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 ?
And there were lovely horses and animals in cages, and clowns on horseback; and at the very end came a little red and gold chariot drawn by two ponies, and in it, sitting on a velvet cushion, was the snake charmer, all dressed in satin and spangles.
I was assured that, a year or two before my arrival, Flimnap would infallibly have broke his neck, if one of the king's cushions, that accidentally lay on the ground, had not weakened the force of his fall.
The hot tears welled into his eyes; he tore his hand away and, flinging himself on the divan, he buried his face in the cushions, as though he was praying.
Amina struck a few chords and then broke into a song, which she sang with so much ardour that she was quite overcome, and sank gasping on a pile of cushions, tearing open her dress as she did so to give herself some air.
The youth was now shown into another room, containing a silken bed with down cushions, where he slept delightfully, yet he seemed to hear a voice near his bed which repeated to him, 'Remember to give no blood
He received us the first time in a cabin about a musket shot distant from the rest, furnished out with a throne in the middle built of clay and stones, and covered with tapestry and two velvet cushions.
The rooms had been fitted up in strict accordance with Oriental ideas; the floors were covered with the richest carpets Turkey could produce; the walls hung with brocaded silk of the most magnificent designs and texture; while around each chamber luxurious divans were placed, with piles of soft and yielding cushions, that needed only to be arranged at the pleasure or convenience of such as sought repose.
She was not a clever needle- woman; her large capable hands were made for riding, rowing and open-air activities; but since other wives embroidered cushions for their husbands she did not wish to omit this last link in her devotion.
The cushions were a good deal higher than the balls, and as the balls had a fashion of always stopping under the cushions, we accomplished very little in the way of caroms.
Presently, hearing the door open, he held his breath so that he might not be discovered; but a violent hand piled away a chair and the cushions fell down.
It became manifest that the rug, the table-cloth, the cushions, the jacket, were getting smeared with petrol and burning.
The Queen, at the first alarm, stood up on the cushions of the throne and began to dance frantically upon her tiptoes.