{
  "id": "DP1-eyJhIjp7ImNvbmNlbnRyYXRpb24iOjIyLCJjb3ZNYXgiOjMuNSwiZGVidCI6MTI0LCJncm93dGgiOjEyLCJpbnRlcmVzdCI6MTAuNSwibWFyZ2luIjoxNy41LCJtaW5MaXEiOjEwLCJyZWplY3RlZCI6W10sInZlcmlmaWVkIjpbIkRPQy0wMSIsIkRPQy0xMCJdfSwiY2FzZSI6IkRULVBDLTAwMSIsImNhc2VWZXJzaW9uIjoiMS4wLjAiLCJlIjoiMS4wLjAiLCJ0IjoiMjAyNi0xMC0yMVQwMTo1Mjo1MVoiLCJ2IjozfQ",
  "title": "Decision Passport: Private Credit Decision Twin: $120M senior secured facility",
  "label": "Illustrative and synthetic. Not a real borrower, lender or credit decision.",
  "generated_at": "2026-10-21T01:52:51Z",
  "case": {
    "id": "DT-PC-001",
    "version": "1.0.0",
    "content_sha256": "248623021f23b82b9f1921142a9a49b6ea1239ead04b7c22b53502f7be9c7caf",
    "archive": "src/lib/decision/versions/v1.ts",
    "borrower": "Exemplar Industrial Holdings (fictional)",
    "question": "Should the committee approve the proposed facility under the specified conditions?",
    "facility": {
      "total": 120,
      "tranches": [
        {
          "name": "Term loan",
          "amount": 90,
          "note": "Five years, amortising 5% a year"
        },
        {
          "name": "Revolving credit facility",
          "amount": 30,
          "note": "$10M drawn at close"
        }
      ],
      "purpose": "Refinance existing bank debt and fund a plant expansion"
    }
  },
  "status": "SIMULATED: demonstration only. No credit decision has been made.",
  "reviewer": "none (simulated decision)",
  "product": "AbrahamMoses Decision Twin (demonstration)",
  "versions": {
    "ruleset": "dr-rules-1.0.0",
    "configuration": "dr-config-1.0.0",
    "model": "none (deterministic rules; no AI model)",
    "passport_format": "DP3",
    "engine": "dt-engine-1.0.0"
  },
  "configuration": {
    "version": "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.",
    "assumptions": [
      {
        "state": "FIXED",
        "label": "Revenue FY2025",
        "value": "$260M",
        "source": "DOC-01",
        "note": "Taken from the source document; not adjustable in this case."
      },
      {
        "state": "FIXED",
        "label": "Reported EBITDA margin FY2025",
        "value": "16%",
        "source": "DOC-01",
        "note": "Taken from the source document; not adjustable in this case."
      },
      {
        "state": "FIXED",
        "label": "Cash at close",
        "value": "$15M",
        "source": "DOC-03",
        "note": "Taken from the source document; not adjustable in this case."
      },
      {
        "state": "FIXED",
        "label": "Undrawn RCF",
        "value": "$20M",
        "source": "DOC-03",
        "note": "Taken from the source document; not adjustable in this case."
      },
      {
        "state": "FIXED",
        "label": "Minimum interest cover",
        "value": "3x",
        "source": "DOC-05",
        "note": "Taken from the source document; not adjustable in this case."
      },
      {
        "state": "FIXED",
        "label": "Customer concentration policy limit",
        "value": "25%",
        "source": "DOC-04",
        "note": "Taken from the source document; not adjustable in this case."
      },
      {
        "state": "FIXED",
        "label": "Stress EBITDA decline",
        "value": "20%",
        "source": "DOC-04",
        "note": "Taken from the source document; not adjustable in this case."
      },
      {
        "state": "ADJUSTABLE",
        "label": "Revenue growth FY2026",
        "value": "12%",
        "source": "DOC-02",
        "note": "Source value."
      },
      {
        "state": "ADJUSTABLE",
        "label": "EBITDA margin",
        "value": "17.5%",
        "source": "DOC-02",
        "note": "Source value."
      },
      {
        "state": "ADJUSTABLE",
        "label": "Total debt at close",
        "value": "$124M",
        "source": "DOC-03",
        "note": "Source value."
      },
      {
        "state": "ADJUSTABLE",
        "label": "Annual interest expense",
        "value": "$10.5M",
        "source": "DOC-03",
        "note": "Source value."
