{
  "version": 1,
  "scope": "Synthetic educational cases, not empirical evidence or legal determinations. Unfunded-service rows have null closing balances; interest/service are amounts due, not proof of payment.",
  "base": {
    "enterpriseValue": 100,
    "fees": 0,
    "cashBuffer": 0,
    "equityMode": 0,
    "senior": 60,
    "junior": 0,
    "ebitda": 10,
    "growth": 0,
    "cfadsMode": 1,
    "cfads": 10,
    "cfadsGrowth": 0,
    "seniorRate": 5,
    "amortization": 10,
    "sweep": 100,
    "years": 2,
    "exitMultiple": 10,
    "maxLeverage": 6,
    "minICR": 2,
    "minDSCR": 1.2,
    "refiYear": 0,
    "haircutYear": 0
  },
  "cases": [
    {
      "id": "threshold",
      "result": {
        "params": {
          "enterpriseValue": 100,
          "fees": 0,
          "cashBuffer": 0,
          "equityMode": 0,
          "equity": 40,
          "senior": 60,
          "junior": 0,
          "ebitda": 10,
          "growth": 0,
          "cfadsMode": 1,
          "conversion": 70,
          "cfads": 10,
          "cfadsGrowth": 0,
          "seniorRate": 5,
          "juniorRate": 10,
          "amortization": 10,
          "sweep": 100,
          "years": 2,
          "exitMultiple": 10,
          "maxLeverage": 6,
          "minICR": 2,
          "minDSCR": 1.2,
          "refiYear": 0,
          "refiDebt": 40,
          "refiRate": 7,
          "refiFee": 1,
          "haircutYear": 0,
          "haircut": 20
        },
        "uses": 100,
        "rows": [
          {
            "year": 1,
            "openingSenior": 60,
            "openingJunior": 0,
            "openingCash": 0,
            "ebitda": 10,
            "cfads": 10,
            "interest": 3,
            "mandatory": 6,
            "service": 9,
            "gap": 0,
            "sweep": 1,
            "concession": 0,
            "refiDraw": 0,
            "refiRepayment": 0,
            "refiCost": 0,
            "refiGap": 0,
            "senior": 53,
            "junior": 0,
            "debt": 53,
            "cash": 0,
            "leverage": 5.3,
            "icr": 3.3333333333333335,
            "dscr": 1.1111111111111112,
            "leverageHeadroom": 0.7000000000000002,
            "icrHeadroom": 1.3333333333333335,
            "dscrHeadroom": -0.0888888888888888,
            "serviceExecuted": true
          },
          {
            "year": 2,
            "openingSenior": 53,
            "openingJunior": 0,
            "openingCash": 0,
            "ebitda": 10,
            "cfads": 10,
            "interest": 2.65,
            "mandatory": 6,
            "service": 8.65,
            "gap": 0,
            "sweep": 1.3499999999999996,
            "concession": 0,
            "refiDraw": 0,
            "refiRepayment": 0,
            "refiCost": 0,
            "refiGap": 0,
            "senior": 45.65,
            "junior": 0,
            "debt": 45.65,
            "cash": 0,
            "leverage": 4.5649999999999995,
            "icr": 3.7735849056603774,
            "dscr": 1.1560693641618496,
            "leverageHeadroom": 1.4350000000000005,
            "icrHeadroom": 1.7735849056603774,
            "dscrHeadroom": -0.04393063583815038,
            "serviceExecuted": true
          }
        ],
        "failure": null,
        "exitEV": 100,
        "exitEquity": 54.35,
        "creditorShortfall": 0,
        "moic": 1.3587500000000001,
        "irr": 0.1656543226874767
      },
      "assessment": {
        "firstBreachYear": 1,
        "fundingGapYear": null,
        "fundingGap": 0,
        "status": "threshold-crossed",
        "undefinedICR": false,
        "undefinedDSCR": false
      }
    },
    {
      "id": "liquidity",
      "result": {
        "params": {
          "enterpriseValue": 100,
          "fees": 0,
          "cashBuffer": 0,
          "equityMode": 0,
          "equity": 40,
          "senior": 60,
          "junior": 0,
          "ebitda": 10,
          "growth": 0,
          "cfadsMode": 1,
          "conversion": 70,
          "cfads": 8,
          "cfadsGrowth": 0,
          "seniorRate": 5,
          "juniorRate": 10,
          "amortization": 10,
