{
  "schema": "levfinacademy.covenant_state_paths.v1",
  "sourceFormat": "synthetic_teaching_example",
  "description": "Invented scenarios to demonstrate upload and target sensitivity; not independent market simulations or issuer data.",
  "pricingSpec": {
    "fullDecomposition": {
      "debtFaceGross": 100,
      "riskFreeRate": 0.03,
      "horizonYears": 2,
      "assetVol": 0.3,
      "builderPct": 0.5,
      "builderLeverageGate": 3.5,
      "cureRemedyPct": 0.02,
      "cureCovenantThreshold": 5,
      "ecfTrigger": 3.5,
      "ecfSweepPct": 0.5,
      "makeWholeVol": 0.06,
      "makeWholeOffset": 0.85,
      "portabilityPCoc": 0.25,
      "portabilityThreshold": 3.5,
      "portabilityCocPutPct": 0.01,
      "quotedSpreadBps": 300
    }
  },
  "paths": [
    [
      {
        "time": 0,
        "enterpriseValue": 125,
        "cumulativeCni": 0,
        "freeCashFlow": 0,
        "leverage": 4,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 1,
        "enterpriseValue": 85.0,
        "cumulativeCni": -5.5,
        "freeCashFlow": 0,
        "leverage": 5,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 2,
        "enterpriseValue": 45,
        "cumulativeCni": -11.0,
        "freeCashFlow": 0,
        "leverage": 6,
        "alive": false,
        "marketOpen": true
      }
    ],
    [
      {
        "time": 0,
        "enterpriseValue": 125,
        "cumulativeCni": 0,
        "freeCashFlow": 0,
        "leverage": 4,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 1,
        "enterpriseValue": 90.0,
        "cumulativeCni": -4.5,
        "freeCashFlow": 0,
        "leverage": 5,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 2,
        "enterpriseValue": 55,
        "cumulativeCni": -9.0,
        "freeCashFlow": 0,
        "leverage": 6,
        "alive": false,
        "marketOpen": true
      }
    ],
    [
      {
        "time": 0,
        "enterpriseValue": 125,
        "cumulativeCni": 0,
        "freeCashFlow": 0,
        "leverage": 4,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 1,
        "enterpriseValue": 95.0,
        "cumulativeCni": -3.5,
        "freeCashFlow": 0,
        "leverage": 5,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 2,
        "enterpriseValue": 65,
        "cumulativeCni": -7.0,
        "freeCashFlow": 0,
        "leverage": 6,
        "alive": false,
        "marketOpen": true
      }
    ],
    [
      {
        "time": 0,
        "enterpriseValue": 125,
        "cumulativeCni": 0,
        "freeCashFlow": 0,
        "leverage": 4,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 1,
        "enterpriseValue": 100.0,
        "cumulativeCni": -2.5,
        "freeCashFlow": 0,
        "leverage": 5,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 2,
        "enterpriseValue": 75,
        "cumulativeCni": -5.0,
        "freeCashFlow": 0,
        "leverage": 6,
        "alive": false,
        "marketOpen": true
      }
    ],
    [
      {
        "time": 0,
        "enterpriseValue": 125,
        "cumulativeCni": 0,
        "freeCashFlow": 0,
        "leverage": 4,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 1,
        "enterpriseValue": 105.0,
        "cumulativeCni": -1.5,
        "freeCashFlow": 0.25,
        "leverage": 5,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 2,
        "enterpriseValue": 85,
        "cumulativeCni": -3.0,
        "freeCashFlow": 0.25,
        "leverage": 6,
        "alive": false,
        "marketOpen": true
      }
    ],
    [
      {
        "time": 0,
        "enterpriseValue": 125,
        "cumulativeCni": 0,
        "freeCashFlow": 0,
        "leverage": 4,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 1,
        "enterpriseValue": 110.0,
        "cumulativeCni": -0.5,
        "freeCashFlow": 0.75,
        "leverage": 5,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 2,
        "enterpriseValue": 95,
        "cumulativeCni": -1.0,
        "freeCashFlow": 0.75,
        "leverage": 6,
        "alive": false,
        "marketOpen": true
      }
    ],
    [
      {
        "time": 0,
        "enterpriseValue": 125,
        "cumulativeCni": 0,
        "freeCashFlow": 0,
        "leverage": 4,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 1,
        "enterpriseValue": 115.0,
        "cumulativeCni": 0.5,
        "freeCashFlow": 1.25,
        "leverage": 3.5,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 2,
        "enterpriseValue": 105,
        "cumulativeCni": 1.0,
        "freeCashFlow": 1.25,
        "leverage": 3,
        "alive": true,
        "marketOpen": true
      }
    ],
    [
      {
        "time": 0,
        "enterpriseValue": 125,
        "cumulativeCni": 0,
        "freeCashFlow": 0,
        "leverage": 4,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 1,
        "enterpriseValue": 122.5,
        "cumulativeCni": 2.0,
        "freeCashFlow": 2.0,
        "leverage": 3.5,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 2,
        "enterpriseValue": 120,
        "cumulativeCni": 4.0,
        "freeCashFlow": 2.0,
        "leverage": 3,
        "alive": true,
        "marketOpen": true
      }
    ],
    [
      {
        "time": 0,
        "enterpriseValue": 125,
        "cumulativeCni": 0,
        "freeCashFlow": 0,
        "leverage": 4,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 1,
        "enterpriseValue": 132.5,
        "cumulativeCni": 4.0,
        "freeCashFlow": 3.0,
        "leverage": 3.5,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 2,
        "enterpriseValue": 140,
        "cumulativeCni": 8.0,
        "freeCashFlow": 3.0,
        "leverage": 3,
        "alive": true,
        "marketOpen": true
      }
    ],
    [
      {
        "time": 0,
        "enterpriseValue": 125,
        "cumulativeCni": 0,
        "freeCashFlow": 0,
        "leverage": 4,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 1,
        "enterpriseValue": 147.5,
        "cumulativeCni": 7.0,
        "freeCashFlow": 4.5,
        "leverage": 3.5,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 2,
        "enterpriseValue": 170,
        "cumulativeCni": 14.0,
        "freeCashFlow": 4.5,
        "leverage": 3,
        "alive": true,
        "marketOpen": true
      }
    ],
    [
      {
        "time": 0,
        "enterpriseValue": 125,
        "cumulativeCni": 0,
        "freeCashFlow": 0,
        "leverage": 4,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 1,
        "enterpriseValue": 162.5,
        "cumulativeCni": 10.0,
        "freeCashFlow": 6.0,
        "leverage": 3.5,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 2,
        "enterpriseValue": 200,
        "cumulativeCni": 20.0,
        "freeCashFlow": 6.0,
        "leverage": 3,
        "alive": true,
        "marketOpen": true
      }
    ],
    [
      {
        "time": 0,
        "enterpriseValue": 125,
        "cumulativeCni": 0,
        "freeCashFlow": 0,
        "leverage": 4,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 1,
        "enterpriseValue": 182.5,
        "cumulativeCni": 14.0,
        "freeCashFlow": 8.0,
        "leverage": 3.5,
        "alive": true,
        "marketOpen": true
      },
      {
        "time": 2,
        "enterpriseValue": 240,
        "cumulativeCni": 28.0,
        "freeCashFlow": 8.0,
        "leverage": 3,
        "alive": true,
        "marketOpen": true
      }
    ]
  ],
  "independentPaths": false
}