DSCR & cash triggers
Separate sizing, maintenance, cash trapping and amortisation. Their definitions matter as much as the number.
Debt-service coverage levels reported across 5 selected packages, from minimum tests and cash traps to closing ratios.
5 library-reported cases · not independently rechecked
Mark shape shows the kind of test. Lambda Compute I is a separate checked agency passage; the others are library-reported.
6 selected cases report DSCR levels from 1.05x to 1.83x. Each column is one package; each mark is a different kind of test, by its shape. At 1.00x, cash flow only just covers debt service.
Minimum and sizing tests set the floor the debt is built around: IREN 1.05x, Nscale 1.20x, Lambda 1.20x. A sizing ratio applies at funding; a minimum is tested during the loan.
Cash traps hold back distributions once coverage falls below them: IREN 1.10x, Nscale 1.15x, Aligned ABS 1.35x. Cash stays in the structure instead of reaching the borrower.
Where one package reports several levels, the gap shows its headroom: IREN runs from 1.20x down to 1.05x, a gap of 0.15x; Nscale runs from 1.20x down to 1.15x, a gap of 0.05x; Aligned ABS runs from 1.83x down to 1.20x, a gap of 0.63x. A tighter ladder leaves less room before the next consequence.
These are library-reported descriptions, not independently rechecked, and CoreWeave 5.0 and CyrusOne ABS give no resolved test purpose here. Definitions, test dates and cure rights need the documents.
A trigger is a rule, not just a ratio.
A closing DSCR, sizing DSCR and maintenance test answer different questions. Cash trapping can precede rapid amortisation, but thresholds and cure mechanics must be read in their own documents.
Lambda Compute I · 1.20x minimum sizing DSCR
The selected agency passage describes sizing, rather than a verified cash-trap or event-of-default threshold. It is kept outside the library-reported comparison below. This financing also has an unresolved issuer-pricing conflict; the agency passage does not establish its coupon or an all-in cost.
Lambda · Investment-grade fixed-rate DDTLSelected excerpts from the supplied financing document library’s Deal Comparison sheet. Linked sources are discovery references; their presence does not verify the reported covenant. Amounts, definitions, test dates, permitted adjustments and cure rights require document review. An unreported term is unknown.
| Selected case | Reported DSCR description | Reported cash-control description | Basis | Indexed source |
|---|---|---|---|---|
| IREN / Microsoft package | 1.05x minimum; cash trap below 1.10x; 1.20x projected | Cash trap below 1.10x; prepayment after six months as reported | Supplied library · Deal Comparison, row 9 | IREN Microsoft GPU financing Form 8-K ↗ |
| CoreWeave DDTL 5.0 | 1.35x | Material MSA breach cash trap; distribution reserve | Supplied library · Deal Comparison, row 7 | CoreWeave DDTL5 Form 8-K ↗ |
| Nscale Europe GPU DDTL | 1.20x IG sizing DSCR | Cash trap below 1.15x historical DSCR | Supplied library · Deal Comparison, row 23 | Nscale GPU credit agreement — initial commitment and margin ↗ |
| CyrusOne ABS 2025-1 | 1.6x; specific test purpose not resolved here | Not reported in the comparison sheet | Supplied library · Deal Comparison, row 28 | CyrusOne Data Centers Issuer I 2025-1 ↗ |
| Aligned ABS 2026-1 | Closing 1.83x; cash trap below 1.35x; amortisation below 1.20x | DSCR cash trap | Supplied library · Deal Comparison, row 33 | Aligned Data Centers Completes $1.18 Billion Securitisation Financing ↗ |
Use this to ask better questions.
Identify the numerator and denominator, forward or historical measurement, reporting period, testing frequency, threshold, cure period and exact consequence. Do not rank a 1.20x sizing test against a 1.35x cash trap as though one package were simply tighter.
Open selected deal comparison →