Company: WBI
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0000950170-25-113383
Chunk: 403

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 403
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 Pursuant to the Term Loan, the Company and its subsidiaries are required to comply with various financial and other covenants common to credit agreements, including (i) a minimum debt service coverage ratio of at least 1.10 to 1.00

<div align='center'>F-52

WaterBridge NDB Operating LLC and Subsidiaries

Notes to the Unaudited Condensed Consolidated Financial Statements</div>

as of the last day of each fiscal quarter, measured on a periodic basis, and (ii) restrictions on the ability to incur debt, grant liens, make dispositions, make distributions, engage in transactions with affiliates, and make investments. The Company is required to prepay loans under the Term Loan in an amount equal to a portion of or all of the Company’s excess cash flow (“ECF”), as defined in the Term Loan, within five days of delivering year-end financials, commencing with the fiscal year ending December 31, 2025. The amount of the Company’s ECF required to be prepaid is determined by the net first lien leverage ratio as of the last day of the fiscal year. The Company is required to pay (i) 100% of ECF if the leverage ratio is above 5.00:1.00, (ii) 75% of ECF if the leverage less than 5.00:1.00 but above 4.50:1.00, (iii) 50% of ECF if the leverage is less than 4.50:1:00 but above 4.00:1.00, (iv) 25% of ECF if the leverage ratio is less than 4.00:1.00 but above 3.50:1.00, and (v) 0% of ECF if the leverage ratio is less than 3.50:1.00. Mandatory prepayments of Term Loans from ECF are subject to certain deductions, including voluntary prepayments of the Term Loan or payments of the Revolving Credit Facility to the extent such payment constitutes a permanent reduction of revolving commitments. In the event ECF in any year is equal to or less than $5.0 million, no mandatory prepayment shall be required. The Company was in compliance with these covenants as of June 30, 2025. The Term Loan contains customary events of default, including for the failure of the Company or other loan parties to comply with the various financial, negative and