AbrahamMoses Decision Twin · Decision Passport · Simulated

Decision Passport: Private Credit Decision Twin: $120M senior secured facility

Synthetic demonstration The borrower, lender, documents and figures are fictional. No bank, fund or institution has reviewed, validated or used this. The calculations are deterministic rules, not AI, and not a credit model: no probability of default is estimated and nothing here is credit advice or an approval.

Passport ID
DP1-eyJhIjp7ImNvbmNlbnRyYXRpb24iOjIyLCJjb3ZNYXgiOjMuNSwiZGVidCI6MTI0LCJncm93dGgiOjEyLCJpbnRlcmVzdCI6MTAuNSwibWFyZ2luIjoxNy41LCJtaW5MaXEiOjEwLCJyZWplY3RlZCI6W10sInZlcmlmaWVkIjpbIkRPQy0wMSIsIkRPQy0xMCJdfSwiY2FzZSI6IkRULVBDLTAwMSIsImNhc2VWZXJzaW9uIjoiMS4wLjAiLCJlIjoiMS4wLjAiLCJ0IjoiMjAyNi0xMC0yMVQwMTo1Mjo1MVoiLCJ2IjozfQ.S-eyJhbGciOiJFZDI1NTE5IiwiaXNzdWVkX2F0IjoiMjAyNi0xMC0yMVQwMTo1Mjo1MVoiLCJraWQiOiJlZDI1NTE5LWUzMWMyZDgyZGE5MmExMTQiLCJ2YWx1ZSI6ImRmUVFXZllsQ2ZLRHlMQ0dCcjMzLWtibVN6Qms1UVdKYWtTSEtYbVhpeXN3dW0xTkZOSVhXOVQ4dDlJYUEwclNKci1BMFhpQlpTSjdQVkUzVTA1OUFBIn0
Generated
2026-10-21T01:52:51Z
Case
DT-PC-001 v1.0.0 · Exemplar Industrial Holdings (fictional)
Question
Should the committee approve the proposed facility under the specified conditions?
Status
SIMULATED: demonstration only. No credit decision has been made.
Reviewer
none (simulated decision)
Versions
Ruleset dr-rules-1.0.0; configuration dr-config-1.0.0; model: none (deterministic rules; no AI model); format DP3
SHA-256
b9b84403e09865f0e36e402e27afefcfeb096e1df461e3ecfd4c4521d72406b0
Signature
Valid as issued · Ed25519, key ed25519-e31c2d82da92a114, issued 2026-10-21T01:52:51Z (public keys): dfQQWfYlCfKDyLCGBr33-kbmSzBk5QWJakSHKXmXiyswum1NFNIXW9T8t9IaA0rSJr-A0XiBZSJ7PVE3U059AA
Engine
dt-engine-1.0.0, source SHA-256 9e4eae8ae339afdeee285fa818f3a53295cc2fca6d39d35822113a4c669b9241 (frozen; src/lib/decision/engines/v1)
Case data
Archived version 1.0.0, SHA-256 248623021f23b82b9f1921142a9a49b6ea1239ead04b7c22b53502f7be9c7caf

The SHA-256 hash shows the passport is unchanged since it was generated. A signature, when present, was made once at issuance over this hash, the key id and the issue time, and shows who issued it (the holder of the published key). Neither shows that the content is correct, and neither is a third-party attestation.

Decision support only. This passport is an evidentiary and governance record. It is not a binding decision, an audit opinion, a regulatory approval or a certification; the responsible institution keeps responsibility for any decision.

Conclusion

5 of 9 conditions met; 1 not met; 2 need human judgment; 1 missing evidence. No approval is made here.

Conditions
ConditionStatusNote
Debt / EBITDA within the leverage covenantMet2.43x ≤ 3.5x
Interest coverage at least 3.00xMet4.85x ≥ 3x
Liquidity above the minimum requirementMetheadroom $25.0M
Top customer at most 25% of revenue (policy)Met22% ≤ 25%
Stress case leverage within the covenantMet3.04x ≤ 3.5x
Key documents verified (financials, debt schedule, loan agreement)Not metunverified: DOC-03, DOC-05
Total debt reconciled between memo and debt scheduleNeeds human judgmentmemo $118.0M vs schedule $124.0M; calculations use $124M
Covenant EBITDA definition agreedNeeds human judgmentdraft agreement has no add-back cap; term sheet caps add-backs at 10%
Collateral value supported by the cited appraisalEvidence missingappraisal A-2026-03 is not in the data room

Open questions for human judgment

  • Total debt reconciled between memo and debt schedule: memo $118.0M vs schedule $124.0M; calculations use $124M
  • Covenant EBITDA definition agreed: draft agreement has no add-back cap; term sheet caps add-backs at 10%
  • Collateral value supported by the cited appraisal: appraisal A-2026-03 is not in the data room

Assumptions, premises and scenarios

  • Revenue growth 12% · EBITDA margin 17.5% · total debt $124M · interest $10.5M
  • Covenant ceiling 3.5x · minimum liquidity $10M · top customer 22%
  • Documents treated as verified: DOC-01, DOC-10
  • P1 accepted: Management’s 12% revenue growth for FY2026 is achievable.
  • P2 accepted: Management’s 17.5% EBITDA margin for FY2026 is achievable.
  • P3 accepted: The top customer renews on current terms in Q1 2027.
  • Base: leverage 2.43x, coverage 4.85x. Stress: EBITDA $40.8M, leverage 3.04x, coverage 3.88x.

