[sheet: Cover]

Field

PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT

To	Gabrielle Moss, Lead Associate; Nathaniel Bower, Responsible Partner
From	Amy Chesterton, Working Associate, Bankruptcy & Restructuring
Date	May 19, 2025
Re	Financial Covenant Compliance Sensitivity Analysis — Greenfield Agricultural Partners LLC DIP Facility (Case No. 25-01147)
Client/Matter	Greenfield Agricultural Partners LLC / 1020-00002
Court	U.S. Bankruptcy Court, N.D. Iowa (Cedar Rapids Division)
Judge	Hon. Margaret R. Dunleavy
Petition Date	May 15, 2025
Facility	$175,000,000 Senior Secured Superpriority DIP Revolving Credit Facility
DIP Agent	Ironclad Capital Partners LP
Collateral Agent	Meridian Trust Company
Financial Advisor	Claridge Advisory Group LLC (Nolan Ashworth / Rebecca Liu)
Debtor's Counsel	Drummond & Fenwick LLP
Purpose	Model compliance with the three DIP financial covenants under base, upside, and downside scenarios across the 13-week DIP budget period (May 15, 2025 – August 13, 2025), including stress test for delayed seasonal receivables

[sheet: Assumptions]

Category	Parameter	Base Case	Upside Case	Downside Case	Stress Test	Source / Notes
Opening Cash	Cash at Petition Date (May 15, 2025)	11800	11800	11800	11800	Per Patricia Langford declaration; $11.8M
DIP Draw — Interim	Amount drawn upon Interim Order	80000	80000	80000	80000	Per DIP Credit Agreement; $80M available upon Interim Order (target May 22, 2025)
DIP Draw — Final	Additional availability upon Final Order	95000	95000	95000	95000	Remaining $95M available upon Final Order (target June 19, 2025); $175M total facility
Operating Receipts — Wks 1-4	Projected collections	38200	41800	33400	28700	Base per Claridge 13-week budget; upside +9.4%; downside -12.6%; stress test assumes 25% receivables delay
Operating Receipts — Wks 5-8	Projected collections	41600	45800	36200	33300	Peak summer application season; stress test models 2-week collection delay on 40% of receivables
Operating Receipts — Wks 9-13	Projected collections	49800	53700	43100	42500	Stress test: partial catch-up of delayed receivables from earlier weeks
Total Operating Receipts	13-week total	129600	141300	112700	104500	Sum of all period receipts
Operating Disbursements — Wks 1-4	Projected outflows	44100	43200	44100	44100	Upside assumes slight cost savings; downside and stress keep base disbursements
Operating Disbursements — Wks 5-8	Projected outflows	42300	41500	43800	42300	Downside assumes higher raw material costs from top 5 suppliers (~$9.4M owed)
Operating Disbursements — Wks 9-13	Projected outflows	47500	46000	49200	47500
Total Operating Disbursements	13-week total	133900	130700	137100	133900	Sum of all period disbursements
Restructuring Professional Fees — Wks 1-4	C&H, Claridge, Holloway & Birch, etc.	6200	5800	6800	6200	C&H rates: Partners $1,450-$1,750/hr; Associates $850-$1,150/hr; H&K rates: Partners $1,500-$1,800/hr
Restructuring Professional Fees — Wks 5-8	4800	4500	5400	4800
Restructuring Professional Fees — Wks 9-13	5100	4700	5900	5100
Total Restructuring Professional Fees	13-week total	16100	15000	18100	16100	Sum of all period professional fees
Debt Service / Adequate Protection — Wks 1-4	Current-pay interest to PSB at SOFR + 450 bps	3400	3400	3400	3400	Per Adequate Protection Stipulation with Prairie State Bank, N.A.
Debt Service / Adequate Protection — Wks 5-8	3400	3400	3400	3400
Debt Service / Adequate Protection — Wks 9-13	4250	4250	4250	4250
Total Debt Service / Adequate Protection	13-week total	11050	11050	11050	11050	Sum of all period debt service
Capital Expenditures — Wks 1-4	1500	1200	1500	1500	Includes Cedar Falls, Decatur, Jonesboro plant maintenance
Capital Expenditures — Wks 5-8	1200	1000	1200	1200
Capital Expenditures — Wks 9-13	900	700	900	900
Total Capital Expenditures	13-week total	3600	2900	3600	3600	Sum of all period CapEx
DIP Interest Rate	SOFR + 850 bps; SOFR floor 4.00%	12.50% min all-in	12.50% min all-in	12.50% min all-in	12.50% min all-in	Per DIP Credit Agreement

Closing Fee	2.00% of $175M	3500	3500	3500	3500	Payable from initial draw proceeds
Exit Fee	1.00% of $175M	1750	1750	1750	1750	Payable at maturity/termination
Unused Line Fee	0.50% p.a. on undrawn commitments	Varies	Varies	Varies	Varies	Computed weekly on undrawn balance
Seasonal Receivables Delay	% of receivables delayed 2+ weeks	0%	0%	0%	40% in Wks 1-8	Stress test: simulates drought-related payment delays from agricultural customers; ClearGuard XR EPA re-registration delay impact
EBITDA Adjustments	Non-cash and one-time items excluded from EBITDA calc	Per credit agreement definition	Per credit agreement definition	Per credit agreement definition	Per credit agreement definition	LTM Adjusted EBITDA was $37.7M per First Lien calculation; DIP tests rolling 4-week periods
Pre-Petition ABL Roll-Up	Portion of ABL rolled into DIP	20000	20000	20000	20000	Per DIP term sheet; $20M of pre-petition ABL obligations (of $72.3M drawn) rolled into DIP

