Run the downside through the whole model: the largest customer leaves after year 1, transition costs of 14.0 land in year 2, SOFR rises to 5.00% from year 2, and the exit multiple falls to 7.0×. Add the revolver: 20.0 committed, 7.5% on drawn balances, drawn only when cash would fall below the 5.0 minimum, repaid before any sweep.