Tomorrows SP, page-73

Mal,

Funding is to be supported by the guaranteed earnings flows from Maglolia in the form of the credit ratings backing of the tollers guarantees that they can pay their agreed take or pay commitments. So funding will be a problem if the BTA's don't go ahead (no BTA's, not guaranteed earnings), if the BTA's go ahead but the guaranteed earnings flows won't be sufficient to cover the repayments (this would mean the company signed BTA's which were unprofitable), or if the tollers credit ratings aren't sufficient for the financiers. The question then is which of the two, given unprofitable BTA's wouldn't go ahead, is going to happen as a result of the low price of oil in order to create a problem for funding.