      },
      {
        "state": "ADJUSTABLE",
        "label": "Leverage covenant ceiling",
        "value": "3.5x",
        "source": "DOC-05",
        "note": "Source value."
      },
      {
        "state": "ADJUSTABLE",
        "label": "Minimum liquidity requirement",
        "value": "$10M",
        "source": "DOC-05",
        "note": "Source value."
      },
      {
        "state": "ADJUSTABLE",
        "label": "Top customer share of revenue",
        "value": "22%",
        "source": "DOC-07",
        "note": "Source value."
      },
      {
        "state": "DISPUTED",
        "label": "P1: Management’s 12% revenue growth for FY2026 is achievable.",
        "value": "accepted",
        "source": "DOC-02",
        "note": "If rejected: Revenue growth falls back to FY2025 actual growth of 4.0% (DOC-01)."
      },
      {
        "state": "DISPUTED",
        "label": "P2: Management’s 17.5% EBITDA margin for FY2026 is achievable.",
        "value": "accepted",
        "source": "DOC-02",
        "note": "If rejected: EBITDA margin falls back to the FY2025 reported margin of 16.0% (DOC-01)."
      },
      {
        "state": "DISPUTED",
        "label": "P3: The top customer renews on current terms in Q1 2027.",
        "value": "accepted",
        "source": "DOC-02, DOC-07",
        "note": "If rejected: Revenue loses half of the top customer’s share (dual-sourcing, DOC-07)."
      }
    ],
    "approval_policy": {
      "actions": [
        "propose",
        "review",
        "reject",
        "approve"
      ],
      "rule": "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."
    ]
  },
  "sources": [
    {
      "id": "DOC-01",
      "title": "Audited financial statements FY2025",
      "date": "2026-03-15",
      "verification": "verified",
      "sha256": "7881d86346c9d53f53394f8d8fc0a11c2894afcb1f9e7de1eae3a72a3275ecce"
    },
    {
      "id": "DOC-02",
      "title": "Management forecast FY2026",
      "date": "2026-05-02",
      "verification": "unverified",
      "sha256": "73232bfd86a0b96421c4fb92cb7f23b87b74a196a20039a3950a45da60326dbe"
    },
    {
      "id": "DOC-03",
      "title": "Pro forma debt schedule at close",
      "date": "2026-06-30",
      "verification": "unverified",
      "sha256": "64263f2e0991c11054d155fd0a73d6bdd6d7ac2eeeb72d882afd37a6ee2789c0"
    },
    {
      "id": "DOC-04",
      "title": "Credit memo (draft for committee)",
      "date": "2026-07-08",
      "verification": "unverified",
      "sha256": "8236b02741ff274abab84e6953928588006978230f5797c71ec7dbaf345c4af0"
    },
    {
      "id": "DOC-05",
      "title": "Draft loan agreement (financial covenants)",
      "date": "2026-07-01",
      "verification": "unverified",
      "sha256": "afbe7848997bde0c17d343813557342ee5930d20997171feece2be843676cecc"
    },
    {
      "id": "DOC-06",
      "title": "Covenant definitions schedule (term sheet)",
      "date": "2026-05-20",
      "verification": "unverified",
      "sha256": "f154d4cb10fe370e2f14d6112187538ece31f995b470d46eaf2cfe5a9ab86e34"
    },
    {
      "id": "DOC-07",
      "title": "Customer concentration report",
      "date": "2026-06-12",
      "verification": "unverified",
      "sha256": "34230621b4ea44c49e25d862b76db8ad6560942d69eb31f4da90944d414aa9b9"
    },
    {
      "id": "DOC-08",
      "title": "Collateral summary",
      "date": "2026-06-28",
      "verification": "unverified",
      "sha256": "6abc6a976c8978285cb5e92c5b214539277b8e9230357e4b0ee64f66b1b0ee78"
    },
    {
      "id": "DOC-09",
      "title": "Independent assessment note",
      "date": "2026-06-20",
      "verification": "unverified",
      "sha256": "4ffc6959a461b51972ba1a9dbcb23f6766c34007fb3ccaf040da663022cdd14d"
    },
    {
      "id": "DOC-10",
      "title": "Risk committee questions",
      "date": "2026-07-10",
      "verification": "verified",
      "sha256": "e39ad77e7b361167a3349664bc0f743164167275d873b8fdea0b0016c2fa45e5"
    }
