1038-00002 · Cascade Retail Holdings · documents

borrowing-base-certificate-closing.xlsx DOCUMENT Finance & Banking

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[sheet: Certificate]

Field

BORROWING BASE CERTIFICATE

Delivered pursuant to Section 6.02(a) of the Credit Agreement dated as of May 4, 2023 (effective May 19, 2023) (the "Credit Agreement") among Cascade Retail Holdings Inc., a Delaware corporation ("CRH"), Cascade Retail Operating Company LLC, a Delaware limited liability company ("CROC" and together with CRH, the "Borrowers"), the Guarantors party thereto, the Lenders party thereto, and Crescent Harbor Bank, N.A., as Administrative Agent and Collateral Agent (the "Agent").

Capitalized terms used but not defined herein have the meanings assigned to them in the Credit Agreement.

Certificate Date:	May 19, 2023
Reporting Period End Date:	May 19, 2023
Certified By:	Priya Anand, Treasurer, Cascade Retail Holdings Inc.

The undersigned Responsible Officer of CRH hereby certifies to the Agent and the Lenders that the information set forth below and in the schedules attached hereto is true, correct and complete as of the date hereof.

CUSIP:	14762MAA3
Calderwood & Harkness LLP Matter No.:	1038-00002
Aggregate Revolving Commitments:	$300,000,000
Net Borrowing Base:	$326,400,000
Available Commitment:	$300,000,000
Initial Draw at Closing:	$150,000,000
Excess Availability (Undrawn):	$150,000,000

[sheet: Borrowing Base Calculation]

Line Item

SECTION A: ACCOUNTS RECEIVABLE

1. Total Accounts Receivable (gross)	Schedule A-1	225000000	Gross book value of all accounts
2. Less: Ineligible Receivables	Schedule A-2	-38000000	Includes aged >90 days, concentrations, cross-aged, foreign, intercompany, government, contra
3. Eligible Receivables	Line 1 + Line 2	187000000	Per Ridgeline Asset Advisors LLC field exam report dated March 31, 2023
4. Receivables Advance Rate	0.85	85%
5. Receivables Borrowing Base Component	Line 3 × Line 4	158950000	85% × $187,000,000

SECTION B: INVENTORY

6. Total Inventory (gross, at cost)	Schedule B-1	412000000	Gross book value of all inventory
7. Less: Ineligible Inventory	Schedule B-2	-72000000	Includes slow-moving, damaged, in-transit >45 days, consigned, not at permitted locations
8. Eligible Inventory (at cost)	Line 6 + Line 7	340000000
9. Net Orderly Liquidation Value (NOLV) of Eligible Inventory	Schedule B-3	294000000	Per Ridgeline Asset Advisors LLC appraisal report dated March 31, 2023
10. Inventory Advance Rate (applied to NOLV)	0.65	65% of NOLV
11. Inventory Borrowing Base Component	Line 9 × Line 10	191100000	65% × $294,000,000

SECTION C: GROSS BORROWING BASE

12. Gross Borrowing Base

SECTION D: AVAILABILITY RESERVES

13. Rent Reserve	Schedule D-1	8200000	3 months' rent for leased locations
14. Gift Card / Stored Value Reserve	Schedule D-2	5100000	Outstanding gift card liabilities
15. Dilution Reserve	Schedule D-3	6350000	Based on historical dilution rate applied to eligible receivables
16. Customer Deposit / Credit Reserve	Schedule D-4	2500000
17. Other Reserves (tax liens, insurance, etc.)	Schedule D-5	1500000
18. Total Availability Reserves	Sum of Lines 13–17	23650000

SECTION E: NET BORROWING BASE & AVAILABLE COMMITMENT

19. Net Borrowing Base	Line 12 − Line 18	326400000	$350,050,000 − $23,650,000
20. Aggregate Revolving Commitments	Per Credit Agreement	300000000
21. Available Commitment (lesser of Line 19 and Line 20)	Min(Line 19, Line 20)	300000000	Min($326,400,000, $300,000,000)

SECTION F: USAGE & EXCESS AVAILABILITY

22. Outstanding Revolving Loans (closing date draw)	150000000	Initial draw at closing
23. Outstanding Letters of Credit	0	None outstanding at closing
24. Outstanding Swingline Loans	0	None outstanding at closing
25. Total Outstandings	Sum of Lines 22–24	150000000
26. Excess Availability (Undrawn)	Line 21 − Line 25	150000000	$300,000,000 − $150,000,000

