)          Disposition by the Borrower of the Equity Interests in ABY South Africa (Pty) LTD to any Guarantor;
 
(j)          Dispositions among the Borrower and its Subsidiaries associated with the Expected Reorganization, as described in Schedule 7.05, only to the extent the obligations of the Borrower contained in Section 6.12(e) shall have been fulfilled; and
 
(k)         additional Dispositions by a Loan Party or any of its Subsidiaries not otherwise permitted under this Section 7.05; provided that the Net Disposition Proceeds relating to such Disposition are applied as required by Section 2.04(b)(i).
 
7.06       Restricted Payments.  Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that, so long as no Default or Event of Default shall have occurred and be continuing at the time of any action described below or would result therefrom:
 
(a)         each Loan Party (other than the Borrower) may make Restricted Payments to any other Loan Party and any other Person that owns a direct Equity Interest in such Loan Party, ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made;
 
(b)          any Loan Party may declare and make dividend payments or other distributions payable solely in the common stock or other common Equity Interests of such Person;
 
(c)        any Loan Party may purchase, redeem or otherwise acquire its common Equity Interests with the proceeds received from the substantially concurrent issue of new common Equity Interests;
 
(d)        any Loan Party may declare and make the Restricted Payments specified in Schedule 7.06 to any other Loan Party in connection with the Expected Reorganization, only to the extent the obligations of the Borrower contained in Section 6.12(e) shall have been fulfilled; and
 
(e)         the Borrower may (i) declare or pay cash dividends to its stockholders and (ii) purchase, redeem or otherwise acquire for cash Equity Interests issued by it; provided that immediately prior to any such Restricted Payment, and after giving effect thereto, (x) no Default or Event of Default shall have occurred and be continuing or would result therefrom and (y) the Borrower shall be in compliance on a pro forma basis with each of the financial covenants set forth in Section 7.11.
 
7.07      Change in Nature of Business.  Engage in any material line of business substantially different from those lines of business conducted by the Loan Parties on the date hereof or any business substantially related or incidental thereto or permit any of its Subsidiaries (other than any Non-Recourse Subsidiaries) to do so.
 
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7.08      Transactions with Affiliates.  Enter into any transaction of any kind with any Affiliate of the Borrower, whether or not in the ordinary course of business, other than such transactions (a) existing as of the Closing Date, (b) between or among the Borrower or any Subsidiary thereof with the Borrower or any Subsidiary thereof, (c) as specified in Schedule 7.08, made in the context of the Expected Reorganization, only to the extent the obligations of the Borrower contained in Section 6.12(e) shall have been fulfilled, or (d) on fair and reasonable terms substantially as favorable to such Loan Party as would be obtainable by such Loan Party at the time in a comparable arm’s length transaction with a Person other than an Affiliate (as reasonably determined by the Borrower).
 
7.09     Burdensome Agreements.  Enter into or permit to exist any Contractual Obligation (other than this Agreement or any other Loan Document or any Contractual Obligation existing as of the date hereof that is identified in Schedule 5.24) that (a) limits the ability (i) of any Loan Party to make Restricted Payments to the Borrower or any Guarantor or to otherwise transfer property to the Borrower or any Guarantor, (ii) of any Subsidiary (other than a Non-Recourse Subsidiary) of the Borrower to Guarantee the Indebtedness of the Borrower or (iii) of the Borrower or any Subsidiary (other than a Non-Recourse Subsidiary) of the Borrower to create, incur, assume or suffer to exist Liens on property of such Person; provided, however, that this clause (iii) shall not prohibit any negative pledge incurred or provided in favor of any holder of Indebtedness permitted under Section 7.02(xiv) solely to the extent any such negative pledge relates to the property financed by or is the subject of such Indebtedness; (b) requires the grant of a Lien to secure an obligation of such Person if a Lien is granted to secure another obligation of such Person or (c) limits its ability to provide Cash Collateral.
 
7.10      Use of Proceeds.  Use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose.
 
7.11       Financial Covenants.
 
(a)        Leverage Ratio.  Permit the Leverage Ratio as of the end of any fiscal quarter of the Borrower to be greater than 5.0:1.00; provided that in connection with any proposed acquisition or series of related acquisitions (that shall close within six (6) months of the first such related acquisition to close) by the Borrower and/or any of its Subsidiaries for which the payment of consideration or assumption or incurrence of Indebtedness by the Borrower and its Subsidiaries in connection therewith is at least $100,000,000 (a “Reference Acquisition”), for the period commencing on the date of consummation of a Reference Acquisition, through the first six months ending immediately following the consummation of the Reference Acquisition (such period, a “Reference Acquisition Period”), the maximum Leverage Ratio shall instead be 0.50:1.00 higher than the otherwise applicable level; provided, further, that (x) in the event any such Indebtedness is incurred prior to the consummation of such Reference Acquisition and the Borrower provides a certification to the Administrative Agent that the proceeds of such Indebtedness are to be used in connection with the consummation of such Reference Acquisition (including Indebtedness incurred to pay related transaction costs), such Indebtedness shall not be included in the calculation of the Leverage Ratio until the consummation of the Reference Acquisition and (y) in no event shall the Reference Acquisition Periods for one or more Reference Acquisitions extend beyond six (6) consecutive fiscal quarters.
 
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(b)          Debt Service Coverage Ratio.  Permit the Debt Service Coverage Ratio as of the end of any fiscal quarter of the Borrower to be less than 2.0:1.00.
 
7.12       Anti-Corruption Laws.  (a) Directly or, to the Borrower’s knowledge, indirectly use the proceeds of any Loan for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the United Kingdom Bribery Act of 2010, or other similar anti-corruption legislation in other jurisdictions or (b) fail to maintain policies and procedures reasonably designed to promote and achieve compliance with such Laws.
 
7.13      Sanctions.  Directly or knowingly indirectly, use, lend, contribute or otherwise make available the proceeds of any Loan or other transaction contemplated by this Agreement to any Person (a) to fund any activities of or business with, or for the benefit of, any Prohibited Person, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions in violation of applicable Sanctions, or (b) in any other manner that would result in a violation of Sanctions by any Person party hereto (including any Person participating in the Facility or Loans, whether as Lender, L/C Issuer, Joint Lead Arranger and Joint Bookrunner, Agent or otherwise).  The Loan Parties shall not (and shall ensure that none of their Affiliates will) fund all or any part of any payment in connection with the Obligations out of proceeds derived from business or transactions with a Prohibited Person in violation of applicable Sanctions, or from any action which is in breach of any Sanctions.
 
7.14       Amendments of Organization Documents.  Amend any of its Organization Documents, other than amendments (a) that do not, taken as a whole, materially adversely affect the interests of the Administrative Agent, any Lender, any L/C Issuer or any Secured Party in their capacity as such or (b) with the prior written consent of the Required Lenders.
 
7.15       Accounting Changes.  Make any change in (a) accounting policies or reporting practices, except as required by IFRS, or (b) fiscal year.
 
ARTICLE VIII
EVENTS OF DEFAULT AND REMEDIES
 
8.01       Events of Default.  Any of the following shall constitute an Event of Default:
 

 (a)
Non-Payment.  The Borrower or any other Loan Party fails to (i) pay when and as required to be paid herein, any amount of principal of any Loan or any L/C Obligation, or (ii) pay within three (3) days after the same becomes due any interest on any Loan or on any L/C Obligation, or any fee due hereunder, or (iii) pay within five (5) days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or
 
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(b)         Specific Covenants.  (i) Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of Section 6.01, 6.02(a), 6.02(b), 6.03, 6.05(a), 6.11, 6.12, 6.14(a), 6.16, or Article VII or (ii) any of the Equity Pledgors fails to perform or observe any material term, covenant or agreement contained in each Pledge Agreement to which it is a party; or
 
(c)          Other Defaults.  Any Loan Party fails to perform or observe any other covenant or agreement (not specified in Section 8.01(a) or 8.01(b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty (30) days after the earlier of (i) the occurrence of such failure to perform, and (ii) written notice by the Administrative Agent or any Lender to the Borrower; or
 
(d)         Representations and Warranties.  Any representation or warranty or certification made or deemed made by or on behalf of the Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect or misleading in any material respect on the date as of which made or deemed made; provided that no Event of Default will occur under this Section 8.01(d) if the failure to comply is susceptible of being remedied and is remedied within thirty (30) days after (i) written notice by the Administrative Agent or any Lender to the Borrower or (ii) such Loan Party becomes aware of such misrepresentation; or
 
(e)         Cross-Default.  Any Loan Party or any Material Non-Recourse Subsidiary (provided, that with respect to any Material Non-Recourse Subsidiary, only to the extent that the default described in this clause (e) shall not have been forborne by the relevant creditors of the relevant Non-Recourse Indebtedness (and to the extent only such forbearance continues to be in effect)) (A) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) after giving effect to any grace or any cure periods, in respect of any Indebtedness (other than Indebtedness hereunder), or (B) fails to observe or perform any other agreement or condition relating to any Indebtedness (other than Indebtedness hereunder) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the applicable Threshold Amount beyond the period of grace, if any, provided in the instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or cash collateral in respect thereof to be demanded; or
 
(f)         Insolvency Proceedings, Etc.  Any Loan Party or any Material Non-Recourse Subsidiary institutes or consents to the institution of any proceeding under any Debtor Relief Law, or suspends or threatens to suspend making payments on its debts, or makes an assignment or composition or similar arrangement for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, administrator, administrative receiver, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for sixty (60) calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted or a moratorium is declared in respect of any indebtedness of such Person without the consent of such Person and continues undismissed or unstayed for sixty (60) calendar days, or an order for relief is entered in any such proceeding or any UK Insolvency Proceeding occurs; or
 
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(g)         Inability to Pay Debts; Attachment.  (i) Any Loan Party or any Material Non-Recourse Subsidiary becomes (or is deemed or declared under applicable Law) unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within thirty (30) days after its issue or levy; or
 
(h)         Judgments.  There is entered against any Loan Party or any Material Non-Recourse Subsidiary (i) one or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments and orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer is rated at least “A” by A.M.  Best Company, has been notified of the potential claim and does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of thirty (30) consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or
 
(i)          ERISA.  (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or would reasonably be expected to result in liability of the Borrower to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) the Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or
 
(j)         Invalidity of Loan Documents.  Any Loan Document or any material provision thereof, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all of the Obligations (other than Obligations in respect of indemnification, expense reimbursement, tax gross-up or any contingent obligations, in each case, for which no claim has been made), ceases to be in full force and effect; or any Loan Party or any of the holders of Equity Interests in any Loan Party contests in writing the validity or enforceability of any provision of any Loan Document, or any court or any other Governmental Authority of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any Loan Document or material provision thereof is invalid or unenforceable in accordance with the terms thereof; or any Loan Party denies in writing that it has any or further liability or obligation under any provision of any Loan Document, or purports to revoke, terminate or rescind any provision of any Loan Document or any material provision thereof; or
 
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(k)         Change of Control.  There occurs any Change of Control; or
 
(l)         Collateral Documents.  Any Collateral Document after delivery thereof pursuant to Section 4.01, 6.12 or 6.14 shall for any reason (other than pursuant to the terms thereof or as permitted hereunder) cease to create a valid and perfected first priority Lien (subject to Liens permitted under Section 7.01 that are mandatorily preferred by Law or as permitted hereunder) on any portion of the Collateral purported to be encumbered pursuant to the Collateral Documents; or
 
(m)      Subordination.  (i) The subordination provisions of the documents evidencing or governing any subordinated Indebtedness (the “Subordination Provisions”) shall (subject to the Legal Reservations), in whole or in part, terminate, cease to be effective or cease to be legally valid, binding and enforceable against any holder of the applicable subordinated Indebtedness; or (ii) the Borrower or any other Loan Party shall, directly or indirectly, disavow or contest in any manner (A) the effectiveness, validity or enforceability of any of the Subordination Provisions, (B) that the Subordination Provisions exist for the benefit of any Secured Party or (C) that all payments of principal of or premium and interest on the applicable subordinated Indebtedness, or realized from the liquidation of any property of any Loan Party, shall be subject to any of the Subordination Provisions.
 
8.02      Remedies upon Event of Default.  If any Event of Default occurs and is continuing, the Administrative Agent (or, if applicable, the Collateral Agent) shall, at the request of, or may, with the consent of, the Required Lenders (provided that, for purposes of Section 8.02(a) below, (x) only the consent of the Required Lenders shall be required with respect to Commitments and (y) only the consent of each L/C Issuer shall be required with respect to obligations of such L/C Issuer to make L/C Credit Extensions), take any or all of the following actions:
 
(a)        declare the commitment of each Lender to make Loans and any obligation of each L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such commitments and obligations shall be terminated;
 
(b)         declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower;
 
(c)         so long as no Cash Collateral Certificate has been delivered to the Administrative Agent (and to the extent such Cash Collateral Certificate has not been rescinded by the Borrower) require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to 103% of the then Outstanding Amount thereof); and
 
(d)         exercise, or, subject to the terms of the Intercreditor Agreement, direct the Collateral Agent to exercise, on behalf of itself and the other Secured Parties, any or all rights and remedies, powers or discretion available to it and the other Secured Parties under the Loan Documents or at law or in equity;
 
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provided, however, that upon the occurrence of an Event of Default under Section 8.01(f) with respect to the Borrower, the obligation of each Lender to make Loans and any obligation of each L/C Issuer to make L/C Credit Extensions shall automatically terminate, and the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and, so long as no Cash Collateral Certificate has been delivered to the Administrative Agent (and to the extent such Cash Collateral Certificate has not been rescinded by the Borrower), the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of the Administrative Agent, the Collateral Agent, any Lender or any L/C Issuer.
 
8.03       Application of Funds.  After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations shall be applied by the Administrative Agent in the following order:
 
First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Agents (and any of its appointees or delegates) and amounts payable under Article III) payable to the Agents in its capacity as such;
 
Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuers, (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuers) arising under the Loan Documents and amounts payable under Article III, ratably among them in proportion to the respective amounts described in this clause Second payable to them;
 
Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans, L/C Borrowings and other Obligations, ratably among the Lenders and the L/C Issuers in proportion to the respective amounts described in this clause Third;
 
Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings, ratably among the Lenders and the L/C Issuers in proportion to the respective amounts described in this clause Fourth held by them;
 
Fifth, so long as no Cash Collateral Certificate has been delivered to the Administrative Agent (and to the extent such Cash Collateral Certificate has not been rescinded by the Borrower), to the Administrative Agent for the account of the L/C Issuers, to Cash Collateralize at 103% of the Outstanding Amount thereof that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit; and
 
Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law.
 
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Subject to Section 2.03(c), amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fifth above and any other Cash Collateral provided in respect of L/C Obligations in accordance with the terms of this Agreement shall be applied to satisfy drawings under such Letters of Credit and other Obligations owing to the applicable L/C Issuer in respect of Letters of Credit issued by it as they occur.  If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above.
 
In the event of any conflict between the terms of the waterfall set forth in the Intercreditor Agreement and this Section 8.03, the terms of the Intercreditor Agreement shall govern.
 
ARTICLE IX
THE ADMINISTRATIVE AGENT
 
9.01       Appointment and Authority. Each of the Lenders and the L/C Issuers hereby irrevocably appoints and designates and authorizes the Administrative Agent to take such actions on its behalf under the provisions of this Agreement and each other Loan Document and to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of this Agreement or any other Loan Document, together with such actions and powers as are reasonably incidental thereto (including to act as comisionista on their behalf in accordance with Articles 273 and 274 of the Mexican Commerce Code (Código de Comercio)).  The provisions of this Article IX are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuers, and neither the Borrower nor any other Loan Party shall have rights as a third-party beneficiary of any of such provisions.  It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law.  Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.
 
9.02       Rights as a Lender.  Each Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include each Person serving as an Agent hereunder in its individual capacity.  Each such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not an Agent hereunder and without any duty to account therefor to the Lenders.
 
9.03       Exculpatory Provisions.
 
(a)        The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and the Administrative Agent’s duties hereunder shall be administrative in nature.  Without limiting the generality of the foregoing, the Administrative Agent:
 
(i)           shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;
 
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(ii)         shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law;
 
(iii)        shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, nor shall the Administrative Agent be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as an Agent or any of its Affiliates in any capacity;
 
(iv)        shall not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence solely beyond the control of the Administrative Agent (including but not limited to any act or provision of any present or future Law or regulation or Governmental Authority, any act of God or war, civil unrest, local or national disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility);
 
(v)        shall not be required to expend or risk any of its own funds or otherwise incur any liability, financial or otherwise, in the performance of any of its duties hereunder or under any other Loan Document; and
 
(vi)        shall not be liable for any apportionment or distribution of payments made by it in good faith and if any such apportionment or distribution is subsequently determined to have been made in error, the sole recourse of any Lender to whom payment was due but not made, shall be to recover from the other Lenders any payment in excess of the amount to which they are determined to be entitled (and such other Lenders hereby agree to return to such Lender any such erroneous payments received by them).
 
(b)         The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 11.01 and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct, in each case as determined by a court of competent jurisdiction by a final and nonappealable judgment.  The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until notice describing such Default or Event of Default is given in writing to the Administrative Agent by the Borrower or a Lender.
 
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(c)        The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Collateral Documents, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.
 
(d)         The Administrative Agent shall be entitled to deal with money paid to it by any Person for the purposes of this Agreement in the same manner as other money paid to a banker by its customers except that it shall not be liable to account to any Person for any interest or other amounts in respect of the money.
 
(e)         An Agent may refuse to perform any duty or exercise any right or power unless it receives an indemnity from the Lenders reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power.
 
(f)        Notwithstanding anything else to the contrary herein, if an Agent shall request instructions from the Required Lenders with respect to any discretionary action by, consent, designation, specification, requirement or approval of, notice, request or other communication from, or other direction given or action to be undertaken or to be (or not to be) suffered or omitted by the Administrative Agent or to any election, decision, opinion, acceptance, use of judgment, expression of satisfaction or other exercise of discretion, rights or remedies to be made (or not to be made) by the Administrative Agent in connection with this Agreement or any other Loan Document, then the Administrative Agent shall be entitled to refrain from such act or taking such action unless and until it shall have received instructions from the Required Lenders, and, in any such event, the Administrative Agent shall not incur any liability to any Person by reason of so refraining.  Without limiting the generality of the foregoing, no Lender shall have any right of action whatsoever against the Administrative Agent as a result of such action or inaction hereunder or under any other Loan Document in accordance with the instructions of the Required Lenders.  This provision is intended solely for the benefit of the Administrative Agent and its successors and permitted assigns and is not intended to and will not entitle the other parties hereto to any defense, claim or counterclaim, or confer any rights or benefits on any party hereto.
 
Each party to this Agreement acknowledges and agrees that an Agent may use an outside service provider for the tracking of all UCC financing statements required to be filed pursuant to the Loan Documents and notification to the Administrative Agent or Collateral Agent, of, among other things, the upcoming lapse or expiration thereof, and that any such service provider will be deemed to be acting at the request and on behalf of Borrower.  No Agent shall be liable for any action taken or not taken by any such service provider.
 
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9.04      Reliance by Administrative Agent.  The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.  The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon.  In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or a L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or such L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender or such L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit.  The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall be entitled to rely upon the advice of any such counsel, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.
 
9.05       Delegation of Duties.  The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through, or delegate any and all such rights and powers to, any one or more sub-agents appointed by the Administrative Agent.  The Administrative Agent and any sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties.  The exculpatory provisions of this Article IX shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent or Collateral Agent, as applicable.  The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.
 
9.06       Resignation of Administrative Agent.
 
(a)       The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuers and the Borrower.  Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States.  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within sixty (60) days after the retiring Agent gives notice of its resignation (or such earlier date as may be agreed to by the Required Lenders) (the “Resignation Effective Date”), then the retiring Agent may (but shall not be obligated to) on behalf of the Lenders and the L/C Issuers, appoint (or petition a court of competent jurisdiction for the appointment of) a successor Agent meeting the qualifications set forth above.  Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.
 
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(b)        If any Person serving as an Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable Law, by notice in writing to the Borrower and such Person remove such Person as Agent and, in consultation with the Borrower, appoint a successor.  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.
 
(c)         With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removed Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any Collateral held by the Collateral Agent on behalf of the Secured Parties under any of the Loan Documents, the retiring Collateral Agent shall continue to hold such Collateral until such time as a successor Collateral Agent is appointed) and (ii) except for any indemnity payments or other amounts then owed to the retiring or removed Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and each L/C Issuer directly, until such time, if any, as the Required Lenders appoint a successor Agent as provided for above.  Upon the acceptance of a successor’s appointment as an Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or removed) Agent (other than as provided in Section 3.01(g) and other than any rights to indemnity payments or other amounts owed to the retiring or removed Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section 9.06).  The fees payable by the Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor.  After the retiring or removed Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article IX and Section 11.04 shall continue in effect for the benefit of such retiring or removed Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Agent was acting as an Agent.
 
(d)        Any entity into which the Administrative Agent in its individual capacity may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Administrative Agent in its individual capacity shall be a party, or any entity to which substantially all of the corporate trust business of the Administrative Agent in its individual capacity may be transferred, shall be the Administrative Agent under this Agreement and the other Loan Documents without further action other than the execution and delivery of an accession agreement to the Intercreditor Agreement (if required thereunder) in accordance with Section 11.06.
 
9.07      Non-Reliance on Administrative Agent and Other Lenders.  Each Lender and each L/C Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.  Each Lender and each L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.
 
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9.08       No Other Duties, Etc.  Anything herein to the contrary notwithstanding, the Joint Lead Arrangers and Joint Bookrunners listed on the cover page hereof shall not have any powers, duties, liabilities or responsibilities under this Agreement or any of the other Loan Documents, except in their respective capacity, as applicable, as Administrative Agent, a Lender or a L/C Issuer hereunder.
 
ARTICLE X
GUARANTY
 
10.01     Guaranty.  Each Guarantor hereby, jointly and severally, absolutely, unconditionally and irrevocably guarantees to the Secured Parties and their respective successors, endorsees, transferees and assigns, as a guaranty of payment and not merely as a guaranty of collection, prompt and complete payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all of the Obligations, whether for principal, interest, premiums, fees, indemnities, damages, costs, expenses or otherwise, of the Borrower or the other Loan Parties to the Secured Parties, and whether arising hereunder or under any other Loan Document (including all renewals, extensions, amendments, refinancings and other modifications thereof and all costs, attorneys’ fees and expenses incurred by the Secured Parties in connection with the collection or enforcement thereof).  The Administrative Agent’s books and records showing the amount of the Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon each Guarantor, and conclusive absent manifest error for the purpose of establishing the amount of the Obligations.  This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Obligations or any instrument or agreement evidencing any Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Obligations which might otherwise constitute a defense to the obligations of any Guarantor under this Guaranty, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing.
 
10.02    Rights of Lenders.  Each Guarantor consents and agrees that the Secured Parties may, at any time and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof:  (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Obligations; (c) apply such security and direct the order or manner of sale thereof as the Administrative Agent and the Lenders in their sole discretion may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Obligations.  Without limiting the generality of the foregoing, each Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of such Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of such Guarantor.
 
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10.03     Certain Waivers.  Each Guarantor waives (a) any defense arising by reason of any disability or other defense of the Borrower or any other guarantor, or the cessation from any cause whatsoever (including any act or omission of any Secured Party) of the liability of the Borrower or any other Loan Party; (b) any defense based on any claim that such Guarantor’s obligations exceed or are more burdensome than those of the Borrower or any other Loan Party; (c) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder; (d) any right to proceed against the Borrower or any other Loan Party, proceed against or exhaust any security for the Obligations, or pursue any other remedy in the power of any Secured Party whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by any Secured Party; and (f) to the fullest extent permitted by Law, any and all other defenses or benefits that may be derived from or afforded by applicable Law limiting the liability of or exonerating guarantors or sureties.  Notwithstanding the foregoing, each Guarantor agrees that its obligations under and in respect of this guarantee shall not be affected by, and shall remain in full force and effect without regard to, and hereby waives all rights, claims or defenses that it might otherwise have (now or in the future) with respect to each of the following (whether or not such Guarantor has knowledge thereof): (i) the validity or enforceability of this Agreement or any other Loan Document, any of the Obligations or any guarantee or right of offset with respect thereto at any time or from time to time held by any Secured Party; (ii) any renewal, extension or acceleration of, or any increase in the amount of the Obligations, or any amendment, supplement, modification or waiver of, or any consent to departure from, the Loan Documents; (iii) any failure or omission to assert or enforce or agreement or election not to assert or enforce, delay in enforcement, or the stay or enjoining, by order of court, by operation of law or otherwise, of the exercise or enforcement of, any claim or demand or any right, power or remedy (whether arising under any Loan Document, at law, in equity or otherwise) with respect to the Obligations or any agreement relating thereto, or with respect to any other guaranty of or security for the payment of the Obligations; (iv) any change, reorganization or termination of the corporate structure or existence of the Borrower or any other Loan Party or any of their Subsidiaries and any corresponding restructuring of the Obligations; (v) any settlement, compromise, release, or discharge of, or acceptance or refusal of any offer of payment or performance with respect to, or any substitution for, the Obligations, or any subordination of the Obligations to any other obligations; (vi) the validity, perfection, non-perfection or lapse in perfection, priority or avoidance of any security interest or lien, the release of any or all collateral securing, or purporting to secure, the Obligations or any other impairment of such collateral; (vii) any exercise of remedies with respect to any security for the Obligations (including, without limitation, any collateral, including the Collateral, securing or purporting to secure any of the Obligations) at such time and in such order and in such manner as the Administrative Agent and the Secured Parties may decide and whether or not every aspect thereof is commercially reasonable and whether or not such action constitutes an election of remedies and even if such action operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy that any Guarantor would otherwise have, and without limiting the generality of the foregoing or any other provisions hereof, each Guarantor hereby expressly waives any and all benefits which might otherwise be available to such Guarantor under applicable Law; and (viii) any other circumstance whatsoever which may or might in any manner or to any extent vary the risk of any Guarantor as an obligor in respect of the Obligations or which constitutes, or might be construed to constitute, an equitable or legal discharge of the Borrower or any Guarantor for the Obligations, or of any such Guarantor under the guarantee contained in this Article X or of any security interest granted by any Guarantor, whether in a proceeding under any Debtor Relief Law or in any other instance (other than the indefeasible payment in full of the Obligations).  Each Guarantor expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Obligations.
 
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10.04     Obligations Independent. The obligations of each Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Obligations and the obligations of any other guarantor, and a separate action may be brought against such Guarantor to enforce this Guaranty whether or not the Borrower, any other Loan Party or any other person or entity is joined as a party.
 
10.05    Subrogation.  Each Guarantor shall not exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of the Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in full and the Commitments and the Facility are terminated.  If any amounts are paid to a Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Secured Parties and shall forthwith be paid to the Secured Parties to reduce the amount of the Obligations, whether matured or unmatured.
 
10.06    Termination; Reinstatement.  This Guaranty is a continuing and irrevocable guaranty of all Obligations now or hereafter existing and shall remain in full force and effect until all Obligations and any other amounts payable under this Guaranty are indefeasibly paid in full in cash and the Commitments and the Facility with respect to the Obligations are terminated.  Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of the Borrower or any other Loan Party is made, or any of the Secured Parties exercises its right of setoff, in respect of the Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any of the Secured Parties in their discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not the Secured Parties are in possession of or have released this Guaranty and regardless of any prior revocation, rescission, termination or reduction.  The obligations of each Guarantor under this paragraph shall survive termination of this Guaranty.
 
10.07    Subordination.  Each Guarantor hereby subordinates the payment of all obligations and indebtedness of the Borrower or any other Loan Party owing to such Guarantor, whether now existing or hereafter arising, including any obligation of the Borrower or any other Loan Party to such Guarantor as subrogee of the Secured Parties or resulting from such Guarantor’s performance under this Guaranty, to the indefeasible payment in full in cash of all Obligations.  If the Secured Parties so request, any such obligation or indebtedness of the Borrower or any other Loan Party to such Guarantor shall be enforced and performance received by such Guarantor as trustee for the Secured Parties and the proceeds thereof shall be paid over to the Secured Parties on account of the Obligations, but without reducing or affecting in any manner the liability of such Guarantor under this Guaranty.
 
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10.08     Stay of Acceleration.  If acceleration of the time for payment of any of the Obligations is stayed, in connection with any case commenced by or against the Borrower or any other Loan Party under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by the Guarantors immediately upon demand by the Secured Parties.
 
10.09     Condition of Borrower.  Each Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining from the Borrower, the other Loan Parties and any other guarantor such information concerning the financial condition, business and operations of the Borrower, the other Loan Parties and any such other guarantor as such Guarantor requires, and that none of the Secured Parties has any duty, and such Guarantor is not relying on the Secured Parties at any time, to disclose to such Guarantor any information relating to the business, operations or financial condition of the Borrower, the other Loan Parties or any other guarantor (such Guarantor waiving any duty on the part of the Secured Parties to disclose such information and any defense relating to the failure to provide the same).
 
10.10     Payments.  Any and all payments by or on account of any obligation of any Guarantor hereunder or under any other Loan Document shall be made in Dollars and in immediately available funds, on the same terms and to the same extent that payments by the Borrower are required to be made pursuant to the terms hereof.
 
10.11     Keepwell.  Each Loan Party that is a Qualified ECP Guarantor at the time the Guaranty or the grant of the security interest under the Loan Documents, in each case, by any Specified Loan Party, becomes effective with respect to any Swap Obligation, hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide such funds or other support to each Specified Loan Party with respect to such Swap Obligation as may be needed by such Specified Loan Party from time to time to honor all of its obligations under this Guaranty and the other Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP Guarantor’s obligations and undertakings under this Article X voidable under applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).  The obligations and undertakings of each Qualified ECP Guarantor under this Section 10.11 shall remain in full force and effect until the Obligations have been indefeasibly paid and performed in full.  Each Qualified ECP Guarantor intends this Section 10.11 to constitute, and this Section 10.11 shall be deemed to constitute, a guarantee of the obligations of, and a “keepwell, support, or other agreement” for the benefit of, each Specified Loan Party for all purposes of the Commodity Exchange Act.
 
10.12     [Reserved].
 
10.13     Spanish Guarantee Limitations.The Guarantees and indemnities of each Spanish Guarantor under the Loan Documents shall:
 
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(a)         not extend to any obligation incurred by any Loan Party as a result of such Loan Party borrowing (or guaranteeing the borrowing of) funds (but only in respect of those funds) under the Loan Documents for the purpose of:
 
(i)          acquiring quotas (participaciones sociales) representing the share capital of such Spanish Guarantor or shares (acciones) or quotas (participaciones sociales) representing the share capital of a company within its Relevant Group; or
 
(ii)       refinancing a previous debt for the acquisition of quotas (participaciones sociales) representing the share capital of such Spanish Guarantor or shares (acciones) or quotas (participaciones sociales) representing the share capital of a company within its Relevant Group; and
 
(b)         not be deemed undertaken or incurred by a Spanish Guarantor to the extent that the same would constitute unlawful financial assistance under Section 2 of Chapter VI of Title IV of the Spanish Companies Law, and, in that case, all provisions of this Agreement shall be construed accordingly in the sense that, in no case, can any Guarantee or security given by a Spanish Guarantor secure repayment of the above-mentioned funds,
 
provided that any Guarantee or security given by a Spanish Guarantor shall benefit such Spanish Guarantor, any of the companies within its Relevant Group or its Relevant Group as a whole.
 
