Cash Flow Waterfall: Debt Service, DSRA & Lock-up
This lesson is part of the course
In this lesson
You run the actual cash of a windy and a calm year through the waterfall: senior debt service first, then the debt service reserve, then the lock-up test, and only then distributions to the sponsor.
Buy the course once for $9.99 to unlock every lesson and lab, the final exam and the certificate – lifetime access, no subscription.
Lessons in this course
- Construction Budget, Sources & Uses and Gearing Locked
- CFADS Build-up: Revenue, Opex & Simplified Tax Locked
- Debt Sizing from a Target DSCR Locked
- Sculpted Repayment: Principal = CFADS ÷ DSCR − Interest Locked
- DSCR & LLCR: Testing an Annuity Repayment Locked
- Cash Flow Waterfall: Debt Service, DSRA & Lock-up Locked
- Equity IRR & NPV: What the Sponsor Earns Locked
- Sensitivities: Production −10 %, Opex +10 % and the Minimum DSCR Locked