[sheet: Base Case]

Week Number	Week Ending Date	Period	Beginning Cash ($000s)	DIP Draws ($000s)	Operating Receipts ($000s)	Operating Disbursements ($000s)	Net Operating Cash Flow ($000s)	Restructuring Professional Fees ($000s)	Debt Service / Adequate Protection ($000s)	Capital Expenditures ($000s)	Net Cash Flow ($000s)	Ending Cash ($000s)	Undrawn DIP Commitment ($000s)	Liquidity (Cash + Availability) ($000s)	Min Liquidity Covenant ($000s)	Liquidity Compliant?	Cumulative Budgeted Disbursements — Rolling 4-Wk ($000s)	Cumulative Actual Disbursements — Rolling 4-Wk ($000s)	Variance %	Max Variance Covenant	Variance Compliant?	Rolling 4-Wk EBITDA ($000s)	Min EBITDA Covenant ($000s)	EBITDA Compliant?
1	2025-05-21	Wks 1-4	11800	80000	9550	11025	-1475	1550	850	375	-4250	87550	95000	182550	15000	Yes	11025	11025	0.0%	15.0%	Yes	-1475	-5000	Yes
2	2025-05-28	Wks 1-4	87550	0	9550	11025	-1475	1550	850	375	-4250	83300	95000	178300	15000	Yes	22050	22050	0.0%	15.0%	Yes	-2950	-5000	Yes
3	2025-06-04	Wks 1-4	83300	0	9550	11025	-1475	1550	850	375	-4250	79050	95000	174050	15000	Yes	33075	33075	0.0%	15.0%	Yes	-4425	-5000	Yes
4	2025-06-11	Wks 1-4	79050	0	9550	11025	-1475	1550	850	375	-4250	74800	95000	169800	15000	Yes	44100	44100	0.0%	15.0%	Yes	-5900	-5000	Marginal
5	2025-06-18	Wks 5-8	74800	0	10400	10575	-175	1200	850	300	-2525	72275	95000	167275	15000	Yes	43650	43650	0.0%	15.0%	Yes	-4600	-5000	Yes
6	2025-06-25	Wks 5-8	72275	0	10400	10575	-175	1200	850	300	-2525	69750	95000	164750	15000	Yes	43200	43200	0.0%	15.0%	Yes	-3300	-5000	Yes
7	2025-07-02	Wks 5-8	69750	0	10400	10575	-175	1200	850	300	-2525	67225	95000	162225	15000	Yes	42750	42750	0.0%	15.0%	Yes	-700	-5000	Yes
8	2025-07-09	Wks 5-8	67225	0	10400	10575	-175	1200	850	300	-2525	64700	95000	159700	15000	Yes	42300	42300	0.0%	15.0%	Yes	-700	-5000	Yes
9	2025-07-16	Wks 9-13	64700	0	9960	9500	460	1020	850	180	-1590	63110	95000	158110	15000	Yes	40650	40650	0.0%	15.0%	Yes	110	-5000	Yes
10	2025-07-23	Wks 9-13	63110	0	9960	9500	460	1020	850	180	-1590	61520	95000	156520	15000	Yes	39575	39575	0.0%	15.0%	Yes	920	-5000	Yes
11	2025-07-30	Wks 9-13	61520	0	9960	9500	460	1020	850	180	-1590	59930	95000	154930	15000	Yes	38500	38500	0.0%	15.0%	Yes	1840	-5000	Yes
12	2025-08-06	Wks 9-13	59930	0	9960	9500	460	1020	850	180	-1590	58340	95000	153340	15000	Yes	38000	38000	0.0%	15.0%	Yes	1840	-5000	Yes
13	2025-08-13	Wks 9-13	58340	0	9960	9500	460	1020	850	180	-1590	56750	95000	151750	15000	Yes	38000	38000	0.0%	15.0%	Yes	1840	-5000	Yes
TOTAL	80000	129600	133900	-4300	16100	11050	3600	-35050

[sheet: Upside Case]

Week Number	Week Ending Date	Beginning Cash ($000s)	DIP Draws ($000s)	Operating Receipts ($000s)	Operating Disbursements ($000s)	Net Operating Cash Flow ($000s)	Restructuring Professional Fees ($000s)	Debt Service / Adequate Protection ($000s)	Capital Expenditures ($000s)	Net Cash Flow ($000s)	Ending Cash ($000s)	Liquidity (Cash + Availability) ($000s)	Liquidity Compliant?	Variance % — Rolling 4-Wk	Variance Compliant?	Rolling 4-Wk EBITDA ($000s)	EBITDA Compliant?
1	2025-05-21	11800	80000	10450	10800	-350	1450	850	300	-2950	88850	183850	Yes	0.0%	Yes	-350	Yes
2	2025-05-28	88850	0	10450	10800	-350	1450	850	300	-2950	85900	180900	Yes	0.0%	Yes	-700	Yes
3	2025-06-04	85900	0	10450	10800	-350	1450	850	300	-2950	82950	177950	Yes	0.0%	Yes	-1050	Yes
4	2025-06-11	82950	0	10450	10800	-350	1450	850	300	-2950	80000	175000	Yes	0.0%	Yes	-1400	Yes
5	2025-06-18	80000	0	11450	10375	1075	1125	850	250	-1150	78850	173850	Yes	-1.6%	Yes	25	Yes
6	2025-06-25	78850	0	11450	10375	1075	1125	850	250	-1150	77700	172700	Yes	-3.1%	Yes	1450	Yes
7	2025-07-02	77700	0	11450	10375	1075	1125	850	250	-1150	76550	171550	Yes	-4.1%	Yes	2875	Yes
8	2025-07-09	76550	0	11450	10375	1075	1125	850	250	-1150	75400	170400	Yes	-5.1%	Yes	4300	Yes
9	2025-07-16	75400	0	10740	9200	1540	940	850	140	-390	75010	170010	Yes	-5.6%	Yes	4765	Yes
10	2025-07-23	75010	0	10740	9200	1540	940	850	140	-390	74620	169620	Yes	-6.1%	Yes	5230	Yes
11	2025-07-30	74620	0	10740	9200	1540	940	850	140	-390	74230	169230	Yes	-5.8%	Yes	5695	Yes
12	2025-08-06	74230	0	10740	9200	1540	940	850	140	-390	73840	168840	Yes	-5.4%	Yes	6160	Yes
13	2025-08-13	73840	0	10740	9200	1540	940	850	140	-390	73450	168450	Yes	-5.2%	Yes	6160	Yes
TOTAL	80000	141300	130700	10600	15000	11050	2900	-18350