Decision configuration (snapshot)

Configuration
dr-config-1.0.0
Objective
Decide whether the synthetic $120M facility can go to a (simulated) credit committee, and on which conditions.
Evidence standard
Every figure used in a calculation must trace to a named source document. Unverified documents may inform the analysis but cannot by themselves satisfy a condition; the verification condition stays unmet until they are verified by a human.
Approval policy
propose / review / reject / approve. The system may only propose. Review, rejection and approval are human actions by authorized people. In this public demonstration no human action is recorded and nothing is approved.
Escalation rules
  • A condition with missing evidence (EVIDENCE_MISSING) is escalated to a human before any recommendation.
  • A confirmed contradiction between sources is escalated until a human resolves which source governs.
  • An unresolved interpretation of a contract term is escalated to legal review.
  • A different reporting basis is shown side by side and is not escalated as a conflict.
Monitoring triggers
  • A new or revised source document for this case (planned; no monitoring runs in the demonstration).
  • Top customer renewal outcome in Q1 2027 (DOC-07).
  • Collateral appraisal received (DOC-08).
  • Covenant headroom below the configured threshold in a new compliance certificate.
  • fixed · Revenue FY2025: $260M (DOC-01)
  • fixed · Reported EBITDA margin FY2025: 16% (DOC-01)
  • fixed · Cash at close: $15M (DOC-03)
  • fixed · Undrawn RCF: $20M (DOC-03)
  • fixed · Minimum interest cover: 3x (DOC-05)
  • fixed · Customer concentration policy limit: 25% (DOC-04)
  • fixed · Stress EBITDA decline: 20% (DOC-04)
  • adjustable · Revenue growth FY2026: 12% (DOC-02)
  • adjustable · EBITDA margin: 17.5% (DOC-02)
  • adjustable · Total debt at close: $124M (DOC-03)
  • adjustable · Annual interest expense: $10.5M (DOC-03)
  • adjustable · Leverage covenant ceiling: 3.5x (DOC-05)
  • adjustable · Minimum liquidity requirement: $10M (DOC-05)
  • adjustable · Top customer share of revenue: 22% (DOC-07)
  • disputed · P1: Management’s 12% revenue growth for FY2026 is achievable.: accepted (DOC-02)
  • disputed · P2: Management’s 17.5% EBITDA margin for FY2026 is achievable.: accepted (DOC-02)
  • disputed · P3: The top customer renews on current terms in Q1 2027.: accepted (DOC-02, DOC-07)

Calculations

Calculations
MeasureValueFormula
Revenue growth used12.0%P1 accepted ? growth input : FY2025 actual growth
EBITDA margin used17.5%P2 accepted ? margin input : FY2025 reported margin
FY2026 revenue$291.2MFY2025 revenue ($260M) × (1 + growth) × (P3 accepted ? 1 : 1 − top customer share ÷ 2)
FY2026 EBITDA$51.0MRevenue × EBITDA margin
Debt / EBITDA2.43xTotal debt ÷ EBITDA
Interest coverage4.85xEBITDA ÷ annual interest expense
Liquidity at close$35.0MCash at close ($15M) + undrawn revolver ($20M)
Liquidity headroom$25.0MLiquidity − minimum liquidity requirement
Leverage covenant headroom30.5% (1.07x)(Covenant ceiling − Debt/EBITDA) ÷ covenant ceiling = how far EBITDA can fall before a breach
Stress case EBITDA (−20%)$40.8MEBITDA × (1 − 20%)
Stress case Debt / EBITDA3.04xTotal debt ÷ stress case EBITDA
Stress case interest coverage3.88xStress case EBITDA ÷ annual interest expense

Arguments (Adversarial Chamber, deterministic rules)