          "sweep": 100,
          "years": 2,
          "exitMultiple": 10,
          "maxLeverage": 6,
          "minICR": 2,
          "minDSCR": 1.2,
          "refiYear": 0,
          "refiDebt": 40,
          "refiRate": 7,
          "refiFee": 1,
          "haircutYear": 0,
          "haircut": 20
        },
        "uses": 100,
        "rows": [
          {
            "year": 1,
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            "openingJunior": 0,
            "openingCash": 0,
            "ebitda": 10,
            "cfads": 8,
            "interest": 3,
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            "gap": 1,
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            "concession": 0,
            "refiDraw": 0,
            "refiRepayment": 0,
            "refiCost": 0,
            "refiGap": 0,
            "senior": null,
            "junior": null,
            "debt": null,
            "cash": null,
            "leverage": null,
            "icr": 3.3333333333333335,
            "dscr": 0.8888888888888888,
            "leverageHeadroom": null,
            "icrHeadroom": 1.3333333333333335,
            "dscrHeadroom": -0.3111111111111111,
            "serviceExecuted": false
          }
        ],
        "failure": {
          "year": 1,
          "gap": 1,
          "type": "service"
        },
        "exitEV": null,
        "exitEquity": null,
        "creditorShortfall": null,
        "moic": null,
        "irr": null
      },
      "assessment": {
        "firstBreachYear": 1,
        "fundingGapYear": 1,
        "fundingGap": 1,
        "status": "funding-shortfall",
        "undefinedICR": false,
        "undefinedDSCR": false
      }
    },
    {
      "id": "refi-gap",
      "result": {
        "params": {
          "enterpriseValue": 100,
          "fees": 0,
          "cashBuffer": 0,
          "equityMode": 0,
          "equity": 40,
          "senior": 60,
          "junior": 0,
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          "growth": 0,
          "cfadsMode": 1,
          "conversion": 70,
          "cfads": 10,
          "cfadsGrowth": 0,
          "seniorRate": 5,
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          "amortization": 10,
          "sweep": 100,
          "years": 2,
          "exitMultiple": 10,
          "maxLeverage": 6,
          "minICR": 2,
          "minDSCR": 1.2,
          "refiYear": 1,
          "refiDebt": 50,
          "refiRate": 4,
          "refiFee": 0,
          "haircutYear": 0,
          "haircut": 20
        },
        "uses": 100,
        "rows": [
          {
            "year": 1,
            "openingSenior": 60,
            "openingJunior": 0,
            "openingCash": 0,
            "ebitda": 10,
            "cfads": 10,
            "interest": 3,
            "mandatory": 6,
            "service": 9,
            "gap": 0,
            "sweep": 1,
            "concession": 0,
            "refiDraw": 0,
            "refiRepayment": 0,
            "refiCost": 0,
            "refiGap": 3,
            "senior": 53,
            "junior": 0,
            "debt": 53,
            "cash": 0,
            "leverage": 5.3,
            "icr": 3.3333333333333335,
            "dscr": 1.1111111111111112,
            "leverageHeadroom": 0.7000000000000002,
            "icrHeadroom": 1.3333333333333335,
            "dscrHeadroom": -0.0888888888888888,
            "serviceExecuted": true
          }
        ],
        "failure": {
          "year": 1,
          "gap": 3,
          "type": "refinancing"
        },
        "exitEV": null,
        "exitEquity": null,
        "creditorShortfall": null,
        "moic": null,
        "irr": null
      },
      "assessment": {
        "firstBreachYear": 1,
        "fundingGapYear": 1,
        "fundingGap": 3,
        "status": "funding-shortfall",
        "undefinedICR": false,
        "undefinedDSCR": false
      }
    },
    {
      "id": "refi-funded",
      "result": {
        "params": {
          "enterpriseValue": 100,
          "fees": 0,
          "cashBuffer": 0,
          "equityMode": 0,
          "equity": 40,
          "senior": 60,