For the purposes of this Section 10.13, a reference to the “Relevant Group” of a Spanish Guarantor shall mean such Spanish Guarantor and any other companies constituting a group as such term is defined under Article 42 of the Spanish Commercial Code (Código de Comercio). The limitations set forth in this Section 10.13 shall apply mutatis mutandis to any security created by a Spanish Guarantor under the Collateral Documents and to any guarantee, indemnity, any similar obligation resulting in a payment obligation and payment including setoff pursuant to the Loan Documents and made by any Spanish Guarantor.
 
ARTICLE XI
MISCELLANEOUS
 
11.01     Amendments, Etc. Except as provided in Section 3.03(Inability to Determine Rates; Benchmark Replacement Setting), no amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall:
 
(a)         waive (i) any condition set forth in Section 4.01 or (ii) any condition set forth in Section 4.02 with respect to the first Credit Extension, without the prior written consent of all Lenders;
 
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(b)        without limiting the generality of clause (a) above, waive any condition set forth in Section 4.02 as to any Borrowing under the Facility without the prior written consent of the Required Lenders;
 
(c)          extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the written consent of such Lender;
 
(d)        postpone any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under such other Loan Document without the written consent of each Lender entitled to such payment;
 
(e)          reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (ii) of the second proviso to this Section 11.01) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender entitled to such amount; provided, however, that only the consent of the Required Lenders shall be necessary (i) to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest at the Default Rate or (ii) to amend any financial covenant hereunder (or any defined term used therein);
 
(f)       change Section 2.12 in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender, or change (i) Section 8.03 or (ii) the order of application of any reduction in the Commitments or any prepayment of Loans from the application thereof set forth in the applicable provisions of Section 2.04(b), without the written consent of each Lender;
 
(g)        change any provision of this Section 11.01 or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender;
 
(h)         release all or substantially all of the Collateral in any transaction or series of related transactions, except as shall be otherwise provided in any Collateral Document or any other Loan Document, without the written consent of each Lender; provided that, with respect to Collateral Documents that the Lenders are not party to, the Collateral Agent may agree to such an amendment, waiver or consent provided it has received an instruction to do so from the Administrative Agent on behalf of each Lender;
 
(i)         release all or substantially all of the value of the Guaranty, without the written consent of each Lender, except to the extent the release of any Guarantor from the Guaranty is permitted pursuant to the Loan Documents; or
 
(j)         impose any greater restriction on the ability of any Lender under the Facility to assign any of its rights or obligations hereunder without the written consent of the Required Lenders;
 
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and provided, further, that (i) no amendment, waiver or consent shall, unless in writing and signed by each L/C Issuer in addition to the Lenders required above, affect the rights or duties of any L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by an Agent, as applicable, in addition to the Lenders required above, affect the rights or duties of the an Agent, as applicable, under this Agreement or any other Loan Document; and (iii) a Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto.  Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender.
 
If any Lender does not consent to a proposed amendment, waiver, consent or release with respect to any Loan Document that requires the consent of each Lender and that has been approved by the Required Lenders, the Borrower may replace such non-consenting Lender in accordance with Section 11.13; provided that such amendment, waiver, consent or release can be effected as a result of the assignment contemplated by such Section 11.13 (together with all other such assignments required by the Borrower to be made pursuant to this paragraph).
 
Notwithstanding anything in this Section 11.01 to the contrary, Schedule 2.01 may be amended and restated pursuant to a Joinder Agreement.
 
11.02     Notices; Effectiveness; Electronic Communications.
 
(a)         Notices Generally.  Except as provided in subsection (b) below, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or electronic mail as follows:
 
(i)          if to the Borrower or any other Loan Party, the Administrative Agent or the L/C Issuers, to the address, facsimile number, electronic mail address specified for such Person on Schedule 11.02; and
 
(ii)        if to any other Lender, to the address, facsimile number or electronic mail address specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the delivery of notices that may contain material non-public information relating to the Borrower).
 
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Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient).  Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below shall be effective as provided in such subsection (b).  Any notice required to be delivered to the Administrative Agent by the Borrower pursuant to Article II (including Committed Loan Notices and prepayment notices) must be faxed to the Administrative Agent at its facsimile number set forth in Schedule 11.02, regardless of whether it is delivered to the Administrative Agent in any other manner permitted under this Section 11.02.
 
(b)        Electronic Communications.  Notices and other communications to the Lenders and the L/C Issuers hereunder may be delivered or furnished by electronic communication (including e-mail, FpML messaging, and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or any L/C Issuer pursuant to Article II if such Lender or such L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article II by electronic communication.  The Administrative Agent, the L/C Issuers or the Borrower may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.
 
Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii), if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.
 
(c)        The Platform.  THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.”  THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON‑INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM.  In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any other Loan Party, any Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s or an Agent’s transmission of Borrower Materials or notices through the Platform, any other electronic messaging service, or through the Internet.
 
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(d)         Change of Address, Etc.  Each Loan Party, the Administrative Agent and the L/C Issuers may change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto.  Each other Lender may change its address or facsimile number for notices and other communications hereunder by notice to the Borrower, the Administrative Agent and the L/C Issuers.  In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.  Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States Federal and state securities Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes of United States Federal or state securities laws.
 
(e)        Reliance by Administrative Agent, L/C Issuer and Lenders.  The Administrative Agent, each L/C Issuer and the Lenders shall be entitled to rely and act upon any notices (including Committed Loan Notices and Letter of Credit Applications) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.  The Borrower shall indemnify the Administrative Agent, each L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower.
 
11.03     No Waiver; Cumulative Remedies; Enforcement.  No failure by any Lender, any L/C Issuer or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law.
 
Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders and the L/C Issuers; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) each L/C Issuer from exercising the rights and remedies that inure to its benefit (solely in its capacity as L/C Issuer) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 11.08 (subject to the terms of Section 2.12), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.12, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.
 
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11.04     Expenses; Indemnity; Damage Waiver.
 
(a)         Costs and Expenses.  The Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Lenders, the Administrative Agent and their respective Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent and the Lenders) in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents (including, with respect to the Collateral Agent, taking and holding Collateral and perfecting security interests therein) or any amendments, modifications or waivers of or consents to the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by any L/C Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, and (iii) all documented out‑of‑pocket expenses incurred by the Administrative Agent, any L/C Issuer or any Lender (including the documented fees, charges and disbursements of any counsel for the Administrative Agent, any L/C Issuer or any Lender), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents and with respect to the Collateral, including its rights under this Section 11.04, or (B) in connection with Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.
 
(b)        Indemnification by the Borrower.  The Borrower shall indemnify the Administrative Agent, each Lender and each L/C Issuer and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the documented fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower or any other Loan Party, but excluding such Indemnitee and its Related Parties) arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by any L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or Release of Hazardous Materials at, on, under or emanating from any property owned, leased or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee; (y) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee for willful breach of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction; or (z) do not arise from any act or omission by the Borrower or any of its Affiliates and are brought by an Indemnitee against any other Indemnitee (other than losses, claims, damages, liabilities, or related expenses involving claims against the Administrative Agent in its capacity as such).  Without limiting the provisions of Section 3.01(c), this Section 11.04(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.
 
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(c)       Reimbursement by Lenders.  To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under subsection (a) or (b) of this Section 11.04 to be paid by it to the Administrative Agent (or any sub-agent thereof), the Collateral Agent (or any sub-agent thereof), any L/C Issuer or any Related Party, and without relieving the Borrower of its obligation to do so, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the Collateral Agent (or any sub-agent thereof), such L/C Issuer or such Related Party such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Total Credit Exposure at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such Lenders’ Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought), provided, further that, the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any sub-agent), the Collateral Agent (or any sub-agent thereof), or any L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any sub-agent) or any L/C Issuer in connection with such capacity.  The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.11(d).
 
(d)       Waiver of Consequential Damages, Etc.  To the fullest extent permitted by applicable Law, no Loan Party shall assert, and each Loan Party hereby waives, and acknowledges that no other Person shall have, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof.  No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.
 
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(e)          Payments.  All amounts due under this Section 11.04 shall be payable not later than ten (10) Business Days after demand therefor.
 
(f)        Survival.  The agreements in this Section 11.04 and the indemnity provision of Section 11.02(e) shall survive the resignation or removal of the Administrative Agent, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.
 
11.05    Payments Set Aside.  To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent, any L/C Issuer or any Lender, or the Administrative Agent, any L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, such L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and each L/C Issuer severally agrees to pay to the Administrative Agent upon written demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect.  The obligations of the Lenders and the L/C Issuers under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.
 
11.06     Successors and Assigns.
 
(a)         Successors and Assigns Generally.  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender, and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of Section 11.06(b), (ii) by way of participation in accordance with the provisions of Section 11.06(d), or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 11.06(e) (and any other attempted assignment or transfer by any party hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section 11.06 and, to the extent expressly contemplated hereby, the Related Parties of the Administrative Agent, the L/C Issuers and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
 
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(b)        Assignments by Lenders.  Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b), participations in L/C Obligations) at the time owing to it); provided that any such assignment shall be subject to the following conditions:
 
(i)           Minimum Amounts.
 
(A)      in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at the time owing to it or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph (b)(i)(B) of this Section 11.06 in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and
 
(B)       in any case not described in Section 11.06(b)(i)(A), the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than U.S.$1,000,000 unless the Administrative Agent otherwise consents (such consent not to be unreasonably withheld or delayed).
 
(ii)         Proportionate Amounts.  Each total or partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned;
 
(iii)        Required Consents.  No consent shall be required for any assignment except to the extent required by other subsections of this Section 11.06 and, in addition:
 
(A)     the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required if such assignment is to an Eligible Assignee that is not a Lender, Affiliate of a Lender or Approved Fund (and any such purported assignment without such consent shall be null and void); provided that (x) no such Borrower consent shall be required if an Event of Default has occurred and is continuing at the time of such assignment and (y) the Borrower shall be deemed to have consented unless it has objected by written notice to the Administrative Agent within ten (10) Business Days after having received written notice of such proposed assignment;
 
(B)     the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and
 
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(C)     the consent of the L/C Issuers shall be required for any assignment.
 
(iv)         Assignment and Assumption.  The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of U.S.$3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment.  The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.  No assignment under this subsection (b) of Section 11.06 shall be effective until the Administrative Agent has satisfied its “know your customer” requirements with respect to the assignee, and the Administrative Agent shall not be obligated to execute any Assignment and Assumption until such requirements with respect to the assignee have been satisfied, provided that the Administrative Agent shall not unreasonably delay its determination of the satisfaction of “know your customer” requirements.
 
(v)          No Assignment to Certain Persons.  No such assignment shall be made (A) to any Loan Party or any of the Loan Parties’ Affiliates or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B), or (C) to a natural Person.
 
(vi)        Certain Additional Payments.  In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, any L/C Issuer or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit in accordance with its Applicable Percentage.  Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.
 
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(vii)       Status of Assignee Lender and Assigning Lender.  Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section 11.06, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05 and 11.04 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.  Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section 11.06.
 
(viii)      No Increased Costs.  The Borrower shall not be required to pay to the relevant assignee Lender an amount pursuant to Section 3.01 or Section 3.04 in excess of the amount that the Borrower would have been required to pay to the assigning Lender if the relevant assignment had not been made.
 
(c)        Register.  The Administrative Agent, acting solely for this purpose as an agent of the Borrower (such agency being solely for tax purposes and not subject to any fiduciary or other implied duties), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement.  The Register shall be available for inspection by the Borrower, at any reasonable time and from time to time upon reasonable prior notice (but not more frequently than once per calendar month).
 
(d)        Participations.  Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person, a Defaulting Lender or any Loan Party or any of the Loan Parties’ Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans including such Lender’s participations in L/C Obligations owing to it); provided that (i)  such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the L/C Issuers and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.  For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 11.04(c) without regard to the existence of any participation.
 
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Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 11.01 that affects such Participant.  The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section 11.06 (it being understood that the documentation required under Section 3.01(e) shall be delivered to the Lender who sells the participation) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section 11.06; provided that such Participant (A) agrees to be subject to the provisions of Sections 3.06 and 11.13 as if it were an assignee under subsection (b) of this Section 11.06 and (B) shall not be entitled to receive any greater payment under Sections 3.01 or 3.04, with respect to any participation, than the Lender from whom it acquired the applicable participation would have been entitled to receive.  The foregoing shall not apply in relation to Section 3.01, to a Treaty Lender that has included a confirmation of its scheme reference number and its jurisdiction of tax residence in accordance with Section 3.01(e)(vi) if the Loan Party making the payment has not made an appropriate DTTP2 filing pursuant to Section 3.01(e)(vii) within the time period contemplated therein in respect of that Treaty Lender or such DTTP2 filing has been rejected by HMRC.  Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 3.06 with respect to any Participant.  To the extent permitted by law, each Participant shall also be entitled to the benefits of Section 11.09 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.12 as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”).  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary; provided that no Lender shall have any other obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is (i) necessary to establish that such commitment, loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations and/or (ii) required pursuant to applicable Law, after the Borrower’s reasonable prior written request therefor. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.
 
(e)       Certain Pledges.  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
 
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11.07     Treatment of Certain Information; Confidentiality.  Each of the Administrative Agent, the Lenders and the L/C Issuers agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section 11.07, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (g) on a confidential basis to (i) any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers of other market identifiers with respect to the credit facilities provided hereunder, (h) with the consent of the Borrower or (i) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section 11.07 or (ii) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a non-confidential basis from a source other than the Borrower.
 
For purposes of this Section 11.07, “Information” means all information received from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or any L/C Issuer on a non-confidential basis prior to disclosure by the Borrower or any Subsidiary, provided that, in the case of information received from the Borrower or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality of Information as provided in this Section 11.07 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.
 
Each of the Administrative Agent, the Lenders and the L/C Issuers acknowledges that (a) the Information may include material non-public information concerning the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non‑public information and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state securities Laws.
 
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11.08     Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender, each L/C Issuer and each of its respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, such L/C Issuer or any such Affiliate to or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such other Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or such L/C Issuer, irrespective of whether or not such Lender or such L/C Issuer shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower or such other Loan Party may be contingent or unmatured or are owed to a branch or office or Affiliate of such Lender or such L/C Issuer different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.13 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.  The rights of each Lender and each L/C Issuer and its respective Affiliates under this Section 11.08 are in addition to other rights and remedies (including other rights of setoff) that such Lender, such L/C Issuer or its respective Affiliates may have.  Each Lender and each L/C Issuer agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application.
 
11.09     Interest Rate Limitation.  Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”).  If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower.  In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.
 
11.10    Counterparts; Integration; Effectiveness.  This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement and the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means (e.g.  “pdf” or “tif”) shall be effective as delivery of an original executed counterpart thereof.
 
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11.11    Survival of Representations and Warranties.  All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof.  Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Borrowing, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.
 
11.12     Severability.  If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  Without limiting the foregoing provisions of this Section 11.12, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, then such provisions shall be deemed to be in effect only to the extent not so limited.
 
11.13    Replacement of Lenders.  If the Borrower is entitled to replace a Lender pursuant to the provisions of Section 3.06, or if any Lender is a Defaulting Lender or a Non-Consenting Lender or if any other circumstance exists hereunder that gives the Borrower the right to replace a Lender as a party hereto, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 11.06), all of its interests, rights (other than its existing rights to payments pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which Eligible Assignee may be another Lender, if a Lender accepts such assignment), provided that:
 
(a)          the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 11.06(b);
 
(b)          such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts);
 
(c)        in the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment is reasonably believed by the Borrower to result in a reduction in such compensation or payments thereafter;
 
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(d)          such assignment does not conflict with applicable Laws;
 
(e)          the Administrative Agent has satisfied its “know your customer” requirements with respect to the applicable assignee, provided that the Administrative Agent shall not unreasonably delay its determination of the satisfaction of “know your customer” requirements; and
 
(f)       in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent.
 
A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.
 
11.14     Governing Law; Jurisdiction; Etc.
 
(a)        GOVERNING LAW.  THIS AGREEMENT AND THE NOTES AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY NOTE AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
 
(b)     SUBMISSION TO JURISDICTION EACH PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF AND AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST ANY OTHER PARTY OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR THE TRANSACTIONS RELATING HERETO, IN ANY FORUM OTHER THAN SUCH COURTS, AND EACH OF THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO ANY OTHER JURISDICTION TO WHICH IT MAY BE ENTITLED BY REASON OF PRESENT OR FUTURE DOMICILE, PLACE OF RESIDENCE OR ANY OTHER REASON AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER DEBT DOCUMENT SHALL AFFECT ANY RIGHT THAT THE COLLATERAL AGENT OR ANY CREDITOR MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER DEBT DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY (EXCEPT LOAN PARTIES THAT ARE INCORPORATED OR DOMICILED IN MEXICO) OR ANY OF THEIR RESPECTIVE PROPERTIES IN THE COURTS OF ANY JURISDICTION.
 
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(c)        WAIVER OF VENUE.  EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN CLAUSE (B) OF THIS SECTION 11.14.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.
 
(d)       SERVICE OF PROCESS.  The Borrower and each other Loan Party hereby irrevocably designates, appoints and empowers CT Corporation, with an office on the date hereof at 111 Eighth Avenue, New York, New York 10011, Unites States of America, as its designee, appointee and agent to receive, accept and acknowledge for and on its behalf, and in respect of its property, service of any and all legal process, summons, complaints, notices and documents which may be served in any action or proceeding arising out of or relating to this Agreement.  Such service may be made by mailing or delivering a copy of such process to the applicable Loan Party in care of the Process Agent at the Process Agent’s address.  If for any reason the Process Agent shall cease to act as such for the Borrower, the Borrower hereby agrees to designate a new designee, appointee and agent in New York City, State of New York, United States on the same terms and for the purposes of this Section 11.14 reasonably satisfactory to the Required Lenders.  Notwithstanding the designation, appointment and empowerment of the Process Agent as herein set forth, each of the Borrower and each other Loan Party irrevocably consents to service of process in the manner provided for notices in Section 11.02.  Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law.
 
11.15    WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.15.
 
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11.16     Special Provisions Regarding Enforcement Under the Laws of Spain.
 
(a)        Administrative Agent Accounting.  For the purposes of Article 572 of the Spanish Civil Procedural Law (Ley de Enjuiciamiento Civil), the Administrative Agent, in its capacity as such (and on behalf of each Secured Party), shall open and maintain in its book a special credit account for each Secured Party.  In each of such accounts the Administrative Agent shall debit the amounts owed by a Loan Party to a Secured Party, including the interest, fees, expenses, default interest, additional costs and any other amounts that are payable by a Loan Party pursuant to a Loan Document.  Likewise, all amounts received by the Administrative Agent from a Loan Party pursuant to a Loan Document shall be credited in that account, so that the sum of the balance of the credit account represents the amount owed by a Loan Party to a Secured Party at any time.
 
(b)         Individual Account of Each Secured Party.  In addition to the special unified account referred to in Section 11.16(a) above, each Secured Party shall open and maintain in its books a special credit account from which the interest, fees, expenses, default interest, additional costs and any other amounts that a Loan Party owes to such Secured Party hereunder shall be debited and in which all amounts received by the Secured Party from any Loan Party under the relevant Loan Document shall be credited.
 

 (c)
Determination of Balance Due Upon Enforcement Before Spanish Courts.
 
(i)          In the event of enforcement of a Loan Document before the Spanish courts, the Administrative Agent (on behalf of the Secured Parties) shall settle the credit accounts referred to above in this Section 11.16. It is expressly agreed for purposes of enforceability via judicial or out-of-court methods pursuant to Spanish Law that the balance due from the accounts referred to in this Section 11.16 resulting from the certificate issued for such purpose by the Administrative Agent shall be deemed a liquid, due and payable amount enforceable against a Loan Party, provided that it is evidenced in a notarial document that the settlement was made in the form agreed to by the parties in the enforceable instrument documenting this Agreement (título ejecutivo) and that the balance due matches with the balance that appears in the corresponding open account of the Secured Party in connection to the relevant Loan Document.
 
(ii)          The Administrative Agent shall previously notify the relevant Loan Party of the amount due as a result of the settlement.
 
(d)          Enforcement Before the Spanish Courts.
 
(i)          In the event that a Secured Party decides, for the purposes of the enforcement of a Loan Document (that has been raised to the status of public document in Spain) before the Spanish courts, to commence the ordinary enforcement proceeding set forth in Articles 517 et seq., of the Spanish Law of Civil Procedure, the parties expressly agree for purposes of Article 571 et seq., of such Spanish Law of Civil Procedure that the settlement to determine the summarily enforceable debt be made by the Administrative Agent (on behalf of the corresponding Secured Party).  Therefore, the following will be sufficient for the commencement of the summary proceedings:  (A) the notarial deed (escritura de elevación a público) evidencing this Agreement (or the relevant Loan Document that has been raised to the status of public document in Spain); (B) a certificate, issued by the Administrative Agent, of the debt for which the Loan Party is liable, as well as the extract of the debit and credit entries and the entries corresponding to the application of interest that determines the actual balance for which enforcement is requested and the document providing evidence (documento fehaciente) that the settlement of the debt has been carried out in the form agreed to in this Agreement; and (C) a notarial document providing evidence of the prior notice to the Loan Party of the amount due as a result of the settlement.
 
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(ii)       The Loan Party shall bear all Taxes, expenses and duties accruing or that are incurred by reason of the notarial instruments referred to in the previous paragraph.
 
(iii)        To the extent that the Laws of Spain do not contemplate the enforcement of Collateral by a collateral agent, security agent or other agent, references in this Agreement to the enforcement of any Collateral Document governed by the Laws of Spain by the Collateral Agent shall be deemed to refer to enforcement of such Collateral Document by the Secured Parties. In such case, the Secured Parties benefiting from any Collateral Document would have to evidence its title to the secured obligations, ratify the Collateral Document and accept the benefit of the security interest in their respective names by executing a public deed through duly appointed representatives.
 
11.17     Judgment Currency.
 
(a)         Obligation to Pay in Dollars.  The Loan Parties’ obligations under this Agreement or any of the other Loan Documents to make payment in Dollars (the “Obligation Currency”) shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or converted into any currency other than the Obligation Currency, except to the extent that such tender or recovery results in the effective receipt of the full amount of the Obligation Currency expressed to be payable under this Agreement or the other Loan Documents.  If, for the purpose of obtaining or enforcing judgment against any Loan Party in any court or in any jurisdiction, it becomes necessary to convert into or from any currency other than the Obligation Currency (such other currency being hereinafter referred to as the “Judgment Currency”) an amount due in the Obligation Currency, the conversion shall be made at the rate of exchange at which the Administrative Agent could purchase Dollars with such Judgment Currency in accordance with normal banking procedures in New York City, State of New York, United States, with respect to Dollars as of the day (or, if such day is not a Business Day, on the next succeeding Business Day) on which the judgment is given (such Business Day being hereinafter referred to as the “Judgment Currency Conversion Date”).
 
(b)         Additional Amounts.  If there is a change in the rate of exchange prevailing between the Judgment Currency Conversion Date and the date of actual payment of the amount due from a Loan Party, such Loan Party covenants, to the extent permitted by applicable Law, to pay, or cause to be paid, such additional amounts, if any (but, in any event, not a lesser amount), as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the applicable rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency that could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial award against it at the rate of exchange prevailing on the Judgment Currency Conversion Date.  If there is a change in the rate of exchange prevailing between the Judgment Currency Conversion Date and the date of actual payment of the amount due that results in the Borrower paying an amount in excess of that necessary to discharge or satisfy any judgment against it, the Secured Party receiving such excess shall transfer or cause to be transferred to the Borrower the amount of such excess (net of any Taxes and reasonable and customary costs incurred in connection therewith).
 
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(c)        Determination of Amount.  For purposes of determining the applicable currency equivalent or other rate of exchange under this Section 11.17, such amount shall include any premium and costs payable in connection with the purchase of the Obligation Currency.
 
11.18     No Advisory or Fiduciary Responsibility.  In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Loan Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that:  (i)(A) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Joint Lead Arrangers and Joint Bookrunners and the Lenders are arm’s‑length commercial transactions between the Loan Parties and their respective Affiliates, on the one hand, and the Administrative Agent, the Joint Lead Arrangers and Joint Bookrunners and the Lenders, on the other hand, (B) each Loan Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii)(A) the Administrative Agent, the Joint Lead Arrangers and Joint Bookrunners and the Lenders each is and has been acting solely as a principal and, except as expressly agreed in writing by the Loan Parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Loan Parties or any of their respective Affiliates or any other Person and (B) neither the Administrative Agent, any Joint Lead Arrangers and Joint Bookrunner nor any Lender has any obligation to the Loan Parties or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Joint Lead Arrangers and Joint Bookrunners, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Loan Parties and their respective Affiliates, and neither the Administrative Agent, any Joint Lead Arranger and Joint Bookrunner nor any Lender has any obligation to disclose any of such interests to the Loan Parties or any of their respective Affiliates.  To the fullest extent permitted by Law, each Loan Party hereby waives and releases any claims that it may have against the Administrative Agent, the Joint Lead Arrangers and Joint Bookrunners and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.
 
11.19     Electronic Execution of Assignments and Certain Other Documents.  The words “execution,” “execute,” “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including Assignment and Assumptions, Committed Loan Notices, amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it.
 
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11.20     USA PATRIOT Act.  Each Secured Party that is subject to the Patriot Act (in the case of the Administrative Agent, the Collateral Agent or the L/C Issuers, for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the Patriot Act.  The Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti‑money laundering rules and regulations, including the Patriot Act.
 
11.21    Acknowledgment and Consent to Bail-In of Affected Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
 
(a)        the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and
 
(b)          the effects of any Bail-in Action on any such liability, including, if applicable:
 
(i)           a reduction in full or in part or cancellation of any such liability;
 
(ii)         a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
 
(iii)        the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority.
 
153
11.22    Release of ASHUSA Inc. and ASUSHI Inc[Reserved].  Upon the receipt by the Administrative Agent of a certificate from the Borrower, signed by a Responsible Officer of the Borrower, certifying that (a) a Guarantor has acquired all of the existing and outstanding Equity Interests in ASHUSA Inc. and ASUSHI Inc. (collectively, the “Released Subsidiaries”) together with copies of the definitive documentation evidencing such acquisition certified by such Responsible Officer as being true, complete and correct copies thereof, (b) the Released Subsidiaries are Non-Recourse Subsidiaries, and (c) the Borrower has complied with Section 6.12(e), then:
 
(a)        each Released Subsidiary shall automatically cease to be a Guarantor and shall be released of its obligations as “Guarantor” hereunder and under any other Loan Document, without any further action by any party hereto;
 
(b)        the definition assigned to the term “Guarantors” shall be automatically amended and replaced in its entirety with the following, without any further action by any party hereto:
 
““Guarantors” means, collectively, (a) Atlantica Infraestructura Sostenible, S.L.U. (f/k/a ABY Concessions Infrastructures, S.L.U.), Atlantica Peru S.A. (f/k/a ABY Concessions Peru S.A.), ACT Holding, S.A. de C.V., Atlantica Investments Limited, Atlantica Newco Limited and Atlantica North America LLC, and (b) each other direct or indirect Subsidiary of the Borrower that executes and delivers a guaranty or Guarantor Accession Agreement pursuant to Section 6.12.”
 
and.
 
(c)         within thirty (30) days following the receipt of such certificate, the Administrative Agent and the Lenders shall take, or shall cause to take, such additional action and executed and deliver, or cause to execute and deliver, such additional documents as may be reasonably required (in each case, at the expense of the Borrower) to (A) release each Released Subsidiary from its obligations as “Guarantor” hereunder and under any other Loan Document, and (B) terminate any Lien created under any Pledge Agreement and any other Collateral Document in respect of any Equity Interests in the Released Subsidiaries and release the Released Subsidiaries from any obligations thereunder.
 
