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DSRA – Debt Service Reserve Account

The debt service reserve account (DSRA) works as an additional security measure for lenders. It is generally a deposit which is equal to a given number of months projected debt service obligations. This tutorial explains how to code a transparent and efficient DSRA, and how it is linked to the financial statements without circular references.

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Debt service reserve account (DSRA), financial modelling considerations

The debt service reserve account (DSRA) is a key component in almost every project finance term sheet and financial model. The primary purpose of the DSRA is to protect a lender against unexpected volatility, or interruption, in the cash flow available to service the debt (CFADS). These funds, essentially put aside for a rainy day, are usually established at the end of a construction period, once the loan becomes repayable.

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