Download H: DSCR, DSRA and MMRA Covenant Tracker (.xlsx)
What it does
Half-yearly CFADS, debt service, DSCR against covenant / lock-up / default levels, LLCR, and DSRA and MMRA required vs actual balances.
Who it is for
Project finance teams, lenders' engineers and analysts.
How to use it
- Go to 'Inputs'. Type the loan amount, annual interest rate, the first period end date, the covenant DSCR, the lock-up DSCR (below which distributions stop), the default DSCR, how many months of debt service the DSRA must hold, and how many future periods of major maintenance the MMRA must cover.
- Go to 'Tracker'. Each column is a half-year. In the yellow rows type revenue, operating and maintenance cost, major maintenance spend and how much of it was paid out of the MMRA, tax paid and any other cash item. Type the repayment schedule as a % of the loan for each period (it must add to 100%).
- Type the actual DSRA and MMRA balances at each period end (from bank statements).
- Read the results: DSCR and status (Pass, Lock-up or Default) for each period, LLCR, and any DSRA or MMRA shortfall in red.
- The summary at the top of 'Tracker' shows the minimum and average DSCR, minimum LLCR and how many periods breached. Check that the checks read OK.
Tabs in the file
| Tab | What it holds |
|---|---|
| Inputs | Loan terms and covenant levels. |
| Tracker | Period-by-period CFADS, debt service, DSCR, LLCR, DSRA and MMRA, with a summary and checks. |
Learn the topic
For computation and reconciliation assistance only; not a substitute for formal statutory audit or legal tax advice. All sample data is illustrative and made up. Rates, limits and rules must be checked against current law and your own agreements before use. No tax saving, audit outcome or compliance result is promised.