11.23     Acknowledgement Regarding Any Supported QFCs.
 
To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Swap Contract or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

154
In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.
 
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 

155

v3.22.1
Document and Entity Information
 3 Months Ended
Mar. 31, 2022
Cover [Abstract]  
Document Type 6-K
Amendment Flag false
Document Period End Date Mar. 31, 2022
Current Fiscal Year End Date --12-31
Entity Registrant Name Atlantica Sustainable Infrastructure plc
Entity File Number 001-36487
Entity Address, Address Line One GREAT WEST HOUSE, GW1, 17TH FLOOR
Entity Address, Address Line Two GREAT WEST ROAD
Entity Address, City or Town BRENTFORD
Entity Address, Country GB
Entity Address, Postal Zip Code TW8 9DF
Entity Central Index Key 0001601072

v3.22.1
Consolidated condensed statements of financial position - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Non-current assets    
Contracted concessional assets $ 7,931,882 $ 8,021,568
Investments carried under the equity method 285,029 294,581
Financial investments 118,944 96,608
Deferred tax assets 159,045 172,268
Total non-current assets 8,494,900 8,585,025
Current assets    
Inventories 33,940 29,694
Trade and other receivables 301,711 307,143
Financial investments 185,916 207,379
Cash and cash equivalents 739,001 622,689
Total current assets 1,260,568 1,166,905
Total assets 9,755,468 9,751,930
Equity attributable to the Company    
Share capital 11,410 11,240
Share premium 924,242 872,011
Capital reserves 969,519 1,020,027
Other reserves 235,825 171,272
Accumulated currency translation differences (138,204) (133,450)
Accumulated deficit (408,274) (398,701)
Non-controlling interests 207,978 206,206
Total equity 1,802,496 1,748,605
Non-current liabilities    
Long-term corporate debt 1,017,489 995,190
Long-term project debt 4,647,941 4,387,674
Grants and other liabilities 1,251,578 1,263,744
Derivative liabilities 151,861 223,453
Deferred tax liabilities 302,079 308,859
Total non-current liabilities 7,370,948 7,178,920
Current liabilities    
Short-term corporate debt 38,656 27,881
Short-term project debt 389,066 648,519
Trade payables and other current liabilities 122,346 113,907
Income and other tax payables 31,956 34,098
Total current liabilities 582,024 824,405
Total equity and liabilities $ 9,755,468 $ 9,751,930

v3.22.1
Consolidated condensed income statements - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Consolidated condensed income statements [Abstract]    
Revenue $ 247,452 $ 268,178
Other operating income 19,373 22,621
Employee benefit expenses (19,469) (18,703)
Depreciation, amortization, and impairment charges (100,925) (83,541)
Other operating expenses (87,933) (104,146)
Operating profit 58,498 84,409
Financial income 992 1,112
Financial expense (83,402) (85,166)
Net exchange differences 3,073 (113)
Other financial income, net (1,130) 2,975
Financial expense, net (80,467) (81,192)
Share of profit of associates carried under the equity method 8,221 960
Profit/(loss) before income tax (13,748) 4,177
Income tax 3,906 (15,241)
Loss for the period (9,842) (11,064)
Profit attributable to non-controlling interests (2,200) (8,108)
Loss for the period attributable to the Company $ (12,042) $ (19,172)
Weighted average number of ordinary shares outstanding - basic (in shares) 112,741 110,386
Weighted average number of ordinary shares outstanding - diluted (in shares) 116,894 113,733
Basic earnings per share (in dollars per share) $ (0.11) $ (0.17)
Diluted earnings per share (in dollars per share) $ (0.10) $ (0.17)

v3.22.1
Consolidated condensed statements of comprehensive income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Consolidated condensed statements of comprehensive income [Abstract]    
Loss for the period $ (9,842) $ (11,064)
Items that may be subject to transfer to income statement    
Change in fair value of cash flow hedges 79,781 28,004
Currency translation differences (5,134) (2,480)
Tax effect (15,863) (5,510)
Net income recognized directly in equity 58,784 20,014
Cash flow hedges 12,140 14,038
Tax effect (3,035) (3,510)
Transfers to income statement 9,105 10,528
Other comprehensive income 67,889 30,542
Total comprehensive income for the period 58,047 19,478
Total comprehensive income attributable to non-controlling interests (9,060) (8,346)
Total comprehensive income attributable to the Company $ 48,987 $ 11,132

v3.22.1
Consolidated condensed statements of changes in equity - USD ($)
$ in Thousands
Total
Total Equity Attributable to Company [Member]
Share Capital [Member]
Share Premium [Member]
Capital Reserves [Member]
Other Reserves [Member]
Accumulated Currency Translation Differences [Member]
Accumulated Deficit [Member]
Non-controlling Interests [Member]
Balance, beginning of period at Dec. 31, 2020 $ 1,740,881 $ 1,527,382 $ 10,667 $ 1,011,743 $ 881,745 $ 96,641 $ (99,925) $ (373,489) $ 213,499
Profit/(loss) for the three -month period after taxes (11,064) (19,172) 0 0 0 0 0 (19,172) 8,108
Change in fair value of cash flow hedges 42,042 38,285 0 0 0 38,285 0 0 3,757
Currency translation differences (2,480) 871 0 0 0 0 871 0 (3,351)
Tax effect (9,020) (8,852) 0 0 0 (8,852) 0 0 (168)
Other comprehensive income 30,542 30,304 0 0 0 29,433 871 0 238
Total comprehensive income for the period 19,478 11,132 0 0 0 29,433 871 (19,172) 8,346
Capital increase (Note 13) 130,865 130,865 413 0 130,452 0 0 0 0
Business combinations (Note 5) 8,287 0 0 0 0 0 0 0 8,287
Share-based compensation (Note 13) 9,255 9,255 0 0 0 0 0 9,255 0
Distributions (Note 13) (50,892) (46,519) 0 0 (46,519) 0 0 0 (4,373)
Balance, end of period at Mar. 31, 2021 1,857,874 1,632,115 11,080 1,011,743 965,678 126,074 (99,054) (383,406) 225,759
Balance, beginning of period at Dec. 31, 2021 1,748,605 1,542,399 11,240 872,011 1,020,027 171,272 (133,450) (398,701) 206,206
Profit/(loss) for the three -month period after taxes (9,842) (12,042) 0 0 0 0 0 (12,042) 2,200
Change in fair value of cash flow hedges 91,921 82,457 0 0 0 81,227 0 1,230 9,464
Currency translation differences (5,134) (4,754) 0 0 0 0 (4,754) 0 (380)
Tax effect (18,898) (16,674) 0 0 0 (16,674) 0 0 (2,224)
Other comprehensive income 67,889 61,029 0 0 0 64,553 (4,754) 1,230 6,860
Total comprehensive income for the period 58,047 48,987 0 0 0 64,553 (4,754) (10,812) 9,060
Capital increase (Note 13) 51,567 51,567 170 52,231 (834) 0 0 0 0
Share-based compensation (Note 13) 1,239 1,239 0 0 0 0 0 1,239 0
Distributions (Note 13) (56,962) (49,674) 0 0 (49,674) 0 0 0 (7,288)
Balance, end of period at Mar. 31, 2022 $ 1,802,496 $ 1,594,518 $ 11,410 $ 924,242 $ 969,519 $ 235,825 $ (138,204) $ (408,274) $ 207,978

v3.22.1
Consolidated condensed cash flows statements - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Consolidated condensed cash flows statements [Abstract]    
Loss for the period $ (9,842) $ (11,064)
Financial expense and non-monetary adjustments 182,751 171,992
Loss for the period adjusted by non-monetary items 172,909 160,928
Changes in working capital (19,048) 17,099
Net interest and income tax paid (16,546) (30,872)
Net cash provided by operating activities 137,315 147,155
Acquisitions of subsidiaries and entities under the equity method (39,009) (10,744)
Investment in contracted concessional assets (5,007) (6,341)
Distributions from entities under the equity method 31,870 8,799
Other non-current assets/liabilities (804) 1,921
Net cash used in investing activities (12,950) (6,365)
Proceeds from Project debt 0 9,184
Proceeds from Corporate debt 47,593 4,048
Repayment of Project debt (43,882) (26,251)
Repayment of Corporate debt (8,171) 0
Dividends paid to Company's shareholders (49,674) (46,519)
Dividends paid to non-controlling interests (6,221) (4,215)
Capital increase 51,553 130,618
Net cash provided by/(used in) financing activities (8,802) 66,865
Net increase in cash and cash equivalents 115,563 207,655
Cash and cash equivalents at beginning of the period 622,689 880,487
Translation differences in cash or cash equivalent 749 (9,848)
Cash and cash equivalents at end of the period $ 739,001 $ 1,078,293

v3.22.1
Nature of the business
 3 Months Ended
Mar. 31, 2022
Nature of the business [Abstract]  
Nature of the business
Note 1. - Nature of the business
Atlantica Sustainable Infrastructure plc (“Atlantica” or the “Company”) is a sustainable infrastructure company with a majority of its business in renewable energy assets. Atlantica currently owns, manages and invests in renewable energy, storage, efficient natural gas and heat, electric transmission lines and water assets focused on North America (the United States, Canada and Mexico), South America (Peru, Chile, Colombia and Uruguay) and EMEA (Spain, Italy, Algeria and South Africa).
Atlantica’s shares trade on the NASDAQ Global Select Market under the symbol “AY”.

On January 17, 2022, the Company closed the acquisition of Chile TL4, a 63-mile transmission line and 2 substations in Chile for a total equity investment of $39 million. The Company expects to make an expansion of the line no later than in 2023, which would represent an additional investment of approximately $8 million. The asset has fully contracted revenues in US dollars, with inflation escalation and 50-year contract life. The off-takers are several mini-hydro plants that receive contracted or regulated payments.
During the year 2021, the Company completed the following acquisitions:
-
In 2021, the Company closed the acquisition in two stages of the 85% equity interest in Rioglass Solar Holding S.A. (“Rioglass”) that it did not previously own for a total investment of $17.1 million, resulting in a 100% ownership (Note 5). Rioglass is a supplier of spare parts and services in the solar industry and the Company gained control over the asset in January 2021.


-
On April 7, 2021, the Company closed the acquisition of Coso, a 135 MW geothermal plant in the United States with 18-year average contract life PPAs in place. The total equity investment was $130 million (Note 5). In addition, on July 15, 2021, the Company repaid $40 million to reduce project debt.


-
On May 14, 2021, the Company closed the acquisition of Calgary District Heating, a district heating asset in Canada for a total equity investment of $22.9 million (Note 5). The asset has availability-based revenue with inflation indexation and 20 years of weighted average contract life at the time of the acquisition.


-
On June 16, 2021, the Company acquired a 49% interest in Vento II, a 596 MW wind portfolio in the United States, for a total equity investment net of cash consolidated at the transaction date of approximately $180.7 million (Note 7). EDP Renewables owns the remaining 51%. The assets have PPAs with investment grade off-takers with a five-year average remaining contract life at the time of the investment.


-
On August 6, 2021, the Company closed the acquisition of Italy PV 1 and Italy PV 2, two solar PV plants in Italy with a combined capacity of 3.7 MW for a total equity investment of $9 million (Note 5). On December 14, 2021, the Company closed the acquisition of Italy PV 3, a 2.5 MW solar PV portfolio in Italy for a total equity investment of $4 million (Note 5). These assets have regulated revenues under a feed in tariff until 2030, 2031 and 2032, respectively.


-
On November 25, 2021, the Company closed the acquisition of La Sierpe, a 20 MW solar PV plant in Colombia for a total equity investment of $23.5 million (Note 5). The asset was acquired under a Right of First Offer (“ROFO”) agreement with Liberty GES.

The following table provides an overview of the main contracted concessional assets the Company owned or had an interest in as of March 31, 2022:

Assets
Type
Ownership
Location
Currency(9)
Capacity
(Gross)
Counterparty
Credit Ratings(10)
COD*
Contract
Years
Remaining(16)
                 
Solana
Renewable (Solar)
100%
Arizona (USA)
USD
280 MW
BBB+/A3/BBB+
2013
22
Mojave
Renewable (Solar)
100%
California (USA)
USD
280 MW
BB-/ -- /BB
2014
18
Coso
 Renewable (Geothermal) 100% California (USA) USD 135 MW Investment Grade(11) 1987-1989 17
Elkhorn Valley
 Renewable (Wind) 49% Oregon (USA) USD 101 MW BBB/A3/-- 2007 6
Prairie Star
 Renewable (Wind) 49% Minnesota (USA) USD 101 MW --/A3/A- 2007 6
Twin Groves II
 Renewable (Wind) 49% Illinois (USA) USD 198 MW BBB-/Baa2/-- 2008 4
Lone Star II
 Renewable (Wind) 49% Texas (USA) USD 196 MW Not rated 2008 1
Chile PV 1
Renewable (Solar)
35%(1)
Chile
USD
55 MW
N/A
2016
N/A
Chile PV 2
Renewable (Solar)
35%(1)
Chile
USD
40 MW
Not rated
2017
9
La Sierpe
 Renewable (Solar) 100% Colombia COP 20 MW Not rated 2021 14
Palmatir
 Renewable (Wind) 100% Uruguay USD 50 MW BBB/Baa2/BBB-(12) 2014 12
Cadonal
 Renewable (Wind) 100% Uruguay USD 50 MW BBB/Baa2/BBB-(12) 2014 13
Melowind
 Renewable (Wind) 100% Uruguay USD 50 MW BBB/Baa2/BBB- 2015 14
Mini-Hydro
 Renewable (Hydraulic) 100% Peru USD 4 MW BBB+/Baa1/BBB 2012 11
Solaben 2 & 3
Renewable (Solar)
70%(2)
Spain
Euro
2x50 MW
A/Baa1/A-
2012
16/16
Solacor 1 & 2
Renewable (Solar)
87%(3)
Spain
Euro
2x50 MW
A/Baa1/A-
2012
15/15
PS10 & PS20
Renewable (Solar)
100%
Spain
Euro
31 MW
A/Baa1/A-
2007&2009
10/12
Helioenergy 1 & 2
Renewable (Solar)
100%
Spain
Euro
2x50 MW
A/Baa1/A-
2011
15/15
Helios 1 & 2
Renewable (Solar)
100%
Spain
Euro
2x50 MW
A/Baa1/A-
2012
15/16
Solnova 1, 3 & 4
Renewable (Solar)
100%
Spain
Euro
3x50 MW
A/Baa1/A-
2010
13/13/14
Solaben 1 & 6
Renewable (Solar)
100%
Spain
Euro
2x50 MW
A/Baa1/A-
2013
17/17
Seville PV
Renewable (Solar)
80%(4)
Spain
Euro
1 MW
A/Baa1/A-
2006
14
Italy PV 1
 Renewable (Solar) 100% Italy Euro 1.6 MW BBB/Baa3/BBB 2010 9
Italy PV 2
 Renewable (Solar) 100% Italy Euro 2.1 MW BBB/Baa3/BBB 2011 9
Italy PV 3
 Renewable (Solar) 100% Italy Euro 2.5 MW BBB/Baa3/BBB 2012 10
Kaxu
Renewable (Solar)
51%(5)
South Africa
Rand
100 MW
BB-/Ba2/BB-(13)
2015
13
Calgary
Efficient natural gas &heat
100%
Canada
CAD
55 MWt
~41% A+ or higher(14)
2010
19
ACT
Efficient natural gas & heat
100%
Mexico
USD
300 MW
BBB/ Ba3/BB-
2013
11
Monterrey Efficient natural gas &heat 30% Mexico USD 142 MW Not rated
 2018 17
ATN (15)
Transmission line
100%
Peru
USD
379 miles
BBB/Baa1/BBB
2011
19
ATS
Transmission line
100%
Peru
USD
569 miles
BBB/Baa1/BBB
2014
22
ATN 2
Transmission line
100%
Peru
USD
81 miles
Not rated
2015
11
Quadra 1 & 2
Transmission line
100%
Chile
USD
49 miles/32 miles
Not rated
2014
13/13
Palmucho
Transmission line
100%
Chile
USD
6 miles
BBB/ -- /A-
2007
16
Chile TL3
Transmission line
100%
Chile
USD
50 miles
A/A1/A-
1993
Regulated
Chile TL4 Transmission line
 100%
  Chile
  USD
  63 miles
  Not rated
  2016
  50
Skikda
Water
34.2%(6)
Algeria
USD
3.5 M ft3/day
Not rated
2009
12
Honaine
Water
25.5%(7)
Algeria
USD
7 M ft3/day
Not rated
2012
16
Tenes
Water
51%(8)
Algeria
USD
7 M ft3/day
Not rated
2015
18

(1)
65% of the shares in Chile PV 1 and Chile PV 2 are indirectly held by financial partners through the renewable energy platform of the Company in Chile.
(2)
Itochu Corporation holds 30% of the shares in each of Solaben 2 and Solaben 3.
(3)
JGC holds 13% of the shares in each of Solacor 1 and Solacor 2.
(4)
Instituto para la Diversificación y Ahorro de la Energía (“Idae”) holds 20%of the shares in Seville PV.
(5)
Kaxu is owned by the Company (51%), Industrial Development Corporation of South Africa (29%) and Kaxu Community Trust (20%).
(6)
Algerian Energy Company, SPA owns 49% of Skikda and Sacyr Agua, S.L. owns the remaining 16.8%.
(7)
Algerian Energy Company, SPA owns 49% of Honaine and Sacyr Agua, S.L. owns the remaining 25.5%.
(8)
Algerian Energy Company, SPA owns 49% of Tenes.
(9)
Certain contracts denominated in U.S. dollars are payable in local currency.
(10)
Reflects the counterparty’s credit ratings issued by Standard & Poor’s Ratings Services, or S&P, Moody’s Investors Service Inc., or Moody’s, and Fitch Ratings Ltd, or Fitch.
(11)
Refers to the credit rating of two Community Choice Aggregators: Silicon Valley Clean Energy and Monterrey Bar Community Power, both with A Rating from S&P and Southern California Public Power Authority. The third off-taker is not rated.
(12)
Refers to the credit rating of Uruguay, as UTE (Administración Nacional de Usinas y Transmisoras Eléctricas) is unrated.
(13)
Refers to the credit rating of the Republic of South Africa. The off-taker is Eskom, which is a state-owned utility company in South Africa.
(14)
Refers to the credit rating of a diversified mix of 22 high credit quality clients (~41% A+ rating or higher, the rest is unrated).
(15)
Including ATN Expansion 1 & 2.
(16)
As of December 31, 2021.
(*)
Commercial Operation Date.

The Kaxu project financing arrangement contained cross-default provisions related to Abengoa such that debt defaults by Abengoa, subject to certain threshold amounts and/or a restructuring process, could trigger a default under the Kaxu project financing arrangement. The insolvency filing by the individual company Abengoa S.A. in February 2021 represented a theoretical event of default under the Kaxu project finance agreement. In September 2021, the Company obtained a waiver for such theoretical event of default which was conditional upon the replacement of the operation and maintenance supplier of the plant, which was an Abengoa subsidiary. On February 1, 2022, the Company transferred the employees performing the operation and maintenance services to an Atlantica subsidiary. The lenders confirmed that all the conditions precedent to the waiver were fulfilled as of March 31, 2022 and the waiver became effective as of that date. As a result, as of March 31, 2022, the Company has again an unconditional right to defer the settlement of the debt for at least twelve months, and therefore the debt previously presented as current (as of December 31, 2021) has been reclassified as non-current in accordance with the financing agreements in these Consolidated Condensed Interim Financial Statements (Note 15).

As expected, the Administration in Spain has recently approved measures to adjust the regulated revenue component for renewable energy plants, following the increase since mid 2021 in the revenue these plants receive from sales of electricity in the market. On March 30, 2022, the Royal Decree Law 6/2022 was published, adopting urgent measures in response to the economic and social consequences of the war in Ukraine. This Royal Decree Law contains a bundle of measures in diverse fields, including those targeted at containing the sharp rise in the prices of gas and electricity. It includes temporary changes to the detailed regulated components of revenue received by the solar assets of the Company in Spain, which are applicable from January 1, 2022, as follows:
 
-
The statutory half-period of three years from 2020 to 2022 has been split into two statutory half-periods (1) from January 1, 2020 until December 31, 2021 and (2) calendar year 2022. As a result, the fixed monthly payment based on installed capacity (Remuneration on Investment or Rinv) for calendar year 2022 will be revised.
 
-
The market price assumed by the regulation for calendar year 2022 was changed from €48.82 per MWh to an expected price of €110.4 per MWh (after applying the correction factor for the technology). There is an expectation that the variable payment based on net electricity produced (Remuneration on operation or Ro), which is expressed in €/MW, will also be adjusted, although details have not been published as of the date of these Consolidated Condensed Interim Financial Statements.
 
-
For the three-year half-period starting on January 1, 2023 and ending on December 31, 2025, the adjustment mechanism for electricity market price deviations in the preceding statutory half-period will no longer apply.
 
The Company expects the detailed components of pricing to be published within a two-month period following the publication of the Royal Decree Law. With the information currently available, it is not possible to measure the potential economic impact of these temporary measures.

v3.22.1
Basis of preparation
 3 Months Ended
Mar. 31, 2022
Basis of preparation [Abstract]  
Basis of preparation
Note 2. - Basis of preparation
The accompanying Consolidated Condensed Interim Financial Statements represent the consolidated results of the Company and its subsidiaries.
The Company’s annual consolidated financial statements as of December 31, 2021, were approved by the Board of Directors on February 25, 2022.
These Consolidated Condensed Interim Financial Statements are presented in accordance with International Accounting Standards (“IAS”) 34, “Interim Financial Reporting”. In accordance with IAS 34, interim financial information is prepared solely in order to update the most recent annual consolidated financial statements prepared by the Company, placing emphasis on new activities, occurrences and circumstances that have taken place during the three-month period ended March 31, 2022, and not duplicating the information previously published in the annual consolidated financial statements for the year ended December 31, 2021. Therefore, the Consolidated Condensed Interim Financial Statements do not include all the information that would be required in a complete set of consolidated financial statements prepared in accordance with the IFRS-IASB (“International Financial Reporting Standards-International Accounting Standards Board”). In view of the above, for an adequate understanding of the information, these Consolidated Condensed Interim Financial Statements must be read together with Atlantica’s consolidated financial statements for the year ended December 31, 2021 included in the 2021 20-F.

In determining the information to be disclosed in the notes to the Consolidated Condensed Interim Financial Statements, Atlantica, in accordance with IAS 34, has taken into account its materiality in relation to the Consolidated Condensed Interim Financial Statements.

The Consolidated Condensed Interim Financial Statements are presented in U.S. dollars, which is the Company’s functional and presentation currency. Amounts included in these Consolidated Condensed Interim Financial Statements are all expressed in thousands of U.S. dollars, unless otherwise indicated.

In January 2021 the Company closed the acquisition of Rioglass increasing its stake to 57.5%. The Company initially classified the investment as held for sale in the Consolidated Condensed Interim Financial Statements for the period ended March 31, 2021. Nevertheless, the accounting requirements of IFRS 5, Non-current Assets Held for Sale and Discontinued Operations, to classify the investment as held for sale were no longer fulfilled from the second quarter of 2021 given that the sale was no longer considered highly probable. Accordingly, as prescribed in IFRS 5, the investment was fully consolidated from the acquisition date in January 2021. As a result, the consolidated condensed income statement and cash flow statement for the three-month period ended March 31, 2021 have been restated in these Consolidated Interim Financial Statements, to conform to the current period presentation.

These Consolidated Condensed Interim Financial Statements were approved by the Board of Directors of the Company on May 5, 2022.
Application of new accounting standards
a)
Standards, interpretations and amendments effective from January 1, 2022 under IFRS-IASB, applied by the Company in the preparation of these Consolidated Condensed Interim Financial Statements:
 
The applications of these amendments have not had any impact on these Consolidated Condensed Interim Financial Statements.
b)
Standards, interpretations and amendments published by the IASB that will be effective for periods beginning on or after January 1, 2023:

The Company does not anticipate any significant impact on the Consolidated Condensed Interim Financial Statements derived from the application of the new standards and amendments that will be effective for annual periods beginning on or after January 1, 2023, although it is currently still in the process of evaluating such application.

The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
Use of estimates
Some of the accounting policies applied require the application of significant judgment by management to select the appropriate assumptions to determine these estimates. These assumptions and estimates are based on the Company´s historical experience, advice from experienced consultants, forecasts and other circumstances and expectations as of the close of the financial period. The assessment is considered in relation to the global economic situation of the industries and regions where the Company operates, taking into account future development of its businesses. By their nature, these judgments are subject to an inherent degree of uncertainty; therefore, actual results could materially differ from the estimates and assumptions used. In such cases, the carrying values of assets and liabilities are adjusted.
The most critical accounting policies, which require significant management estimates and judgment are as follows:
  ●
Assessment of contracted concessional agreements.

  ●
Impairment of contracted concessional assets.

  ●
Assessment of control.

  ●
Derivative financial instruments and fair value estimates.

  ●
Income taxes and recoverable amount of deferred tax assets.

As of the date of preparation of these Consolidated Condensed Interim Financial Statements, no relevant changes in estimates made are anticipated and, therefore, no significant changes in the value of assets and liabilities recognized at March 31, 2022, are expected.
Although these estimates and assumptions are being made using all available facts and circumstances, it is possible that future events may require management to amend such estimates and assumptions in future periods. Changes in accounting estimates are recognized prospectively, in accordance with IAS 8, in the consolidated income statement of the period in which the change occurs.

v3.22.1
Financial risk management
 3 Months Ended
Mar. 31, 2022
Financial risk management [Abstract]  
Financial risk management
Note 3. - Financial risk management
Atlantica’s activities are exposed to various financial risks: market risk (including currency risk and interest rate risk), credit risk and liquidity risk. Risk is managed by the Company’s Risk, Finance and Compliance Departments, which are responsible for identifying and evaluating financial risks, quantifying them by project, region and company, in accordance with mandatory internal management rules. Written internal policies exist for global risk management, as well as for specific areas of risk. In addition, there are official written management regulations regarding key controls and control procedures for each company and the implementation of these controls is monitored through internal audit procedures.
These Consolidated Condensed Interim Financial Statements do not include all financial risk management information and disclosures required for annual financial statements and should be read together with the information included in Note 3 to Atlantica’s annual consolidated financial statements as of December 31, 2021 included in the 2021 20-F.

v3.22.1
Financial information by segment
 3 Months Ended
Mar. 31, 2022
Financial information by segment [Abstract]  
Financial information by segment
Note 4. - Financial information by segment
Atlantica’s segment structure reflects how management currently makes financial decisions and allocates resources. Its operating and reportable segments are based on the following geographies where the contracted concessional assets are located: North America, South America and EMEA. In addition, based on the type of business, as of March 31, 2022, the Company had the following business sectors: Renewable energy, Efficient natural gas and heat, Transmission lines and Water.
Atlantica’s Chief Operating Decision Maker (CODM), which is the CEO, assesses the performance and assignment of resources according to the identified operating segments. The CODM considers the revenue as a measure of the business activity and the Adjusted EBITDA as a measure of the performance of each segment. Adjusted EBITDA is calculated as profit/(loss) for the period attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interests, income tax expense, financial expense (net), depreciation, amortization and impairment charges of entities included in the these Consolidated Condensed Interim Financial Statements and depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of Atlantica’s equity ownership). Until September 30, 2021 adjusted EBITDA excluded share of profit/(loss) of associates carried under the equity method and did not include depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of Atlantica’s equity ownership). Prior periods have been presented accordingly.

In order to assess performance of the business, the CODM receives reports of each reportable segment using revenue and Adjusted EBITDA. Net interest expense evolution is assessed on a consolidated basis. Financial expense and amortization are not taken into consideration by the CODM for the allocation of resources.

In the three-month period ended March 31, 2022, Atlantica had one customer with revenues representing more than 10% of total revenue, in the renewable energy business sector. In the three-month period ended March 31, 2021, Atlantica had three customers with revenues representing more than 10% of the total revenue, two in the renewable energy and one in the efficient natural gas and heat business sectors.
a)
The following tables show Revenue and Adjusted EBITDA by operating segments and business sectors for the three-month periods ended March 31, 2022 and 2021:

   
Revenue
    
Adjusted EBITDA
  
   
For the three-month period ended
March 31,
    
For the three-month period ended
March 31,
  
   
($ in thousands)
  
Geography
  
2022
    
2021
    
2022
    
2021
  
North America
    
74,304
      
60,585
      
58,266
      
40,287
  
South America
    
38,528
      
38,308
      
29,129
      
29,943
  
EMEA
    
134,620
      
169,285
      
86,231
      
101,019
  
Total
    
247,452
      
268,178
      
173,626
      
171,249
  

   
Revenue
    
Adjusted EBITDA
  
   
For the three-month period ended
March 31,
    
For the three-month period ended
March 31,
  
   
($ in thousands)
  
Business sector
  
2022
    
2021
    
2022
    
2021
  
Renewable energy
    
182,101
      
199,679
      
122,223
      
117,036
  
Efficient natural gas & heat
    
25,327
      
28,408
      
21,699
      
23,182
  
Transmission lines
    
26,620
      
26,614
      
20,523
      
21,203
  
Water
    
13,404
      
13,477
      
9,181
      
9,828
  
Total
    
247,452
      
268,178
      
173,626
      
171,249
  

The reconciliation of segment Adjusted EBITDA with the loss attributable to the Company is as follows:

   
For the three-month period ended
March 31,
($ in thousands)
  
   
2022
    
2021
  
Loss attributable to the Company
    
(12,042
)
    
(19,172
)
Profit attributable to non-controlling interests
    
2,200
      
8,108
  
Income tax
    
(3,906
)
    
15,241
  
Financial expense, net
    
80,467
      
81,192
  
Depreciation, amortization, and impairment charges
    
100,925
      
83,541
  
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of Atlantica’s equity ownership)
     5,982       2,339  
Total segment Adjusted EBITDA
    
173,626
      
171,249
  

b)
The assets and liabilities by operating segments (and business sector) as of March 31, 2022 and December 31, 2021 are as follows:

Assets and liabilities by geography as of March 31, 2022:

   
North
America
    
South
America
    
EMEA
    
Balance as of
March 31,
2022
  
   
($ in thousands)
  
Assets allocated
                        
Contracted concessional assets
    
3,317,648
      
1,257,673
      
3,356,561
      
7,931,882
  
Investments carried under the equity method
    
243,043
      
-
      
41,986
      
285,029
  
Current financial investments
    
116,125
      
28,554
      
41,237
      
185,916
  
Cash and cash equivalents (project companies)
    
183,006
      
96,186
      
345,953
      
625,145
  
Subtotal allocated
    
3,859,822
      
1,382,413
      
3,785,737
      
9,027,972
  
Unallocated assets
                                
Other non-current assets
                            
277,989
  
Other current assets (including cash and cash equivalents at holding company level)
                            
449,507
  
Subtotal unallocated
                            
727,496
  
Total assets
                            
9,755,468
  

   
North
America
    
South
America
    
EMEA
    
Balance as of
March 31,
2022
  
   
($ in thousands)
  
Liabilities allocated
                        
Long-term and short-term project debt
    
1,799,441
      
873,713
      
2,363,853
      
5,037,007
  
Grants and other liabilities
    
1,033,773
      
15,577
      
202,228
      
1,251,578
  
Subtotal allocated
    
2,833,214
      
889,290
      
2,566,081
      
6,288,585
  
Unallocated liabilities
                            
 
Long-term and short-term corporate debt
                            
1,056,145
  
Other non-current liabilities
                            
453,940
  
Other current liabilities
                            
154,302
  
Subtotal unallocated
                            
1,664,387
  
Total liabilities
                            
7,952,972
  
Equity unallocated
                            
1,802,496
  
Total liabilities and equity unallocated
                            
3,466,883
  
Total liabilities and equity
                            
9,755,468
  

Assets and liabilities by geography as of December 31, 2021:

   
North
America
    
South
America
    
EMEA
    
Balance as of
December 31,
2021
  
   
($ in thousands)
  
Assets allocated
                        
Contracted concessional assets
    
3,355,669
      
1,231,276
      
3,434,623
      
8,021,568
  
Investments carried under the equity method
    
253,221
      
-
      
41,360
      
294,581
  
Current financial investments
    
135,224
      
28,155
      
44,000
      
207,379
  
Cash and cash equivalents (project companies)
    
171,744
      
74,149
      
287,655
      
533,548
  
Subtotal allocated
    
3,915,858
      
1,333,580
      
3,807,638
      
9,057,076
  
Unallocated assets
                                
Other non-current assets
                            
268,876
  
Other current assets (including cash and cash equivalents at holding company level)
                            
425,978
  
Subtotal unallocated
                            
694,854
  
Total assets
                            
9,751,930
  

   
North
America
    
South
America
    
EMEA
    
Balance as of
December 31,
2021
  
   
($ in thousands)
  
Liabilities allocated
                        
Long-term and short-term project debt
    
1,792,739
      
887,497
      
2,355,957
      
5,036,193
  
Grants and other liabilities
    
1,051,679
      
14,445
      
197,620
      
1,263,744
  
Subtotal allocated
    
2,844,418
      
901,942
      
2,553,577
      
6,299,937
  
Unallocated liabilities
                            
 
Long-term and short-term corporate debt
                            
1,023,071
  
Other non-current liabilities
                            
532,312
  
Other current liabilities
                            
148,005
  
Subtotal unallocated
                            
1,703,388
  
Total liabilities
                            
8,003,325
  
Equity unallocated
                            
1,748,605
  
Total liabilities and equity unallocated
                            
3,451,993
  
Total liabilities and equity
                            
9,751,930
  

Assets and liabilities by business sector as of March 31, 2022:

   
Renewable
energy
    
Efficient
natural
gas & heat
    
Transmission
lines
    
Water
    
Balance as of
March 31,
2022
  
   
($ in thousands)
  