[sheet: Downside Case]

Week Number	Week Ending Date	Beginning Cash ($000s)	DIP Draws ($000s)	Operating Receipts ($000s)	Operating Disbursements ($000s)	Net Operating Cash Flow ($000s)	Restructuring Professional Fees ($000s)	Debt Service / Adequate Protection ($000s)	Capital Expenditures ($000s)	Net Cash Flow ($000s)	Ending Cash ($000s)	Liquidity (Cash + Availability) ($000s)	Liquidity Compliant?	Variance % — Rolling 4-Wk	Variance Compliant?	Rolling 4-Wk EBITDA ($000s)	EBITDA Compliant?	Cushion to Liquidity Breach ($000s)	Cushion to EBITDA Breach ($000s)
1	2025-05-21	11800	80000	8350	11025	-2675	1700	850	375	-5600	86200	181200	Yes	0.0%	Yes	-2675	Yes	166200	2325
2	2025-05-28	86200	0	8350	11025	-2675	1700	850	375	-5600	80600	175600	Yes	0.0%	Yes	-5350	Marginal	160600	-350
3	2025-06-04	80600	0	8350	11025	-2675	1700	850	375	-5600	75000	170000	Yes	0.0%	Yes	-8025	BREACH	155000	-3025
4	2025-06-11	75000	0	8350	11025	-2675	1700	850	375	-5600	69400	164400	Yes	0.0%	Yes	-10700	BREACH	149400	-5700
5	2025-06-18	69400	0	9050	10950	-1900	1350	850	300	-4400	65000	160000	Yes	2.1%	Yes	-9925	BREACH	145000	-4925
6	2025-06-25	65000	0	9050	10950	-1900	1350	850	300	-4400	60600	155600	Yes	2.8%	Yes	-9150	BREACH	140600	-4150
7	2025-07-02	60600	0	9050	10950	-1900	1350	850	300	-4400	56200	151200	Yes	3.2%	Yes	-8375	Marginal	136200	-3375
8	2025-07-09	56200	0	9050	10950	-1900	1350	850	300	-4400	51800	146800	Yes	3.5%	Yes	-7600	Marginal	131800	-2600
9	2025-07-16	51800	0	8620	9840	-1220	1180	850	180	-3430	48370	143370	Yes	3.0%	Yes	-6920	Marginal	128370	-1920
10	2025-07-23	48370	0	8620	9840	-1220	1180	850	180	-3430	44940	139940	Yes	2.8%	Yes	-6240	Marginal	124940	-1240
11	2025-07-30	44940	0	8620	9840	-1220	1180	850	180	-3430	41510	136510	Yes	3.1%	Yes	-5560	Marginal	121510	-560
12	2025-08-06	41510	0	8620	9840	-1220	1180	850	180	-3430	38080	133080	Yes	3.4%	Yes	-4880	Yes	118080	120
13	2025-08-13	38080	0	8620	9840	-1220	1180	850	180	-3430	34650	129650	Yes	3.6%	Yes	-3620	Yes	114650	1380
TOTAL	80000	112700	137100	-24400	18100	11050	3600	-57150

[sheet: Stress Test — Receivables Delay]

