Cushion

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Cushion

In the context of project financing, the extra amount of net cash flow remaining after expected debt service.

Cushion

1. Period of time during which a bond cannot be called. Interest payments are guaranteed during the cushion, but not after, as the bond may be prematurely redeemed at any point after the call date.

2. A reserve account, or the function a reserve account serves, usually to pay off bad debt.

3. An advantageous debt-to-equity ratio, usually less than 40%.

cushion

References in classic literature ?
It looked so intolerably absurd to see hogs on cushioned thrones, that they made haste to wallow down upon all fours, like other swine.
A low, purring sound, from some quarter, announced that another being, besides myself, was pleased with the change; a black cat, roused by the light from its sleep on a little cushioned foot-stool, came and rubbed its head against Frances' gown as she knelt; she caressed it, saying it had been a favourite with her "pauvre tante Julienne.
Then, abruptly, she buried her face on the cushioned arm of the sofa beside her chair, and broke into noiseless sobs.
But the raven still beguiling all my sad soul into smiling, Straight I wheeled a cushioned seat in front of bird, and bust and door; Then, upon the velvet sinking, I betook myself to linking Fancy unto fancy, thinking what this ominous bird of yore -- What this grim, ungainly, ghastly, gaunt and ominous bird of yore Meant in croaking "Nevermore.
But the Raven still beguiling all my sad soul into smiling, Straight I wheeled a cushioned seat in front of bird and bust and door; Then, upon the velvet sinking, I betook myself to linking Fancy unto fancy, thinking what this ominous bird of yore-- What this grim, ungainly, ghastly, gaunt, and ominous bird of yore Meant in croaking "Nevermore.
Holmes laughed softly to himself and stretched himself out upon the cushioned seat.