The ratio that lenders use to determine whether a borrower is able to repay a loan that is unresolved. The ratio requires dividing the net present value (NPV)� of available funds by the amount of senior debt that is still owed. The ratio that lenders use to determine whether a borrower is able to repay a loan that is unresolved. The ratio requires dividing the net present value (NPV) of available funds by the amount of senior debt that is still owed.