SECTION G: COVENANT TRIGGER ANALYSIS

27. FCCR Trigger Threshold	Greater of (a) 10% × Min(Commitments, BB) and (b) $25M	30000000	10% × $300,000,000 = $30,000,000 > $25,000,000
28. Availability vs. FCCR Trigger	Line 26 vs. Line 27	PASS	$150,000,000 > $30,000,000 — FCCR testing NOT required
29. Cash Dominion Trigger Threshold	12.5% × Min(Commitments, BB)	37500000	12.5% × $300,000,000
30. Availability vs. Cash Dominion Trigger	Line 26 vs. Line 29	PASS	$150,000,000 > $37,500,000 — Cash dominion NOT triggered
31. Restricted Payment Availability Threshold	15% × Min(Commitments, BB)	45000000	15% × $300,000,000
32. Availability vs. Restricted Payment Threshold	Line 26 vs. Line 31	PASS	$150,000,000 > $45,000,000 — Restricted payments basket available

[sheet: Schedule A — Receivables]

A-1: TOTAL ACCOUNTS RECEIVABLE (GROSS)

Cascade Retail Holdings Inc.	CRH	12500000	Corporate-level receivables (vendor rebates, etc.)
Cascade Retail Operating Company LLC	CROC	142000000	Wholesale, retail charge, marketplace receivables
Cascade Digital Commerce Inc.	CDC	58500000	E-commerce platform receivables (credit card processor, marketplace)
Cascade Outlet Stores LLC	COS	9000000	Outlet store receivables
Cascade Fulfillment Services Inc.	CFS	3000000	Third-party fulfillment service receivables
Total Gross Accounts Receivable	225000000

A-2: INELIGIBLE RECEIVABLES

Receivables aged > 90 days past invoice date	-11200000
Cross-aged accounts (>50% of account balance >60 days)	-5800000
Concentration excess (>10% of eligible receivables from single account debtor)	-4500000
Foreign receivables (non-U.S. account debtors, excluding Canada)	-3200000
Intercompany receivables	-6100000	Excluded: receivables from Cascade Retail Canada ULC and intercompany
Government receivables	-1500000
Contra / offset accounts	-2700000
Disputed / doubtful accounts	-1800000
Other ineligibles (credit balances, unapplied cash, etc.)	-1200000
Total Ineligible Receivables	-38000000
ELIGIBLE RECEIVABLES	187000000	$225,000,000 − $38,000,000
Advance Rate Applied:	85%	Per Section 1.01 of Credit Agreement
Receivables Borrowing Base Component:	158950000	85% × $187,000,000

[sheet: Schedule B — Inventory]

B-1: TOTAL INVENTORY (GROSS, AT COST)

Kent, WA Distribution Center (CFS)	18700 72nd Ave S, Kent, WA 98032	128000000	Apparel, home goods, outdoor/lifestyle
Reno, NV Distribution Center (CFS)	4500 Logistics Pkwy, Reno, NV 89506	102000000	Apparel, home goods
Columbus, OH Distribution Center (CFS)	7200 Alum Creek Dr, Columbus, OH 43217	87000000	Apparel, outdoor/lifestyle
Outlet Store Locations (COS — 64 stores)	Various	68000000	Retail floor inventory across 64 outlet locations
In-Transit Inventory	Various carriers	22000000	Goods in transit to DCs and stores
E-Commerce Fulfillment (CDC)	Portland, OR / DCs	5000000	Drop-ship and third-party marketplace inventory
Total Gross Inventory (at cost)	412000000

B-2: INELIGIBLE INVENTORY

Slow-moving inventory (>12 months aged)	-24000000
Damaged / defective goods	-3500000
In-transit > 45 days	-4500000	Per Credit Agreement definition of Eligible Inventory
Consigned inventory	-6000000	Vendor-owned consignment goods
Inventory not at a Permitted Location (missing landlord waiver)	-18000000	Subject to post-closing landlord waiver deliverables
Packaging / supplies / non-saleable goods	-8000000
Other ineligibles (samples, customer returns pending processing)	-8000000
Total Ineligible Inventory	-72000000
ELIGIBLE INVENTORY (AT COST)	340000000	$412,000,000 − $72,000,000

B-3: NET ORDERLY LIQUIDATION VALUE (NOLV)