  ],
  "assumptions": {
    "growth": 12,
    "margin": 17.5,
    "debt": 124,
    "interest": 10.5,
    "covMax": 3.5,
    "minLiq": 10,
    "concentration": 22,
    "verified": [
      "DOC-01",
      "DOC-10"
    ],
    "rejected": [],
    "defaults": {
      "growth": 12,
      "margin": 17.5,
      "debt": 124,
      "interest": 10.5,
      "covMax": 3.5,
      "minLiq": 10,
      "concentration": 22,
      "verified": [
        "DOC-01",
        "DOC-10"
      ],
      "rejected": []
    }
  },
  "premises": [
    {
      "id": "P1",
      "statement": "Management’s 12% revenue growth for FY2026 is achievable.",
      "sources": [
        "DOC-02"
      ],
      "accepted": true
    },
    {
      "id": "P2",
      "statement": "Management’s 17.5% EBITDA margin for FY2026 is achievable.",
      "sources": [
        "DOC-02"
      ],
      "accepted": true
    },
    {
      "id": "P3",
      "statement": "The top customer renews on current terms in Q1 2027.",
      "sources": [
        "DOC-02",
        "DOC-07"
      ],
      "accepted": true
    }
  ],
  "calculations": [
    {
      "id": "e.growth",
      "label": "Revenue growth used",
      "value": 12,
      "display": "12.0%",
      "formula": "P1 accepted ? growth input : FY2025 actual growth",
      "inputs": [
        "in.growth",
        "prem.P1"
      ]
    },
    {
      "id": "e.margin",
      "label": "EBITDA margin used",
      "value": 17.5,
      "display": "17.5%",
      "formula": "P2 accepted ? margin input : FY2025 reported margin",
      "inputs": [
        "in.margin",
        "prem.P2"
      ]
    },
    {
      "id": "m.revenue",
      "label": "FY2026 revenue",
      "value": 291.2,
      "display": "$291.2M",
      "formula": "FY2025 revenue ($260M) × (1 + growth) × (P3 accepted ? 1 : 1 − top customer share ÷ 2)",
      "inputs": [
        "e.growth",
        "prem.P3",
        "in.concentration"
      ]
    },
    {
      "id": "m.ebitda",
      "label": "FY2026 EBITDA",
      "value": 50.96,
      "display": "$51.0M",
      "formula": "Revenue × EBITDA margin",
      "inputs": [
        "m.revenue",
        "e.margin"
      ]
    },
    {
      "id": "m.leverage",
      "label": "Debt / EBITDA",
      "value": 2.4333,
      "display": "2.43x",
      "formula": "Total debt ÷ EBITDA",
      "inputs": [
        "in.debt",
        "m.ebitda"
      ]
    },
    {
      "id": "m.coverage",
      "label": "Interest coverage",
      "value": 4.8533,
      "display": "4.85x",
      "formula": "EBITDA ÷ annual interest expense",
      "inputs": [
        "m.ebitda",
        "in.interest"
      ]
    },
    {
      "id": "m.liquidity",
      "label": "Liquidity at close",
      "value": 35,
      "display": "$35.0M",
      "formula": "Cash at close ($15M) + undrawn revolver ($20M)",
      "inputs": []
    },
    {
      "id": "m.liquidityHeadroom",
      "label": "Liquidity headroom",
      "value": 25,
      "display": "$25.0M",
      "formula": "Liquidity − minimum liquidity requirement",
      "inputs": [
        "m.liquidity",
        "in.minLiq"
      ]
    },
    {
      "id": "m.covenantHeadroom",
      "label": "Leverage covenant headroom",
      "value": 30.4771,
      "display": "30.5% (1.07x)",
      "formula": "(Covenant ceiling − Debt/EBITDA) ÷ covenant ceiling = how far EBITDA can fall before a breach",
      "inputs": [
        "m.leverage",
        "in.covMax"
      ]
    },
    {
      "id": "m.stressEbitda",
      "label": "Stress case EBITDA (−20%)",
      "value": 40.768,
      "display": "$40.8M",
      "formula": "EBITDA × (1 − 20%)",
      "inputs": [
        "m.ebitda"
      ]
    },
    {
      "id": "m.stressLeverage",
      "label": "Stress case Debt / EBITDA",
      "value": 3.0416,
      "display": "3.04x",
      "formula": "Total debt ÷ stress case EBITDA",
      "inputs": [
        "in.debt",
        "m.stressEbitda"
      ]
    },
    {
      "id": "m.stressCoverage",
