Hi El Jefe, have you deducted the likely cash position at the end of each quarter first to calculate "net debt" before calculating the required ebit to then work out how much they must ship to achieve it, meet covenant requirements.
I have a feeling you may not have done, seems a common mistake. Can make a bit of a difference, depending on how much cash they are likely to generate.
Hope to see some revised calcs from you to correct your apparent error if so.
All in my very humble opinion as always.
Ann: Long Term Binding Offtake Agreement Secured, page-338
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