Assets allocated
                              
Contracted concessional assets
    
6,430,438
      
510,580
      
830,053
      
160,811
      
7,931,882
  
Investments carried under the equity method
    
230,737
      
14,692
      
-
      
39,600
      
285,029
  
Current financial investments
    
2,521
      
115,497
      
28,335
      
39,563
      
185,916
  
Cash and cash equivalents (project companies)
    
494,425
      
41,092
      
66,348
      
23,280
      
625,145
  
Subtotal allocated
    
7,158,121
      
681,861
      
924,736
      
263,254
      
9,027,972
  
Unallocated assets
                                        
Other non-current assets
                                    
277,989
  
Other current assets (including cash and cash equivalents at holding company level)
                                    
449,507
  
Subtotal unallocated
                                    
727,496
  
Total assets
                                    
9,755,468
  

   
Renewable
energy
    
Efficient
natural gas
& heat
    
Transmission
lines
    
Water
    
Balance as of
March 31,
2022
  
   
($ in thousands)
  
Liabilities allocated
                              
Long-term and short-term project debt
    
3,865,853
      
470,890
      
608,062
      
92,202
      
5,037,007
  
Grants and other liabilities
    
1,232,324
      
11,272
      
5,661
      
2,321
      
1,251,578
  
Subtotal allocated
    
5,098,177
      
482,162
      
613,723
      
94,523
      
6,288,585
  
Unallocated liabilities
                                    
 
Long-term and short-term corporate debt
                                    
1,056,145
  
Other non-current liabilities
                                    
453,940
  
Other current liabilities
                                    
154,302
  
Subtotal unallocated
                                    
1,664,387
  
Total liabilities
                                    
7,952,972
  
Equity unallocated
                                    
1,802,496
  
Total liabilities and equity unallocated
                                    
3,466,883
  
Total liabilities and equity
                                    
9,755,468
  

Assets and liabilities by business sector as of December 31, 2021:

   
Renewable
energy
    
Efficient
natural gas
& heat
    
Transmission
lines
    
Water
    
Balance as of
December 31,
2021
  
   
($ in thousands)
  
Assets allocated
                              
Contracted concessional assets
    
6,533,408
      
517,247
      
805,987
      
164,926
      
8,021,568
  
Investments carried under the equity method
    
240,302
      
15,358
      
-
      
38,921
      
294,581
  
Current financial investments
    
10,761
      
128,461
      
27,813
      
40,344
      
207,379
  
Cash and cash equivalents (project companies)
    
442,213
      
25,392
      
44,574
      
21,369
      
533,548
  
Subtotal allocated
    
7,226,684
      
686,458
      
878,374
      
265,560
      
9,057,076
  
Unallocated assets
                                      
Other non-current assets
                                    
268,876
  
Other current assets (including cash and cash equivalents at holding company level)
                                    
425,978
  
Subtotal unallocated
                                    
694,854
  
Total assets
                                    
9,751,930
  

   
Renewable
energy
    
Efficient
natural gas
& heat
    
Transmission
lines
    
Water
    
Balance as of
December 31,
2021
  
   
($ in thousands)
  
Liabilities allocated
                              
Long-term and short-term project debt
    
3,857,313
      
478,724
      
602,278
      
97,878
      
5,036,193
  
Grants and other liabilities
    
1,244,346
      
11,212
      
5,795
      
2,391
      
1,263,744
  
Subtotal allocated
    
5,101,659
      
489,936
      
608,073
      
100,269
      
6,299,937
  
Unallocated liabilities
                                      
Long-term and short-term corporate debt
                                    
1,023,071
  
Other non-current liabilities
                                    
532,312
  
Other current liabilities
                                    
148,005
  
Subtotal unallocated
                                    
1,703,388
  
Total liabilities
                                    
8,003,325
  
Equity unallocated
                                    
1,748,605
  
Total liabilities and equity unallocated
                                    
3,451,993
  
Total liabilities and equity
                                    
9,751,930
  

c)
The amount of depreciation, amortization and impairment charges recognized for the three-month periods ended March 31, 2022 and 2021 are as follows:

 
For the three-month period ended
March 31,
  
Depreciation, amortization and impairment by geography
2022
     2021
  
  ($ in thousands)  
North America
    
(31,692
)
    
(12,627
)
South America
    
(14,205
)
    
(13,811
)
EMEA
    
(55,028
)
    
(57,103
)
Total
    
(100,925
)
    
(83,541
)

   
For the three-month period ended
March 31,
  
Depreciation, amortization and impairment by business sectors
  
2022
    
2021
  
   
($ in thousands)
  
Renewable energy
    
(95,270
)
    
(93,571
)
Efficient natural gas & heat
    
2,144
      
17,357
  
Transmission lines
    
(7,407
)
    
(7,749
)
Water
    
(392
)
    
422
  
Total
    
(100,925
)
    
(83,541
)

v3.22.1
Business combinations
 3 Months Ended
Mar. 31, 2022
Business combinations [Abstract]  
Business combinations
Note 5. – Business combinations


For the three-month period ended March 31, 2022



On January 17, 2022, the Company closed the acquisition of Chile TL4, a 63-mile transmission line and 2 substations in Chile for a total equity investment of $39 million. Atlantica has control over Chile TL4 under IFRS 10, Consolidated Financial Statements. The acquisition of Chile TL4 has been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. Chile TL4 is included within the Transmission Lines sector and the South America geography.



The fair value of assets and liabilities consolidated at the effective acquisition date is shown in the following table:


   
Business
combinations
for the three-month
period ended
March 31, 2022
  
Contracted concessional assets
    
33,000
  
Other current assets
    
5,358
  
Total net assets acquired at fair value
    
38,358
  
Asset acquisition – purchase price paid
    
(38,358
)
Net result of business combinations
    
-
  



The purchase price equals the fair value of the net assets acquired.



The allocation of the purchase price is provisional as of March 31, 2022 and amounts indicated above may be adjusted during the measurement period to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized as of March 31, 2022. The measurement period will not exceed one year from the acquisition date.



The amount of revenue contributed by the acquisition performed during the three-month period ended March 31, 2022 to the Consolidated Condensed Interim Financial Statements of the Company as of March 31, 2022 is $0.7 million, and the amount of loss after tax is $0.4 million. Had the acquisition been consolidated from January 1, 2022, the consolidated statement of comprehensive income would have included additional revenue of $0.2 million and profit after tax of $0.1 million.

For the year ended December 31, 2021

On January 6, 2021, the Company completed its second investment through its Chilean renewable energy platform in a 40 MW solar PV plant, Chile PV 2, located in Chile, for approximately $5 million. Atlantica has control over Chile PV 2 under IFRS 10, Consolidated Financial Statements. The acquisition of Chile PV 2 had been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations, showing 65% of non-controlling interests. Chile PV 2 is included within the Renewable energy sector and the South America geography.
On January 8, 2021, the Company completed the purchase of an additional 42.5% stake in Rioglass, a supplier of spare parts and services to the solar industry, increasing its stake from 15% to 57.5% and gaining control over the business under IFRS 10, Consolidated Financial Statements. The purchase price paid was $8.6 million, and the Company paid an additional $3.7 million (deductible from the final payment) for an option to acquire the remaining 42.5% under the same conditions until September 2021. On July 22, 2021, the Company exercised the option paying an additional $4.8 million, becoming the sole shareholder of the entity. Rioglass is included within the Renewable energy sector and the EMEA geography. The acquisition of Rioglass has been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations.


On April 7, 2021, the Company closed the acquisition of Coso, a 135 MW renewable asset in California. The purchase price paid was $130 million. Atlantica has control over Coso under IFRS 10, Consolidated Financial Statements and its acquisition had been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. Coso is included within the Renewable energy sector and the North America geography.



On May 14, 2021, the Company closed the acquisition of Calgary District Heating, a district heating asset of approximately 55 MWt in Canada. The purchase price paid was approximately $22.9 million. The acquisition had been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. Calgary District Heating is included within the Efficient natural gas and heat sector and the North America geography.


On August 6, 2021, the Company closed the acquisition of Italy PV 1 and Italy PV 2, two solar PV plants in Italy with a combined capacity of 3.7 MW for a total equity investment of $9 million. The acquisition had been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. These assets are included within the Renewable energy sector and the EMEA geography.



On November 25, 2021, the Company closed the acquisition of La Sierpe, a 20 MW solar PV plant in Colombia for a total equity investment of approximately $23.5 million. The acquisition had been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. La Sierpe is included within the Renewable energy sector and the South America geography.
On December 14, 2021, the Company closed the acquisition of Italy PV 3, a 2.5 MW solar asset in Italy for a total equity investment of approximately $4 million. The acquisition had been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. Italy PV 3 is included within the Renewable Energy sector and the EMEA geography.

The fair value of assets and liabilities consolidated at the effective acquisition date is shown in the following table:

   
Business combinations
for the year ended December 31, 2021
  
    Coso     Other
    Total
 
Contracted concessional assets
     383,153
       159,575
       542,728
  
Deferred tax asset
     -
       4,410
       4,410
  
Other non-current assets     11,024
       1,943
       12,967
  
Cash & cash equivalents
     6,363
       14,649
       21,012
  
Other current assets
     14,378
       46,632
       61,010
  
Non-current Project debt
     (248,544
 )
     (39,808
 )
     (288,352
 )
Current Project debt
     (13,415
 )
     (25,366
 )
     (38,781
 )
Deferred tax liabilities
     -
       (4,910
 )
     (4,910
 )
Other current and non-current liabilities
     (22,959
 )
     (64,922
 )
     (87,881
 )
Non-controlling interests
     -
       (8,287
 )
     (8,287
 )
Total net assets acquired at fair value
     130,000
       83,916
       213,916
  
Asset acquisition – purchase price paid
     (130,000
 )
     (80,868
 )
     (210,868
 )
Fair value of previously held 15% stake in Rioglass
     -
       (3,048
 )
     (3,048
 )
Net result of business combinations
     -
       -
       -
  
 
The purchase price equaled the fair value of the net assets acquired.



The amount of revenue contributed by the acquisitions performed during 2021 to the Consolidated Financial Statements of the Company for the year 2021 was $163.5 million, and the amount of profit after tax was $0.8 million. Had the acquisitions been consolidated from January 1, 2021, the consolidated statement of comprehensive income would have included additional revenue of $17.7 million and additional profit after tax of $3.3 million.



In January 2022, the provisional period for the purchase price allocation of Chile PV 2 and Rioglass closed and did not result in significant adjustments to the initial amounts recognized.

v3.22.1
Contracted concessional assets
 3 Months Ended
Mar. 31, 2022
Contracted concessional assets [Abstract]  
Contracted concessional assets
 Note 6. - Contracted concessional assets
Contracted concessional assets correspond to the assets of the Company recorded as intangible or financial assets in accordance with IFRIC 12, property plant and equipment in accordance with IAS 16, intangible assets in accordance with IAS 38 and financial asset in accordance with IFRS 16.
The detail of contracted concessional assets included in the heading ‘Contracted concessional assets’ as of March 31, 2022 and December 31, 2021 is as follows:

   
Financial
assets under
IFRIC 12
    
Financial
assets under
IFRS 16
    
Intangible
assets under
IFRIC 12
    
Intangible
assets under
IFRS 16
(Lessee)
    
Property,
plant and equipment under
IAS 16 and
other
intangible
assets under
IAS 38
    
Balance as of
March 31,
2022
  
   
($ in thousands)
  
Contracted concessional assets cost
    
859,299
      
2,841
      
9,177,949
      
81,274
      
904,885
      
11,026,248
  
Amortization and impairment
    
(60,227
)
    
-
      
(2,856,008
)
    
(14,862
)
    
(163,269
)
    
(3,094,366
)
Total
    
799,072
      
2,841
      
6,321,941
      
66,412
      
741,616
      
7,931,882
  

   
Financial
assets under
IFRIC 12
    
Financial
assets under
IFRS 16
    
Intangible
assets under
IFRIC 12
    
Intangible
assets under
IFRS 16
(Lessee)
    
Property,
plant and equipment under
IAS 16 and
other
intangible
assets under
IAS 38
    
Balance as of December
31, 2021
  
   
($ in thousands)
  
Contracted concessional assets cost
    
874,525
      
2,843
      
9,202,539
      
82,818
      
856,410
      
11,019,135
  
Amortization and impairment
    
(62,889
)
    
-
      
(2,769,345
)
    
(14,105
)
    
(151,228
)
    
(2,997,567
)
Total
    
811,636
      
2,843
      
6,433,194
      
68,713
      
705,182
      
8,021,568
  

No losses from impairment of contracted concessional assets, excluding the change in the provision for expected credit losses under IFRS 9, Financial instruments, were recorded during the three-month periods ended March 31, 2022 and 2021. The impairment provision based on the expected credit losses on contracted concessional financial assets decreased by $3 million in the three-month period ended March 31, 2022 (decrease of $18 million in the three-month period ended March 31, 2021), primarily in ACT.

v3.22.1
Investments carried under the equity method
 3 Months Ended
Mar. 31, 2022
Investments carried under the equity method [Abstract]  
Investments carried under the equity method
Note 7. - Investments carried under the equity method
The table below shows the breakdown of the investments held in associates as of March 31, 2022 and December 31, 2021:

   
Balance as of
March 31,
2022
    
Balance as of
December 31,
2021
  
   
($ in thousands)
  
2007 Vento II, LLC     193,441       195,952  
Windlectric Inc
    
34,910
      
41,911
  
Myah Bahr Honaine, S.P.A.
    
39,600
      
38,922
  
Pemcorp SAPI de CV
    
14,692
      
15,358
  
Pectonex, R.F. Proprietary Limited
    
1,472
      
1,495
  
Evacuación Valdecaballeros, S.L.
    
881
      
923
  
ABY Infraestructuras S.L.U.
    
33
      
21
  
Total
    
285,029
      
294,581
  

2007 Vento II, LLC, is the holding company of a 596 MW portfolio of wind assets in the U.S., 49% owned by Atlantica since June 16, 2021, and accounted for under the equity method in these Consolidated Condensed Interim Financial Statements (Note 1).

Windlectric Inc., the project entity, is 100% owned by Amherst Island Partnership, which is accounted for under the equity method in these Consolidated Condensed Interim Financial Statements.

Myah Bahr Honaine, S.P.A., the project entity, is 51% owned by Geida Tlemcen, S.L., which is accounted for using the equity method in these Consolidated Condensed Interim Financial Statements. Geida Tlemcen, S.L. is 50% owned by Atlantica.
Pemcorp SAPI de CV, Monterrey´s project entity, is 100% owned by Arroyo Netherlands II B.V., which is accounted for under the equity method in these Consolidated Condensed Interim Financial Statements. Arroyo Netherlands II B.V. is 30% owned by Atlantica.

The decrease in investments carried under the equity method as of March 31, 2022, is primarily due to the distributions received by Atlantica Yield Energy Solutions Canada Inc. (“AYES Canada”) from Amherst Island Partnership for $7.5 million. A significant portion of the distributions received from Amherst are distributed by the Company to its partner in this project (Note 13).

v3.22.1
Financial investments
 3 Months Ended
Mar. 31, 2022
Financial investments [Abstract]  
Financial investments
Note 8. - Financial investments
The detail of Non-current and Current financial investments as of March 31, 2022 and December 31, 2021 is as follows:

   
Balance as of
March 31,
2022
    
Balance as of
December 31,
2021
  
   
($ in thousands)
  
Fair Value through OCI (Investment in Ten West link)
    
15,959
      
14,459
  
Derivative assets (Note 9)
    
32,102
      
10,807
  
Other receivable accounts at amortized cost
    
70,883
      
71,342
  
Total non-current financial investments
    
118,944
      
96,608
  
Contracted concessional financial assets
    
182,145
      
188,912
  
Derivative assets (Note 9)
    
2,475
      
2,153
  
Other receivable accounts at amortized cost
    
1,296
      
16,314
  
Total current financial investments
    
185,916
      
207,379
  

Investment in Ten West Link is a 12.5% interest in a 114-mile transmission line in the U.S., currently under development.

v3.22.1
Derivative financial instruments
 3 Months Ended
Mar. 31, 2022
Derivative financial instruments [Abstract]  
Derivative financial instruments
Note 9. - Derivative financial instruments
The breakdowns of the fair value amount of the derivative financial instruments as of March 31, 2022 and December 31, 2021 are as follows:

   
Balance as of March 31, 2022
    
Balance as of December 31, 2021
  
   
($ in thousands)
  
   
Assets
    
Liabilities
    
Assets
    
Liabilities
  
Interest rate cash flow hedge
    
30,502
      
137,095
      
9,550
      
206,763
  
Foreign exchange derivatives instruments
    
4,075
      
-
      
3,410
      
-
  
Notes conversion option (Note 14)
    
-
      
14,766
      
-
      
16,690
  
Total
    
34,577
      
151,861
      
12,960
      
223,453
  

The derivatives are primarily interest rate cash flow hedges. All are classified as non-current assets or non-current liabilities, as they hedge long-term financing agreements.
The net amount of the fair value of interest rate derivatives designated as cash flow hedges transferred to the consolidated condensed income statement is a loss of $12.1 million for the three-month period ended March 31, 2022 (loss of $14.0 million for the three-month period ended March 31, 2021).
The after-tax results accumulated in equity in connection with derivatives designated as cash flow hedges as of March 31, 2022 and December 31, 2021 amount to a profit of $235,825 thousand and $171,272 thousand, respectively.

Additionally, the Company has currency options with leading international financial institutions, which guarantee minimum Euro-U.S. dollar exchange rates. The strategy of the Company is to hedge the exchange rate for the net distributions from its European assets after deducting euro-denominated interest payments and euro-denominated general and administrative expenses. Through currency options, the strategy of the Company is to hedge 100% of its euro-denominated net exposure for the next 12 months and 75% of its euro denominated net exposure for the following 12 months, on a rolling basis. Change in fair value of these foreign exchange derivatives instruments are directly recorded in the consolidated income statement.

Finally, the conversion option of the Green Exchangeable Notes issued in July 2020 (Note 14) is recorded as a derivative with a negative fair value (liability) of $15 million as of March 31, 2022 ($17 million as of December 31, 2021).

v3.22.1
Fair value of financial instruments
 3 Months Ended
Mar. 31, 2022
Fair value of financial instruments [Abstract]  
Fair value of financial instruments
Note 10. - Fair value of financial instruments
Financial instruments measured at fair value are classified based on the nature of the inputs used for the calculation of fair value:
●
Level 1: Inputs are quoted prices in active markets for identical assets or liabilities.

●
Level 2: Fair value is measured based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

●
Level 3: Fair value is measured based on unobservable inputs for the asset or liability.

As of March 31, 2022, all the financial instruments measured at fair value correspond to derivatives and have been classified as Level 2, except for the investments held in Ten West Link, which has been classified as Level 3.

v3.22.1
Related parties
 3 Months Ended
Mar. 31, 2022
Related parties [Abstract]  
Related parties
Note 11. - Related parties
The related parties of the Company are primarily Algonquin Power & Utilities Corp. (“Algonquin”) and its subsidiaries, non-controlling interests (Note 13), entities accounted for under the equity method (Note 7), as well as the Directors and the Senior Management of the Company.
Details of balances with related parties as of March 31, 2022 and December 31, 2021 are as follows:

   
Balance as of
March 31,
    
Balance as of
December 31,
  
   
($ in thousands)
  
   
2022
    
2021
  
             
Credit receivables (current)
    
3,507
      
19,387
  
Credit receivables (non-current)
    
17,006
      
15,768
  
Total receivables from related parties
    
20,513
      
35,155
  
                 
Credit payables (current)
    
8,709
      
9,494
  
Credit payables (non-current)
    
5
      
5
  
Total payables to related parties
    
8,714
      
9,499
  

Current credit receivables as of December 31, 2021 included the short-term portion of the loan to Arroyo Netherland II B.V., the holding company of Pemcorp SAPI de CV., Monterrey´s project entity (Note 7), of which $8.2 million have been collected in the first quarter of 2022. The balance as of December 31, 2021 also included the dividend pending to be collected from Amherst Island Partnership for $6.3 million, which has been collected in the first quarter of 2022.
Non-current credit receivables as of March 31, 2022 and December 31, 2021 correspond to the long-term portion of the loan to Arroyo Netherland II B.V.

Current credit payables primarily include the dividend to be paid by AYES Canada to Algonquin for $7.4 million as of March 31, 2022 ($6.1 million as of December 31, 2021).
The transactions carried out by entities included in these Consolidated Condensed Interim Financial Statements with related parties, for the three-month periods ended March 31, 2022 and 2021 have been as follows:

 
For the three-month period ended
March 31,
  
 
2022
  
2021
  
 
($ in thousands)
  
Financial income
    
382
      
510
  
Financial expenses
    
(120
)
    
(31
)

v3.22.1
Trade and other receivables
 3 Months Ended
Mar. 31, 2022
Trade and other receivables [Abstract]  
Trade and other receivables
Note 12. - Trade and other receivables
Trade and other receivables as of March 31, 2022 and December 31, 2021, consist of the following:

   
Balance as of
March 31,
    
Balance as of
December 31,
  
   
2022
    
2021
  
   
($ in thousands)
  
Trade receivables
    
221,425
      
227,343
  
Tax receivables
    
50,596
      
59,350
  
Prepayments
    
24,212
      
9,342
  
Other accounts receivable
    
5,478
      
11,108
  
Total
    
301,711
      
307,143
  

The increase in prepayments is primarily due to the timing of insurance payments.

As of March 31, 2022, and December 31, 2021, the fair value of trade and other receivables accounts does not differ significantly from its carrying value.

v3.22.1
Equity
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Equity
Note 13. - Equity
As of March 31, 2022, the share capital of the Company amounts to $11,409,585 represented by 114,095,845 ordinary shares fully subscribed and disbursed with a nominal value of $0.10 each, all in the same class and series. Each share grants one voting right.
Algonquin owns 42.9% of the shares of the Company and is its largest shareholder as of March 31, 2022. Algonquin’s voting rights and rights to appoint directors are limited to 41.5% and the difference between Algonquin´s ownership and 41.5% will vote replicating non-Algonquin’s shareholders’ vote.
On December 11, 2020 the Company closed an underwritten public offering of 5,069,200 ordinary shares, including 661,200 ordinary shares sold pursuant to the full exercise of the underwriters’ over-allotment option, at a price of $33 per new share. Gross proceeds were approximately $167 million. Given that the offering was issued through a subsidiary in Jersey, which became wholly owned by the Company at closing, and subsequently liquidated, the premium on issuance was credited to a merger reserve account (Capital reserves), net of issuance costs, for $161 million. Additionally, Algonquin committed to purchase 4,020,860 ordinary shares in a private placement in order to maintain its previous equity ownership of 44.2% in the Company. The private placement closed on January 7, 2021. Gross proceeds were approximately $133 million  ($131 million net of issuance costs).

During the first quarter of 2021, the Company changed the accounting treatment applied to its existing long-term incentive plans granted to employees from cash-settled to equity-settled in accordance with IFRS 2, Share-based Payment, as a result of incentives being settled in shares. The liability recognized for the rights vested by the employees under such plans at the date of this change, was reclassified to equity within the line “Accumulated deficit” for approximately $9 million. The settlement in shares was approved by the Board of Directors on February 26, 2021, and the Company issued 141,482 new shares to its employees up to December 31, 2021, to settle a portion of these plans. In the first quarter of 2022, the Company issued 136,114 new shares under such incentive plans.

On August 3, 2021, the Company established an “at-the-market program” and entered into a distribution agreement with J.P. Morgan Securities LLC, as sales agent, under which the Company may offer and sell from time to time up to $150 million of its ordinary shares. The Company also entered into an agreement with Algonquin pursuant to which the Company has offered Algonquin the right but not the obligation, on a quarterly basis, to purchase a number of ordinary shares to maintain its percentage interest in Atlantica at the average price of the shares sold under the distribution agreement in the previous quarter (the “ATM Plan Letter Agreement”). On February 28, 2022, the Company established a new “at-the-market program” and entered into a distribution agreement with BofA Securities, MUFG and RBC Capital Markets, as its sales agents, under which the Company may offer and sell from time to time up to $150 million of its ordinary shares. Upon entry into the distribution agreement, the Company terminated its prior “at-the-market program” established on August 3, 2021 and the related distribution agreement dated such date, entered into with J.P. Morgan Securities LLC. During the first quarter of 2022 the Company sold 1,556,758 shares (1,613,079 shares during the year 2021) at an average market price of $33.65 ($38.43 in 2021) pursuant to its distribution agreement, representing net proceeds of $51 million ($61 million in 2021). Pursuant to the ATM Plan Letter Agreement, the Company delivers a notice to Algonquin quarterly in order for them to exercise their rights thereunder.

Atlantica´s reserves as of March 31, 2022 are made up of share premium account and capital reserves.

Other reserves primarily include the change in fair value of cash flow hedges and its tax effect.
Accumulated currency translation differences primarily include the result of translating the financial statements of subsidiaries prepared in a foreign currency into the presentation currency of the Company, the U.S. dollar.
Accumulated deficit primarily includes results attributable to Atlantica.
Non-controlling interests fully relate to interests held by JGC in Solacor 1 and Solacor 2, by Idae in Seville PV, by Itochu Corporation in Solaben 2 and Solaben 3, by Algerian Energy Company, SPA and Sacyr Agua S.L. in Skikda, by Algerian Energy Company, SPA in Tenes, by Industrial Development Corporation of South Africa (IDC) and Kaxu Community Trust in Kaxu, by Algonquin Power Co. in AYES Canada, and by partners of the Company in the Chilean renewable energy platform in Chile PV 1 and Chile PV 2.
On February 25, 2022, the Board of Directors declared a dividend of $0.44 per share corresponding to the fourth quarter of 2021. The dividend was paid on March 25, 2022 for a total amount of $49.7 million.

In addition, the Company declared dividends to non-controlling interests, primarily to Algonquin (interests in Amherst through AYES Canada, see Note 7) for $7.3 million in the three-month period ended March 31, 2022 ($4.3 million in the three-month period ended March 31, 2021)
As of March 31, 2022, there was no treasury stock and there have been no transactions with treasury stock during the period then ended.

v3.22.1
Corporate debt
 3 Months Ended
Mar. 31, 2022
Corporate debt [Abstract]  
Corporate debt
Note 14. - Corporate debt
The breakdown of corporate debt as of March 31, 2022 and December 31, 2021 is as follows:

   
Balance as of
March 31,
    
Balance as of
December 31,
  
   
2022
    
2021
  
   
($ in thousands)
  
Non-current
    
1,017,489
      
995,190
  
Current
    
38,656
      
27,881
  
Total Corporate Debt
    
1,056,145
      
1,023,071
  

On July 20, 2017, the Company signed a credit facility (the “2017 Credit Facility”) for up to €10 million ($11.2 million), which is available in euros or U.S. dollars. Amounts drawn down accrue interest at a rate per year equal to EURIBOR plus 2% or LIBOR plus 2%, depending on the currency, with a floor of 0% on the LIBOR and EURIBOR. As of March 31, 2022, the 2017 Credit Facility was fully available. As of December 31, 2021, $8.2 million were drawn down. The credit facility maturity is July 1, 2023.

On May 10, 2018, the Company entered into the Revolving Credit Facility for $215 million with a syndicate of banks. Amounts drawn down accrue interest at a rate per year equal to (A) for Eurodollar rate loans, Term SOFR, plus a Term SOFR Adjustment equal to 0.10% per annum, plus a percentage determined by reference to the leverage ratio of the Company, ranging between 1.60% and 2.25% and (B) for base rate loans, the highest of (i) the rate per annum equal to the weighted average of the rates on overnight U.S. Federal funds transactions with members of the U.S. Federal Reserve System arranged by U.S. Federal funds brokers on such day plus ½ of 1.00%, (ii) the U.S. prime rate and (iii) Term SOFR plus 1.00%, in any case, plus a percentage determined by reference to the leverage ratio of the Company, ranging between 0.60% and 1.00%. Letters of credit may be issued using up to $100 million of the Revolving Credit Facility. During 2019, the amount of the Revolving Credit Facility increased from $215 million to $425 million. In the first quarter of 2021, the Company increased the amount of the Revolving Credit Facility from $425 million to $450 million. On May 5, 2022, the maturity was extended to December 31, 2024. During the first quarter of 2022, $35 million were drawn down. On March 31, 2022, the Company issued letters of credit for $21.5 million ($10 million as of December 31, 2021). As of March 31, 2022, therefore, $393.5 million of the Revolving Credit Facility were available ($440 million as of December 31, 2021).
On April 30, 2019, the Company entered into the Note Issuance Facility 2019, a senior unsecured note facility with a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder for a total amount of €268 million ($299 million), with maturity date on April 30, 2025. Interest accrued at a rate per annum equalled to the sum of 3-month EURIBOR plus 4.50%. The interest rate on the Note Issuance Facility 2019 was fully hedged by an interest rate swap resulting in the Company paying a net fixed interest rate of 4.24%. The Note Issuance Facility 2019 was fully repaid on June 4, 2021, and subsequently delisted from the Official List of The International Stock Exchange.
On October 8, 2019, the Company filed a euro commercial paper program (the “Commercial Paper”) with the Alternative Fixed Income Market (MARF) in Spain. The program had an original maturity of twelve months and has been extended twice, for annual periods. The program allows Atlantica to issue short term notes over the next twelve months for up to €50 million ($56 million), with such notes having a tenor of up to two years. As of March 31, 2022, the Company had €27.7 million ($30.9 million) issued and outstanding under the program at an average cost of 0.35% (€21.5 million, or $24.0 million, as of December 31, 2021).
On April 1, 2020, the Company closed the secured 2020 Green Private Placement for €290 million ($324 million). The private placement accrues interest at an annual 1.96% interest rate, payable quarterly and has a June 2026 maturity.
On July 8, 2020, the Company entered into the Note Issuance Facility 2020, a senior unsecured financing with a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder for a total amount of $156 million which is denominated in euros (€140 million). The Note Issuance Facility 2020 was issued on August 12, 2020, accrues annual interest of 5.25%, payable quarterly and has a maturity of seven years from the closing date.
On July 17, 2020, the Company issued the Green Exchangeable Notes for $100 million in aggregate principal amount of 4.00% convertible bonds due in 2025. On July 29, 2020, the Company closed an additional $15 million aggregate principal amount of the Green Exchangeable Notes. The notes mature on July 15, 2025 and bear interest at a rate of 4.00% per annum. The initial exchange rate of the notes is 29.1070 ordinary shares per $1,000 principal amount of notes, which is equivalent to an initial exchange price of $34.36 per ordinary share. Noteholders may exchange their notes at their option at any time prior to the close of business on the scheduled trading day immediately preceding April 15, 2025, only during certain periods and upon satisfaction of certain conditions. On or after April 15, 2025, noteholders may exchange their notes at any time. Upon exchange, the notes may be settled, at the election of the Company, into Atlantica ordinary shares, cash or a combination thereof. The exchange rate is subject to adjustment upon the occurrence of certain events.
As per IAS 32, “Financial Instruments: Presentation”, the conversion option of the Green Exchangeable Notes is an embedded derivative classified within the line “Derivative liabilities” of these Consolidated Condensed Interim Financial Statements (Note 9). It was initially valued at the transaction date for $10 million, and prospective changes to its fair value are accounted for directly through the profit and loss statement. The principal element of the Green Exchangeable Notes, classified within the line “Corporate debt” of these Consolidated Condensed Interim Financial Statements, is initially valued as the difference between the consideration received from the holders of the instrument and the value of the embedded derivative, and thereafter, at amortized cost using the effective interest method as per IFRS 9, “Financial Instruments”.
On December 4, 2020, the Company entered into a loan with a bank for €5 million ($5.6 million). This loan accrues interest at a rate per year equal to 2.50%. The maturity date is December 4, 2025.