Week Number	Week Ending Date	Beginning Cash ($000s)	DIP Draws ($000s)	Scheduled Operating Receipts ($000s)	Delayed Receipts Pushed to Later Weeks ($000s)	Catch-Up Receipts Received ($000s)	Adjusted Operating Receipts ($000s)	Operating Disbursements ($000s)	Net Operating Cash Flow ($000s)	Restructuring Professional Fees ($000s)	Debt Service / Adequate Protection ($000s)	Capital Expenditures ($000s)	Net Cash Flow ($000s)	Ending Cash ($000s)	Undrawn DIP ($000s)	Liquidity ($000s)	Min Liquidity ($000s)	Liquidity Compliant?	Variance % — Rolling 4-Wk	Variance Compliant?	Rolling 4-Wk EBITDA ($000s)	Min EBITDA ($000s)	EBITDA Compliant?	Notes
1	2025-05-21	11800	80000	9550	-3820	0	5730	11025	-5295	1550	850	375	-8070	83730	95000	178730	15000	Yes	0.0%	Yes	-5295	-5000	Marginal	40% of scheduled receipts ($3,820) delayed by 2 weeks
2	2025-05-28	83730	0	9550	-3820	0	5730	11025	-5295	1550	850	375	-8070	75660	95000	170660	15000	Yes	0.0%	Yes	-10590	-5000	BREACH	40% of scheduled receipts ($3,820) delayed by 2 weeks
3	2025-06-04	75660	0	9550	-3820	3820	9550	11025	-1475	1550	850	375	-4250	71410	95000	166410	15000	Yes	0.0%	Yes	-12065	-5000	BREACH	Catch-up of Wk 1 delayed receipts offsets Wk 3 delay; trailing 4-wk EBITDA cumulative negative
4	2025-06-11	71410	0	9550	-3820	3820	9550	11025	-1475	1550	850	375	-4250	67160	95000	162160	15000	Yes	0.0%	Yes	-13540	-5000	BREACH	Catch-up of Wk 2 delayed receipts; cumulative EBITDA still deeply negative
5	2025-06-18	67160	0	10400	-4160	3820	10060	10575	-515	1200	850	300	-2865	64295	95000	159295	15000	Yes	0.0%	Yes	-7760	-5000	BREACH	Delayed receipts begin catching up but 4-wk EBITDA still stressed
6	2025-06-25	64295	0	10400	-4160	3820	10060	10575	-515	1200	850	300	-2865	61430	95000	156430	15000	Yes	0.0%	Yes	-3980	-5000	Yes	Catch-up of Wk 4 delayed receipts; EBITDA improving
7	2025-07-02	61430	0	10400	-4160	4160	10400	10575	-175	1200	850	300	-2525	58905	95000	153905	15000	Yes	0.0%	Yes	-1720	-5000	Yes	Catch-up of Wk 5 delayed receipts; near-neutral EBITDA
8	2025-07-09	58905	0	10400	-4160	4160	10400	10575	-175	1200	850	300	-2525	56380	95000	151380	15000	Yes	0.0%	Yes	-1380	-5000	Yes	Catch-up of Wk 6 delayed receipts
9	2025-07-16	56380	0	9960	0	4160	14120	9500	4620	1020	850	180	2570	58950	95000	153950	15000	Yes	-5.8%	Yes	3755	-5000	Yes	Full catch-up of Wk 7 delayed receipts; EBITDA recovers strongly
10	2025-07-23	58950	0	9960	0	4160	14120	9500	4620	1020	850	180	2570	61520	95000	156520	15000	Yes	-6.2%	Yes	8890	-5000	Yes	Full catch-up of Wk 8 delayed receipts; strong recovery
11	2025-07-30	61520	0	9960	0	0	9960	9500	460	1020	850	180	-1590	59930	95000	154930	15000	Yes	-2.1%	Yes	10320	-5000	Yes	No more catch-up; normalized operations
12	2025-08-06	59930	0	9960	0	0	9960	9500	460	1020	850	180	-1590	58340	95000	153340	15000	Yes	0.0%	Yes	10160	-5000	Yes	Normalized operations
13	2025-08-13	58340	0	9960	0	0	9960	9500	460	1020	850	180	-1590	56750	95000	151750	15000	Yes	0.0%	Yes	1840	-5000	Yes	All delayed receipts collected; normalized
TOTAL	80000	129600	-31920	31920	129600	133900	-4300	16100	11050	3600	-35050