      "label": "Stress case interest coverage",
      "value": 3.8827,
      "display": "3.88x",
      "formula": "Stress case EBITDA ÷ annual interest expense",
      "inputs": [
        "m.stressEbitda",
        "in.interest"
      ]
    }
  ],
  "scenarios": {
    "base": {
      "leverage": "2.43x",
      "coverage": "4.85x"
    },
    "stress": {
      "ebitda": "$40.8M",
      "leverage": "3.04x",
      "coverage": "3.88x"
    }
  },
  "conditions": [
    {
      "id": "k.leverage",
      "label": "Debt / EBITDA within the leverage covenant",
      "status": "MET",
      "note": "2.43x ≤ 3.5x"
    },
    {
      "id": "k.coverage",
      "label": "Interest coverage at least 3.00x",
      "status": "MET",
      "note": "4.85x ≥ 3x"
    },
    {
      "id": "k.liquidity",
      "label": "Liquidity above the minimum requirement",
      "status": "MET",
      "note": "headroom $25.0M"
    },
    {
      "id": "k.concentration",
      "label": "Top customer at most 25% of revenue (policy)",
      "status": "MET",
      "note": "22% ≤ 25%"
    },
    {
      "id": "k.stress",
      "label": "Stress case leverage within the covenant",
      "status": "MET",
      "note": "3.04x ≤ 3.5x"
    },
    {
      "id": "k.verification",
      "label": "Key documents verified (financials, debt schedule, loan agreement)",
      "status": "NOT_MET",
      "note": "unverified: DOC-03, DOC-05"
    },
    {
      "id": "k.debtReconciled",
      "label": "Total debt reconciled between memo and debt schedule",
      "status": "NEEDS_HUMAN_JUDGMENT",
      "note": "memo $118.0M vs schedule $124.0M; calculations use $124M"
    },
    {
      "id": "k.ebitdaDefinition",
      "label": "Covenant EBITDA definition agreed",
      "status": "NEEDS_HUMAN_JUDGMENT",
      "note": "draft agreement has no add-back cap; term sheet caps add-backs at 10%"
    },
    {
      "id": "k.collateral",
      "label": "Collateral value supported by the cited appraisal",
      "status": "EVIDENCE_MISSING",
      "note": "appraisal A-2026-03 is not in the data room"
    }
  ],
  "warnings": [
    {
      "id": "w.forecastVsHistory",
      "label": "Forecast growth well above history and sector outlook",
      "note": "12.0% growth against 4.0% in FY2025 and a 4.5% sector outlook"
    },
    {
      "id": "w.renewal",
      "label": "Forecast relies on the top customer renewing",
      "note": "22% of revenue renews in Q1 2027; the customer has signalled dual-sourcing"
    },
    {
      "id": "w.unverified",
      "label": "Calculations rely on unverified documents",
      "note": "DOC-03, DOC-05 not verified"
    }
  ],
  "conclusion": "5 of 9 conditions met; 1 not met; 2 need human judgment; 1 missing evidence. No approval is made here.",
  "claims": [
    {
      "id": "S-k.leverage",
      "side": "SUPPORTING",
      "text": "Debt / EBITDA within the leverage covenant: 2.43x ≤ 3.5x.",
      "nodes": [
        "k.leverage",
        "m.leverage",
        "in.covMax"
      ],
      "docs": [
        "DOC-05"
      ]
    },
    {
      "id": "S-k.coverage",
      "side": "SUPPORTING",
      "text": "Interest coverage at least 3.00x: 4.85x ≥ 3x.",
      "nodes": [
        "k.coverage",
        "m.coverage"
      ],
      "docs": [
        "DOC-05"
      ]
    },
    {
      "id": "S-k.liquidity",
      "side": "SUPPORTING",
      "text": "Liquidity above the minimum requirement: headroom $25.0M.",
      "nodes": [
        "k.liquidity",
        "m.liquidityHeadroom"
      ],
      "docs": [
        "DOC-05"
      ]
    },
    {
      "id": "S-k.concentration",
      "side": "SUPPORTING",
      "text": "Top customer at most 25% of revenue (policy): 22% ≤ 25%.",
      "nodes": [
        "k.concentration",
        "in.concentration"
      ],
      "docs": [
        "DOC-04",
        "DOC-07"
      ]
    },
    {
      "id": "S-k.stress",
      "side": "SUPPORTING",
      "text": "Stress case leverage within the covenant: 3.04x ≤ 3.5x.",