On May 18, 2021, the Company issued the Green Senior Notes due in 2028 in an aggregate principal amount of $400 million. The notes mature on May 15, 2028 and bear interest at a rate of 4.125% per annum payable on June 15 and December 15 of each year, commencing December 15, 2021.

On January 31, 2022, the Company entered into a loan with a bank for €5 million ($5.6 million). This loan accrues interest at a rate per year equal to 1.90%. The maturity date is January 31, 2026.  

The repayment schedule for the corporate debt as of March 31, 2022 is as follows:

   
Remainder
of 2022
    
Between
January
and
March
2023
    
Between
April
and
December
2023
    
2024
    
2025
    
2026
    
Subsequent
years
    
Total
  
   
($ in thousands)
  
2017 Credit Facility
    
4
      
-
      
-
      
-
      
-
      
-
      
-
      
4
  
Revolving Credit Facility
     -       -       34,218       -       -       -       -       34,218  
Commercial Paper
    
30,887
      
-
      
-
      
-
      
-
      
-
      
-
      
30,887
  
2020 Green Private Placement    
352
      
-
      
-
      
-
      
-
      
321,108
       -      
321,460
  
Note Issuance Facility 2020
    
-
      
-
      
-
      
-
      
-
      
-
      
153,061
      
153,061
  
Green Exchangeable Notes
    
941
      
-
      
-
      
-
      
104,953
      
-
      
-
      
105,894
  
Green Senior Notes
    
5,088
      
-
      
-
      
-
      
-
      
-
      
394,381
      
399,469
  
Othe bank loans
     703       681       2,547       3,255       3,250       716       -       11,152  
Total
    
37,975
      
681
      
36,765
      
3,255
      
108,203
      
321,824
      
547,442
      
1,056,145
  

The repayment schedule for the corporate debt as of December 31, 2021 was as follows:

   
2022
    
2023
    
2024
    
2025
    
2026
    
Subsequent
years
    
Total
  
2017 Credit Facility
    
5
      
8,199
      
-
      
-
      
-
      
-
      
8,204
  
Commercial Paper
    
24,422
      
-
      
-
      
-
      
-
      
-
      
24,422
  
2020 Green Private Placement
    
359
      
-
      
-
      
-
      
327,081
      
-
      
327,440
  
Note Issuance Facility 2020
    
-
      
-
      
-
      
-
      
-
      
155,814
      
155,814
  
Green Exchangeable Notes
    
2,121
      
-
      
-
      
104,289
      
-
      
-
      
106,410
  
Bank Loan
    
11
      
1,895
      
1,895
      
1,862
      
-
      
-
      
5,663
  
Green Senior Note     963       -       -       -       -       394,155       395,118  
Total
    
27,881
      
10,094
      
1,895
      
106,151
      
327,081
      
549,969
      
1,023,071
  

v3.22.1
Project debt
 3 Months Ended
Mar. 31, 2022
Project debt [Abstract]  
Project debt
Note 15. - Project debt
This note shows the project debt linked to the contracted concessional assets included in Note 6 of these Consolidated Condensed Interim Financial Statements.
Project debt is generally used to finance contracted assets, exclusively using as guarantee the assets and cash flows of the company or group of companies carrying out the activities financed. In addition, the cash of the Company´s projects include funds held to satisfy the customary requirements of certain non-recourse debt agreements and other restricted cash for an amount of $246 million as of March 31, 2022 ($254 million as of December 31, 2021).
The breakdown of project debt for both non-current and current liabilities as of March 31, 2022 and December 31, 2021 is as follows:

   
Balance as of
March 31,
    
Balance as of
December 31,
  
   
2022
    
2021
  
   
($ in thousands)
  
Non-current
    
4,647,941
      
4,387,674
  
Current
    
389,066
      
648,519
  
Total Project debt
    
5,037,007
      
5,036,193
  


As of December 31, 2021, Kaxu total debt was presented as current in the Consolidated Condensed Interim Financial Statements of the Company, for an amount of $314 million, in accordance with International Accounting Standards 1 (“IAS 1”), “Presentation of Financial Statements”, as a result of the existence of a theoretical event of default under the Kaxu project finance agreement. As of March 31, 2022, the Company has again an unconditional right to defer the settlement of the debt for at least twelve months, and therefore the debt previously presented as current has been reclassified as non-current in accordance with the financing agreements (Note 1).

The repayment schedule for project debt in accordance with the financing arrangements as of March 31, 2022, is as follows and is consistent with the projected cash flows of the related projects:

Remainder of 2022
                                            
Interest
payment
    
Nominal
repayment
    
Between
January
and
March 2023
    
Between
April
and
December 2023
    
2024
    
2025
    
2026
    
Subsequent years
   
Total
  
($ in thousands)
  
 
57,015
      
302,466
      
29,584
      
329,085
      
367,936
      
495,038
      
410,293
      
3,045,590
       5,037,007
  

The repayment schedule for project debt in accordance with the financing arrangements and assuming there would be no acceleration of the Kaxu debt repayment as of December 31, 2021, was as follows and was consistent with the projected cash flows of the related projects:

2022
    
2023
    
2024
    
2025
    
2026
    
Subsequent years
   
Total
  
Interest
payment
    
Nominal
repayment
                                      
 
18,017
      
317,388
      
355,956
      
369,528
      
498,712
      
411,514
      
3,065,078
      
5,036,193
  

v3.22.1
Grants and other liabilities
 3 Months Ended
Mar. 31, 2022
Grants and other liabilities [Abstract]  
Grants and other liabilities
Note 16. - Grants and other liabilities

   
Balance as of
March 31,
    
Balance as of
December 31,
  
   
2022		    
2021
  
   
($ in thousands)
  
Grants
    
955,827
      
970,557
  
Other Liabilities
    
295,751
      
293,187
  
Grants and other non-current liabilities
    
1,251,578
      
1,263,744
  

As of March 31, 2022, the amount recorded in Grants primarily corresponds to the ITC Grant awarded by the U.S. Department of the Treasury to Solana and Mojave for a total amount of $634 million ($642 million as of December 31, 2021). The amount recorded in Grants as a liability is progressively recorded as other income over the useful life of the asset.

The remaining balance of the “Grants” account corresponds to loans with interest rates below market rates for Solana and Mojave for a total amount of $319 million as of March 31, 2022 ($326 million as of December 31, 2021). Loans with the Federal Financing Bank guaranteed by the Department of Energy for these projects bear interest at a rate below market rates for these types of projects and terms. The difference between proceeds received from these loans and its fair value, is initially recorded as “Grants” in the consolidated statement of financial position, and subsequently recorded progressively in “Other operating income”.
Total amount of income for these two types of grants for Solana and Mojave is $14.6 million and $14.7 million for the three-month periods ended March 31, 2022 and 2021, respectively (Note 20).
Other liabilities mainly include:

-
$57 million of lease liabilities ($59 million as of December 31, 2021);
-
$127 million of dismantling provision ($125 million as of December 31, 2021); and
-
$78 million of provision related to the current high market prices in Spain at which the solar assets in Spain invoiced electricity up to March 31, 2022 ($75 million as of December 31, 2021), as a result of a negative adjustment to the regulated revenues expected to be recorded progressively over the remaining regulatory life of the solar assets of the Company, as a compensation.

v3.22.1
Trade payables and other current liabilities
 3 Months Ended
Mar. 31, 2022
Trade payables and other current liabilities [Abstract]  
Trade payables and other current liabilities
Note 17. - Trade payables and other current liabilities
Trade payables and other current liabilities as of March 31, 2022 and December 31, 2021 are as follows:

   
Balance as of
March 31,
    
Balance as of
December 31,
  
   
2022
     2021  
   
($ in thousands)
  
Trade accounts payable
    
83,239
      
79,052
  
Down payments from clients
    
2,006
      
542
  
Other accounts payable
    
37,101
      
34,313
  
Total
    
122,346
      
113,907
  

Trade accounts payable mainly relate to the operation and maintenance of the plants.
Nominal values of trade payables and other current liabilities are considered to be approximately equal to fair values and the effect of discounting them is not significant.

v3.22.1
Income Tax
 3 Months Ended
Mar. 31, 2022
Income Tax [Abstract]  
Income Tax
Note 18. - Income Tax
The effective tax rate for the periods presented has been established based on Management’s best estimates, taking into account the tax treatment of permanent differences and tax credits.
For the three-month period ended March 31, 2022, income tax amounted to a $3,906 thousand profit with respect to a loss before income tax of $13,748 thousand. In the three-month period ended March 31, 2021, income tax amounted to a $15,241 thousand expense with respect to a profit before income tax of $4,177 thousand. The effective tax rate differs from the nominal tax rate mainly due to unrecognized tax loss carryforwards and permanent tax differences in some jurisdictions.

v3.22.1
Financial expense, net
 3 Months Ended
Mar. 31, 2022
Financial expense, net [Abstract]  
Financial expense, net
Note 19. - Financial expense, net
Financial income and expense
The following table sets forth financial income and expenses for the three-month periods ended March 31, 2022 and 2021:

   
For the three-month period ended March 31,
  

 
2022
    
2021
  
Financial income
  
($ in thousands)
  
Interest income from loans and credits
    
383
      
511
  
Interest rate gains on derivatives: cash flow hedges
    
609
      
601
  
Total
    
992
      
1,112
  

   
For the three-month period ended March 31,
  

 
2022
    
2021
  
Financial expense
 
($ in thousands)
  
Interest on loans and notes     (71,126 )     (71,024 )
Interest rates losses derivatives: cash flow hedges
     (12,276 )     (14,143 )
Total
    
(83,402
)
    
(85,166
)

Interest on loans and notes primarily include interest on corporate and project debt.
Losses from interest rate derivatives designated as cash flow hedges primarily correspond to transfers from equity to financial expense when the hedged item impacts the consolidated income statement.
Net exchange differences
Net exchange differences primarily correspond to realized and unrealized exchange gains and losses on transactions in foreign currencies as part of the normal course of business of the Company.
Other financial income and expenses
The following table sets out Other financial income and expenses for the three-month periods ended March 31, 2022, and 2021:

 
For the three-month period ended March 31,
  
Other financial income / (expenses)
2022
    
2021
  
 
($ in thousands)
  
Other financial income
    
4,124
      
6,662
  
Other financial losses
    
(5,254
)
    
(3,687
)
Total
    
(1,130)
      
2,975

Other financial income in the three-month period ended March 31, 2022, include $1.1  million of income for non-monetary change to the fair value of derivatives of Kaxu for which hedge accounting is not applied, and $1.9 million income further to the change in the fair value of the conversion option of the Green Exchangeable Notes since December 2021 (Note 14). Residual items primarily relate to interest on deposits and loans, including non-monetary changes to the amortized cost of such loans.
Other financial losses include guarantees and letters of credit, other bank fees and other minor financial expenses.

v3.22.1
Other operating income and expenses
 3 Months Ended
Mar. 31, 2022
Other operating income and expenses [Abstract]  
Other operating income and expenses
Note 20.- Other operating income and expenses
The table below shows the detail of Other operating income and expenses for the three-month periods ended March 31, 2022, and 2021:

Other operating income
  
For the three-month period ended March 31,
  
   
2022
    
2021
  
   
($ in thousands)
  
Grants (Note 16)
    
14,933
      
14,813
  
Insurance proceeds and other
    
4,440
      
7,808
  
Total
    
19,373
      
22,621
  


Other operating expenses
  
For the three-month period ended March 31,
  
   
2022
    
2021
  
   
($ in thousands)
  
Raw materials and consumables used
    
(5,010
)
    
(23,492
)
Leases and fees
    
(2,866
)
    
(988
)
Operation and maintenance
    
(36,317
)
    
(38,026
)
Independent professional services
    
(8,561
)
    
(8,158
)
Supplies
    
(15,061
)
    
(7,059
)
Insurance
    
(11,666
)
    
(10,731
)
Levies and duties
    
(4,672
)
    
(9,666
)
Other expenses
    
(3,780
)
    
(6,024
)
Total
    
(87,933
)
    
(104,146
)

The decrease in Other operating expenses in 2022 is primarily due to a specific non-recurrent solar project of Rioglass which ended in October 2021, which mainly explains the decrease in Raw materials and consumables used in 2022.

v3.22.1
Earnings per share
 3 Months Ended
Mar. 31, 2022
Earnings per share [Abstract]  
Earnings per share
Note 21. - Earnings per share
Basic earnings per share have been calculated by dividing the loss attributable to equity holders of the Company by the average number of outstanding shares.
Diluted earnings per share for the three-month period ended March 31, 2022 have been calculated considering the potential issuance of 3,347,305 shares on the settlement of the Green Exchangeable Notes (Note 14) and the potential issuance of 1,167,185 shares to Algonquin under the agreement signed on August 3, 2021, according to which Algonquin has the option, on a quarterly basis, to subscribe such number of shares to maintain its percentage in Atlantica in relation to the use of the ATM program (Note 13). Diluted earnings per share for the three-month period ended March 31, 2021 was calculated considering the potential issuance of 3,347,305 shares on the settlement of the Green Exchangeable Notes.

 Item  
For the three-month period ended March 31,
 
   
2022
    
2021
  
   
($ in thousands)
  
Loss attributable to Atlantica
    
(12,042
)
    
(19,172
)
Average number of ordinary shares outstanding (thousands) - basic
    
112,741
      
110,386
  
Average number of ordinary shares outstanding (thousands) - diluted
    
116,894
      
113,733
  
Earnings per share for the period (U.S. dollar per share) - basic
    
(0.11
)
    
(0.17
)
Earnings per share for the period (U.S. dollar per share) - diluted
    
(0.10
)
    
(0.17
)

v3.22.1
Subsequent events
 3 Months Ended
Mar. 31, 2022
Subsequent events [Abstract]  
Subsequent events
Note 22. - Subsequent events

On April 4, 2022, the Company closed the acquisition of Italy PV 4, a 3.6 MW solar portfolio in Italy for a total equity investment of $3.7 million. The asset has regulated revenues under a feed in tariff until 2031.
On May 5, 2022, the Board of Directors of the Company approved a dividend of $0.44 per share, which is expected to be paid on June 15, 2022.

v3.22.1
Basis of preparation (Policies)
 3 Months Ended
Mar. 31, 2022
Basis of preparation [Abstract]  
Basis of preparation
The accompanying Consolidated Condensed Interim Financial Statements represent the consolidated results of the Company and its subsidiaries.
The Company’s annual consolidated financial statements as of December 31, 2021, were approved by the Board of Directors on February 25, 2022.
These Consolidated Condensed Interim Financial Statements are presented in accordance with International Accounting Standards (“IAS”) 34, “Interim Financial Reporting”. In accordance with IAS 34, interim financial information is prepared solely in order to update the most recent annual consolidated financial statements prepared by the Company, placing emphasis on new activities, occurrences and circumstances that have taken place during the three-month period ended March 31, 2022, and not duplicating the information previously published in the annual consolidated financial statements for the year ended December 31, 2021. Therefore, the Consolidated Condensed Interim Financial Statements do not include all the information that would be required in a complete set of consolidated financial statements prepared in accordance with the IFRS-IASB (“International Financial Reporting Standards-International Accounting Standards Board”). In view of the above, for an adequate understanding of the information, these Consolidated Condensed Interim Financial Statements must be read together with Atlantica’s consolidated financial statements for the year ended December 31, 2021 included in the 2021 20-F.

In determining the information to be disclosed in the notes to the Consolidated Condensed Interim Financial Statements, Atlantica, in accordance with IAS 34, has taken into account its materiality in relation to the Consolidated Condensed Interim Financial Statements.

The Consolidated Condensed Interim Financial Statements are presented in U.S. dollars, which is the Company’s functional and presentation currency. Amounts included in these Consolidated Condensed Interim Financial Statements are all expressed in thousands of U.S. dollars, unless otherwise indicated.

In January 2021 the Company closed the acquisition of Rioglass increasing its stake to 57.5%. The Company initially classified the investment as held for sale in the Consolidated Condensed Interim Financial Statements for the period ended March 31, 2021. Nevertheless, the accounting requirements of IFRS 5, Non-current Assets Held for Sale and Discontinued Operations, to classify the investment as held for sale were no longer fulfilled from the second quarter of 2021 given that the sale was no longer considered highly probable. Accordingly, as prescribed in IFRS 5, the investment was fully consolidated from the acquisition date in January 2021. As a result, the consolidated condensed income statement and cash flow statement for the three-month period ended March 31, 2021 have been restated in these Consolidated Interim Financial Statements, to conform to the current period presentation.

These Consolidated Condensed Interim Financial Statements were approved by the Board of Directors of the Company on May 5, 2022.
Application of new accounting standards
Application of new accounting standards
a)
Standards, interpretations and amendments effective from January 1, 2022 under IFRS-IASB, applied by the Company in the preparation of these Consolidated Condensed Interim Financial Statements:
 
The applications of these amendments have not had any impact on these Consolidated Condensed Interim Financial Statements.
b)
Standards, interpretations and amendments published by the IASB that will be effective for periods beginning on or after January 1, 2023:

The Company does not anticipate any significant impact on the Consolidated Condensed Interim Financial Statements derived from the application of the new standards and amendments that will be effective for annual periods beginning on or after January 1, 2023, although it is currently still in the process of evaluating such application.

The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
Use of estimates
Use of estimates
Some of the accounting policies applied require the application of significant judgment by management to select the appropriate assumptions to determine these estimates. These assumptions and estimates are based on the Company´s historical experience, advice from experienced consultants, forecasts and other circumstances and expectations as of the close of the financial period. The assessment is considered in relation to the global economic situation of the industries and regions where the Company operates, taking into account future development of its businesses. By their nature, these judgments are subject to an inherent degree of uncertainty; therefore, actual results could materially differ from the estimates and assumptions used. In such cases, the carrying values of assets and liabilities are adjusted.
The most critical accounting policies, which require significant management estimates and judgment are as follows:
  ●
Assessment of contracted concessional agreements.

  ●
Impairment of contracted concessional assets.

  ●
Assessment of control.

  ●
Derivative financial instruments and fair value estimates.

  ●
Income taxes and recoverable amount of deferred tax assets.

As of the date of preparation of these Consolidated Condensed Interim Financial Statements, no relevant changes in estimates made are anticipated and, therefore, no significant changes in the value of assets and liabilities recognized at March 31, 2022, are expected.
Although these estimates and assumptions are being made using all available facts and circumstances, it is possible that future events may require management to amend such estimates and assumptions in future periods. Changes in accounting estimates are recognized prospectively, in accordance with IAS 8, in the consolidated income statement of the period in which the change occurs.

v3.22.1
Fair value of financial instruments (Policies)
 3 Months Ended
Mar. 31, 2022
Fair value of financial instruments [Abstract]  
Fair value of financial instruments
Financial instruments measured at fair value are classified based on the nature of the inputs used for the calculation of fair value:
●
Level 1: Inputs are quoted prices in active markets for identical assets or liabilities.

●
Level 2: Fair value is measured based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

●
Level 3: Fair value is measured based on unobservable inputs for the asset or liability.

As of March 31, 2022, all the financial instruments measured at fair value correspond to derivatives and have been classified as Level 2, except for the investments held in Ten West Link, which has been classified as Level 3.

v3.22.1
Nature of the business (Tables)
 3 Months Ended
Mar. 31, 2022
Nature of the business [Abstract]  
Overview of main assets
The following table provides an overview of the main contracted concessional assets the Company owned or had an interest in as of March 31, 2022:

Assets
Type
Ownership
Location
Currency(9)
Capacity
(Gross)
Counterparty
Credit Ratings(10)
COD*
Contract
Years
Remaining(16)
                 
Solana
Renewable (Solar)
100%
Arizona (USA)
USD
280 MW
BBB+/A3/BBB+
2013
22
Mojave
Renewable (Solar)
100%
California (USA)
USD
280 MW
BB-/ -- /BB
2014
18
Coso
 Renewable (Geothermal) 100% California (USA) USD 135 MW Investment Grade(11) 1987-1989 17
Elkhorn Valley
 Renewable (Wind) 49% Oregon (USA) USD 101 MW BBB/A3/-- 2007 6
Prairie Star
 Renewable (Wind) 49% Minnesota (USA) USD 101 MW --/A3/A- 2007 6
Twin Groves II
 Renewable (Wind) 49% Illinois (USA) USD 198 MW BBB-/Baa2/-- 2008 4
Lone Star II
 Renewable (Wind) 49% Texas (USA) USD 196 MW Not rated 2008 1
Chile PV 1
Renewable (Solar)
35%(1)
Chile
USD
55 MW
N/A
2016
N/A
Chile PV 2
Renewable (Solar)
35%(1)
Chile
USD
40 MW
Not rated
2017
9
La Sierpe
 Renewable (Solar) 100% Colombia COP 20 MW Not rated 2021 14
Palmatir
 Renewable (Wind) 100% Uruguay USD 50 MW BBB/Baa2/BBB-(12) 2014 12
Cadonal
 Renewable (Wind) 100% Uruguay USD 50 MW BBB/Baa2/BBB-(12) 2014 13
Melowind
 Renewable (Wind) 100% Uruguay USD 50 MW BBB/Baa2/BBB- 2015 14
Mini-Hydro
 Renewable (Hydraulic) 100% Peru USD 4 MW BBB+/Baa1/BBB 2012 11
Solaben 2 & 3
Renewable (Solar)
70%(2)
Spain
Euro
2x50 MW
A/Baa1/A-
2012
16/16
Solacor 1 & 2
Renewable (Solar)
87%(3)
Spain
Euro
2x50 MW
A/Baa1/A-
2012
15/15
PS10 & PS20
Renewable (Solar)
100%
Spain
Euro
31 MW
A/Baa1/A-
2007&2009
10/12
Helioenergy 1 & 2
Renewable (Solar)
100%
Spain
Euro
2x50 MW
A/Baa1/A-
2011
15/15
Helios 1 & 2
Renewable (Solar)
100%
Spain
Euro
2x50 MW
A/Baa1/A-
2012
15/16
Solnova 1, 3 & 4
Renewable (Solar)
100%
Spain
Euro
3x50 MW
A/Baa1/A-
2010
13/13/14
Solaben 1 & 6
Renewable (Solar)
100%
Spain
Euro
2x50 MW
A/Baa1/A-
2013
17/17
Seville PV
Renewable (Solar)
80%(4)
Spain
Euro
1 MW
A/Baa1/A-
2006
14
Italy PV 1
 Renewable (Solar) 100% Italy Euro 1.6 MW BBB/Baa3/BBB 2010 9
Italy PV 2
 Renewable (Solar) 100% Italy Euro 2.1 MW BBB/Baa3/BBB 2011 9
Italy PV 3
 Renewable (Solar) 100% Italy Euro 2.5 MW BBB/Baa3/BBB 2012 10
Kaxu
Renewable (Solar)
51%(5)
South Africa
Rand
100 MW
BB-/Ba2/BB-(13)
2015
13
Calgary
Efficient natural gas &heat
100%
Canada
CAD
55 MWt
~41% A+ or higher(14)
2010
19
ACT
Efficient natural gas & heat
100%
Mexico
USD
300 MW
BBB/ Ba3/BB-
2013
11
Monterrey Efficient natural gas &heat 30% Mexico USD 142 MW Not rated
 2018 17
ATN (15)
Transmission line
100%
Peru
USD
379 miles
BBB/Baa1/BBB
2011
19
ATS
Transmission line
100%
Peru
USD
569 miles
BBB/Baa1/BBB
2014
22
ATN 2
Transmission line
100%
Peru
USD
81 miles
Not rated
2015
11
Quadra 1 & 2
Transmission line
100%
Chile
USD
49 miles/32 miles
Not rated
2014
13/13
Palmucho
Transmission line
100%
Chile
USD
6 miles
BBB/ -- /A-
2007
16
Chile TL3
Transmission line
100%
Chile
USD
50 miles
A/A1/A-
1993
Regulated
Chile TL4 Transmission line
 100%
  Chile
  USD
  63 miles
  Not rated
  2016
  50
Skikda
Water
34.2%(6)
Algeria
USD
3.5 M ft3/day
Not rated
2009
12
Honaine
Water
25.5%(7)
Algeria
USD
7 M ft3/day
Not rated
2012
16
Tenes
Water
51%(8)
Algeria
USD
7 M ft3/day
Not rated
2015
18

(1)
65% of the shares in Chile PV 1 and Chile PV 2 are indirectly held by financial partners through the renewable energy platform of the Company in Chile.
(2)
Itochu Corporation holds 30% of the shares in each of Solaben 2 and Solaben 3.
(3)
JGC holds 13% of the shares in each of Solacor 1 and Solacor 2.
(4)
Instituto para la Diversificación y Ahorro de la Energía (“Idae”) holds 20%of the shares in Seville PV.
(5)
Kaxu is owned by the Company (51%), Industrial Development Corporation of South Africa (29%) and Kaxu Community Trust (20%).
(6)
Algerian Energy Company, SPA owns 49% of Skikda and Sacyr Agua, S.L. owns the remaining 16.8%.
(7)
Algerian Energy Company, SPA owns 49% of Honaine and Sacyr Agua, S.L. owns the remaining 25.5%.
(8)
Algerian Energy Company, SPA owns 49% of Tenes.
(9)
Certain contracts denominated in U.S. dollars are payable in local currency.
(10)
Reflects the counterparty’s credit ratings issued by Standard & Poor’s Ratings Services, or S&P, Moody’s Investors Service Inc., or Moody’s, and Fitch Ratings Ltd, or Fitch.
(11)
Refers to the credit rating of two Community Choice Aggregators: Silicon Valley Clean Energy and Monterrey Bar Community Power, both with A Rating from S&P and Southern California Public Power Authority. The third off-taker is not rated.
(12)
Refers to the credit rating of Uruguay, as UTE (Administración Nacional de Usinas y Transmisoras Eléctricas) is unrated.
(13)
Refers to the credit rating of the Republic of South Africa. The off-taker is Eskom, which is a state-owned utility company in South Africa.
(14)
Refers to the credit rating of a diversified mix of 22 high credit quality clients (~41% A+ rating or higher, the rest is unrated).
(15)
Including ATN Expansion 1 & 2.
(16)
As of December 31, 2021.
(*)
Commercial Operation Date.

v3.22.1
Financial information by segment (Tables)
 3 Months Ended
Mar. 31, 2022
Financial information by segment [Abstract]  
Revenues and Adjusted EBITDA, assets and liabilities by operating segments and business sectors
a)
The following tables show Revenue and Adjusted EBITDA by operating segments and business sectors for the three-month periods ended March 31, 2022 and 2021:

   
Revenue
    
Adjusted EBITDA
  
   
For the three-month period ended
March 31,
    
For the three-month period ended
March 31,
  
   
($ in thousands)
  
Geography
  
2022
    
2021
    
2022
    
2021
  
North America
    
74,304
      
60,585
      
58,266
      
40,287
  
South America
    
38,528
      
38,308
      
29,129
      
29,943
  
EMEA
    
134,620
      
169,285
      
86,231
      
101,019
  
Total
    
247,452
      
268,178
      
173,626
      
171,249
  

   
Revenue
    
Adjusted EBITDA
  
   
For the three-month period ended
March 31,
    
For the three-month period ended
March 31,
  
   
($ in thousands)
  
Business sector
  
2022
    
2021
    
2022
    
2021
  
Renewable energy
    
182,101
      
199,679
      
122,223
      
117,036
  
Efficient natural gas & heat
    
25,327
      
28,408
      
21,699
      
23,182
  
Transmission lines
    
26,620
      
26,614
      
20,523
      
21,203
  
Water
    
13,404
      
13,477
      
9,181
      
9,828
  
Total
    
247,452
      
268,178
      
173,626
      
171,249
  

The reconciliation of segment Adjusted EBITDA with the loss attributable to the Company is as follows:

   
For the three-month period ended
March 31,
($ in thousands)
  
   
2022
    
2021
  
Loss attributable to the Company
    
(12,042
)
    
(19,172
)
Profit attributable to non-controlling interests
    
2,200
      
8,108
  
Income tax
    
(3,906
)
    
15,241
  
Financial expense, net
    
80,467
      
81,192
  
Depreciation, amortization, and impairment charges
    
100,925
      
83,541
  
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of Atlantica’s equity ownership)
     5,982       2,339  
Total segment Adjusted EBITDA
    
173,626
      
171,249
  
Assets and liabilities by geography
b)
The assets and liabilities by operating segments (and business sector) as of March 31, 2022 and December 31, 2021 are as follows:

Assets and liabilities by geography as of March 31, 2022:

   
North
America
    
South
America
    
EMEA
    
Balance as of
March 31,
2022
  
   
($ in thousands)
  
Assets allocated
                        
Contracted concessional assets
    
3,317,648
      
1,257,673
      
3,356,561
      
7,931,882
  
Investments carried under the equity method
    
243,043
      
-
      
41,986
      
285,029
  
Current financial investments
    
116,125
      
28,554
      
41,237
      
185,916
  
Cash and cash equivalents (project companies)
    
183,006
      
96,186
      
345,953
      
625,145
  
Subtotal allocated
    
3,859,822
      
1,382,413
      
3,785,737
      
9,027,972
  
Unallocated assets
                                
Other non-current assets
                            
277,989
  
Other current assets (including cash and cash equivalents at holding company level)
                            
449,507
  
Subtotal unallocated
                            
727,496
  
Total assets
                            
9,755,468
  

   
North
America
    
South
America
    
EMEA
    
Balance as of
March 31,
2022
  
   
($ in thousands)
  
Liabilities allocated
                        
Long-term and short-term project debt
    
1,799,441
      
873,713
      
2,363,853
      
5,037,007
  
Grants and other liabilities
    
1,033,773
      
15,577
      
202,228
      
1,251,578
  
Subtotal allocated
    
2,833,214
      
889,290
      
2,566,081
      
6,288,585
  
Unallocated liabilities
                            
 
Long-term and short-term corporate debt
                            
1,056,145
  
Other non-current liabilities
                            
453,940
  
Other current liabilities
                            
154,302
  
Subtotal unallocated
                            
1,664,387
  
Total liabilities
                            
7,952,972
  
Equity unallocated
                            
1,802,496
  
Total liabilities and equity unallocated
                            
3,466,883
  
Total liabilities and equity
                            
9,755,468
  

Assets and liabilities by geography as of December 31, 2021:

   
North
America
    
South
America
    
EMEA
    
Balance as of
December 31,
2021
  
   
($ in thousands)
  
Assets allocated
                        
Contracted concessional assets
    
3,355,669
      
1,231,276
      
3,434,623
      
8,021,568
  
Investments carried under the equity method
    
253,221
      
-
      
41,360
      
294,581
  
Current financial investments
    
135,224
      
28,155
      
44,000
      
207,379
  
Cash and cash equivalents (project companies)
    
171,744
      
74,149
      
287,655
      
533,548
  
Subtotal allocated
    
3,915,858
      
1,333,580
      
3,807,638
      
9,057,076
  
Unallocated assets
                                
Other non-current assets
                            
268,876
  
Other current assets (including cash and cash equivalents at holding company level)
                            
425,978
  
Subtotal unallocated
                            
694,854
  
Total assets
                            
9,751,930
  

   
North
America
    
South
America
    
EMEA
    
Balance as of
December 31,
2021
  
   
($ in thousands)
  
Liabilities allocated
                        
Long-term and short-term project debt
    
1,792,739
      
887,497
      
2,355,957
      
5,036,193
  
Grants and other liabilities
    
1,051,679
      
14,445
      
197,620
      
1,263,744
  
Subtotal allocated
    
2,844,418
      
901,942
      
2,553,577
      
6,299,937
  
Unallocated liabilities
                            
 
Long-term and short-term corporate debt
                            
1,023,071
  
Other non-current liabilities
                            
532,312
  
Other current liabilities
                            
148,005
  
Subtotal unallocated
                            
1,703,388
  
Total liabilities
                            
8,003,325
  
Equity unallocated
                            
1,748,605
  
Total liabilities and equity unallocated
                            
3,451,993
  
Total liabilities and equity
                            
9,751,930
  
Assets and liabilities by business sector
Assets and liabilities by business sector as of March 31, 2022:

   
Renewable
energy
    
Efficient
natural
gas & heat
    
Transmission
lines
    
Water
    
Balance as of
March 31,
2022
  
   
($ in thousands)
  
Assets allocated
                              
Contracted concessional assets
    
6,430,438
      
510,580
      
830,053
      
160,811
      
7,931,882
  
Investments carried under the equity method
    
230,737
      
14,692
      
-
      
39,600
      
285,029
  
Current financial investments
    
2,521
      
115,497
      
28,335
      
39,563
      
185,916
  
Cash and cash equivalents (project companies)
    
494,425
      
41,092
      
66,348
      
23,280
      
625,145
  
Subtotal allocated
    
7,158,121
      
681,861
      
924,736
      
263,254
      
9,027,972
  
Unallocated assets
                                        
Other non-current assets
                                    
277,989
  
Other current assets (including cash and cash equivalents at holding company level)
                                    
449,507
  
Subtotal unallocated
                                    
727,496
  
Total assets
                                    
9,755,468
  

   
Renewable
energy
    
Efficient
natural gas
& heat
    
Transmission
lines
    
Water
    
Balance as of
March 31,
2022
  
   
($ in thousands)
  
Liabilities allocated
                              
Long-term and short-term project debt
    
3,865,853
      
470,890
      
608,062
      
92,202
      
5,037,007
  
Grants and other liabilities
    
1,232,324
      
11,272
      
5,661
      
2,321
      
1,251,578
  
Subtotal allocated
    
5,098,177
      
482,162
      
613,723
      
94,523
      
6,288,585
  
Unallocated liabilities
                                    
 
Long-term and short-term corporate debt
                                    
1,056,145
  
Other non-current liabilities
                                    
453,940
  
Other current liabilities
                                    
154,302
  
Subtotal unallocated
                                    
1,664,387
  
Total liabilities
                                    
7,952,972
  
Equity unallocated
                                    
1,802,496
  
Total liabilities and equity unallocated
                                    
3,466,883
  
Total liabilities and equity
                                    
9,755,468
  

Assets and liabilities by business sector as of December 31, 2021:

   
Renewable
energy
    
Efficient
natural gas
& heat
    
Transmission
lines
    
Water
    
Balance as of
December 31,
2021
  
   
($ in thousands)
  
Assets allocated
                              
Contracted concessional assets
    
6,533,408
      
517,247
      
805,987
      
164,926
      
8,021,568
  
Investments carried under the equity method
    
240,302
      
15,358
      
-
      
38,921
      
294,581
  
Current financial investments
    
10,761
      
128,461
      
27,813
      
40,344
      
207,379
  
Cash and cash equivalents (project companies)
    
442,213
      
25,392
      
44,574
      
21,369
      
533,548
  
Subtotal allocated
    
7,226,684
      
686,458
      
878,374
      
265,560
      
9,057,076
  
Unallocated assets
                                      
Other non-current assets
                                    
268,876
  
Other current assets (including cash and cash equivalents at holding company level)
                                    
425,978
  
Subtotal unallocated
                                    
694,854
  
Total assets
                                    
9,751,930
  

   
Renewable
energy
    
Efficient
natural gas
& heat
    
Transmission
lines
    
Water
    
Balance as of
December 31,
2021
  
   
($ in thousands)
  
Liabilities allocated
                              
Long-term and short-term project debt
    
3,857,313
      
478,724
      
602,278
      
97,878
      
5,036,193
  
Grants and other liabilities
    
1,244,346
      
11,212
      
5,795
      
2,391
      
1,263,744
  
Subtotal allocated
    
5,101,659
      
489,936
      
608,073
      
100,269
      
6,299,937
  
Unallocated liabilities
                                      
Long-term and short-term corporate debt
                                    
1,023,071
  
Other non-current liabilities
                                    
532,312
  
Other current liabilities
                                    
148,005
  
Subtotal unallocated
                                    
1,703,388
  
Total liabilities
                                    
8,003,325
  
Equity unallocated
                                    
1,748,605
  
Total liabilities and equity unallocated
                                    
3,451,993
  
Total liabilities and equity
                                    
9,751,930
  
Depreciation, amortization and impairment charges recognized
c)
The amount of depreciation, amortization and impairment charges recognized for the three-month periods ended March 31, 2022 and 2021 are as follows:

 
For the three-month period ended
March 31,
  
Depreciation, amortization and impairment by geography
2022
     2021
  
  ($ in thousands)  
North America
    
(31,692
)
    
(12,627
)
South America
    
(14,205
)
    
(13,811
)
EMEA
    
(55,028
)
    
(57,103
)
Total
    
(100,925
)
    
(83,541
)

   
For the three-month period ended
March 31,
  
Depreciation, amortization and impairment by business sectors
  
2022
    
2021
  
   
($ in thousands)
  
Renewable energy
    
(95,270
)
    
(93,571
)
Efficient natural gas & heat
    
2,144
      
17,357
  
Transmission lines
    
(7,407
)
    
(7,749
)
Water
    
(392
)
    
422
  
Total
    
(100,925
)
    
(83,541
)

v3.22.1
Business combinations (Tables)
 3 Months Ended
Mar. 31, 2022
Business combinations [Abstract]  
Fair value of assets and liabilities consolidated at the effective acquisition date

The fair value of assets and liabilities consolidated at the effective acquisition date is shown in the following table:


   
Business
combinations
for the three-month
period ended
March 31, 2022
  
Contracted concessional assets
    
33,000
  
Other current assets
    
5,358
  
Total net assets acquired at fair value
    
38,358
  
Asset acquisition – purchase price paid
    
(38,358
)
Net result of business combinations
    
-
  
The fair value of assets and liabilities consolidated at the effective acquisition date is shown in the following table:

   
Business combinations
for the year ended December 31, 2021
  
    Coso     Other
    Total
 
Contracted concessional assets
     383,153
       159,575
       542,728
  
Deferred tax asset
     -
       4,410
       4,410
  
Other non-current assets     11,024
       1,943
       12,967
  
Cash & cash equivalents
     6,363
       14,649
       21,012
  
Other current assets
     14,378
       46,632
       61,010
  
Non-current Project debt
     (248,544
 )
     (39,808
 )
     (288,352
 )
Current Project debt
     (13,415
 )
     (25,366
 )
     (38,781
 )
Deferred tax liabilities
     -
       (4,910
 )
     (4,910
 )
Other current and non-current liabilities
     (22,959
 )
     (64,922
 )
     (87,881
 )
Non-controlling interests
     -
       (8,287
 )
     (8,287
 )
Total net assets acquired at fair value
     130,000
       83,916
       213,916
  
Asset acquisition – purchase price paid
     (130,000
 )
     (80,868
 )
     (210,868
 )
Fair value of previously held 15% stake in Rioglass
     -
       (3,048
 )
     (3,048
 )
Net result of business combinations
     -
       -
       -
  

v3.22.1
Contracted concessional assets (Tables)
 3 Months Ended
Mar. 31, 2022
Contracted concessional assets [Abstract]  
Movements of contracted concessional assets
The detail of contracted concessional assets included in the heading ‘Contracted concessional assets’ as of March 31, 2022 and December 31, 2021 is as follows:

   
Financial
assets under
IFRIC 12
    
Financial
assets under
IFRS 16
    
Intangible
assets under
IFRIC 12
    
Intangible
assets under
IFRS 16
(Lessee)
    
Property,
plant and equipment under
IAS 16 and
other
intangible
assets under
IAS 38
    
Balance as of
March 31,
2022
  
   
($ in thousands)
  
Contracted concessional assets cost
    
859,299
      
2,841
      
9,177,949
      
81,274
      
904,885
      
11,026,248
  
Amortization and impairment
    
(60,227
)
    
-
      
(2,856,008
)
    
(14,862
)
    
(163,269
)
    
(3,094,366
)
Total
    
799,072
      
2,841
      
6,321,941
      
66,412
      
741,616
      
7,931,882
  

   
Financial
assets under
IFRIC 12
    
Financial
assets under
IFRS 16
    
Intangible
assets under
IFRIC 12
    
Intangible
assets under
IFRS 16
(Lessee)
    
Property,
plant and equipment under
IAS 16 and
other
intangible
assets under
IAS 38
    
Balance as of December
31, 2021
  
   
($ in thousands)
  
Contracted concessional assets cost
    
874,525
      
2,843
      
9,202,539
      
82,818
      
856,410
      
11,019,135
  
Amortization and impairment
    
(62,889
)
    
-
      
(2,769,345
)
    
(14,105
)
    
(151,228
)
    
(2,997,567
)
Total
    
811,636
      
2,843
      
6,433,194
      
68,713
      
705,182
      
8,021,568
  

v3.22.1
Investments carried under the equity method (Tables)
 3 Months Ended
Mar. 31, 2022
Investments carried under the equity method [Abstract]  
Breakdown of investments held in associates
The table below shows the breakdown of the investments held in associates as of March 31, 2022 and December 31, 2021:

   
Balance as of
March 31,
2022
    
Balance as of
December 31,
2021
  
   
($ in thousands)
  
2007 Vento II, LLC     193,441       195,952  
Windlectric Inc
    
34,910
      
41,911
  
Myah Bahr Honaine, S.P.A.
    
39,600
      
38,922
  
Pemcorp SAPI de CV
    
14,692
      
15,358
  
Pectonex, R.F. Proprietary Limited
    
1,472
      
1,495
  
Evacuación Valdecaballeros, S.L.
    
881
      
923
  
ABY Infraestructuras S.L.U.
    
33
      
21
  
Total
    
285,029
      
294,581
  

v3.22.1
Financial investments (Tables)
 3 Months Ended
Mar. 31, 2022
Financial investments [Abstract]  
Non-current and Current financial investments
The detail of Non-current and Current financial investments as of March 31, 2022 and December 31, 2021 is as follows:

   
Balance as of
March 31,
2022
    
Balance as of
December 31,
2021
  
   
($ in thousands)
  
Fair Value through OCI (Investment in Ten West link)
    
15,959
      
14,459
  
Derivative assets (Note 9)
    
32,102
      
10,807
  
Other receivable accounts at amortized cost
    
70,883
      
71,342
  
Total non-current financial investments
    
118,944
      
96,608
  
Contracted concessional financial assets
    
182,145
      
188,912
  
Derivative assets (Note 9)
    
2,475
      
2,153
  
Other receivable accounts at amortized cost
    
1,296
      
16,314
  
Total current financial investments
    
185,916
      
207,379
  

v3.22.1
Derivative financial instruments (Tables)
 3 Months Ended
Mar. 31, 2022
Derivative financial instruments [Abstract]  
Fair value amount of derivative financial instruments
The breakdowns of the fair value amount of the derivative financial instruments as of March 31, 2022 and December 31, 2021 are as follows:

   
Balance as of March 31, 2022
    
Balance as of December 31, 2021
  
   
($ in thousands)
  
   
Assets
    
Liabilities
    
Assets
    
Liabilities
  
Interest rate cash flow hedge
    
30,502
      
137,095
      
9,550
      
206,763
  
Foreign exchange derivatives instruments
    
4,075
      
-
      
3,410
      
-
  
Notes conversion option (Note 14)
    
-
      
14,766
      
-
      
16,690
  
Total
    
34,577
      
151,861
      
12,960
      
223,453
  

v3.22.1
Related parties (Tables)
 3 Months Ended
Mar. 31, 2022
Related parties [Abstract]  
Related party receivables and payables
Details of balances with related parties as of March 31, 2022 and December 31, 2021 are as follows:

   
Balance as of
March 31,
    
Balance as of
December 31,
  
   
($ in thousands)
  
   
2022
    
2021
  
             
Credit receivables (current)
    
3,507
      
19,387
  
Credit receivables (non-current)
    
17,006
      
15,768
  
Total receivables from related parties
    
20,513
      
35,155
  
                 
Credit payables (current)
    
8,709
      
9,494
  
Credit payables (non-current)
    
5
      
5
  
Total payables to related parties
    
8,714
      
9,499
  
Related party transactions
The transactions carried out by entities included in these Consolidated Condensed Interim Financial Statements with related parties, for the three-month periods ended March 31, 2022 and 2021 have been as follows:

 
For the three-month period ended
March 31,
  
 
2022
  
2021
  
 
($ in thousands)
  
Financial income
    
382
      
510
  
Financial expenses
    
(120
)
    
(31
)

v3.22.1
Trade and other receivables (Tables)
 3 Months Ended
Mar. 31, 2022
Trade and other receivables [Abstract]  
Trade and other receivables
Trade and other receivables as of March 31, 2022 and December 31, 2021, consist of the following:

   
Balance as of
March 31,
    
Balance as of
December 31,
  
   
2022
    
2021
  
   
($ in thousands)
  
Trade receivables
    
221,425
      
227,343
  
Tax receivables
    
50,596
      
59,350
  
Prepayments
    
24,212
      
9,342
  
Other accounts receivable
    
5,478
      
11,108
  
Total
    
301,711
      
307,143
  

v3.22.1
Corporate debt (Tables)
 3 Months Ended
Mar. 31, 2022
Corporate debt [Abstract]  
Corporate debt
The breakdown of corporate debt as of March 31, 2022 and December 31, 2021 is as follows:

   
Balance as of
March 31,
    
Balance as of
December 31,
  
   
2022
    
2021
  
   
($ in thousands)
  
Non-current
    
1,017,489
      
995,190
  
Current
    
38,656
      
27,881
  
Total Corporate Debt
    
1,056,145
      
1,023,071
  
Repayment schedule for corporate debt
The repayment schedule for the corporate debt as of March 31, 2022 is as follows:

   
Remainder
of 2022
    
Between
January
and
March
2023
    
Between
April
and
December
2023
    
2024
    
2025
    
2026
    
Subsequent
years
    
Total
  
   
($ in thousands)
  
2017 Credit Facility
    
4
      
-
      
-
      
-
      
-
      
-
      
-
      
4
  
Revolving Credit Facility
     -       -       34,218       -       -       -       -       34,218  
Commercial Paper
    
30,887
      
-
      
-
      
-
      
-
      
-
      
-
      
30,887
  
2020 Green Private Placement    
352
      
-
      
-
      
-
      
-
      
321,108
       -      
321,460
  
Note Issuance Facility 2020
    
-
      
-
      
-
      
-
      
-
      
-
      
153,061
      
153,061
  
Green Exchangeable Notes
    
941
      
-
      
-
      
-
      
104,953
      
-
      
-
      
105,894
  
Green Senior Notes
    
5,088
      
-
      
-
      
-
      
-
      
-
      
394,381
      
399,469
  
Othe bank loans
     703       681       2,547       3,255       3,250       716       -       11,152  
Total
    
37,975
      
681
      
36,765
      
3,255
      
108,203
      
321,824
      
547,442
      
1,056,145
  

The repayment schedule for the corporate debt as of December 31, 2021 was as follows:

   
2022
    
2023
    
2024
    
2025
    
2026
    
Subsequent
years
    
Total
  
2017 Credit Facility
    
5
      
8,199
      
-
      
-
      
-
      
-
      
8,204
  
Commercial Paper
    
24,422
      
-
      
-
      
-
      
-
      
-
      
24,422
  
2020 Green Private Placement
    
359
      
-
      
-
      
-
      
327,081
      
-
      
327,440
  
Note Issuance Facility 2020
    
-
      
-
      
-
      
-
      
-
      
155,814
      
155,814
  
Green Exchangeable Notes
    
2,121
      
-
      
-
      
104,289
      
-
      
-
      
106,410
  
Bank Loan
    
11
      
1,895
      
1,895
      
1,862
      
-
      
-
      
5,663
  
Green Senior Note     963       -       -       -       -       394,155       395,118  
Total
    
27,881
      
10,094
      
1,895
      
106,151
      
327,081
      
549,969
      
1,023,071
  

v3.22.1
Project debt (Tables)
 3 Months Ended
Mar. 31, 2022
Project debt [Abstract]  
Project debt
The breakdown of project debt for both non-current and current liabilities as of March 31, 2022 and December 31, 2021 is as follows:

   
Balance as of
March 31,
    
Balance as of
December 31,
  
   
2022
    
2021
  
   
($ in thousands)
  
Non-current
    
4,647,941
      
4,387,674
  
Current
    
389,066
      
648,519
  
Total Project debt
    
5,037,007
      
5,036,193
  
Repayment schedule for project debt
The repayment schedule for project debt in accordance with the financing arrangements as of March 31, 2022, is as follows and is consistent with the projected cash flows of the related projects:

Remainder of 2022
                                            
Interest
payment
    
Nominal
repayment
    
Between
January
and
March 2023
    
Between
April
and
December 2023
    
2024
    
2025
    
2026
    
Subsequent years
   
Total
  
($ in thousands)
  
 
57,015
      
302,466
      
29,584
      
329,085
      
367,936
      
495,038
      
410,293
      
3,045,590
       5,037,007
  

The repayment schedule for project debt in accordance with the financing arrangements and assuming there would be no acceleration of the Kaxu debt repayment as of December 31, 2021, was as follows and was consistent with the projected cash flows of the related projects:

2022
    
2023
    
2024
    
2025
    
2026
    
Subsequent years
   
Total
  
Interest
payment
    
Nominal
repayment
                                      
 
18,017
      
317,388
      
355,956
      
369,528
      
498,712
      
411,514
      
3,065,078
      
5,036,193
  

v3.22.1
Grants and other liabilities (Tables)
 3 Months Ended
Mar. 31, 2022
Grants and other liabilities [Abstract]  
Grants and other non-current liabilities
   
Balance as of
March 31,
    
Balance as of
December 31,
  
   
2022		    
2021
  
   
($ in thousands)
  
Grants
    
955,827
      
970,557
  
Other Liabilities
    
295,751
      
293,187
  
Grants and other non-current liabilities
    
1,251,578
      
1,263,744
  

v3.22.1
Trade payables and other current liabilities (Tables)
 3 Months Ended
Mar. 31, 2022
Trade payables and other current liabilities [Abstract]  
Trade payables and other current liabilities
Trade payables and other current liabilities as of March 31, 2022 and December 31, 2021 are as follows:

   
Balance as of
March 31,
    
Balance as of
December 31,
  
   
2022
     2021  
   
($ in thousands)
  
Trade accounts payable
    
83,239
      
79,052
  
Down payments from clients
    
2,006
      
542
  
Other accounts payable
    
37,101
      
34,313
  
Total
    
122,346
      
113,907
  

v3.22.1
Financial expense, net (Tables)
 3 Months Ended
Mar. 31, 2022
Financial expense, net [Abstract]  
Financial income
The following table sets forth financial income and expenses for the three-month periods ended March 31, 2022 and 2021:

   
For the three-month period ended March 31,
  

 
2022
    
2021
  
Financial income
  
($ in thousands)
  
Interest income from loans and credits
    
383
      
511
  
Interest rate gains on derivatives: cash flow hedges
    
609
      
601
  
Total
    
992
      
1,112
  
Financial expense
   
For the three-month period ended March 31,
  

 
2022
    
2021
  
Financial expense
 
($ in thousands)
  
Interest on loans and notes     (71,126 )     (71,024 )
Interest rates losses derivatives: cash flow hedges
     (12,276 )     (14,143 )
Total
    
(83,402
)
    
(85,166
)
Other financial income and expenses
The following table sets out Other financial income and expenses for the three-month periods ended March 31, 2022, and 2021:

 
For the three-month period ended March 31,
  
Other financial income / (expenses)
2022
    
2021
  
 
($ in thousands)
  
Other financial income
    
4,124
      
6,662
  
Other financial losses
    
(5,254
)
    
(3,687
)
Total
    
(1,130)
      
2,975

v3.22.1
Other operating income and expenses (Tables)
 3 Months Ended
Mar. 31, 2022
Other operating income and expenses [Abstract]  
Other operating income
The table below shows the detail of Other operating income and expenses for the three-month periods ended March 31, 2022, and 2021:

Other operating income
  
For the three-month period ended March 31,
  
   
2022
    
2021
  
   
($ in thousands)
  
Grants (Note 16)
    
14,933
      
14,813
  
Insurance proceeds and other
    
4,440
      
7,808
  
Total
    
19,373
      
22,621
  
Other operating expenses
Other operating expenses
  
For the three-month period ended March 31,
  
   
2022
    
2021
  
   
($ in thousands)
  
Raw materials and consumables used
    
(5,010
)
    
(23,492
)
Leases and fees
    
(2,866
)
    
(988
)
Operation and maintenance
    
(36,317
)
    
(38,026
)
Independent professional services
    
(8,561
)
    
(8,158
)
Supplies
    
(15,061
)
    
(7,059
)
Insurance
    
(11,666
)
    
(10,731
)
Levies and duties
    
(4,672
)
    
(9,666
)
Other expenses
    
(3,780
)
    
(6,024
)
Total
    
(87,933
)
    
(104,146
)

v3.22.1
Earnings per share (Tables)
 3 Months Ended
Mar. 31, 2022
Earnings per share [Abstract]  
Earnings per share
Diluted earnings per share for the three-month period ended March 31, 2022 have been calculated considering the potential issuance of 3,347,305 shares on the settlement of the Green Exchangeable Notes (Note 14) and the potential issuance of 1,167,185 shares to Algonquin under the agreement signed on August 3, 2021, according to which Algonquin has the option, on a quarterly basis, to subscribe such number of shares to maintain its percentage in Atlantica in relation to the use of the ATM program (Note 13). Diluted earnings per share for the three-month period ended March 31, 2021 was calculated considering the potential issuance of 3,347,305 shares on the settlement of the Green Exchangeable Notes.

 Item  
For the three-month period ended March 31,
 
   
2022
    
2021
  
   
($ in thousands)
  
Loss attributable to Atlantica
    
(12,042
)
    
(19,172
)
Average number of ordinary shares outstanding (thousands) - basic
    
112,741
      
110,386
  
Average number of ordinary shares outstanding (thousands) - diluted
    
116,894
      
113,733
  
Earnings per share for the period (U.S. dollar per share) - basic
    
(0.11
)
    
(0.17
)
Earnings per share for the period (U.S. dollar per share) - diluted
    
(0.10
)
    
(0.17
)

v3.22.1
Nature of the business, Description (Details)
$ in Thousands
 3 Months Ended
Jan. 17, 2022
USD ($)
Substation
MW
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Nature of the business [Abstract]      
Investments accounted for using equity method   $ 285,029 $ 294,581
Chile TL4 [Member]      
Nature of the business [Abstract]      
Installed capacity | MW 63    
Number of substations | Substation 2    
Investments accounted for using equity method $ 39,000 $ 8,000  
Contract life   50 years  

v3.22.1
Nature of the business, Assets acquired (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 14, 2021
USD ($)
MW
Nov. 25, 2021
USD ($)
MW
Aug. 06, 2021
USD ($)
Plant
MW
Jun. 16, 2021
MW
May 14, 2021
USD ($)
MW
Apr. 07, 2021
USD ($)
MW
Jan. 31, 2021
Jan. 08, 2021
Jan. 07, 2021
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Sep. 30, 2021
Jul. 15, 2021
USD ($)
Jun. 15, 2021
USD ($)
Dec. 04, 2020
Nature of the business [Abstract]                              
Investment under the equity method                   $ 285,029 $ 294,581        
Interest rate                             2.50%
Solana [Member]                              
Nature of the business [Abstract]                              
Ownership interest                   100.00%          
Italy Solar PV [Member]                              
Nature of the business [Abstract]                              
Investment under the equity method     $ 9,000                        
Gross capacity | MW     3.7                        
Number of solar plants acquired | Plant     2                        
Italy Solar PV 3 [Member]                              
Nature of the business [Abstract]                              
Investment under the equity method $ 4,000                            
Gross capacity | MW 2.5                            
Calgary District Heating Center [Member]                              
Nature of the business [Abstract]                              
Investment under the equity method         $ 22,900                    
Gross capacity | MW         55                    
Weighted average contract life                   20 years          
La Sierpe [Member]                              
Nature of the business [Abstract]                              
Investment under the equity method   $ 23,500                          
Gross capacity | MW   20                          
Rioglass [Member]                              
Nature of the business [Abstract]                              
Investment under the equity method                     $ 17,100        
Percentage of interest acquired               42.50%     85.00% 42.50%      
Ownership interest             57.50% 57.50% 15.00%            
Rioglass [Member] | Solana [Member]                              
Nature of the business [Abstract]                              
Ownership interest                     100.00%        
Coso [Member]                              
Nature of the business [Abstract]                              
Investment under the equity method           $ 130,000                  
Gross capacity | MW           135                  
Period of PPA                   18 years          
Coso [Member] | Project Debt [Member]                              
Nature of the business [Abstract]                              
Investment under the equity method                         $ 40,000    
Vento II [Member]                              
Nature of the business [Abstract]                              
Investment under the equity method                           $ 180,700  
Percentage of interest acquired                           49.00%  
Gross capacity | MW       596                      
Ownership interest       51.00%                      
Period of PPA                   5 years          

