Next, we're going to calculate the loan life coverage ratio. And this ratio measures the ability of the project to service its debt during the life of the loan. So the first thing we're going to do is we're going to establish whether this loan is outstanding for any given year, beginning with the first operational year. So we're gonna use an if statement and say, if the beginning balance of our syndicated loan is greater than zero, then give me a one, otherwise give me a zero. And that of course, is gonna be one on the first operational year. Because the loan is outstanding, we can take this formula and copy it to the right all the way until the end. And as you'll see, the loan is outstanding up to 2027 after which is fully paid off. So next we can compute the cash flows available for service in this loan, and we can take this first calculation and multiply times our unlevered free cash flow at the very top. In this case, we have to use the unlevered free cash flow and not the cash flow available for debt service because we have an assumption of a debt service coverage ratio. So that's gonna give us 211.2. That's the first year of operations. We can copy this to the right all the way until the end. And as you can see, we only have cash flows during the life of the loan. After that, our cash flows turn to 0.

So now we're ready to calculate our NPV using these cash flows. We're gonna use the NPV function in Excel. And for the rate, we're gonna use the cost of debt of the loan, which we can take from the sources and uses table. And that would be 4%. And then we can select the values from the cash flows here, and that gives us an NPV of 2,619.1. So now to compute our loan life coverage ratio, all we need to do is take the NPV of these cash flows and divide it by the original loan amount, or sort of the beginning balance prior to the operational period. So I can take that from a couple of places, but I will take it from right here. And that gives us a loan life coverage ratio of 1.4. What that means is that we have 40% more cashflow than we need to service this loan. Unlike the debt service coverage ratio, which measures our cashflow against our outstanding debt on a yearly basis. Here, we have the same metric, but for the entire life of the loan. So the last thing we need to do here is go back to our sources and uses table. And down here we have a small little summary section. So let's go ahead and add those metrics that we've competed recently into this little summary section, starting with our equity IRR. We can get that from our finance tab, and that is 13.6%. And finally, let's get our loan life coverage ratio. Again, we can get that from our finance tab, and that is 1.4 times.