      "nodes": [
        "k.stress",
        "m.stressLeverage",
        "in.covMax"
      ],
      "docs": [
        "DOC-04",
        "DOC-05"
      ]
    },
    {
      "id": "O-k.verification",
      "side": "OPPOSING",
      "text": "Key documents verified (financials, debt schedule, loan agreement): not met (unverified: DOC-03, DOC-05).",
      "nodes": [
        "k.verification",
        "in.verified"
      ],
      "docs": [
        "DOC-01",
        "DOC-03",
        "DOC-05"
      ]
    },
    {
      "id": "S-prem.P1",
      "side": "SUPPORTING",
      "text": "Premise P1 accepted: Management’s 12% revenue growth for FY2026 is achievable.",
      "nodes": [
        "prem.P1"
      ],
      "docs": [
        "DOC-02"
      ]
    },
    {
      "id": "S-prem.P2",
      "side": "SUPPORTING",
      "text": "Premise P2 accepted: Management’s 17.5% EBITDA margin for FY2026 is achievable.",
      "nodes": [
        "prem.P2"
      ],
      "docs": [
        "DOC-02"
      ]
    },
    {
      "id": "S-prem.P3",
      "side": "SUPPORTING",
      "text": "Premise P3 accepted: The top customer renews on current terms in Q1 2027.",
      "nodes": [
        "prem.P3"
      ],
      "docs": [
        "DOC-02",
        "DOC-07"
      ]
    },
    {
      "id": "O-w.forecastVsHistory",
      "side": "OPPOSING",
      "text": "Forecast growth well above history and sector outlook: 12.0% growth against 4.0% in FY2025 and a 4.5% sector outlook.",
      "nodes": [
        "w.forecastVsHistory",
        "e.growth"
      ],
      "docs": [
        "DOC-01",
        "DOC-02",
        "DOC-09"
      ]
    },
    {
      "id": "O-w.renewal",
      "side": "OPPOSING",
      "text": "Forecast relies on the top customer renewing: 22% of revenue renews in Q1 2027; the customer has signalled dual-sourcing.",
      "nodes": [
        "w.renewal",
        "prem.P3",
        "in.concentration"
      ],
      "docs": [
        "DOC-02",
        "DOC-07"
      ]
    },
    {
      "id": "O-w.unverified",
      "side": "OPPOSING",
      "text": "Calculations rely on unverified documents: DOC-03, DOC-05 not verified.",
      "nodes": [
        "w.unverified",
        "in.verified"
      ],
      "docs": [
        "DOC-01",
        "DOC-03",
        "DOC-05"
      ]
    },
    {
      "id": "A-unverified-DOC-03",
      "side": "AUDITOR",
      "text": "DOC-03 (Pro forma debt schedule at close) is unverified; 7 calculation(s) or condition(s) cite it.",
      "nodes": [
        "m.leverage",
        "m.coverage",
        "m.liquidity",
        "m.stressLeverage",
        "m.stressCoverage",
        "k.verification",
        "k.debtReconciled"
      ],
      "docs": [
        "DOC-03"
      ]
    },
    {
      "id": "A-unverified-DOC-05",
      "side": "AUDITOR",
      "text": "DOC-05 (Draft loan agreement (financial covenants)) is unverified; 8 calculation(s) or condition(s) cite it.",
      "nodes": [
        "m.liquidityHeadroom",
        "m.covenantHeadroom",
        "k.leverage",
        "k.coverage",
        "k.liquidity",
        "k.stress",
        "k.verification",
        "k.ebitdaDefinition"
      ],
      "docs": [
        "DOC-05"
      ]
    },
    {
      "id": "A-X-01",
      "side": "AUDITOR",
      "text": "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.",
      "nodes": [
        "in.debt",
        "m.leverage",
        "m.stressLeverage",
        "k.leverage",
        "k.stress",
        "k.debtReconciled"
      ],
      "docs": [
        "DOC-03",
        "DOC-04"
      ]
    },
    {
      "id": "A-X-02",
      "side": "AUDITOR",
      "text": "Potential conflict X-02: Top customer volumes. Ask management for evidence of the customer’s FY2026 orders; test the case with premise P3 rejected.",
      "nodes": [
        "prem.P3",
        "m.revenue",
        "w.renewal"
      ],
      "docs": [
        "DOC-02",
        "DOC-07"
      ]
    },
    {
      "id": "A-X-03",
      "side": "AUDITOR",
