CFADS (Cash Flow Available for Debt Service)
The cash a project generates before anyone is paid: revenue less operating costs less tax, before interest and principal. The numerator of every coverage ratio and the line project debt is sculpted to. Whether the tax inside it is computed before or after interest decides whether the model is circular, which is why the convention is stated on the sheet.
Where CFADS (Cash Flow Available for Debt Service) comes up
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