ciated with the realisation of security interests, which may be compounded in countries with
insufficient creditor legislation. The ability of bondholders or bank lenders to take action in
response to an event of default was limited by the terms of the Common Agreement and the
Intercreditor Agreement. Finally, any sale of the project upon foreclosure could result in peso-
denominated proceeds, subjecting the creditors to foreign exchange rate risk.
Additional indebtedness
The bond indenture and the credit agreements permit the project company to incur certain
types of indebtedness in addition to the credit facilities, including:
- not more than US$15 million in unsecured debt for ordinary business purposes;
- subordinated debt;
•a working capital facility not to exceed US$15 million;
POWER PLANT
Exhibit 11.9
Manila Electric Company (Meralco) selected operating statistics
Aggregate substation MVA capacity versus peak demand in MW
Meralco peak
Total number Total number 230kV, 115kV, 3.4kV demand
Year of substations of banks and 69kV and below Total (in MW)
1991 88 152 3,338 1,782 5,120 2350
1992 95 159 4,205 1,129 5,334 2386
1993 94 166 5,146 1,146 6,292 2398
1994 103 172 5,626 1,148 6,774 2695
1995 106 178 6,106 1,149 7,255 2901
1996 108 183 6,740 1,116 7,856 3222
1997 114 195 8,137 1,105 9,242 3550
1998 111 188 8,080 1,057 9,138 3834
1999 110 182 8,634 975 9,609 3838
2000 112 192 9,435 963 10,39 4153
Meralco system load factor
Year Load factor
1991 0.6803
1992 0.6908
1993 0.6936
1994 0.7258
1995 0.7202
1996 0.7183
1997 0.7059
1998 0.6875
1999 0.6893
2000 0.6696
Source: Meralco website.