      "text": "X-03 (EBITDA: $41.6M vs $46.8M) is a difference of reporting basis, not a conflict.",
      "nodes": [],
      "docs": [
        "DOC-01",
        "DOC-04"
      ]
    },
    {
      "id": "A-X-04",
      "side": "AUDITOR",
      "text": "Missing evidence X-04: PP&E appraisal not provided. Obtain the appraisal (committee question Q3).",
      "nodes": [
        "k.collateral"
      ],
      "docs": [
        "DOC-08"
      ]
    },
    {
      "id": "A-X-05",
      "side": "AUDITOR",
      "text": "Unresolved interpretation X-05: Which EBITDA the leverage covenant uses. Counsel and the deal team agree the definition; the draft is conformed to the term sheet or the difference is approved.",
      "nodes": [
        "k.ebitdaDefinition"
      ],
      "docs": [
        "DOC-05",
        "DOC-06"
      ]
    }
  ],
  "conflicts": [
    {
      "id": "X-01",
      "class": "CONFIRMED_CONFLICT",
      "conflict": true,
      "title": "Total debt at close",
      "a": {
        "doc": "DOC-03",
        "docTitle": "Pro forma debt schedule at close",
        "field": "total_debt",
        "label": "Total debt",
        "value": 124,
        "unit": "$M",
        "period": "At close",
        "basis": "Total debt incl. leases and seller note"
      },
      "b": {
        "doc": "DOC-04",
        "docTitle": "Credit memo (draft for committee)",
        "field": "total_debt",
        "label": "Total debt",
        "value": 118,
        "unit": "$M",
        "period": "At close",
        "basis": "Total debt incl. leases and seller note"
      },
      "human_action": "Reconcile the two figures before the committee relies on either. The calculations default to the higher, itemised figure."
    },
    {
      "id": "X-02",
      "class": "POTENTIAL_CONFLICT",
      "conflict": true,
      "title": "Top customer volumes",
      "a": {
        "doc": "DOC-02",
        "docTitle": "Management forecast FY2026",
        "field": "top_customer_volume_growth",
        "label": "Top customer volume growth",
        "value": 15,
        "unit": "%",
        "period": "FY2026",
        "basis": "Management case"
      },
      "b": {
        "doc": "DOC-07",
        "docTitle": "Customer concentration report",
        "field": "renewal_risk",
        "label": "Stated intent",
        "value": "Dual-sourcing under consideration",
        "unit": "text",
        "period": null,
        "basis": null
      },
      "human_action": "Ask management for evidence of the customer’s FY2026 orders; test the case with premise P3 rejected."
    },
    {
      "id": "X-03",
      "class": "DIFFERENT_REPORTING_BASIS",
      "conflict": false,
      "title": "EBITDA: $41.6M vs $46.8M",
      "a": {
        "doc": "DOC-01",
        "docTitle": "Audited financial statements FY2025",
        "field": "ebitda_fy2025",
        "label": "EBITDA FY2025",
        "value": 41.6,
        "unit": "$M",
        "period": "FY2025",
        "basis": "Reported (no add-backs)"
      },
      "b": {
        "doc": "DOC-04",
        "docTitle": "Credit memo (draft for committee)",
        "field": "adj_ebitda_ltm",
        "label": "Adjusted EBITDA LTM",
        "value": 46.8,
        "unit": "$M",
        "period": "LTM to 30 Jun 2026",
        "basis": "Adjusted (incl. $3.2M add-backs)"
      },
      "human_action": "None required for consistency. Which definition the covenant uses is a separate question (X-05)."
    },
    {
      "id": "X-04",
      "class": "MISSING_EVIDENCE",
      "conflict": false,
      "title": "PP&E appraisal not provided",
      "a": {
        "doc": "DOC-08",
        "docTitle": "Collateral summary",
        "field": "ppe_olv",
        "label": "PP&E orderly liquidation value",
        "value": 52,
        "unit": "$M",
        "period": null,
        "basis": "Per appraisal A-2026-03 (not provided)"
      },
      "b": null,
      "human_action": "Obtain the appraisal (committee question Q3)."
