Company: WBI
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0000950170-25-113383
Chunk: 185

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 185
---
 We are currently in compliance with all covenants under the NDB Term Loan.

In connection with the WaterBridge Combination, we expect that the NDB Term Loan will be assumed by WaterBridge Midstream pursuant to the NDB Assumption and remain outstanding.

In connection with the WaterBridge Combination and the NDB Assumption, certain of the existing collateral documents securing the NDB Term Loan, the WBM Term Loan, the NDB Revolving Credit Facility and the WBM Revolving Credit Facility will be amended, amended and restated, supplemented, or otherwise modified to provide for (i) the Parent Guarantee from the Company, OpCo and WBO of the obligations under the WBM Revolving Credit Facility, (ii) collateral securing obligations under the NDB Term Loan and the NDB Revolving Credit Facility to also secure the obligations under the WBM Term Loan and the WBM Revolving Credit Facility, (iii) collateral securing obligations under the WBM Term Loan and the WBM Revolving Credit Facility to also secure obligations under the NDB Term Loan and the NDB Revolving Credit Facility and (iv) the grant of security interests by certain subsidiaries of Desert Environmental to secure the obligations under each Credit Facility, following which, the NDB Term Loan will be secured by a first-priority lien on substantially all of our assets.

NDB Operating Revolving Credit Facility

On June 8, 2022, NDB Operating entered into a revolving credit facility (the “NDB Revolving Credit Facility” and, together with the WBM Revolving Credit Facility, the “Existing Revolving Credit Facilities”), which provides for revolving borrowings up to the aggregate revolving commitments provided thereunder, subject to compliance with various customary financial and other covenants common in such agreements that apply to NDB Operating and its subsidiaries, including (i) compliance with a maximum leverage ratio and a minimum interest coverage ratio measured on a periodic basis, and (ii) restrictions on the ability to incur debt, grant liens, make dispositions, make

<div align='center'>120</div>

distributions, engage in transactions with affiliates, or make investments. On May 10, 2024, we amended the NDB Revolving Credit Facility to decrease the total aggregate revolving commitment amount to $100.0 million and extend the maturity date until June 8, 2027.

Principal amounts borrowed under the NDB Revolving Credit Facility may be repaid from time to time and commitments thereunder may be terminated without premium or penalty. Any