SYNTHETIC DEMONSTRATION — RECEIVABLES BORROWING-BASE REVIEW
Fictional Demo Receivables Ltd; 30 September 2026; USD.
These reference workings matched the retained local application results on 26 October 2026.
No real lender, borrower, lien verification or external approval is represented.

Source position
Gross receivables: $1,200,000. Funded principal: $450,000. LC usage: $25,000.
Commitment: $600,000. Lender reserve: $20,000.
Submitted certificate: borrowing base $500,000; availability $25,000.

Included, with eligibility evidence
Eligible receivables: $1,000,000. Per-debtor cap: $250,000.
Collateral after concentration: $250,000 + $200,000 + $100,000 + $100,000 = $650,000.
80% advance: $520,000. Subtract reserve $20,000: borrowing base $500,000.
Commitment does not bind. Permitted usage $500,000 less principal and LC $475,000
leaves $25,000 signed availability. Certificate matches; facility is within limit.

Exclude debtor A's challenged $200,000 invoice; retain original certificate
Gross ledger remains $1,200,000. Eligible receivables fall to $800,000.
Per-debtor cap: $200,000.
Collateral after concentration: $200,000 + $200,000 + $100,000 + $100,000 = $600,000.
80% advance: $480,000. Subtract reserve $20,000: borrowing base $460,000.
Permitted usage $460,000 less principal and LC $475,000 = negative $15,000.
Signed availability is -$15,000; overadvance is $15,000; draw capacity is zero.
Certificate base overstatement: $500,000 - $460,000 = $40,000.
Certificate availability overstatement: $25,000 - (-$15,000) = $40,000.
Certificate differs; facility is overadvanced. This is a completed adverse analysis.

Unresolved treatment
Cannot determine; no derived totals, certificate comparison or facility conclusion.
An explicitly hypothetical inclusion preview returns the baseline financial lines
without resolving or approving the canonical unresolved record.

Interpretation and limits
The authored 25% concentration cap uses eligible receivables before concentration.
Group by debtor, cap the amounts, then apply the 80% advance once to the aggregate.
Reserve is subtracted once. Principal and LC usage are deducted once.
Certificate agreement and facility status are separate conclusions: a matching
certificate can accurately report an overadvance.
Receivables-only USD demonstration. No inventory, cross-aging, dilution, collateral
appraisal, source authentication, legal lien verification or connection to planning.
Human sign-off, customer agreements, source systems and production use require
separate qualification. This public excerpt is not the private approval archive.