Appraised NOLV of Eligible Inventory	Per Ridgeline Asset Advisors LLC report dated March 31, 2023; Engagement Lead: Patricia Holbrook	294000000	NOLV as % of cost: ~86.5%
NOLV applied to Borrowing Base	294000000
Advance Rate Applied:	65%	Per Section 1.01 of Credit Agreement
Inventory Borrowing Base Component:	191100000	65% × $294,000,000

[sheet: Schedule D — Reserves]

Reserve Category

AVAILABILITY RESERVES DETAIL

D-1: Rent Reserve	3 months' rent for leased DC and retail locations per Credit Agreement	8200000	Covers distribution centers (Kent, Reno, Columbus) and 64 outlet stores
D-2: Gift Card / Stored Value Reserve	Outstanding unredeemed gift card liability	5100000	Per Cascade's balance sheet as of most recent reporting date
D-3: Dilution Reserve	Applied when trailing 12-month dilution rate exceeds 5%; calculated on eligible receivables	6350000	Dilution rate ~8.4%; reserve = (8.4% − 5%) × $187,000,000 ≈ $6,350,000
D-4: Customer Deposit / Credit Reserve	Outstanding customer credits, deposits, and loyalty program liabilities	2500000
D-5: Other Reserves	Tax lien reserves, bank product reserves, insurance deductible reserves	1500000	Includes estimated priority claims
TOTAL AVAILABILITY RESERVES	23650000	$8,200,000 + $5,100,000 + $6,350,000 + $2,500,000 + $1,500,000

Dilution Reserve Calculation Detail:

Trailing 12-month dilution rate:	8.40%	Per analysis of historical credits, returns, allowances
Dilution threshold per Credit Agreement:	5.00%
Excess dilution rate:	3.40%	8.40% − 5.00%
Eligible Receivables:	187000000
Dilution Reserve:	6358000	3.40% × $187,000,000 = $6,358,000; rounded to $6,350,000

[sheet: Initial Draw Summary]

Use of Funds

INITIAL DRAW — MAY 19, 2023 (CLOSING DATE)

Payoff of Existing ABL Facility

CLOSING COSTS, FEES & EXPENSES:

Upfront / Arrangement Fee — Crescent Harbor Bank, N.A.	Crescent Harbor Bank, N.A.	675000	50 bps × $135,000,000 commitment
Upfront Fee — Northgate Capital Bank	Northgate Capital Bank	450000	50 bps × $90,000,000 commitment
Upfront Fee — Bridgevale Financial Corporation	Bridgevale Financial Corporation	375000	50 bps × $75,000,000 commitment
Administrative Agent Fee (Year 1)	Crescent Harbor Bank, N.A.	150000	$150,000 per annum
Legal Fees — Calderwood & Harkness LLP (Borrower's Counsel)	Calderwood & Harkness LLP	850000	Estimated; Matter No. 1038-00002
Legal Fees — Whitfield, Greer & Holloway LLP (Lenders' Counsel)	Whitfield, Greer & Holloway LLP	425000	Estimated; Matter No. 1038-00002
Field Exam / Appraisal Fee	Ridgeline Asset Advisors LLC	175000	Per engagement with Patricia Holbrook
UCC Filing Fees & Search Fees	DE SOS / WA SOS	35000	3 UCC-1 filings + UCC-3 terminations + searches
Insurance / Miscellaneous Closing Costs	Various	40000	Including Strathmore Corporation Greaves & Co. broker fees, endorsement costs
Subtotal — Closing Costs, Fees & Expenses	3175000
Working Capital	CRH Operating Account at Meridian Trust Company, N.A.	34375000	1001 Fourth Avenue, Suite 500, Seattle, WA 98154
TOTAL INITIAL DRAW	150000000	$112,450,000 + $3,175,000 + $34,375,000
Aggregate Revolving Commitments	300000000
Less: Total Initial Draw	-150000000
UNDRAWN AVAILABILITY AT CLOSING	150000000	$300,000,000 − $150,000,000

