This is simply a schedule of debt payments that are being forecast in our future cash flows. Normally we would have a schedule from the bank, whoever we are borrowing money from, but if that hasn't been developed yet or it's still under negotiation, we're going to have to make some assumptions about how the debt will be repaid. What mechanisms can we use? One mechanism we can use is we can take a percentage of the cashflow available for debt service each period, something less than 100 percent because we want to leave some cushion just in case the cash flows aren't exactly what we forecast. But maybe in a typical project, it might be 50, 60, 70, or even 80% of cashflow. So whatever the cashflow is, we'll dedicate a percentage of that to repaying debt. Now, that won't allow us to work out how long it will take to repay the debt. We'll have to actually model it to see at what point it comes down to zero. What that does do is hugely advantageous to the project. If cash flows are low, then the amount of payments will be set low, and as the cash flows grow over time, a larger amount of debt repayment will be made. So that reduces the burden on the project because it automatically reduces the calculated and committed cashflow payments that are needed when cashflow is poor, and it automatically increases it when cashflow is better. Now of course, this is just based on forecast cashflow. Once that forecast has been accepted by the lender, those numbers become firm numbers that have to be met and they are committed. It is not the case that the lender can then decide if the lending, it is not the case that the borrower can just take a percentage of whatever cash flow actually occurs. These are once set up committed payments that need to be made, but they are being sculpted if you like, to match the cashflow pattern that is being forecast. Another way of making the payments is just to have a straight line payment, the same amount of principle being repaid every year. So if you have borrowed 100 million and you have a 10 year repayment period, we could just say, well, that's 100 divided by 10. That's 10 million a year that needs to be repaint, and it's just a fixed amount. Clearly, that's going to be more of a burden in the early years of the project when cashflow is lower, but it'll become a lot easier later on as cash flows grow. 10 million will be more and more affordable each year. Or we could do an amortizing payment. If you have a mortgage or a car loan or a personal loan, you'll be familiar with this. This is one monthly or annual amount, including Interest that reduces the debt to zero over an assumed time period. That's no different to your home mortgage or car loan. The payment amount that is calculated includes interest, so we'd have to split out how much of that is interest each period, and how much of that is principle that goes to reduce the total amount of debt outstanding. To calculate how much that payment will be, we need to use the PMT function in excel. PMT function says that for a given interest rate and a given loan repayment period and a given loan amount, how much is needed to be paid off each period to get it down to zero by the end of the loan 10. So for cashflow percentage each period, the calculation is very simple. In the model, we just take a percentage of cashflow times the cashflow available. If we're using a straight line payment, it's the total amount of debt just before you start to make your repayments. So it might add any interest during construction up to that point, then divide that by the number of payments in our formula. We will need to use the min function to stop payments from occurring after the balance reaches zero. An amortizing payment, we'll just use the PMT function in Excel. And again, we're going to use the min function to stop any payments after the end of the contracted loan period. So if for example, we are repaying a loan over 10 years, but the project life is 15, then the min function will stop the payment after 10 years and the remaining five years should have a zero amount being repaid.