  • supporting: Debt / EBITDA within the leverage covenant: 2.43x ≤ 3.5x.
  • supporting: Interest coverage at least 3.00x: 4.85x ≥ 3x.
  • supporting: Liquidity above the minimum requirement: headroom $25.0M.
  • supporting: Top customer at most 25% of revenue (policy): 22% ≤ 25%.
  • supporting: Stress case leverage within the covenant: 3.04x ≤ 3.5x.
  • opposing: Key documents verified (financials, debt schedule, loan agreement): not met (unverified: DOC-03, DOC-05).
  • supporting: Premise P1 accepted: Management’s 12% revenue growth for FY2026 is achievable.
  • supporting: Premise P2 accepted: Management’s 17.5% EBITDA margin for FY2026 is achievable.
  • supporting: Premise P3 accepted: The top customer renews on current terms in Q1 2027.
  • opposing: Forecast growth well above history and sector outlook: 12.0% growth against 4.0% in FY2025 and a 4.5% sector outlook.
  • opposing: Forecast relies on the top customer renewing: 22% of revenue renews in Q1 2027; the customer has signalled dual-sourcing.
  • opposing: Calculations rely on unverified documents: DOC-03, DOC-05 not verified.
  • auditor: DOC-03 (Pro forma debt schedule at close) is unverified; 7 calculation(s) or condition(s) cite it.
  • auditor: DOC-05 (Draft loan agreement (financial covenants)) is unverified; 8 calculation(s) or condition(s) cite it.
  • auditor: Confirmed conflict X-01: Total debt at close. Reconcile the two figures before the committee relies on either. The calculations default to the higher, itemised figure.
  • auditor: Potential conflict X-02: Top customer volumes. Ask management for evidence of the customer’s FY2026 orders; test the case with premise P3 rejected.
  • auditor: X-03 (EBITDA: $41.6M vs $46.8M) is a difference of reporting basis, not a conflict.
  • auditor: Missing evidence X-04: PP&E appraisal not provided. Obtain the appraisal (committee question Q3).
  • auditor: Unresolved interpretation X-05: Which EBITDA the leverage covenant uses. Counsel and the deal team agree the definition; the draft is conformed to the term sheet or the difference is approved.

Conflicts and evidence gaps

  • X-01 Total debt at close Confirmed conflict Reconcile the two figures before the committee relies on either. The calculations default to the higher, itemised figure.
  • X-02 Top customer volumes Potential conflict Ask management for evidence of the customer’s FY2026 orders; test the case with premise P3 rejected.
  • X-03 EBITDA: $41.6M vs $46.8M Different reporting basis (not a conflict) None required for consistency. Which definition the covenant uses is a separate question (X-05).
  • X-04 PP&E appraisal not provided Missing evidence Obtain the appraisal (committee question Q3).
  • X-05 Which EBITDA the leverage covenant uses Unresolved interpretation Counsel and the deal team agree the definition; the draft is conformed to the term sheet or the difference is approved.

Active warnings

  • Forecast growth well above history and sector outlook: 12.0% growth against 4.0% in FY2025 and a 4.5% sector outlook
  • Forecast relies on the top customer renewing: 22% of revenue renews in Q1 2027; the customer has signalled dual-sourcing
  • Calculations rely on unverified documents: DOC-03, DOC-05 not verified

Source inventory

Sources with hashes
IDTitleRecorded statusSHA-256
DOC-01Audited financial statements FY2025verified7881d86346c9d53f53394f8d8fc0a11c2894afcb1f9e7de1eae3a72a3275ecce
DOC-02Management forecast FY2026unverified73232bfd86a0b96421c4fb92cb7f23b87b74a196a20039a3950a45da60326dbe
DOC-03Pro forma debt schedule at closeunverified64263f2e0991c11054d155fd0a73d6bdd6d7ac2eeeb72d882afd37a6ee2789c0
DOC-04Credit memo (draft for committee)unverified8236b02741ff274abab84e6953928588006978230f5797c71ec7dbaf345c4af0
DOC-05Draft loan agreement (financial covenants)unverifiedafbe7848997bde0c17d343813557342ee5930d20997171feece2be843676cecc
DOC-06Covenant definitions schedule (term sheet)unverifiedf154d4cb10fe370e2f14d6112187538ece31f995b470d46eaf2cfe5a9ab86e34
DOC-07Customer concentration reportunverified34230621b4ea44c49e25d862b76db8ad6560942d69eb31f4da90944d414aa9b9
DOC-08Collateral summaryunverified6abc6a976c8978285cb5e92c5b214539277b8e9230357e4b0ee64f66b1b0ee78
DOC-09Independent assessment noteunverified4ffc6959a461b51972ba1a9dbcb23f6766c34007fb3ccaf040da663022cdd14d
DOC-10Risk committee questionsverifiede39ad77e7b361167a3349664bc0f743164167275d873b8fdea0b0016c2fa45e5

Audit history and reproducibility

  • 2026-10-21T01:52:51Z · passport_generated: From case DT-PC-001 v1.0.0 (archived, sha256 248623021f23b82b…) with ruleset dr-rules-1.0.0.

Open this passport ID at /institutional/decision-room/passport/{id} or call GET /api/institutional/decision-room/passport/verify?id={id}&sha256={hash}. The ID encodes the case version, the engine version and every input; the passport is rebuilt from that archived case version with that frozen engine, so the same passport and hash are produced with no stored state.