[sheet: Certificate]
Field | Value
BORROWING BASE CERTIFICATE
Delivered pursuant to Section 6.02(a) of the Credit Agreement dated as of May 4, 2023 (effective May 19, 2023) (the "Credit Agreement") among Cascade Retail Holdings Inc., a Delaware corporation ("CRH"), Cascade Retail Operating Company LLC, a Delaware limited liability company ("CROC" and together with CRH, the "Borrowers"), the Guarantors party thereto, the Lenders party thereto, and Crescent Harbor Bank, N.A., as Administrative Agent and Collateral Agent (the "Agent").
Capitalized terms used but not defined herein have the meanings assigned to them in the Credit Agreement.
Certificate Date: | May 19, 2023
Reporting Period End Date: | May 19, 2023
Certified By: | Priya Anand, Treasurer, Cascade Retail Holdings Inc.
The undersigned Responsible Officer of CRH hereby certifies to the Agent and the Lenders that the information set forth below and in the schedules attached hereto is true, correct and complete as of the date hereof.
CUSIP: | 14762MAA3
Calderwood & Harkness LLP Matter No.: | 1038-00002
Aggregate Revolving Commitments: | $300,000,000
Net Borrowing Base: | $326,400,000
Available Commitment: | $300,000,000
Initial Draw at Closing: | $150,000,000
Excess Availability (Undrawn): | $150,000,000
[sheet: Borrowing Base Calculation]
Line Item | Reference | Amount ($) | Rate / Notes
SECTION A: ACCOUNTS RECEIVABLE
1. Total Accounts Receivable (gross) | Schedule A-1 | 225000000 | Gross book value of all accounts
2. Less: Ineligible Receivables | Schedule A-2 | -38000000 | Includes aged >90 days, concentrations, cross-aged, foreign, intercompany, government, contra
3. Eligible Receivables | Line 1 + Line 2 | 187000000 | Per Ridgeline Asset Advisors LLC field exam report dated March 31, 2023
4. Receivables Advance Rate | 0.85 | 85%
5. Receivables Borrowing Base Component | Line 3 × Line 4 | 158950000 | 85% × $187,000,000
SECTION B: INVENTORY
6. Total Inventory (gross, at cost) | Schedule B-1 | 412000000 | Gross book value of all inventory
7. Less: Ineligible Inventory | Schedule B-2 | -72000000 | Includes slow-moving, damaged, in-transit >45 days, consigned, not at permitted locations
8. Eligible Inventory (at cost) | Line 6 + Line 7 | 340000000
9. Net Orderly Liquidation Value (NOLV) of Eligible Inventory | Schedule B-3 | 294000000 | Per Ridgeline Asset Advisors LLC appraisal report dated March 31, 2023
10. Inventory Advance Rate (applied to NOLV) | 0.65 | 65% of NOLV
11. Inventory Borrowing Base Component | Line 9 × Line 10 | 191100000 | 65% × $294,000,000
SECTION C: GROSS BORROWING BASE
12. Gross Borrowing Base | Line 5 + Line 11 | 350050000 | $158,950,000 + $191,100,000
SECTION D: AVAILABILITY RESERVES
13. Rent Reserve | Schedule D-1 | 8200000 | 3 months' rent for leased locations
14. Gift Card / Stored Value Reserve | Schedule D-2 | 5100000 | Outstanding gift card liabilities
15. Dilution Reserve | Schedule D-3 | 6350000 | Based on historical dilution rate applied to eligible receivables
16. Customer Deposit / Credit Reserve | Schedule D-4 | 2500000
17. Other Reserves (tax liens, insurance, etc.) | Schedule D-5 | 1500000
18. Total Availability Reserves | Sum of Lines 13–17 | 23650000
SECTION E: NET BORROWING BASE & AVAILABLE COMMITMENT
19. Net Borrowing Base | Line 12 − Line 18 | 326400000 | $350,050,000 − $23,650,000
20. Aggregate Revolving Commitments | Per Credit Agreement | 300000000
21. Available Commitment (lesser of Line 19 and Line 20) | Min(Line 19, Line 20) | 300000000 | Min($326,400,000, $300,000,000)
SECTION F: USAGE & EXCESS AVAILABILITY
22. Outstanding Revolving Loans (closing date draw) | 150000000 | Initial draw at closing
23. Outstanding Letters of Credit | 0 | None outstanding at closing
