프로젝트 파이낸스 강의/제7강(참고자료2)

DSCR/LLCR 정의 및 계산

1. DSCR/LLCR의 정의

DSCR means, for any Calculation Period or DSCR Calculation Period, the ratio of:

(a) Net Cash Flow; to

(b) scheduled debt service payments in respect of the Secured Credit Facilities but excluding any prepayment of principal

in each case received or made during that Calculation Period or DSCR Calculation Period

LLCR means, in respect of any Repayment Date, the ratio of:

(a) the net present value of Net Cash Flow projected to be received from such date until the last Final Maturity Date for the Secured Credit Facilities plus the balances in all Project Accounts and Authorised Investment standing to the credit of such Project Account at such date; to

(b) the principal amount outstanding under the Secured Credit Facilities at such time.

* 자료출처: 중동 석유화학 프로젝트의 Definition Agreement

2. DSCR/LLCR의 계산

 ※ 할인율(=이자율)은 연 10% 적용

* 자료출처: E.R.Yescombe,「프로젝트 파이낸스 원리, 제2판」