v3.22.1
Nature of the business, Main assets owned (Details) - € / MWh
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Nature of the business [Abstract]    
Market price per MWh 110.4 48.82
ACT [Member]    
Nature of the business [Abstract]    
Type Efficient natural gas & heat  
Ownership 100.00%  
Location Mexico  
Currency [1] USD  
Capacity (gross) 300 MW  
Counterparty credit ratings [2] BBB/ Ba3/BB-  
COD [3] 2013  
Contract years left [4] 11 years  
Monterrey [Member]    
Nature of the business [Abstract]    
Type Efficient natural gas &heat  
Ownership 30.00%  
Location Mexico  
Currency [1] USD  
Capacity (gross) 142 MW  
Counterparty credit ratings [2],[5] Not rated  
COD [3] 2018  
Contract years left [4] 17 years  
Calgary [Member]    
Nature of the business [Abstract]    
Type Efficient natural gas &heat  
Ownership 100.00%  
Location Canada  
Currency [1] CAD  
Capacity (gross) 55 MWt  
Counterparty credit ratings [2],[5] ~41% A+ or higher  
COD [3] 2010  
Contract years left [4] 19 years  
ATN [Member]    
Nature of the business [Abstract]    
Type [5] Transmission line  
Ownership [5] 100.00%  
Location [5] Peru  
Currency [1],[5] USD  
Capacity (gross) [5] 379 miles  
Counterparty credit ratings [2],[5] BBB/Baa1/BBB  
COD [3],[5] 2011  
Contract years left [4],[5] 19 years  
ATS [Member]    
Nature of the business [Abstract]    
Type Transmission line  
Ownership 100.00%  
Location Peru  
Currency [1] USD  
Capacity (gross) 569 miles  
Counterparty credit ratings [2] BBB/Baa1/BBB  
COD [3] 2014  
Contract years left [4] 22 years  
ATN 2 [Member]    
Nature of the business [Abstract]    
Type Transmission line  
Ownership 100.00%  
Location Peru  
Currency [1] USD  
Capacity (gross) 81 miles  
Counterparty credit ratings [2] Not rated  
COD [3] 2015  
Contract years left [4] 11 years  
Quadra 1 & 2 [Member]    
Nature of the business [Abstract]    
Type Transmission line  
Ownership 100.00%  
Location Chile  
Currency [1] USD  
Capacity (gross) 49 miles/32 miles  
Counterparty credit ratings [2] Not rated  
COD [3] 2014  
Quadra 1 [Member]    
Nature of the business [Abstract]    
Contract years left [4] 13 years  
Quadra 2 [Member]    
Nature of the business [Abstract]    
Contract years left [4] 13 years  
Palmucho [Member]    
Nature of the business [Abstract]    
Type Transmission line  
Ownership 100.00%  
Location Chile  
Currency [1] USD  
Capacity (gross) 6 miles  
Counterparty credit ratings [2] BBB/ -- /A-  
COD [3] 2007  
Contract years left [4] 16 years  
Chile TL3 [Member]    
Nature of the business [Abstract]    
Type Transmission line  
Ownership 100.00%  
Location Chile  
Currency [1] USD  
Capacity (gross) 50 miles  
Counterparty credit ratings [2] A/A1/A-  
COD [3] 1993  
Chile TL4 [Member]    
Nature of the business [Abstract]    
Type Transmission line  
Ownership [6] 100.00%  
Location Chile  
Currency [1] USD  
Capacity (gross) 63 miles  
Counterparty credit ratings [2] Not rated  
COD [3] 2016  
Contract years left [4] 50 years  
Skikda [Member]    
Nature of the business [Abstract]    
Type Water  
Ownership [7] 34.20%  
Location Algeria  
Currency [1] USD  
Capacity (gross) 3.5 M ft3/day  
Counterparty credit ratings [2] Not rated  
COD [3] 2009  
Contract years left [4] 12 years  
Skikda [Member] | Algerian Energy Company, SPA [Member]    
Nature of the business [Abstract]    
Percentage of non-controlling interests 49.00%  
Skikda [Member] | Sacyr Agua S.L. [Member]    
Nature of the business [Abstract]    
Percentage of non-controlling interests 16.80%  
Honaine [Member]    
Nature of the business [Abstract]    
Type Water  
Ownership [8] 25.50%  
Location Algeria  
Currency [1] USD  
Capacity (gross) 7 M ft3/day  
Counterparty credit ratings [2] Not rated  
COD [3] 2012  
Contract years left [4] 16 years  
Honaine [Member] | Algerian Energy Company, SPA [Member]    
Nature of the business [Abstract]    
Percentage of non-controlling interests 49.00%  
Honaine [Member] | Sacyr Agua S.L. [Member]    
Nature of the business [Abstract]    
Percentage of non-controlling interests 25.50%  
Tenes [Member]    
Nature of the business [Abstract]    
Type Water  
Ownership [9] 51.00%  
Location Algeria  
Currency [1] USD  
Capacity (gross) 7 M ft3/day  
Counterparty credit ratings [2] Not rated  
COD [3] 2015  
Contract years left [4] 18 years  
Tenes [Member] | Algerian Energy Company, SPA [Member]    
Nature of the business [Abstract]    
Percentage of non-controlling interests 49.00%  
PS10 & PS20 [Member]    
Nature of the business [Abstract]    
Type Renewable (Solar)  
Ownership 100.00%  
Location Spain  
Currency [1] Euro  
Capacity (gross) 31 MW  
Counterparty credit ratings [2] A/Baa1/A-  
COD [3] 2007&2009  
PS10 [Member]    
Nature of the business [Abstract]    
Contract years left [4] 10 years  
PS20 [Member]    
Nature of the business [Abstract]    
Contract years left [4] 12 years  
Solana [Member]    
Nature of the business [Abstract]    
Type Renewable (Solar)  
Ownership 100.00%  
Location Arizona (USA)  
Currency [1] USD  
Capacity (gross) 280 MW  
Counterparty credit ratings [2] BBB+/A3/BBB+  
COD [3] 2013  
Contract years left [4] 22 years  
Mojave [Member]    
Nature of the business [Abstract]    
Type Renewable (Solar)  
Ownership 100.00%  
Location California (USA)  
Currency [1] USD  
Capacity (gross) 280 MW  
Counterparty credit ratings [2] BB-/ -- /BB  
COD [3] 2014  
Contract years left [4] 18 years  
Coso [Member]    
Nature of the business [Abstract]    
Type Renewable (Geothermal)  
Ownership 100.00%  
Location California (USA)  
Currency [1] USD  
Capacity (gross) 135 MW  
Counterparty credit ratings [10] Investment Grade  
COD [3] 1987-1989  
Contract years left [4] 17 years  
Elkhorn Valley [Member]    
Nature of the business [Abstract]    
Type Renewable (Wind)  
Ownership 49.00%  
Location Oregon (USA)  
Currency [1] USD  
Capacity (gross) 101 MW  
Counterparty credit ratings [2] BBB/A3/--  
COD [3] 2007  
Contract years left [4] 6 years  
Prairie Star [Member]    
Nature of the business [Abstract]    
Type Renewable (Wind)  
Ownership 49.00%  
Location Minnesota (USA)  
Currency [1] USD  
Capacity (gross) 101 MW  
Counterparty credit ratings [2] --/A3/A-  
COD [3] 2007  
Contract years left [4] 6 years  
Twin Groves II [Member]    
Nature of the business [Abstract]    
Type Renewable (Wind)  
Ownership 49.00%  
Location Illinois (USA)  
Currency [1] USD  
Capacity (gross) 198 MW  
Counterparty credit ratings [2] BBB-/Baa2/--  
COD [3] 2008  
Contract years left [4] 4 years  
Lone Star II [Member]    
Nature of the business [Abstract]    
Type Renewable (Wind)  
Ownership 49.00%  
Location Texas (USA)  
Currency [1] USD  
Capacity (gross) 196 MW  
Counterparty credit ratings [2] Not rated  
COD [3] 2008  
Contract years left [4] 1 year  
Chile PV I [Member]    
Nature of the business [Abstract]    
Type Renewable (Solar)  
Ownership [11] 35.00%  
Location Chile  
Currency [1] USD  
Capacity (gross) 55 MW  
Counterparty credit ratings [2] N/A  
COD [3] 2016  
Percentage of non-controlling interests 65.00%  
Chile PV 2 [Member]    
Nature of the business [Abstract]    
Type Renewable (Solar)  
Ownership [11] 35.00%  
Location Chile  
Currency [1] USD  
Capacity (gross) 40 MW  
Counterparty credit ratings [2] Not rated  
COD [3] 2017  
Contract years left [4] 9 years  
Percentage of non-controlling interests 65.00%  
La Sierpe [Member]    
Nature of the business [Abstract]    
Type Renewable (Solar)  
Ownership 100.00%  
Location Colombia  
Currency [1] COP  
Capacity (gross) 20 MW  
Counterparty credit ratings [2] Not rated  
COD [3] 2021  
Contract years left [4] 14 years  
Palmatir [Member]    
Nature of the business [Abstract]    
Type Renewable (Wind)  
Ownership [9] 100.00%  
Location Uruguay  
Currency [1] USD  
Capacity (gross) 50 MW  
Counterparty credit ratings [2],[12] BBB/Baa2/BBB-  
COD [3] 2014  
Contract years left [4] 12 years  
Cadonal [Member]    
Nature of the business [Abstract]    
Type Renewable (Wind)  
Ownership [9] 100.00%  
Location Uruguay  
Currency [1] USD  
Capacity (gross) 50 MW  
Counterparty credit ratings [2],[12] BBB/Baa2/BBB-  
COD [3] 2014  
Contract years left [4] 13 years  
Melowind [Member]    
Nature of the business [Abstract]    
Type Renewable (Wind)  
Ownership [9] 100.00%  
Location Uruguay  
Currency [1] USD  
Capacity (gross) 50 MW  
Counterparty credit ratings [2] BBB/Baa2/BBB-  
COD [3] 2015  
Contract years left [4] 14 years  
Mini-Hydro [Member]    
Nature of the business [Abstract]    
Type Renewable (Hydraulic)  
Ownership [9] 100.00%  
Location Peru  
Currency [1] USD  
Capacity (gross) 4 MW  
Counterparty credit ratings [2] BBB+/Baa1/BBB  
COD [3] 2012  
Contract years left [4] 11 years  
Solaben 2 & 3 [Member]    
Nature of the business [Abstract]    
Type Renewable (Solar)  
Ownership [13] 70.00%  
Location Spain  
Currency [1] Euro  
Capacity (gross) 2x50 MW  
Counterparty credit ratings [2] A/Baa1/A-  
COD [3] 2012  
Solaben 2 & 3 [Member] | Itochu Corporation [Member]    
Nature of the business [Abstract]    
Percentage of non-controlling interests 30.00%  
Solaben 2 [Member]    
Nature of the business [Abstract]    
Contract years left [4] 16 years  
Solaben 3 [Member]    
Nature of the business [Abstract]    
Contract years left [4] 16 years  
Solacor 1 & 2 [Member]    
Nature of the business [Abstract]    
Type Renewable (Solar)  
Ownership [14] 87.00%  
Location Spain  
Currency [1] Euro  
Capacity (gross) 2x50 MW  
Counterparty credit ratings [2] A/Baa1/A-  
COD [3] 2012  
Solacor 1 & 2 [Member] | JGC [Member]    
Nature of the business [Abstract]    
Percentage of non-controlling interests 13.00%  
Solacor 1 [Member]    
Nature of the business [Abstract]    
Contract years left [4] 15 years  
Solacor 2 [Member]    
Nature of the business [Abstract]    
Contract years left [4] 15 years  
Helioenergy 1 & 2 [Member]    
Nature of the business [Abstract]    
Type Renewable (Solar)  
Ownership 100.00%  
Location Spain  
Currency [1] Euro  
Capacity (gross) 2x50 MW  
Counterparty credit ratings [2] A/Baa1/A-  
COD [3] 2011  
Helioenergy 1 [Member]    
Nature of the business [Abstract]    
Contract years left [4] 15 years  
Helioenergy 2 [Member]    
Nature of the business [Abstract]    
Contract years left [4] 15 years  
Helios 1 & 2 [Member]    
Nature of the business [Abstract]    
Type Renewable (Solar)  
Ownership 100.00%  
Location Spain  
Currency [1] Euro  
Capacity (gross) 2x50 MW  
Counterparty credit ratings [2] A/Baa1/A-  
COD [3] 2012  
Helios 1 [Member]    
Nature of the business [Abstract]    
Contract years left [4] 15 years  
Helios 2 [Member]    
Nature of the business [Abstract]    
Contract years left [4] 16 years  
Solnova 1, 3 & 4 [Member]    
Nature of the business [Abstract]    
Type Renewable (Solar)  
Ownership 100.00%  
Location Spain  
Currency [1] Euro  
Capacity (gross) 3x50 MW  
Counterparty credit ratings [2] A/Baa1/A-  
COD [3] 2010  
Solnova 1 [Member]    
Nature of the business [Abstract]    
Contract years left [4] 13 years  
Solnova 3 [Member]    
Nature of the business [Abstract]    
Contract years left [4] 13 years  
Solnova 4 [Member]    
Nature of the business [Abstract]    
Contract years left [4] 14 years  
Solaben 1 & 6 [Member]    
Nature of the business [Abstract]    
Type Renewable (Solar)  
Ownership 100.00%  
Location Spain  
Currency [1] Euro  
Capacity (gross) 2x50 MW  
Counterparty credit ratings [2] A/Baa1/A-  
COD [3] 2013  
Solaben 1 [Member]    
Nature of the business [Abstract]    
Contract years left [4] 17 years  
Solaben 6 [Member]    
Nature of the business [Abstract]    
Contract years left [4] 17 years  
Italy PV 1 [Member]    
Nature of the business [Abstract]    
Type Renewable (Solar)  
Ownership 100.00%  
Location Italy  
Currency [1] Euro  
Capacity (gross) 1.6 MW  
Counterparty credit ratings [2] BBB/Baa3/BBB  
COD [3] 2010  
Contract years left [4] 9 years  
Italy PV 2 [Member]    
Nature of the business [Abstract]    
Type Renewable (Solar)  
Ownership 100.00%  
Location Italy  
Currency [1] Euro  
Capacity (gross) 2.1 MW  
Counterparty credit ratings [2] BBB/Baa3/BBB  
COD [3] 2011  
Contract years left [4] 9 years  
Italy PV 3 [Member]    
Nature of the business [Abstract]    
Type Renewable (Solar)  
Ownership 100.00%  
Location Italy  
Currency [1] Euro  
Capacity (gross) 2.5 MW  
Counterparty credit ratings [2] BBB/Baa3/BBB  
COD [3] 2012  
Contract years left [4] 10 years  
Seville PV [Member]    
Nature of the business [Abstract]    
Type Renewable (Solar)  
Ownership [6] 80.00%  
Location Spain  
Currency [1] Euro  
Capacity (gross) 1 MW  
Counterparty credit ratings [2] A/Baa1/A-  
COD [3] 2006  
Contract years left [4] 14 years  
Seville PV [Member] | Idae [Member]    
Nature of the business [Abstract]    
Percentage of non-controlling interests 20.00%  
Kaxu [Member]    
Nature of the business [Abstract]    
Type Renewable (Solar)  
Ownership [15] 51.00%  
Location South Africa  
Currency [1] Rand  
Capacity (gross) 100 MW  
Counterparty credit ratings [2],[16] BB-/Ba2/BB-  
COD [3] 2015  
Contract years left [4] 13 years  
Kaxu [Member] | IDC [Member]    
Nature of the business [Abstract]    
Percentage of non-controlling interests 29.00%  
Kaxu [Member] | Kaxu Community Trust [Member]    
Nature of the business [Abstract]    
Percentage of non-controlling interests 20.00%  
[1] Certain contracts denominated in U.S. dollars are payable in local currency.
[2] Reflects the counterparty’s credit ratings issued by Standard & Poor’s Ratings Services, or S&P, Moody’s Investors Service Inc., or Moody’s, and Fitch Ratings Ltd, or Fitch.
[3] Commercial Operation Date.
[4] As of December 31, 2021.
[5] Including ATN Expansion 1 & 2.
[6] Instituto para la Diversificación y Ahorro de la Energía (“Idae”) holds 20%of the shares in Seville PV.
[7] Algerian Energy Company, SPA owns 49% of Skikda and Sacyr Agua, S.L. owns the remaining 16.8%.
[8] Algerian Energy Company, SPA owns 49% of Honaine and Sacyr Agua, S.L. owns the remaining 25.5%.
[9] Algerian Energy Company, SPA owns 49% of Tenes.
[10] Refers to the credit rating of two Community Choice Aggregators: Silicon Valley Clean Energy and Monterrey Bar Community Power, both with A Rating from S&P and Southern California Public Power Authority. The third off-taker is not rated.
[11] 65% of the shares in Chile PV 1 and Chile PV 2 are indirectly held by financial partners through the renewable energy platform of the Company in Chile.
[12] Refers to the credit rating of Uruguay, as UTE (Administración Nacional de Usinas y Transmisoras Eléctricas) is unrated.
[13] Itochu Corporation holds 30% of the shares in each of Solaben 2 and Solaben 3.
[14] JGC holds 13% of the shares in each of Solacor 1 and Solacor 2.
[15] Kaxu is owned by the Company (51%), Industrial Development Corporation of South Africa (29%) and Kaxu Community Trust (20%).
[16] Refers to the credit rating of the Republic of South Africa. The off-taker is Eskom, which is a state-owned utility company in South Africa.

v3.22.1
Basis of preparation (Details)
Jan. 31, 2021
Jan. 08, 2021
Jan. 07, 2021
Rioglass [Member]      
Nature of the business [Abstract]      
Ownership interest 57.50% 57.50% 15.00%

v3.22.1
Financial information by segment, Revenues and Adjusted EBITDA (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
USD ($)
Customer
Mar. 31, 2021
USD ($)
Customer
Financial information by segment [Abstract]    
Number of customers representing more than 10% of total revenues | Customer 1 3
Revenue $ 247,452 $ 268,178
Adjusted EBITDA 173,626 $ 171,249
Renewable Energy [Member]    
Financial information by segment [Abstract]    
Number of customers representing more than 10% of total revenues | Customer   2
Revenue 182,101 $ 199,679
Adjusted EBITDA 122,223 $ 117,036
Efficient Natural Gas & Heat [Member]    
Financial information by segment [Abstract]    
Number of customers representing more than 10% of total revenues | Customer   1
Revenue 25,327 $ 28,408
Adjusted EBITDA 21,699 23,182
Transmission Lines [Member]    
Financial information by segment [Abstract]    
Revenue 26,620 26,614
Adjusted EBITDA 20,523 21,203
Water [Member]    
Financial information by segment [Abstract]    
Revenue 13,404 13,477
Adjusted EBITDA 9,181 9,828
North America [Member]    
Financial information by segment [Abstract]    
Revenue 74,304 60,585
Adjusted EBITDA 58,266 40,287
South America [Member]    
Financial information by segment [Abstract]    
Revenue 38,528 38,308
Adjusted EBITDA 29,129 29,943
EMEA [Member]    
Financial information by segment [Abstract]    
Revenue 134,620 169,285
Adjusted EBITDA $ 86,231 $ 101,019

v3.22.1
Financial information by segment, Reconciliation of segment Adjusted EBITDA (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Financial information by segment [Abstract]    
Loss attributable to the Company $ 12,042 $ 19,172
Profit attributable to non-controlling interests (2,200) (8,108)
Income tax (3,906) 15,241
Financial expense, net 80,467 81,192
Depreciation, amortization, and impairment charges 100,925 83,541
Total segment Adjusted EBITDA (173,626) (171,249)
Reconciling Item [Member]    
Financial information by segment [Abstract]    
Loss attributable to the Company (12,042) (19,172)
Profit attributable to non-controlling interests 2,200 8,108
Income tax (3,906) 15,241
Financial expense, net 80,467 81,192
Depreciation, amortization, and impairment charges 100,925 83,541
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of Atlantica's equity ownership) 5,982 2,339
Total segment Adjusted EBITDA $ 173,626 $ 171,249

v3.22.1
Financial information by segment, Assets and liabilities by geography (Details)
$ in Thousands, € in Millions
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Mar. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 04, 2020
USD ($)
Dec. 04, 2020
EUR (€)
Assets allocated [Abstract]            
Contracted concessional assets $ 7,931,882 $ 8,021,568        
Investments carried under the equity method 285,029 294,581        
Current financial investments 185,916 207,379        
Cash and cash equivalents (project companies) 739,001 622,689 $ 1,078,293 $ 880,487    
Total assets 9,755,468 9,751,930        
Liabilities allocated [Abstract]            
Long-term and short-term project debt 5,037,007 5,036,193        
Grants and other liabilities 1,251,578 1,263,744        
Long-term and short-term corporate debt 1,056,145 1,023,071     $ 5,600 € 5
Total liabilities 7,952,972 8,003,325        
Equity 1,802,496 1,748,605 $ 1,857,874 $ 1,740,881    
Total liabilities and equity 9,755,468 9,751,930        
North America [Member]            
Assets allocated [Abstract]            
Contracted concessional assets 3,317,648 3,355,669        
Investments carried under the equity method 243,043 253,221        
Current financial investments 116,125 135,224        
Cash and cash equivalents (project companies) 183,006 171,744        
Total assets 3,859,822 3,915,858        
Liabilities allocated [Abstract]            
Long-term and short-term project debt 1,799,441 1,792,739        
Grants and other liabilities 1,033,773 1,051,679        
Total liabilities 2,833,214 2,844,418        
South America [Member]            
Assets allocated [Abstract]            
Contracted concessional assets 1,257,673 1,231,276        
Investments carried under the equity method 0 0        
Current financial investments 28,554 28,155        
Cash and cash equivalents (project companies) 96,186 74,149        
Total assets 1,382,413 1,333,580        
Liabilities allocated [Abstract]            
Long-term and short-term project debt 873,713 887,497        
Grants and other liabilities 15,577 14,445        
Total liabilities 889,290 901,942        
EMEA [Member]            
Assets allocated [Abstract]            
Contracted concessional assets 3,356,561 3,434,623        
Investments carried under the equity method 41,986 41,360        
Current financial investments 41,237 44,000        
Cash and cash equivalents (project companies) 345,953 287,655        
Total assets 3,785,737 3,807,638        
Liabilities allocated [Abstract]            
Long-term and short-term project debt 2,363,853 2,355,957        
Grants and other liabilities 202,228 197,620        
Total liabilities 2,566,081 2,553,577        
Allocated [Member]            
Assets allocated [Abstract]            
Contracted concessional assets 7,931,882 8,021,568        
Investments carried under the equity method 285,029 294,581        
Current financial investments 185,916 207,379        
Cash and cash equivalents (project companies) 625,145 533,548        
Total assets 9,027,972 9,057,076        
Liabilities allocated [Abstract]            
Long-term and short-term project debt 5,037,007 5,036,193        
Grants and other liabilities 1,251,578 1,263,744        
Total liabilities 6,288,585 6,299,937        
Unallocated [Member]            
Assets allocated [Abstract]            
Other non-current assets 277,989 268,876        
Other current assets (including cash and cash equivalents at holding company level) 449,507 425,978        
Total assets 727,496 694,854        
Liabilities allocated [Abstract]            
Long-term and short-term corporate debt 1,056,145 1,023,071        
Other non-current liabilities 453,940 532,312        
Other current liabilities 154,302 148,005        
Total liabilities 1,664,387 1,703,388        
Equity 1,802,496 1,748,605        
Total liabilities and equity $ 3,466,883 $ 3,451,993        

v3.22.1
Financial information by segment, Assets and liabilities by business sector (Details)
$ in Thousands, € in Millions
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Mar. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 04, 2020
USD ($)
Dec. 04, 2020
EUR (€)
Assets allocated [Abstract]            
Contracted concessional assets $ 7,931,882 $ 8,021,568        
Investments carried under the equity method 285,029 294,581        
Current financial investments 185,916 207,379        
Cash and cash equivalents (project companies) 739,001 622,689 $ 1,078,293 $ 880,487    
Total assets 9,755,468 9,751,930        
Liabilities allocated [Abstract]            
Long-term and short-term project debt 5,037,007 5,036,193        
Grants and other liabilities 1,251,578 1,263,744        
Long-term and short-term corporate debt 1,056,145 1,023,071     $ 5,600 € 5
Total liabilities 7,952,972 8,003,325        
Equity 1,802,496 1,748,605 $ 1,857,874 $ 1,740,881    
Total liabilities and equity 9,755,468 9,751,930        
Renewable Energy [Member]            
Assets allocated [Abstract]            
Contracted concessional assets 6,430,438 6,533,408        
Investments carried under the equity method 230,737 240,302        
Current financial investments 2,521 10,761        
Cash and cash equivalents (project companies) 494,425 442,213        
Total assets 7,158,121 7,226,684        
Liabilities allocated [Abstract]            
Long-term and short-term project debt 3,865,853 3,857,313        
Grants and other liabilities 1,232,324 1,244,346        
Total liabilities 5,098,177 5,101,659        
Efficient Natural Gas & Heat [Member]            
Assets allocated [Abstract]            
Contracted concessional assets 510,580 517,247        
Investments carried under the equity method 14,692 15,358        
Current financial investments 115,497 128,461        
Cash and cash equivalents (project companies) 41,092 25,392        
Total assets 681,861 686,458        
Liabilities allocated [Abstract]            
Long-term and short-term project debt 470,890 478,724        
Grants and other liabilities 11,272 11,212        
Total liabilities 482,162 489,936        
Transmission Lines [Member]            
Assets allocated [Abstract]            
Contracted concessional assets 830,053 805,987        
Investments carried under the equity method 0 0        
Current financial investments 28,335 27,813        
Cash and cash equivalents (project companies) 66,348 44,574        
Total assets 924,736 878,374        
Liabilities allocated [Abstract]            
Long-term and short-term project debt 608,062 602,278        
Grants and other liabilities 5,661 5,795        
Total liabilities 613,723 608,073        
Water [Member]            
Assets allocated [Abstract]            
Contracted concessional assets 160,811 164,926        
Investments carried under the equity method 39,600 38,921        
Current financial investments 39,563 40,344        
Cash and cash equivalents (project companies) 23,280 21,369        
Total assets 263,254 265,560        
Liabilities allocated [Abstract]            
Long-term and short-term project debt 92,202 97,878        
Grants and other liabilities 2,321 2,391        
Total liabilities 94,523 100,269        
Allocated [Member]            
Assets allocated [Abstract]            
Contracted concessional assets 7,931,882 8,021,568        
Investments carried under the equity method 285,029 294,581        
Current financial investments 185,916 207,379        
Cash and cash equivalents (project companies) 625,145 533,548        
Total assets 9,027,972 9,057,076        
Liabilities allocated [Abstract]            
Long-term and short-term project debt 5,037,007 5,036,193        
Grants and other liabilities 1,251,578 1,263,744        
Total liabilities 6,288,585 6,299,937        
Unallocated [Member]            
Assets allocated [Abstract]            
Other non-current assets 277,989 268,876        
Other current assets (including cash and cash equivalents at holding company level) 449,507 425,978        
Total assets 727,496 694,854        
Liabilities allocated [Abstract]            
Long-term and short-term corporate debt 1,056,145 1,023,071        
Other non-current liabilities 453,940 532,312        
Other current liabilities 154,302 148,005        
Total liabilities 1,664,387 1,703,388        
Equity 1,802,496 1,748,605        
Total liabilities and equity $ 3,466,883 $ 3,451,993        

v3.22.1
Financial information by segment, Depreciation, amortization and impairment charges recognized (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Financial information by segment [Abstract]    
Depreciation, amortization, and impairment charges $ (100,925) $ (83,541)
North America [Member]    
Financial information by segment [Abstract]    
Depreciation, amortization, and impairment charges (31,692) (12,627)
South America [Member]    
Financial information by segment [Abstract]    
Depreciation, amortization, and impairment charges (14,205) (13,811)
EMEA [Member]    
Financial information by segment [Abstract]    
Depreciation, amortization, and impairment charges (55,028) (57,103)
Renewable Energy [Member]    
Financial information by segment [Abstract]    
Depreciation, amortization, and impairment charges (95,270) (93,571)
Efficient Natural Gas & Heat [Member]    
Financial information by segment [Abstract]    
Depreciation, amortization, and impairment charges 2,144 17,357
Transmission Lines [Member]    
Financial information by segment [Abstract]    
Depreciation, amortization, and impairment charges (7,407) (7,749)
Water [Member]    
Financial information by segment [Abstract]    
Depreciation, amortization, and impairment charges $ (392) $ 422

v3.22.1
Business combinations, 2022 (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Jan. 17, 2022
USD ($)
Substation
MW
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Business combinations [Abstract]      
Investments accounted for using equity method   $ 285,029 $ 294,581
Fair Value, Assets and Liabilities Acquisition [Abstract]      
Contracted concessional assets     542,728
Other current assets     61,010
Total net assets acquired at fair value     213,916
Asset acquisition - purchase price paid     (210,868)
Net result of business combinations     0
Revenue contributed by the acquisitions     163,500
Amount of loss after tax     800
Additional revenue amount     17,700
Additional amount of profit after tax     $ 3,300
Asset Acquisition [Member]      
Fair Value, Assets and Liabilities Acquisition [Abstract]      
Contracted concessional assets   33,000  
Other current assets   5,358  
Total net assets acquired at fair value   38,358  
Asset acquisition - purchase price paid   (38,358)  
Net result of business combinations   0  
Revenue contributed by the acquisitions   700  
Amount of loss after tax   (400)  
Additional revenue amount   200  
Additional amount of profit after tax   100  
Chile TL4 [Member]      
Business combinations [Abstract]      
Installed capacity | MW 63    
Number of substations | Substation 2    
Investments accounted for using equity method $ 39,000 $ 8,000  

v3.22.1
Business combinations, 2021 (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 14, 2021
USD ($)
MW
Nov. 25, 2021
USD ($)
MW
Aug. 06, 2021
USD ($)
Plant
MW
Jul. 22, 2021
USD ($)
May 14, 2021
USD ($)
MW
Apr. 07, 2021
USD ($)
MW
Jan. 31, 2021
Jan. 08, 2021
USD ($)
Jan. 07, 2021
Jan. 06, 2021
USD ($)
MW
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Sep. 30, 2021
Fair Value, Assets and Liabilities Acquisition [Abstract]                          
Contracted concessional assets                       $ 542,728  
Deferred tax asset                       4,410  
Other non-current assets                       12,967  
Cash & cash equivalents                       21,012  
Other current assets                       61,010  
Non-current project debt                       (288,352)  
Current project debt                       (38,781)  
Deferred tax liabilities                       (4,910)  
Other current and non-current liabilities                       (87,881)  
Non-controlling interests                       (8,287)  
Total net assets acquired at fair value                       213,916  
Asset acquisition - purchase price paid                       (210,868)  
Fair value of previously held 15% stake in Rioglass                       (3,048)  
Net result of business combinations                       0  
Revenue contributed by the acquisitions                       163,500  
Amount of profit after tax                       800  
Additional revenue amount                       17,700  
Additional amount of profit after tax                       $ 3,300  
Chile PV2 [Member] | Renewable Energy [Member]                          
Business combinations [Abstract]                          
Gross capacity | MW                   40      
Payment to acquire equity investment                   $ 5,000      
Percentage of non-controlling interests                   65.00%      
Asset Acquisition [Member]                          
Fair Value, Assets and Liabilities Acquisition [Abstract]                          
Contracted concessional assets                     $ 33,000    
Other current assets                     5,358    
Total net assets acquired at fair value                     38,358    
Asset acquisition - purchase price paid                     (38,358)    
Net result of business combinations                     0    
Revenue contributed by the acquisitions                     700    
Amount of profit after tax                     (400)    
Additional revenue amount                     200    
Additional amount of profit after tax                     $ 100    
Rioglass [Member]                          
Business combinations [Abstract]                          
Percentage of interest acquired               42.50%       85.00% 42.50%
Ownership interest             57.50% 57.50% 15.00%        
Acquisition, purchase price paid       $ 4,800       $ 8,600          
Additional consideration paid               $ 3,700          
Coso [Member]                          
Business combinations [Abstract]                          
Gross capacity | MW           135              
Payment to acquire equity investment           $ 130,000              
Fair Value, Assets and Liabilities Acquisition [Abstract]                          
Contracted concessional assets                       $ 383,153  
Deferred tax asset                       0  
Other non-current assets                       11,024  
Cash & cash equivalents                       6,363  
Other current assets                       14,378  
Non-current project debt                       (248,544)  
Current project debt                       (13,415)  
Deferred tax liabilities                       0  
Other current and non-current liabilities                       (22,959)  
Non-controlling interests                       0  
Total net assets acquired at fair value                       130,000  
Asset acquisition - purchase price paid                       (130,000)  
Fair value of previously held 15% stake in Rioglass                       0  
Net result of business combinations                       0  
Calgary District Heating Center [Member]                          
Business combinations [Abstract]                          
Gross capacity | MW         55                
Payment to acquire equity investment         $ 22,900                
Italy PV 1 and 2 [Member]                          
Business combinations [Abstract]                          
Number of solar plants acquired | Plant     2                    
Gross capacity | MW     3.7                    
Payment to acquire equity investment     $ 9,000                    
La Sierpe [Member]                          
Business combinations [Abstract]                          
Gross capacity | MW   20                      
Payment to acquire equity investment   $ 23,500                      
Italy PV 3 [Member]                          
Business combinations [Abstract]                          
Gross capacity | MW 2.5                        
Payment to acquire equity investment $ 4,000                        
Other [Member]                          
Fair Value, Assets and Liabilities Acquisition [Abstract]                          
Contracted concessional assets                       159,575  
Deferred tax asset                       4,410  
Other non-current assets                       1,943  
Cash & cash equivalents                       14,649  
Other current assets                       46,632  
Non-current project debt                       (39,808)  
Current project debt                       (25,366)  
Deferred tax liabilities                       (4,910)  
Other current and non-current liabilities                       (64,922)  
Non-controlling interests                       (8,287)  
Total net assets acquired at fair value                       83,916  
Asset acquisition - purchase price paid                       (80,868)  
Fair value of previously held 15% stake in Rioglass                       (3,048)  
Net result of business combinations                       $ 0  

