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Economic & Planning Systems, Inc.27 <br />DEBT SERVICE COVERAGE RATIO (DSCR) <br />0.80 <br />0.90 <br />1.00 <br />1.10 <br />1.20 <br />1.30 <br />1.40 <br />Debt Service Coverage RatioYears (1-40) <br />Scenario 1: Baseline Scenario 2: Post-1995 <br />Scenario 3: Pre-1995 <br />•DSCR below 1.0x indicates the project <br />cannot fully cover debt service <br />without subsidy or restructuring. <br />•Below ~1.15x DSCR, refinancing or <br />recapitalization becomes more difficult <br />and may require gap subsidy. <br />•Under Scenario 3, DSCR falls below <br />1.0x after Year 35, indicating a long- <br />term sustainability issue. <br />Year 35 <br />Resyndication <br />Threshold