[sheet: Cover]
Field | Value
PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT
To | Gabrielle Moss, Lead Associate; Nathaniel Bower, Responsible Partner
From | Amy Chesterton, Working Associate, Bankruptcy & Restructuring
Date | May 19, 2025
Re | Financial Covenant Compliance Sensitivity Analysis — Greenfield Agricultural Partners LLC DIP Facility (Case No. 25-01147)
Client/Matter | Greenfield Agricultural Partners LLC / 1020-00002
Court | U.S. Bankruptcy Court, N.D. Iowa (Cedar Rapids Division)
Judge | Hon. Margaret R. Dunleavy
Petition Date | May 15, 2025
Facility | $175,000,000 Senior Secured Superpriority DIP Revolving Credit Facility
DIP Agent | Ironclad Capital Partners LP
Collateral Agent | Meridian Trust Company
Financial Advisor | Claridge Advisory Group LLC (Nolan Ashworth / Rebecca Liu)
Debtor's Counsel | Drummond & Fenwick LLP
Purpose | Model compliance with the three DIP financial covenants under base, upside, and downside scenarios across the 13-week DIP budget period (May 15, 2025 – August 13, 2025), including stress test for delayed seasonal receivables
[sheet: Assumptions]
Category | Parameter | Base Case | Upside Case | Downside Case | Stress Test | Source / Notes
Opening Cash | Cash at Petition Date (May 15, 2025) | 11800 | 11800 | 11800 | 11800 | Per Patricia Langford declaration; $11.8M
DIP Draw — Interim | Amount drawn upon Interim Order | 80000 | 80000 | 80000 | 80000 | Per DIP Credit Agreement; $80M available upon Interim Order (target May 22, 2025)
DIP Draw — Final | Additional availability upon Final Order | 95000 | 95000 | 95000 | 95000 | Remaining $95M available upon Final Order (target June 19, 2025); $175M total facility
Operating Receipts — Wks 1-4 | Projected collections | 38200 | 41800 | 33400 | 28700 | Base per Claridge 13-week budget; upside +9.4%; downside -12.6%; stress test assumes 25% receivables delay
Operating Receipts — Wks 5-8 | Projected collections | 41600 | 45800 | 36200 | 33300 | Peak summer application season; stress test models 2-week collection delay on 40% of receivables
Operating Receipts — Wks 9-13 | Projected collections | 49800 | 53700 | 43100 | 42500 | Stress test: partial catch-up of delayed receivables from earlier weeks
Total Operating Receipts | 13-week total | 129600 | 141300 | 112700 | 104500 | Sum of all period receipts
Operating Disbursements — Wks 1-4 | Projected outflows | 44100 | 43200 | 44100 | 44100 | Upside assumes slight cost savings; downside and stress keep base disbursements
Operating Disbursements — Wks 5-8 | Projected outflows | 42300 | 41500 | 43800 | 42300 | Downside assumes higher raw material costs from top 5 suppliers (~$9.4M owed)
Operating Disbursements — Wks 9-13 | Projected outflows | 47500 | 46000 | 49200 | 47500
Total Operating Disbursements | 13-week total | 133900 | 130700 | 137100 | 133900 | Sum of all period disbursements
Restructuring Professional Fees — Wks 1-4 | C&H, Claridge, Holloway & Birch, etc. | 6200 | 5800 | 6800 | 6200 | C&H rates: Partners $1,450-$1,750/hr; Associates $850-$1,150/hr; H&K rates: Partners $1,500-$1,800/hr
Restructuring Professional Fees — Wks 5-8 | 4800 | 4500 | 5400 | 4800
Restructuring Professional Fees — Wks 9-13 | 5100 | 4700 | 5900 | 5100
Total Restructuring Professional Fees | 13-week total | 16100 | 15000 | 18100 | 16100 | Sum of all period professional fees
Debt Service / Adequate Protection — Wks 1-4 | Current-pay interest to PSB at SOFR + 450 bps | 3400 | 3400 | 3400 | 3400 | Per Adequate Protection Stipulation with Prairie State Bank, N.A.
Debt Service / Adequate Protection — Wks 5-8 | 3400 | 3400 | 3400 | 3400
Debt Service / Adequate Protection — Wks 9-13 | 4250 | 4250 | 4250 | 4250
Total Debt Service / Adequate Protection | 13-week total | 11050 | 11050 | 11050 | 11050 | Sum of all period debt service
Capital Expenditures — Wks 1-4 | 1500 | 1200 | 1500 | 1500 | Includes Cedar Falls, Decatur, Jonesboro plant maintenance
Capital Expenditures — Wks 5-8 | 1200 | 1000 | 1200 | 1200
Capital Expenditures — Wks 9-13 | 900 | 700 | 900 | 900
Total Capital Expenditures | 13-week total | 3600 | 2900 | 3600 | 3600 | Sum of all period CapEx
DIP Interest Rate | SOFR + 850 bps; SOFR floor 4.00% | 12.50% min all-in | 12.50% min all-in | 12.50% min all-in | 12.50% min all-in | Per DIP Credit Agreement