          "junior": 0,
          "ebitda": 10,
          "growth": 0,
          "cfadsMode": 1,
          "conversion": 70,
          "cfads": 10,
          "cfadsGrowth": 0,
          "seniorRate": 5,
          "juniorRate": 10,
          "amortization": 10,
          "sweep": 100,
          "years": 2,
          "exitMultiple": 10,
          "maxLeverage": 6,
          "minICR": 2,
          "minDSCR": 1.2,
          "refiYear": 1,
          "refiDebt": 55,
          "refiRate": 4,
          "refiFee": 0,
          "haircutYear": 0,
          "haircut": 20
        },
        "uses": 100,
        "rows": [
          {
            "year": 1,
            "openingSenior": 60,
            "openingJunior": 0,
            "openingCash": 0,
            "ebitda": 10,
            "cfads": 10,
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            "gap": 0,
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            "concession": 0,
            "refiDraw": 55,
            "refiRepayment": 53,
            "refiCost": 0,
            "refiGap": 0,
            "senior": 55,
            "junior": 0,
            "debt": 55,
            "cash": 2,
            "leverage": 5.5,
            "icr": 3.3333333333333335,
            "dscr": 1.1111111111111112,
            "leverageHeadroom": 0.5,
            "icrHeadroom": 1.3333333333333335,
            "dscrHeadroom": -0.0888888888888888,
            "serviceExecuted": true
          },
          {
            "year": 2,
            "openingSenior": 55,
            "openingJunior": 0,
            "openingCash": 2,
            "ebitda": 10,
            "cfads": 10,
            "interest": 2.2,
            "mandatory": 5.5,
            "service": 7.7,
            "gap": 0,
            "sweep": 4.3,
            "concession": 0,
            "refiDraw": 0,
            "refiRepayment": 0,
            "refiCost": 0,
            "refiGap": 0,
            "senior": 45.2,
            "junior": 0,
            "debt": 45.2,
            "cash": 0,
            "leverage": 4.5200000000000005,
            "icr": 4.545454545454545,
            "dscr": 1.2987012987012987,
            "leverageHeadroom": 1.4799999999999995,
            "icrHeadroom": 2.545454545454545,
            "dscrHeadroom": 0.09870129870129873,
            "serviceExecuted": true
          }
        ],
        "failure": null,
        "exitEV": 100,
        "exitEquity": 54.8,
        "creditorShortfall": 0,
        "moic": 1.3699999999999999,
        "irr": 0.17046999107196248
      },
      "assessment": {
        "firstBreachYear": 1,
        "fundingGapYear": null,
        "fundingGap": 0,
        "status": "threshold-crossed",
        "undefinedICR": false,
        "undefinedDSCR": false
      }
    },
    {
      "id": "concession",
      "result": {
        "params": {
          "enterpriseValue": 100,
          "fees": 0,
          "cashBuffer": 0,
          "equityMode": 0,
          "equity": 40,
          "senior": 60,
          "junior": 0,
          "ebitda": 10,
          "growth": 0,
          "cfadsMode": 1,
          "conversion": 70,
          "cfads": 10,
          "cfadsGrowth": 0,
          "seniorRate": 5,
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          "amortization": 10,
          "sweep": 100,
          "years": 2,
          "exitMultiple": 10,
          "maxLeverage": 6,
          "minICR": 2,
          "minDSCR": 1.2,
          "refiYear": 0,
          "refiDebt": 40,
          "refiRate": 7,
          "refiFee": 1,
          "haircutYear": 1,
          "haircut": 20
        },
        "uses": 100,
        "rows": [
          {
            "year": 1,
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            "ebitda": 10,
            "cfads": 10,
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            "refiDraw": 0,
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            "debt": 40.400000000000006,
            "cash": 0,
            "leverage": 4.040000000000001,
            "icr": 4.166666666666667,
            "dscr": 1.388888888888889,
            "leverageHeadroom": 1.959999999999999,
            "icrHeadroom": 2.166666666666667,