24. Outstanding Swingline Loans | 0 | None outstanding at closing
25. Total Outstandings | Sum of Lines 22–24 | 150000000
26. Excess Availability (Undrawn) | Line 21 − Line 25 | 150000000 | $300,000,000 − $150,000,000
SECTION G: COVENANT TRIGGER ANALYSIS
27. FCCR Trigger Threshold | Greater of (a) 10% × Min(Commitments, BB) and (b) $25M | 30000000 | 10% × $300,000,000 = $30,000,000 > $25,000,000
28. Availability vs. FCCR Trigger | Line 26 vs. Line 27 | PASS | $150,000,000 > $30,000,000 — FCCR testing NOT required
29. Cash Dominion Trigger Threshold | 12.5% × Min(Commitments, BB) | 37500000 | 12.5% × $300,000,000
30. Availability vs. Cash Dominion Trigger | Line 26 vs. Line 29 | PASS | $150,000,000 > $37,500,000 — Cash dominion NOT triggered
31. Restricted Payment Availability Threshold | 15% × Min(Commitments, BB) | 45000000 | 15% × $300,000,000
32. Availability vs. Restricted Payment Threshold | Line 26 vs. Line 31 | PASS | $150,000,000 > $45,000,000 — Restricted payments basket available
[sheet: Schedule A — Receivables]
Category | Entity | Amount ($) | Notes
A-1: TOTAL ACCOUNTS RECEIVABLE (GROSS)
Cascade Retail Holdings Inc. | CRH | 12500000 | Corporate-level receivables (vendor rebates, etc.)
Cascade Retail Operating Company LLC | CROC | 142000000 | Wholesale, retail charge, marketplace receivables
Cascade Digital Commerce Inc. | CDC | 58500000 | E-commerce platform receivables (credit card processor, marketplace)
Cascade Outlet Stores LLC | COS | 9000000 | Outlet store receivables
Cascade Fulfillment Services Inc. | CFS | 3000000 | Third-party fulfillment service receivables
Total Gross Accounts Receivable | 225000000
A-2: INELIGIBLE RECEIVABLES
Receivables aged > 90 days past invoice date | -11200000
Cross-aged accounts (>50% of account balance >60 days) | -5800000
Concentration excess (>10% of eligible receivables from single account debtor) | -4500000
Foreign receivables (non-U.S. account debtors, excluding Canada) | -3200000
Intercompany receivables | -6100000 | Excluded: receivables from Cascade Retail Canada ULC and intercompany
Government receivables | -1500000
Contra / offset accounts | -2700000
Disputed / doubtful accounts | -1800000
Other ineligibles (credit balances, unapplied cash, etc.) | -1200000
Total Ineligible Receivables | -38000000
ELIGIBLE RECEIVABLES | 187000000 | $225,000,000 − $38,000,000
Advance Rate Applied: | 85% | Per Section 1.01 of Credit Agreement
Receivables Borrowing Base Component: | 158950000 | 85% × $187,000,000
[sheet: Schedule B — Inventory]
Category | Location / Entity | Amount ($) | Notes
B-1: TOTAL INVENTORY (GROSS, AT COST)
Kent, WA Distribution Center (CFS) | 18700 72nd Ave S, Kent, WA 98032 | 128000000 | Apparel, home goods, outdoor/lifestyle
Reno, NV Distribution Center (CFS) | 4500 Logistics Pkwy, Reno, NV 89506 | 102000000 | Apparel, home goods
Columbus, OH Distribution Center (CFS) | 7200 Alum Creek Dr, Columbus, OH 43217 | 87000000 | Apparel, outdoor/lifestyle
Outlet Store Locations (COS — 64 stores) | Various | 68000000 | Retail floor inventory across 64 outlet locations
In-Transit Inventory | Various carriers | 22000000 | Goods in transit to DCs and stores
E-Commerce Fulfillment (CDC) | Portland, OR / DCs | 5000000 | Drop-ship and third-party marketplace inventory
Total Gross Inventory (at cost) | 412000000
B-2: INELIGIBLE INVENTORY
Slow-moving inventory (>12 months aged) | -24000000
Damaged / defective goods | -3500000
In-transit > 45 days | -4500000 | Per Credit Agreement definition of Eligible Inventory
Consigned inventory | -6000000 | Vendor-owned consignment goods
Inventory not at a Permitted Location (missing landlord waiver) | -18000000 | Subject to post-closing landlord waiver deliverables
Packaging / supplies / non-saleable goods | -8000000
