{"investor_group_id":"1","date_received":"2025-12-20","question_original":"Are interest payments fully dependent on land sales, or is there a debt service reserve account (DSRA) in place?","internal_owner_id":"2","draft_answer":"Interest will be primarily serviced from project cash flows (notably land sales), but the structure also contemplates a dedicated debt service reserve account (DSRA) funded at or shortly after closing. The DSRA is expected to cover approximately [\u25cf] months of interest, providing a buffer against temporary delays in sales or cash inflows.","final_answer":"Interest payments are not solely dependent on land sales. A debt service reserve mechanism is embedded into the structure.\r\n\r\nAs funds are progressively raised from investors, a portion of each tranche is retained at the Luxembourg level to constitute a Debt Service Reserve Account (DSRA). This reserve is sized to secure interest payments during the initial periods, regardless of the project's commercial cash flow.\r\n\r\nThis structure ensures that investors benefit from predictable interest servicing, with funds already held in a ring-fenced account in Luxembourg, outside the operational risk perimeter of the project.\r\n\r\nFull details on the DSRA allocation and mechanics will be disclosed in the final bond documentation.","status":"In progress","priority":"Medium","version":"V1 2025\u201112\u201122","update_date":"2025-12-23","linked_faq_id":"4","notes":"ok. When reading the questions I wonder If these potential investors are well aware of the project, do they know for example that our clients owe us at today more than 3M usd? And thus that we do not relyu only on future sales but alreay have half of what we ll have to reimburse ?","updated_at":"2026-01-15 12:15:12"}