Right, let's review the debt capacity calculations here. This slide, the DSCR and EBITDA methodologies. Up on the left we've used the five times maximum debt to EBITDA multiple and we've arrived at an implied debt capacity of 668 and a half, which is clearly the highest of the three methodologies here. We know that debt to EBITDA multiples are very common in the market, even though they exclude cash conversion and changes forecasts of the EBITDA development. However, perhaps in reality here, the market might not give Smithy the benefit of the doubt when it comes to their operating lease, so maybe the market would not add back as much to the EBITDA calculation as we have done here. That's at least something that we could be concerned with. On the right, the DSCR using a one year cash flow. We've already covered that, it doesn't take into account the fact that cash flows might be falling in the future.

The NPV methodology looks at the unlevered free cash flows for the entire forecast period. Still applies to DSCR covenant here, 1.4 times creating that extra buffer. And then simply looking at all of those cash flows and using the NPV method to figure out the implied debt capacity here. And unsurprising then, this is the lowest number. It is conservative, of course, it's assuming that we're repaying debt on a continual basis like in a term loan A, but of course, it's also taken into account the fact that cash flows are falling here.