            "dscrHeadroom": 0.1888888888888891,
            "serviceExecuted": true
          },
          {
            "year": 2,
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            "ebitda": 10,
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            "interest": 2.0200000000000005,
            "mandatory": 4.8,
            "service": 6.82,
            "gap": 0,
            "sweep": 3.18,
            "concession": 0,
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            "refiRepayment": 0,
            "refiCost": 0,
            "refiGap": 0,
            "senior": 32.42000000000001,
            "junior": 0,
            "debt": 32.42000000000001,
            "cash": -4.440892098500626e-16,
            "leverage": 3.242000000000001,
            "icr": 4.95049504950495,
            "dscr": 1.466275659824047,
            "leverageHeadroom": 2.757999999999999,
            "icrHeadroom": 2.9504950495049496,
            "dscrHeadroom": 0.266275659824047,
            "serviceExecuted": true
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        ],
        "failure": null,
        "exitEV": 100,
        "exitEquity": 67.57999999999998,
        "creditorShortfall": 0,
        "moic": 1.6894999999999996,
        "irr": 0.2998076780816459
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      "assessment": {
        "firstBreachYear": null,
        "fundingGapYear": null,
        "fundingGap": 0,
        "status": "within-model-thresholds",
        "undefinedICR": false,
        "undefinedDSCR": false
      }
    },
    {
      "id": "zero-cfads",
      "result": {
        "params": {
          "enterpriseValue": 100,
          "fees": 0,
          "cashBuffer": 100,
          "equityMode": 0,
          "equity": 140,
          "senior": 60,
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          "cfadsMode": 1,
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          "cfads": 0,
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          "seniorRate": 5,
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          "sweep": 0,
          "years": 2,
          "exitMultiple": 10,
          "maxLeverage": 6,
          "minICR": 2,
          "minDSCR": 1.2,
          "refiYear": 0,
          "refiDebt": 40,
          "refiRate": 7,
          "refiFee": 1,
          "haircutYear": 0,
          "haircut": 20
        },
        "uses": 200,
        "rows": [
          {
            "year": 1,
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            "ebitda": 10,
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            "senior": 54,
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            "debt": 54,
            "cash": 91,
            "leverage": 5.4,
            "icr": 3.3333333333333335,
            "dscr": 0,
            "leverageHeadroom": 0.5999999999999996,
            "icrHeadroom": 1.3333333333333335,
            "dscrHeadroom": -1.2,
            "serviceExecuted": true
          },
          {
            "year": 2,
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            "refiDraw": 0,
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            "refiCost": 0,
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            "senior": 48,
            "junior": 0,
            "debt": 48,
            "cash": 82.3,
            "leverage": 4.8,
            "icr": 3.7037037037037033,
            "dscr": 0,
            "leverageHeadroom": 1.2000000000000002,
            "icrHeadroom": 1.7037037037037033,
            "dscrHeadroom": -1.2,
            "serviceExecuted": true
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        ],
        "failure": null,
        "exitEV": 100,
        "exitEquity": 134.3,
        "creditorShortfall": 0,
        "moic": 0.9592857142857144,
        "irr": -0.02056867811688068
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      "assessment": {
        "firstBreachYear": 1,
        "fundingGapYear": null,
        "fundingGap": 0,
        "status": "threshold-crossed",
        "undefinedICR": false,
        "undefinedDSCR": false
      }
    }
  ]
}