Other ineligibles (samples, customer returns pending processing) | -8000000
Total Ineligible Inventory | -72000000
ELIGIBLE INVENTORY (AT COST) | 340000000 | $412,000,000 − $72,000,000
B-3: NET ORDERLY LIQUIDATION VALUE (NOLV)
Appraised NOLV of Eligible Inventory | Per Ridgeline Asset Advisors LLC report dated March 31, 2023; Engagement Lead: Patricia Holbrook | 294000000 | NOLV as % of cost: ~86.5%
NOLV applied to Borrowing Base | 294000000
Advance Rate Applied: | 65% | Per Section 1.01 of Credit Agreement
Inventory Borrowing Base Component: | 191100000 | 65% × $294,000,000
[sheet: Schedule D — Reserves]
Reserve Category | Basis of Calculation | Amount ($) | Notes
AVAILABILITY RESERVES DETAIL
D-1: Rent Reserve | 3 months' rent for leased DC and retail locations per Credit Agreement | 8200000 | Covers distribution centers (Kent, Reno, Columbus) and 64 outlet stores
D-2: Gift Card / Stored Value Reserve | Outstanding unredeemed gift card liability | 5100000 | Per Cascade's balance sheet as of most recent reporting date
D-3: Dilution Reserve | Applied when trailing 12-month dilution rate exceeds 5%; calculated on eligible receivables | 6350000 | Dilution rate ~8.4%; reserve = (8.4% − 5%) × $187,000,000 ≈ $6,350,000
D-4: Customer Deposit / Credit Reserve | Outstanding customer credits, deposits, and loyalty program liabilities | 2500000
D-5: Other Reserves | Tax lien reserves, bank product reserves, insurance deductible reserves | 1500000 | Includes estimated priority claims
TOTAL AVAILABILITY RESERVES | 23650000 | $8,200,000 + $5,100,000 + $6,350,000 + $2,500,000 + $1,500,000
Dilution Reserve Calculation Detail:
Trailing 12-month dilution rate: | 8.40% | Per analysis of historical credits, returns, allowances
Dilution threshold per Credit Agreement: | 5.00%
Excess dilution rate: | 3.40% | 8.40% − 5.00%
Eligible Receivables: | 187000000
Dilution Reserve: | 6358000 | 3.40% × $187,000,000 = $6,358,000; rounded to $6,350,000
[sheet: Initial Draw Summary]
Use of Funds | Payee | Amount ($) | Notes
INITIAL DRAW — MAY 19, 2023 (CLOSING DATE)
Payoff of Existing ABL Facility | Harborview Lending Group, LLC | 112450000 | Payoff of existing $175,000,000 revolving ABL; per payoff letter dated May 17, 2023; contact: Steven Calloway, VP
CLOSING COSTS, FEES & EXPENSES:
Upfront / Arrangement Fee — Crescent Harbor Bank, N.A. | Crescent Harbor Bank, N.A. | 675000 | 50 bps × $135,000,000 commitment
Upfront Fee — Northgate Capital Bank | Northgate Capital Bank | 450000 | 50 bps × $90,000,000 commitment
Upfront Fee — Bridgevale Financial Corporation | Bridgevale Financial Corporation | 375000 | 50 bps × $75,000,000 commitment
Administrative Agent Fee (Year 1) | Crescent Harbor Bank, N.A. | 150000 | $150,000 per annum
Legal Fees — Calderwood & Harkness LLP (Borrower's Counsel) | Calderwood & Harkness LLP | 850000 | Estimated; Matter No. 1038-00002
Legal Fees — Whitfield, Greer & Holloway LLP (Lenders' Counsel) | Whitfield, Greer & Holloway LLP | 425000 | Estimated; Matter No. 1038-00002
Field Exam / Appraisal Fee | Ridgeline Asset Advisors LLC | 175000 | Per engagement with Patricia Holbrook
UCC Filing Fees & Search Fees | DE SOS / WA SOS | 35000 | 3 UCC-1 filings + UCC-3 terminations + searches
Insurance / Miscellaneous Closing Costs | Various | 40000 | Including Strathmore Corporation Greaves & Co. broker fees, endorsement costs
Subtotal — Closing Costs, Fees & Expenses | 3175000
Working Capital | CRH Operating Account at Meridian Trust Company, N.A. | 34375000 | 1001 Fourth Avenue, Suite 500, Seattle, WA 98154
TOTAL INITIAL DRAW | 150000000 | $112,450,000 + $3,175,000 + $34,375,000
Aggregate Revolving Commitments | 300000000
Less: Total Initial Draw | -150000000
UNDRAWN AVAILABILITY AT CLOSING | 150000000 | $300,000,000 − $150,000,000