Closing Fee | 2.00% of $175M | 3500 | 3500 | 3500 | 3500 | Payable from initial draw proceeds
Exit Fee | 1.00% of $175M | 1750 | 1750 | 1750 | 1750 | Payable at maturity/termination
Unused Line Fee | 0.50% p.a. on undrawn commitments | Varies | Varies | Varies | Varies | Computed weekly on undrawn balance
Seasonal Receivables Delay | % of receivables delayed 2+ weeks | 0% | 0% | 0% | 40% in Wks 1-8 | Stress test: simulates drought-related payment delays from agricultural customers; ClearGuard XR EPA re-registration delay impact
EBITDA Adjustments | Non-cash and one-time items excluded from EBITDA calc | Per credit agreement definition | Per credit agreement definition | Per credit agreement definition | Per credit agreement definition | LTM Adjusted EBITDA was $37.7M per First Lien calculation; DIP tests rolling 4-week periods
Pre-Petition ABL Roll-Up | Portion of ABL rolled into DIP | 20000 | 20000 | 20000 | 20000 | Per DIP term sheet; $20M of pre-petition ABL obligations (of $72.3M drawn) rolled into DIP
[sheet: Base Case]
Week Number | Week Ending Date | Period | Beginning Cash ($000s) | DIP Draws ($000s) | Operating Receipts ($000s) | Operating Disbursements ($000s) | Net Operating Cash Flow ($000s) | Restructuring Professional Fees ($000s) | Debt Service / Adequate Protection ($000s) | Capital Expenditures ($000s) | Net Cash Flow ($000s) | Ending Cash ($000s) | Undrawn DIP Commitment ($000s) | Liquidity (Cash + Availability) ($000s) | Min Liquidity Covenant ($000s) | Liquidity Compliant? | Cumulative Budgeted Disbursements — Rolling 4-Wk ($000s) | Cumulative Actual Disbursements — Rolling 4-Wk ($000s) | Variance % | Max Variance Covenant | Variance Compliant? | Rolling 4-Wk EBITDA ($000s) | Min EBITDA Covenant ($000s) | EBITDA Compliant?
1 | 2025-05-21 | Wks 1-4 | 11800 | 80000 | 9550 | 11025 | -1475 | 1550 | 850 | 375 | -4250 | 87550 | 95000 | 182550 | 15000 | Yes | 11025 | 11025 | 0.0% | 15.0% | Yes | -1475 | -5000 | Yes
2 | 2025-05-28 | Wks 1-4 | 87550 | 0 | 9550 | 11025 | -1475 | 1550 | 850 | 375 | -4250 | 83300 | 95000 | 178300 | 15000 | Yes | 22050 | 22050 | 0.0% | 15.0% | Yes | -2950 | -5000 | Yes
3 | 2025-06-04 | Wks 1-4 | 83300 | 0 | 9550 | 11025 | -1475 | 1550 | 850 | 375 | -4250 | 79050 | 95000 | 174050 | 15000 | Yes | 33075 | 33075 | 0.0% | 15.0% | Yes | -4425 | -5000 | Yes
4 | 2025-06-11 | Wks 1-4 | 79050 | 0 | 9550 | 11025 | -1475 | 1550 | 850 | 375 | -4250 | 74800 | 95000 | 169800 | 15000 | Yes | 44100 | 44100 | 0.0% | 15.0% | Yes | -5900 | -5000 | Marginal
5 | 2025-06-18 | Wks 5-8 | 74800 | 0 | 10400 | 10575 | -175 | 1200 | 850 | 300 | -2525 | 72275 | 95000 | 167275 | 15000 | Yes | 43650 | 43650 | 0.0% | 15.0% | Yes | -4600 | -5000 | Yes
6 | 2025-06-25 | Wks 5-8 | 72275 | 0 | 10400 | 10575 | -175 | 1200 | 850 | 300 | -2525 | 69750 | 95000 | 164750 | 15000 | Yes | 43200 | 43200 | 0.0% | 15.0% | Yes | -3300 | -5000 | Yes
7 | 2025-07-02 | Wks 5-8 | 69750 | 0 | 10400 | 10575 | -175 | 1200 | 850 | 300 | -2525 | 67225 | 95000 | 162225 | 15000 | Yes | 42750 | 42750 | 0.0% | 15.0% | Yes | -700 | -5000 | Yes
8 | 2025-07-09 | Wks 5-8 | 67225 | 0 | 10400 | 10575 | -175 | 1200 | 850 | 300 | -2525 | 64700 | 95000 | 159700 | 15000 | Yes | 42300 | 42300 | 0.0% | 15.0% | Yes | -700 | -5000 | Yes
9 | 2025-07-16 | Wks 9-13 | 64700 | 0 | 9960 | 9500 | 460 | 1020 | 850 | 180 | -1590 | 63110 | 95000 | 158110 | 15000 | Yes | 40650 | 40650 | 0.0% | 15.0% | Yes | 110 | -5000 | Yes
10 | 2025-07-23 | Wks 9-13 | 63110 | 0 | 9960 | 9500 | 460 | 1020 | 850 | 180 | -1590 | 61520 | 95000 | 156520 | 15000 | Yes | 39575 | 39575 | 0.0% | 15.0% | Yes | 920 | -5000 | Yes
11 | 2025-07-30 | Wks 9-13 | 61520 | 0 | 9960 | 9500 | 460 | 1020 | 850 | 180 | -1590 | 59930 | 95000 | 154930 | 15000 | Yes | 38500 | 38500 | 0.0% | 15.0% | Yes | 1840 | -5000 | Yes
12 | 2025-08-06 | Wks 9-13 | 59930 | 0 | 9960 | 9500 | 460 | 1020 | 850 | 180 | -1590 | 58340 | 95000 | 153340 | 15000 | Yes | 38000 | 38000 | 0.0% | 15.0% | Yes | 1840 | -5000 | Yes
13 | 2025-08-13 | Wks 9-13 | 58340 | 0 | 9960 | 9500 | 460 | 1020 | 850 | 180 | -1590 | 56750 | 95000 | 151750 | 15000 | Yes | 38000 | 38000 | 0.0% | 15.0% | Yes | 1840 | -5000 | Yes
TOTAL | 80000 | 129600 | 133900 | -4300 | 16100 | 11050 | 3600 | -35050
[sheet: Upside Case]
