HDSCR definition
HDSCR means, as of any Quarterly Payment Date, for the four (4) Fiscal Quarters immediately preceding (and not including the then-current Fiscal Quarter) such Quarterly Payment Date (or, if less than four (4) Fiscal Quarters have elapsed since the Conversion Date, for such number of full Fiscal Quarters that has elapsed since the Conversion Date), the ratio of (i) Cash Flow Available for Debt Service during such period to (ii) Debt Service during such period.
HDSCR means, in respect of any six-month period ending on a Principal Repayment Date, the ratio of (a) (i) all Project Funds received by the Borrower and, without duplication, Apex Metals during such period (other than disbursements of Senior Loans, all equity contributions and proceeds from Subordinated Debt and other Sponsor Funding, all insurance proceeds paid to the Borrower in respect of assets of the Project, all Expropriation Compensation and proceeds of Indebtedness for Borrowed Money permitted under Section 8.19) minus (ii) all Operating Costs incurred during such period other than costs paid (or reasonably expected to be reimbursed) from the proceeds of related property insurance or Expropriation Compensation, to (b) Senior Loan Obligations (other than prepayments) paid on the Principal Repayment Date and during the six-month period preceding such Principal Repayment Date.