    },
    {
      "id": "X-05",
      "class": "UNRESOLVED_INTERPRETATION",
      "conflict": false,
      "title": "Which EBITDA the leverage covenant uses",
      "a": {
        "doc": "DOC-05",
        "docTitle": "Draft loan agreement (financial covenants)",
        "field": "addback_cap",
        "label": "Cap on non-recurring add-backs",
        "value": "None",
        "unit": "text",
        "period": null,
        "basis": "Clause 22.1 definition"
      },
      "b": {
        "doc": "DOC-06",
        "docTitle": "Covenant definitions schedule (term sheet)",
        "field": "addback_cap",
        "label": "Cap on non-recurring add-backs",
        "value": "10% of EBITDA",
        "unit": "text",
        "period": null,
        "basis": "Term sheet"
      },
      "human_action": "Counsel and the deal team agree the definition; the draft is conformed to the term sheet or the difference is approved."
    }
  ],
  "open_questions": [
    "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"
  ],
  "audit_history": [
    {
      "at": "2026-10-21T01:52:51Z",
      "event": "passport_generated",
      "detail": "From case DT-PC-001 v1.0.0 (archived, sha256 248623021f23b82b…) with ruleset dr-rules-1.0.0."
    }
  ],
  "reproducibility": "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.",
  "legal_note": "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.",
  "integrity_note": "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.",
  "engine": {
    "version": "dt-engine-1.0.0",
    "sha256": "9e4eae8ae339afdeee285fa818f3a53295cc2fca6d39d35822113a4c669b9241",
    "source": "src/lib/decision/engines/v1"
  },
  "passport_id": "DP1-eyJhIjp7ImNvbmNlbnRyYXRpb24iOjIyLCJjb3ZNYXgiOjMuNSwiZGVidCI6MTI0LCJncm93dGgiOjEyLCJpbnRlcmVzdCI6MTAuNSwibWFyZ2luIjoxNy41LCJtaW5MaXEiOjEwLCJyZWplY3RlZCI6W10sInZlcmlmaWVkIjpbIkRPQy0wMSIsIkRPQy0xMCJdfSwiY2FzZSI6IkRULVBDLTAwMSIsImNhc2VWZXJzaW9uIjoiMS4wLjAiLCJlIjoiMS4wLjAiLCJ0IjoiMjAyNi0xMC0yMVQwMTo1Mjo1MVoiLCJ2IjozfQ.S-eyJhbGciOiJFZDI1NTE5IiwiaXNzdWVkX2F0IjoiMjAyNi0xMC0yMVQwMTo1Mjo1MVoiLCJraWQiOiJlZDI1NTE5LWUzMWMyZDgyZGE5MmExMTQiLCJ2YWx1ZSI6ImRmUVFXZllsQ2ZLRHlMQ0dCcjMzLWtibVN6Qms1UVdKYWtTSEtYbVhpeXN3dW0xTkZOSVhXOVQ4dDlJYUEwclNKci1BMFhpQlpTSjdQVkUzVTA1OUFBIn0",
  "integrity": {
    "algorithm": "SHA-256",
    "canonicalisation": "JSON, keys sorted, no whitespace; integrity and passport_id fields excluded",
    "sha256": "b9b84403e09865f0e36e402e27afefcfeb096e1df461e3ecfd4c4521d72406b0",
    "signature": {
      "status": "signed",
      "algorithm": "Ed25519",
      "key_id": "ed25519-e31c2d82da92a114",
      "issued_at": "2026-10-21T01:52:51Z",
      "value": "dfQQWfYlCfKDyLCGBr33-kbmSzBk5QWJakSHKXmXiyswum1NFNIXW9T8t9IaA0rSJr-A0XiBZSJ7PVE3U059AA",
      "valid": true,
      "public_keys": "/.well-known/abrahammoses-passport-keys.json"
    },
    "case_archive": {
      "version": "1.0.0",
      "path": "src/lib/decision/versions/v1.ts",
      "content_sha256": "248623021f23b82b9f1921142a9a49b6ea1239ead04b7c22b53502f7be9c7caf",
      "verified": true
    },
    "engine": {
      "version": "dt-engine-1.0.0",
      "sha256": "9e4eae8ae339afdeee285fa818f3a53295cc2fca6d39d35822113a4c669b9241",
      "source": "src/lib/decision/engines/v1"
    }
  }
}