Week Number | Week Ending Date | Beginning Cash ($000s) | DIP Draws ($000s) | Operating Receipts ($000s) | Operating Disbursements ($000s) | Net Operating Cash Flow ($000s) | Restructuring Professional Fees ($000s) | Debt Service / Adequate Protection ($000s) | Capital Expenditures ($000s) | Net Cash Flow ($000s) | Ending Cash ($000s) | Liquidity (Cash + Availability) ($000s) | Liquidity Compliant? | Variance % — Rolling 4-Wk | Variance Compliant? | Rolling 4-Wk EBITDA ($000s) | EBITDA Compliant?
1 | 2025-05-21 | 11800 | 80000 | 10450 | 10800 | -350 | 1450 | 850 | 300 | -2950 | 88850 | 183850 | Yes | 0.0% | Yes | -350 | Yes
2 | 2025-05-28 | 88850 | 0 | 10450 | 10800 | -350 | 1450 | 850 | 300 | -2950 | 85900 | 180900 | Yes | 0.0% | Yes | -700 | Yes
3 | 2025-06-04 | 85900 | 0 | 10450 | 10800 | -350 | 1450 | 850 | 300 | -2950 | 82950 | 177950 | Yes | 0.0% | Yes | -1050 | Yes
4 | 2025-06-11 | 82950 | 0 | 10450 | 10800 | -350 | 1450 | 850 | 300 | -2950 | 80000 | 175000 | Yes | 0.0% | Yes | -1400 | Yes
5 | 2025-06-18 | 80000 | 0 | 11450 | 10375 | 1075 | 1125 | 850 | 250 | -1150 | 78850 | 173850 | Yes | -1.6% | Yes | 25 | Yes
6 | 2025-06-25 | 78850 | 0 | 11450 | 10375 | 1075 | 1125 | 850 | 250 | -1150 | 77700 | 172700 | Yes | -3.1% | Yes | 1450 | Yes
7 | 2025-07-02 | 77700 | 0 | 11450 | 10375 | 1075 | 1125 | 850 | 250 | -1150 | 76550 | 171550 | Yes | -4.1% | Yes | 2875 | Yes
8 | 2025-07-09 | 76550 | 0 | 11450 | 10375 | 1075 | 1125 | 850 | 250 | -1150 | 75400 | 170400 | Yes | -5.1% | Yes | 4300 | Yes
9 | 2025-07-16 | 75400 | 0 | 10740 | 9200 | 1540 | 940 | 850 | 140 | -390 | 75010 | 170010 | Yes | -5.6% | Yes | 4765 | Yes
10 | 2025-07-23 | 75010 | 0 | 10740 | 9200 | 1540 | 940 | 850 | 140 | -390 | 74620 | 169620 | Yes | -6.1% | Yes | 5230 | Yes
11 | 2025-07-30 | 74620 | 0 | 10740 | 9200 | 1540 | 940 | 850 | 140 | -390 | 74230 | 169230 | Yes | -5.8% | Yes | 5695 | Yes
12 | 2025-08-06 | 74230 | 0 | 10740 | 9200 | 1540 | 940 | 850 | 140 | -390 | 73840 | 168840 | Yes | -5.4% | Yes | 6160 | Yes
13 | 2025-08-13 | 73840 | 0 | 10740 | 9200 | 1540 | 940 | 850 | 140 | -390 | 73450 | 168450 | Yes | -5.2% | Yes | 6160 | Yes
TOTAL | 80000 | 141300 | 130700 | 10600 | 15000 | 11050 | 2900 | -18350
[sheet: Downside Case]
Week Number | Week Ending Date | Beginning Cash ($000s) | DIP Draws ($000s) | Operating Receipts ($000s) | Operating Disbursements ($000s) | Net Operating Cash Flow ($000s) | Restructuring Professional Fees ($000s) | Debt Service / Adequate Protection ($000s) | Capital Expenditures ($000s) | Net Cash Flow ($000s) | Ending Cash ($000s) | Liquidity (Cash + Availability) ($000s) | Liquidity Compliant? | Variance % — Rolling 4-Wk | Variance Compliant? | Rolling 4-Wk EBITDA ($000s) | EBITDA Compliant? | Cushion to Liquidity Breach ($000s) | Cushion to EBITDA Breach ($000s)
1 | 2025-05-21 | 11800 | 80000 | 8350 | 11025 | -2675 | 1700 | 850 | 375 | -5600 | 86200 | 181200 | Yes | 0.0% | Yes | -2675 | Yes | 166200 | 2325
2 | 2025-05-28 | 86200 | 0 | 8350 | 11025 | -2675 | 1700 | 850 | 375 | -5600 | 80600 | 175600 | Yes | 0.0% | Yes | -5350 | Marginal | 160600 | -350
3 | 2025-06-04 | 80600 | 0 | 8350 | 11025 | -2675 | 1700 | 850 | 375 | -5600 | 75000 | 170000 | Yes | 0.0% | Yes | -8025 | BREACH | 155000 | -3025
4 | 2025-06-11 | 75000 | 0 | 8350 | 11025 | -2675 | 1700 | 850 | 375 | -5600 | 69400 | 164400 | Yes | 0.0% | Yes | -10700 | BREACH | 149400 | -5700
5 | 2025-06-18 | 69400 | 0 | 9050 | 10950 | -1900 | 1350 | 850 | 300 | -4400 | 65000 | 160000 | Yes | 2.1% | Yes | -9925 | BREACH | 145000 | -4925
6 | 2025-06-25 | 65000 | 0 | 9050 | 10950 | -1900 | 1350 | 850 | 300 | -4400 | 60600 | 155600 | Yes | 2.8% | Yes | -9150 | BREACH | 140600 | -4150
7 | 2025-07-02 | 60600 | 0 | 9050 | 10950 | -1900 | 1350 | 850 | 300 | -4400 | 56200 | 151200 | Yes | 3.2% | Yes | -8375 | Marginal | 136200 | -3375
8 | 2025-07-09 | 56200 | 0 | 9050 | 10950 | -1900 | 1350 | 850 | 300 | -4400 | 51800 | 146800 | Yes | 3.5% | Yes | -7600 | Marginal | 131800 | -2600
9 | 2025-07-16 | 51800 | 0 | 8620 | 9840 | -1220 | 1180 | 850 | 180 | -3430 | 48370 | 143370 | Yes | 3.0% | Yes | -6920 | Marginal | 128370 | -1920
10 | 2025-07-23 | 48370 | 0 | 8620 | 9840 | -1220 | 1180 | 850 | 180 | -3430 | 44940 | 139940 | Yes | 2.8% | Yes | -6240 | Marginal | 124940 | -1240