v3.22.1
Contracted concessional assets (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Contracted Concessional Assets [Abstract]      
Contracted concessional assets $ 7,931,882   $ 8,021,568
Impairment loss on contracted concessional financial assets 0 $ 0  
Impairment provision based on expected credit losses on contracted concessional financial assets (3,000) $ (18,000)  
Financial assets under IFRIC 12 [Member]      
Contracted Concessional Assets [Abstract]      
Contracted concessional assets 799,072   811,636
Financial assets under IFRS 16 lessor [Member]      
Contracted Concessional Assets [Abstract]      
Contracted concessional assets 2,841   2,843
Intangible assets under IFRIC 12 [Member]      
Contracted Concessional Assets [Abstract]      
Contracted concessional assets 6,321,941   6,433,194
Intangible assets under IFRS 16 lessee [Member]      
Contracted Concessional Assets [Abstract]      
Contracted concessional assets 66,412   68,713
Property, plant and equipment under IAS 16 and other intangible assets under IAS 38 [Member]      
Contracted Concessional Assets [Abstract]      
Contracted concessional assets 741,616   705,182
Cost [Member]      
Contracted Concessional Assets [Abstract]      
Contracted concessional assets 11,026,248   11,019,135
Cost [Member] | Financial assets under IFRIC 12 [Member]      
Contracted Concessional Assets [Abstract]      
Contracted concessional assets 859,299   874,525
Cost [Member] | Financial assets under IFRS 16 lessor [Member]      
Contracted Concessional Assets [Abstract]      
Contracted concessional assets 2,841   2,843
Cost [Member] | Intangible assets under IFRIC 12 [Member]      
Contracted Concessional Assets [Abstract]      
Contracted concessional assets 9,177,949   9,202,539
Cost [Member] | Intangible assets under IFRS 16 lessee [Member]      
Contracted Concessional Assets [Abstract]      
Contracted concessional assets 81,274   82,818
Cost [Member] | Property, plant and equipment under IAS 16 and other intangible assets under IAS 38 [Member]      
Contracted Concessional Assets [Abstract]      
Contracted concessional assets 904,885   856,410
Amortization and Impairment [Member]      
Contracted Concessional Assets [Abstract]      
Contracted concessional assets (3,094,366)   (2,997,567)
Amortization and Impairment [Member] | Financial assets under IFRIC 12 [Member]      
Contracted Concessional Assets [Abstract]      
Contracted concessional assets (60,227)   (62,889)
Amortization and Impairment [Member] | Financial assets under IFRS 16 lessor [Member]      
Contracted Concessional Assets [Abstract]      
Contracted concessional assets 0   0
Amortization and Impairment [Member] | Intangible assets under IFRIC 12 [Member]      
Contracted Concessional Assets [Abstract]      
Contracted concessional assets (2,856,008)   (2,769,345)
Amortization and Impairment [Member] | Intangible assets under IFRS 16 lessee [Member]      
Contracted Concessional Assets [Abstract]      
Contracted concessional assets (14,862)   (14,105)
Amortization and Impairment [Member] | Property, plant and equipment under IAS 16 and other intangible assets under IAS 38 [Member]      
Contracted Concessional Assets [Abstract]      
Contracted concessional assets $ (163,269)   $ (151,228)

v3.22.1
Investments carried under the equity method (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Jun. 30, 2021
MW
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Investments in associates [Abstract]      
Investment under the equity method   $ 285,029 $ 294,581
Geida Tlemcen, S.L. [Member]      
Investments in associates [Abstract]      
Ownership interest   50.00%  
Windlectric Inc. [Member]      
Investments in associates [Abstract]      
Ownership interest   100.00%  
Arroyo Netherlands II B.V [Member]      
Investments in associates [Abstract]      
Ownership interest   30.00%  
Ownership interest   100.00%  
AYES Canada [Member] | Amherst Island [Member]      
Investments in associates [Abstract]      
Dividend distribution   $ 7,500  
2007 Vento II, LLC [Member]      
Investments in associates [Abstract]      
Investment under the equity method   193,441 195,952
Ownership interest 49.00%    
Gross capacity | MW 596    
Windlectric Inc. [Member]      
Investments in associates [Abstract]      
Investment under the equity method   34,910 41,911
Myah Bahr Honaine, S.P.A. [Member]      
Investments in associates [Abstract]      
Investment under the equity method   $ 39,600 38,922
Myah Bahr Honaine, S.P.A. [Member] | Geida Tlemcen, S.L. [Member]      
Investments in associates [Abstract]      
Ownership interest   51.00%  
Pemcorp SAPI de CV [Member]      
Investments in associates [Abstract]      
Investment under the equity method   $ 14,692 15,358
Pectonex, R.F. Proprietary Limited [Member]      
Investments in associates [Abstract]      
Investment under the equity method   1,472 1,495
Evacuacion Valdecaballeros, S.L. [Member]      
Investments in associates [Abstract]      
Investment under the equity method   881 923
ABY Infraestructuras, S.L. [Member]      
Investments in associates [Abstract]      
Investment under the equity method   $ 33 $ 21

v3.22.1
Financial investments, Non-current and current financial investments (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Financial investments [Abstract]    
Fair Value through OCI (Investment in Ten West link) $ 15,959 $ 14,459
Derivative assets (Note 9) 32,102 10,807
Other receivable accounts at amortized cost 70,883 71,342
Total non-current financial investments 118,944 96,608
Contracted concessional financial assets 182,145 188,912
Derivative assets (Note 9) 2,475 2,153
Other receivable accounts at amortized cost 1,296 16,314
Total current financial investments $ 185,916 $ 207,379

v3.22.1
Financial investments, Restructuring agreement of Abengoa (Details) - Ten West Link [Member]
 3 Months Ended
Mar. 31, 2022
mi
Restructuring Agreement [Abstract]  
Percentage of interest acquired 12.50%
Length of transmission lines 114

v3.22.1
Derivative financial instruments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Breakdown of fair value amount of derivative financial instruments [Abstract]      
Loss on cash flow hedges $ 12,140 $ 14,038  
Cash Flow Hedge [Member]      
Breakdown of fair value amount of derivative financial instruments [Abstract]      
Assets 34,577   $ 12,960
Liabilities $ 151,861   223,453
Interest Rate Derivatives [Member] | Euros [Member]      
Breakdown of fair value amount of derivative financial instruments [Abstract]      
Percent of notional amount of debt hedged in next 12 months 100.00%    
Percentage of notional amount of debt hedged in year two 75.00%    
Interest Rate Derivatives [Member] | Cash Flow Hedge [Member]      
Breakdown of fair value amount of derivative financial instruments [Abstract]      
Assets $ 30,502   9,550
Liabilities 137,095   206,763
Loss on cash flow hedges (12,100) $ (14,000)  
After-tax result accumulated in equity 235,825   171,272
Foreign Exchange Derivative Instruments [Member] | Cash Flow Hedge [Member]      
Breakdown of fair value amount of derivative financial instruments [Abstract]      
Assets 4,075   3,410
Liabilities 0   0
Notes Conversion Option [Member] | Cash Flow Hedge [Member]      
Breakdown of fair value amount of derivative financial instruments [Abstract]      
Assets 0   0
Liabilities $ 14,766   $ 16,690

v3.22.1
Related parties (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Details of Balances [Abstract]      
Credit receivables (current) $ 3,507   $ 19,387
Credit receivables (non-current) 17,006   15,768
Total receivables from related parties 20,513   35,155
Credit payables (current) 8,709   9,494
Credit payables (non-current) 5   5
Total payables to related parties 8,714   9,499
Transactions with Related Party [Abstract]      
Financial income 992 $ 1,112  
Financial expenses (83,402) (85,166)  
Arroyo Netherlands II B.V [Member]      
Details of Balances [Abstract]      
Proceeds from related party related to current credit receivables 8,200    
Amherst Island Partnership [Member]      
Details of Balances [Abstract]      
Dividend receivable 6,300    
Algonquin [Member]      
Details of Balances [Abstract]      
Credit payables (current) 7,400   $ 6,100
Subsidiaries [Member]      
Transactions with Related Party [Abstract]      
Financial income 382 510  
Financial expenses $ (120) $ (31)  

v3.22.1
Trade and other receivables (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Trade and other receivables [Abstract]    
Trade receivables $ 221,425 $ 227,343
Tax receivables 50,596 59,350
Prepayments 24,212 9,342
Other accounts receivable 5,478 11,108
Trade and other receivables $ 301,711 $ 307,143

v3.22.1
Equity (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 25, 2022
USD ($)
$ / shares
Jan. 07, 2021
USD ($)
shares
Dec. 11, 2020
USD ($)
$ / shares
shares
Mar. 31, 2022
USD ($)
Vote
$ / shares
shares
Mar. 31, 2021
USD ($)
$ / shares
shares
Feb. 28, 2022
USD ($)
Dec. 31, 2021
USD ($)
shares
Equity [Abstract]              
Share capital       $ 11,410     $ 11,240
Ordinary shares subscribed and disbursed (in shares) | shares       114,095,845      
Nominal value per share (in dollars per share) | $ / shares       $ 0.10      
Voting right per share | Vote       1      
Liability reclassified to equity       $ 9,000      
Treasury shares held (in shares) | shares       0      
Number of treasury share transactions in the period (in shares) | shares       0      
Fourth Quarter [Member]              
Equity [Abstract]              
Dividend declaration date       Feb. 25, 2022      
Dividend paid date       Mar. 25, 2022      
Dividends paid (in dollars per share) | $ / shares $ 0.44            
Dividends paid $ 49,700            
Long-term Incentive Plans [Member]              
Equity [Abstract]              
Shares issued (in shares) | shares       136,114     141,482
Algonquin [Member]              
Equity [Abstract]              
Ownership interest       42.90%      
Proportion of voting rights held by non-controlling interests       41.50%      
Net proceeds   $ 131,000          
Dividends paid to non-controlling interests       $ 7,300 $ 4,300    
Public Offering [Member]              
Equity [Abstract]              
Nominal value per share (in dollars per share) | $ / shares     $ 33        
Shares issued (in shares) | shares     5,069,200        
Gross proceeds     $ 167,000        
Net proceeds     $ 161,000        
Over-Allotment Option [Member]              
Equity [Abstract]              
Shares issued (in shares) | shares     661,200        
Private Placement [Member] | Algonquin [Member]              
Equity [Abstract]              
Ownership interest   44.20%          
Shares issued (in shares) | shares   4,020,860          
Gross proceeds   $ 133,000          
At the Market Program [Member]              
Equity [Abstract]              
Nominal value per share (in dollars per share) | $ / shares       $ 33.65 $ 38.43    
Shares issued (in shares) | shares       1,556,758 1,613,079    
Net proceeds       $ 51,000 $ 61,000    
At the Market Program [Member] | Top of range [member]              
Equity [Abstract]              
Amount of offering       $ 150,000   $ 150,000  

v3.22.1
Corporate debt, Breakdown of corporate debt (Details)
$ in Thousands, € in Millions
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 04, 2020
USD ($)
Dec. 04, 2020
EUR (€)
Corporate debt [Abstract]        
Non-current $ 1,017,489 $ 995,190    
Current 38,656 27,881    
Total Corporate Debt $ 1,056,145 $ 1,023,071 $ 5,600 € 5

v3.22.1
Corporate debt, Details of corporate debt (Details)
$ / shares in Units, $ in Thousands, € in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Jan. 31, 2022
USD ($)
Apr. 30, 2019
USD ($)
Mar. 31, 2022
USD ($)
Mar. 31, 2021
USD ($)
Dec. 31, 2021
USD ($)
Mar. 31, 2022
EUR (€)
Jan. 31, 2022
EUR (€)
May 18, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2020
EUR (€)
Dec. 04, 2020
USD ($)
Dec. 04, 2020
EUR (€)
Jul. 29, 2020
USD ($)
Jul. 17, 2020
USD ($)
$ / shares
shares
Jul. 08, 2020
USD ($)
Jul. 08, 2020
EUR (€)
Mar. 31, 2020
USD ($)
Mar. 31, 2020
EUR (€)
Dec. 31, 2019
USD ($)
Oct. 08, 2019
USD ($)
Oct. 08, 2019
EUR (€)
Apr. 30, 2019
EUR (€)
May 10, 2018
USD ($)
Jul. 20, 2017
USD ($)
Jul. 20, 2017
EUR (€)
Corporate debt [Abstract]                                                  
Fixed interest rate                     2.50% 2.50%                          
Corporate debt     $ 1,056,145   $ 1,023,071           $ 5,600 € 5.0                          
Amount drawn     $ 47,593 $ 4,048                                          
Maturity date     December 4, 2025                                            
2017 Credit Facility [Member]                                                  
Corporate debt [Abstract]                                                  
Corporate debt     $ 4   8,204                                        
Amount drawn         8,200                                        
Maturity date     July 1, 2023                                            
2017 Credit Facility [Member] | Top of Range [Member]                                                  
Corporate debt [Abstract]                                                  
Credit facility amount                                               $ 11,200 € 10.0
2017 Credit Facility [Member] | EURIBOR [Member]                                                  
Corporate debt [Abstract]                                                  
Adjustment to interest rate                                               2.00% 2.00%
2017 Credit Facility [Member] | EURIBOR [Member] | Bottom of Range [Member]                                                  
Corporate debt [Abstract]                                                  
Adjustment to interest rate                                               0.00% 0.00%
2017 Credit Facility [Member] | LIBOR [Member]                                                  
Corporate debt [Abstract]                                                  
Adjustment to interest rate                                               2.00% 2.00%
2017 Credit Facility [Member] | LIBOR [Member] | Bottom of Range [Member]                                                  
Corporate debt [Abstract]                                                  
Adjustment to interest rate                                               0.00% 0.00%
Revolving Credit Facility [Member]                                                  
Corporate debt [Abstract]                                                  
Credit facility amount     $ 450,000                               $ 425,000       $ 215,000    
Corporate debt     34,218                                            
Amount drawn     35,000                                            
Credit facility amount available     $ 393,500   440,000                                        
Revolving Credit Facility [Member] | Maturity December 31, 2024 [Member]                                                  
Corporate debt [Abstract]                                                  
Maturity date     December 31, 2024                                            
Eurodollar Rate Loans [Member] | Bottom of Range [Member]                                                  
Corporate debt [Abstract]                                                  
Adjustment to interest rate                                             1.60%    
Eurodollar Rate Loans [Member] | Top of Range [Member]                                                  
Corporate debt [Abstract]                                                  
Adjustment to interest rate                                             2.25%    
Eurodollar Rate Loans [Member] | SOFR [Member]                                                  
Corporate debt [Abstract]                                                  
Adjustment to interest rate                                             0.10%    
Base Rate Loans [Member] | Bottom of Range [Member]                                                  
Corporate debt [Abstract]                                                  
Adjustment to interest rate                                             0.60%    
Base Rate Loans [Member] | Top of Range [Member]                                                  
Corporate debt [Abstract]                                                  
Adjustment to interest rate                                             1.00%    
Base Rate Loans [Member] | Federal Funds Rate [Member]                                                  
Corporate debt [Abstract]                                                  
Adjustment to interest rate                                             0.50%    
Base Rate Loans [Member] | SOFR [Member]                                                  
Corporate debt [Abstract]                                                  
Adjustment to interest rate                                             1.00%    
Letters of Credit [Member]                                                  
Corporate debt [Abstract]                                                  
Credit facility amount     $ 100,000                                            
Amount drawn     $ 21,500   10,000                                        
Note Issuance Facility 2019 [Member]                                                  
Corporate debt [Abstract]                                                  
Fixed interest rate   4.24%                                       4.24%      
Credit facility amount   $ 299,000                                       € 268.0      
Maturity date     April 30, 2025                                            
Note Issuance Facility 2019 [Member] | EURIBOR [Member]                                                  
Corporate debt [Abstract]                                                  
Variable interest period   3 months                                              
Adjustment to interest rate   4.50%                                       4.50%      
Commercial Paper [Member]                                                  
Corporate debt [Abstract]                                                  
Corporate debt     $ 30,887   24,422                                        
Short term notes issued amount     $ 30,900     € 27.7     $ 24,000 € 21.5                   $ 56,000 € 50.0        
Term of short term notes     2 years                                            
Percentage average cost of issued short term notes     0.35%                                            
2020 Green Private Placement [Member]                                                  
Corporate debt [Abstract]                                                  
Principal amount                                 $ 324,000 € 290.0              
Corporate debt     $ 321,460   327,440                                        
Adjustment to interest rate                                 1.96% 1.96%              
Maturity date     June 2026                                            
Note Issuance Facility 2020 [Member]                                                  
Corporate debt [Abstract]                                                  
Fixed interest rate                             5.25% 5.25%                  
Credit facility amount                             $ 156,000 € 140.0                  
Corporate debt     $ 153,061   155,814                                        
Maturity period     7 years                                            
Green Exchangeable Notes Due 2025 [Member]                                                  
Corporate debt [Abstract]                                                  
Fixed interest rate                           4.00%                      
Corporate debt     $ 105,894   106,410                                        
Maturity date     July 15, 2025                                            
Principal amount of notes issued                         $ 15,000 $ 100,000                      
Exchange rate of notes (in shares) | shares                           29.1070                      
Principal amount of notes for exchange rate                           $ 1,000                      
Initial exchange price of notes (in dollars per share) | $ / shares                           $ 34.36                      
Amount of transaction date of fair value fair value are accounted for through the profit and loss statement                           $ 10,000                      
BBVA Loan [Member]                                                  
Corporate debt [Abstract]                                                  
Fixed interest rate 1.90%           1.90%                                    
Corporate debt $ 5,600           € 5.0                                    
Maturity date January 31, 2026                                                
Green Senior Notes Due 2028 [Member]                                                  
Corporate debt [Abstract]                                                  
Principal amount               $ 400,000                                  
Fixed interest rate               4.125%                                  
Corporate debt     $ 399,469   $ 395,118                                        
Maturity date     May 15, 2028                                            

v3.22.1
Corporate debt, Repayment schedule (Details)
$ in Thousands, € in Millions
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 04, 2020
USD ($)
Dec. 04, 2020
EUR (€)
Repayment schedule [Abstract]        
Corporate debt $ 1,056,145 $ 1,023,071 $ 5,600 € 5
Remainder of 2022 [Member]        
Repayment schedule [Abstract]        
Corporate debt 37,975      
Between January and March 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt 681      
Between April and December 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt 36,765      
2022 [Member]        
Repayment schedule [Abstract]        
Corporate debt   27,881    
2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt   10,094    
2024 [Member]        
Repayment schedule [Abstract]        
Corporate debt 3,255 1,895    
2025 [Member]        
Repayment schedule [Abstract]        
Corporate debt 108,203 106,151    
2026 [Member]        
Repayment schedule [Abstract]        
Corporate debt 321,824 327,081    
Subsequent Years [Member]        
Repayment schedule [Abstract]        
Corporate debt 547,442 549,969    
2017 Credit Facility [Member]        
Repayment schedule [Abstract]        
Corporate debt 4 8,204    
2017 Credit Facility [Member] | Remainder of 2022 [Member]        
Repayment schedule [Abstract]        
Corporate debt 4      
2017 Credit Facility [Member] | Between January and March 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0      
2017 Credit Facility [Member] | Between April and December 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0      
2017 Credit Facility [Member] | 2022 [Member]        
Repayment schedule [Abstract]        
Corporate debt   5    
2017 Credit Facility [Member] | 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt   8,199    
2017 Credit Facility [Member] | 2024 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0 0    
2017 Credit Facility [Member] | 2025 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0 0    
2017 Credit Facility [Member] | 2026 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0 0    
2017 Credit Facility [Member] | Subsequent Years [Member]        
Repayment schedule [Abstract]        
Corporate debt 0 0    
Revolving Credit Facility [Member]        
Repayment schedule [Abstract]        
Corporate debt 34,218      
Revolving Credit Facility [Member] | Remainder of 2022 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0      
Revolving Credit Facility [Member] | Between January and March 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0      
Revolving Credit Facility [Member] | Between April and December 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt 34,218      
Revolving Credit Facility [Member] | 2024 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0      
Revolving Credit Facility [Member] | 2025 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0      
Revolving Credit Facility [Member] | 2026 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0      
Revolving Credit Facility [Member] | Subsequent Years [Member]        
Repayment schedule [Abstract]        
Corporate debt 0      
Commercial Paper [Member]        
Repayment schedule [Abstract]        
Corporate debt 30,887 24,422    
Commercial Paper [Member] | Remainder of 2022 [Member]        
Repayment schedule [Abstract]        
Corporate debt 30,887      
Commercial Paper [Member] | Between January and March 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0      
Commercial Paper [Member] | Between April and December 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0      
Commercial Paper [Member] | 2022 [Member]        
Repayment schedule [Abstract]        
Corporate debt   24,422    
Commercial Paper [Member] | 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt   0    
Commercial Paper [Member] | 2024 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0 0    
Commercial Paper [Member] | 2025 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0 0    
Commercial Paper [Member] | 2026 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0 0    
Commercial Paper [Member] | Subsequent Years [Member]        
Repayment schedule [Abstract]        
Corporate debt 0 0    
2020 Green Private Placement [Member]        
Repayment schedule [Abstract]        
Corporate debt 321,460 327,440    
2020 Green Private Placement [Member] | Remainder of 2022 [Member]        
Repayment schedule [Abstract]        
Corporate debt 352      
2020 Green Private Placement [Member] | Between January and March 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0      
2020 Green Private Placement [Member] | Between April and December 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0      
2020 Green Private Placement [Member] | 2022 [Member]        
Repayment schedule [Abstract]        
Corporate debt   359    
2020 Green Private Placement [Member] | 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt   0    
2020 Green Private Placement [Member] | 2024 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0 0    
2020 Green Private Placement [Member] | 2025 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0 0    
2020 Green Private Placement [Member] | 2026 [Member]        
Repayment schedule [Abstract]        
Corporate debt 321,108 327,081    
2020 Green Private Placement [Member] | Subsequent Years [Member]        
Repayment schedule [Abstract]        
Corporate debt 0 0    
Note Issuance Facility 2020 [Member]        
Repayment schedule [Abstract]        
Corporate debt 153,061 155,814    
Note Issuance Facility 2020 [Member] | Remainder of 2022 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0      
Note Issuance Facility 2020 [Member] | Between January and March 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0      
Note Issuance Facility 2020 [Member] | Between April and December 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0      
Note Issuance Facility 2020 [Member] | 2022 [Member]        
Repayment schedule [Abstract]        
Corporate debt   0    
Note Issuance Facility 2020 [Member] | 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt   0    
Note Issuance Facility 2020 [Member] | 2024 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0 0    
Note Issuance Facility 2020 [Member] | 2025 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0 0    
Note Issuance Facility 2020 [Member] | 2026 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0 0    
Note Issuance Facility 2020 [Member] | Subsequent Years [Member]        
Repayment schedule [Abstract]        
Corporate debt 153,061 155,814    
Green Exchangeable Notes [Member]        
Repayment schedule [Abstract]        
Corporate debt 105,894 106,410    
Green Exchangeable Notes [Member] | Remainder of 2022 [Member]        
Repayment schedule [Abstract]        
Corporate debt 941      
Green Exchangeable Notes [Member] | Between January and March 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0      
Green Exchangeable Notes [Member] | Between April and December 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0      
Green Exchangeable Notes [Member] | 2022 [Member]        
Repayment schedule [Abstract]        
Corporate debt   2,121    
Green Exchangeable Notes [Member] | 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt   0    
Green Exchangeable Notes [Member] | 2024 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0 0    
Green Exchangeable Notes [Member] | 2025 [Member]        
Repayment schedule [Abstract]        
Corporate debt 104,953 104,289    
Green Exchangeable Notes [Member] | 2026 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0 0    
Green Exchangeable Notes [Member] | Subsequent Years [Member]        
Repayment schedule [Abstract]        
Corporate debt 0 0    
Bank Loan [Member]        
Repayment schedule [Abstract]        
Corporate debt   5,663    
Bank Loan [Member] | 2022 [Member]        
Repayment schedule [Abstract]        
Corporate debt   11    
Bank Loan [Member] | 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt   1,895    
Bank Loan [Member] | 2024 [Member]        
Repayment schedule [Abstract]        
Corporate debt   1,895    
Bank Loan [Member] | 2025 [Member]        
Repayment schedule [Abstract]        
Corporate debt   1,862    
Bank Loan [Member] | 2026 [Member]        
Repayment schedule [Abstract]        
Corporate debt   0    
Bank Loan [Member] | Subsequent Years [Member]        
Repayment schedule [Abstract]        
Corporate debt   0    
Green Senior Notes [Member]        
Repayment schedule [Abstract]        
Corporate debt 399,469 395,118    
Green Senior Notes [Member] | Remainder of 2022 [Member]        
Repayment schedule [Abstract]        
Corporate debt 5,088      
Green Senior Notes [Member] | Between January and March 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0      
Green Senior Notes [Member] | Between April and December 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0      
Green Senior Notes [Member] | 2022 [Member]        
Repayment schedule [Abstract]        
Corporate debt   963    
Green Senior Notes [Member] | 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt   0    
Green Senior Notes [Member] | 2024 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0 0    
Green Senior Notes [Member] | 2025 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0 0    
Green Senior Notes [Member] | 2026 [Member]        
Repayment schedule [Abstract]        
Corporate debt 0 0    
Green Senior Notes [Member] | Subsequent Years [Member]        
Repayment schedule [Abstract]        
Corporate debt 394,381 $ 394,155    
Other Bank Loans [Member]        
Repayment schedule [Abstract]        
Corporate debt 11,152      
Other Bank Loans [Member] | Remainder of 2022 [Member]        
Repayment schedule [Abstract]        
Corporate debt 703      
Other Bank Loans [Member] | Between January and March 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt 681      
Other Bank Loans [Member] | Between April and December 2023 [Member]        
Repayment schedule [Abstract]        
Corporate debt 2,547      
Other Bank Loans [Member] | 2024 [Member]        
Repayment schedule [Abstract]        
Corporate debt 3,255      
Other Bank Loans [Member] | 2025 [Member]        
Repayment schedule [Abstract]        
Corporate debt 3,250      
Other Bank Loans [Member] | 2026 [Member]        
Repayment schedule [Abstract]        
Corporate debt 716      
Other Bank Loans [Member] | Subsequent Years [Member]        
Repayment schedule [Abstract]        
Corporate debt $ 0      

v3.22.1
Project debt, Details of project debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Project debt [Abstract]    
Cash held to satisfy non-recourse debt agreements $ 246,000 $ 254,000
Non-current 4,647,941 4,387,674
Current 389,066 648,519
Total Project debt $ 5,037,007 5,036,193
Kaxu [Member]    
Project debt [Abstract]    
Current   $ 314,000

v3.22.1
Project debt, Repayment schedule (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Repayment schedule [Abstract]    
Project debt $ 5,037,007 $ 5,036,193
Remainder of 2022 [Member]    
Repayment schedule [Abstract]    
Interest payment 57,015  
Nominal repayment 302,466  
Between January and March 2023 [Member]    
Repayment schedule [Abstract]    
Project debt 29,584  
Between April and December 2023 [Member]    
Repayment schedule [Abstract]    
Project debt 329,085  
2022 [Member]    
Repayment schedule [Abstract]    
Interest payment   18,017
Nominal repayment   317,388
2023 [Member]    
Repayment schedule [Abstract]    
Project debt   355,956
2024 [Member]    
Repayment schedule [Abstract]    
Project debt 367,936 369,528
2025 [Member]    
Repayment schedule [Abstract]    
Project debt 495,038 498,712
2026 [Member]    
Repayment schedule [Abstract]    
Project debt 410,293 411,514
Subsequent Years [Member]    
Repayment schedule [Abstract]    
Project debt $ 3,045,590 $ 3,065,078

v3.22.1
Grants and other liabilities (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
USD ($)
Type
Mar. 31, 2021
USD ($)
Dec. 31, 2021
USD ($)
Grants and other liabilities [Abstract]      
Grants $ 955,827   $ 970,557
Other Liabilities 295,751   293,187
Grants and other non-current liabilities $ 1,251,578   1,263,744
Number of grant types | Type 2    
Income from grants $ 14,933 $ 14,813  
Solana and Mojave [Member]      
Grants and other liabilities [Abstract]      
Income from grants 14,600 $ 14,700  
Solar Plants in Spain [Member]      
Grants and other liabilities [Abstract]      
Provisions for high risk market prices 78,000   75,000
U.S. Department of Treasury [Member]      
Grants and other liabilities [Abstract]      
Grants 634,000   642,000
Federal Financing Bank [Member]      
Grants and other liabilities [Abstract]      
Grants 319,000   326,000
Liberty Interactive Corporation [Member]      
Grants and other liabilities [Abstract]      
Finance lease liabilities 57,000   59,000
Dismantling provisions $ 127,000   $ 125,000

v3.22.1
Trade payables and other current liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Trade payables and other current liabilities [Abstract]    
Trade accounts payable $ 83,239 $ 79,052
Down payments from clients 2,006 542
Other accounts payable 37,101 34,313
Total $ 122,346 $ 113,907

v3.22.1
Income Tax (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Income Tax [Abstract]    
Income tax expense (income) $ (3,906) $ 15,241
Profit before income tax $ (13,748) $ 4,177

v3.22.1
Financial expense, net (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Financial income [Abstract]    
Interest income from loans and credits $ 383 $ 511
Interest rate gains on derivatives: cash flow hedges 609 601
Total 992 1,112
Financial expense [Abstract]    
Interest on loans and notes (71,126) (71,024)
Interest rates losses derivatives: cash flow hedges (12,276) (14,143)
Total (83,402) (85,166)
Other financial income / (expenses) [Abstract]    
Other financial income 4,124 6,662
Other financial losses (5,254) (3,687)
Total (1,130) $ 2,975
Kaxu [Member]    
Other financial income / (expenses) [Abstract]    
Income for non-monetary change to fair value of derivatives 1,100  
Kaxu [Member] | Notes Conversion Option [Member]    
Other financial income / (expenses) [Abstract]    
Income for non-monetary change to fair value of derivatives $ 1,900  

v3.22.1
Other operating income and expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Other operating income [Abstract]    
Grants (Note 16) $ 14,933 $ 14,813
Insurance proceeds and other 4,440 7,808
Total 19,373 22,621
Other operating expenses [Abstract]    
Raw materials and consumables used (5,010) (23,492)
Leases and fees (2,866) (988)
Operation and maintenance (36,317) (38,026)
Independent professional services (8,561) (8,158)
Supplies (15,061) (7,059)
Insurance (11,666) (10,731)
Levies and duties (4,672) (9,666)
Other expenses (3,780) (6,024)
Total $ (87,933) $ (104,146)

v3.22.1
Earnings per share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Earnings per share [Abstract]    
Potential issuance of shares on settlement of Green Exchangeable Notes (in shares) 3,347,305 3,347,305
Potential issuance of subsribed shares (in shares) 1,167,185  
Loss attributable to Atlantica $ (12,042) $ (19,172)
Average number of ordinary shares outstanding - basic (in shares) 112,741,000 110,386,000
Average number of ordinary shares outstanding - diluted (in shares) 116,894,000 113,733,000
Earnings per share for the period - basic (in dollars per share) $ (0.11) $ (0.17)
Earnings per share for the period - diluted (in dollars per share) $ (0.10) $ (0.17)

v3.22.1
Subsequent events (Details)
$ / shares in Units, $ in Thousands
May 05, 2022
$ / shares
Apr. 04, 2022
USD ($)
MW
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dividends Approved [Abstract]        
Investments accounted for using equity method     $ 285,029 $ 294,581
Subsequent Events [Member]        
Dividends Approved [Abstract]        
Dividend declaration date May 05, 2022      
Dividend approved (in dollars per share) | $ / shares $ 0.44      
Dividend approved expected date to be paid Jun. 15, 2022      
Italy PV4 [Member] | Subsequent Events [Member]        
Dividends Approved [Abstract]        
Installed capacity | MW   3.6    
Investments accounted for using equity method   $ 3,700     

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