11 | 2025-07-30 | 44940 | 0 | 8620 | 9840 | -1220 | 1180 | 850 | 180 | -3430 | 41510 | 136510 | Yes | 3.1% | Yes | -5560 | Marginal | 121510 | -560
12 | 2025-08-06 | 41510 | 0 | 8620 | 9840 | -1220 | 1180 | 850 | 180 | -3430 | 38080 | 133080 | Yes | 3.4% | Yes | -4880 | Yes | 118080 | 120
13 | 2025-08-13 | 38080 | 0 | 8620 | 9840 | -1220 | 1180 | 850 | 180 | -3430 | 34650 | 129650 | Yes | 3.6% | Yes | -3620 | Yes | 114650 | 1380
TOTAL | 80000 | 112700 | 137100 | -24400 | 18100 | 11050 | 3600 | -57150
[sheet: Stress Test — Receivables Delay]
Week Number | Week Ending Date | Beginning Cash ($000s) | DIP Draws ($000s) | Scheduled Operating Receipts ($000s) | Delayed Receipts Pushed to Later Weeks ($000s) | Catch-Up Receipts Received ($000s) | Adjusted Operating Receipts ($000s) | Operating Disbursements ($000s) | Net Operating Cash Flow ($000s) | Restructuring Professional Fees ($000s) | Debt Service / Adequate Protection ($000s) | Capital Expenditures ($000s) | Net Cash Flow ($000s) | Ending Cash ($000s) | Undrawn DIP ($000s) | Liquidity ($000s) | Min Liquidity ($000s) | Liquidity Compliant? | Variance % — Rolling 4-Wk | Variance Compliant? | Rolling 4-Wk EBITDA ($000s) | Min EBITDA ($000s) | EBITDA Compliant? | Notes
1 | 2025-05-21 | 11800 | 80000 | 9550 | -3820 | 0 | 5730 | 11025 | -5295 | 1550 | 850 | 375 | -8070 | 83730 | 95000 | 178730 | 15000 | Yes | 0.0% | Yes | -5295 | -5000 | Marginal | 40% of scheduled receipts ($3,820) delayed by 2 weeks
2 | 2025-05-28 | 83730 | 0 | 9550 | -3820 | 0 | 5730 | 11025 | -5295 | 1550 | 850 | 375 | -8070 | 75660 | 95000 | 170660 | 15000 | Yes | 0.0% | Yes | -10590 | -5000 | BREACH | 40% of scheduled receipts ($3,820) delayed by 2 weeks
3 | 2025-06-04 | 75660 | 0 | 9550 | -3820 | 3820 | 9550 | 11025 | -1475 | 1550 | 850 | 375 | -4250 | 71410 | 95000 | 166410 | 15000 | Yes | 0.0% | Yes | -12065 | -5000 | BREACH | Catch-up of Wk 1 delayed receipts offsets Wk 3 delay; trailing 4-wk EBITDA cumulative negative
4 | 2025-06-11 | 71410 | 0 | 9550 | -3820 | 3820 | 9550 | 11025 | -1475 | 1550 | 850 | 375 | -4250 | 67160 | 95000 | 162160 | 15000 | Yes | 0.0% | Yes | -13540 | -5000 | BREACH | Catch-up of Wk 2 delayed receipts; cumulative EBITDA still deeply negative
5 | 2025-06-18 | 67160 | 0 | 10400 | -4160 | 3820 | 10060 | 10575 | -515 | 1200 | 850 | 300 | -2865 | 64295 | 95000 | 159295 | 15000 | Yes | 0.0% | Yes | -7760 | -5000 | BREACH | Delayed receipts begin catching up but 4-wk EBITDA still stressed
6 | 2025-06-25 | 64295 | 0 | 10400 | -4160 | 3820 | 10060 | 10575 | -515 | 1200 | 850 | 300 | -2865 | 61430 | 95000 | 156430 | 15000 | Yes | 0.0% | Yes | -3980 | -5000 | Yes | Catch-up of Wk 4 delayed receipts; EBITDA improving
7 | 2025-07-02 | 61430 | 0 | 10400 | -4160 | 4160 | 10400 | 10575 | -175 | 1200 | 850 | 300 | -2525 | 58905 | 95000 | 153905 | 15000 | Yes | 0.0% | Yes | -1720 | -5000 | Yes | Catch-up of Wk 5 delayed receipts; near-neutral EBITDA
8 | 2025-07-09 | 58905 | 0 | 10400 | -4160 | 4160 | 10400 | 10575 | -175 | 1200 | 850 | 300 | -2525 | 56380 | 95000 | 151380 | 15000 | Yes | 0.0% | Yes | -1380 | -5000 | Yes | Catch-up of Wk 6 delayed receipts
9 | 2025-07-16 | 56380 | 0 | 9960 | 0 | 4160 | 14120 | 9500 | 4620 | 1020 | 850 | 180 | 2570 | 58950 | 95000 | 153950 | 15000 | Yes | -5.8% | Yes | 3755 | -5000 | Yes | Full catch-up of Wk 7 delayed receipts; EBITDA recovers strongly
10 | 2025-07-23 | 58950 | 0 | 9960 | 0 | 4160 | 14120 | 9500 | 4620 | 1020 | 850 | 180 | 2570 | 61520 | 95000 | 156520 | 15000 | Yes | -6.2% | Yes | 8890 | -5000 | Yes | Full catch-up of Wk 8 delayed receipts; strong recovery
11 | 2025-07-30 | 61520 | 0 | 9960 | 0 | 0 | 9960 | 9500 | 460 | 1020 | 850 | 180 | -1590 | 59930 | 95000 | 154930 | 15000 | Yes | -2.1% | Yes | 10320 | -5000 | Yes | No more catch-up; normalized operations
12 | 2025-08-06 | 59930 | 0 | 9960 | 0 | 0 | 9960 | 9500 | 460 | 1020 | 850 | 180 | -1590 | 58340 | 95000 | 153340 | 15000 | Yes | 0.0% | Yes | 10160 | -5000 | Yes | Normalized operations
13 | 2025-08-13 | 58340 | 0 | 9960 | 0 | 0 | 9960 | 9500 | 460 | 1020 | 850 | 180 | -1590 | 56750 | 95000 | 151750 | 15000 | Yes | 0.0% | Yes | 1840 | -5000 | Yes | All delayed receipts collected; normalized
TOTAL | 80000 | 129600 | -31920 | 31920 | 129600 | 133900 | -4300 | 16100 | 11050 | 3600 | -35050

[sheet: Cover]

Record

Parties

Dates

Amounts