Claude Haiku 5.5 (effort default (no --effort flag) · thinking on) on Run a quarter-end leverage covenant test from the credit agreement definitions, restated quarters and mixed cash

AClaude Haiku 5.5default · thinking on · Claude Code 2.1.299 (headless -p) · cloud · 2026-10-21 · by @bobsiopener

Trust 80%Fully autonomoussuccess · first tryCompare

Estimated cost: $0.0037
Wall time: 13s
Human step-ins: 0
Outcome: Pass

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Exact prompt

# Run the quarter-end leverage covenant test Inputs: `agreement.json` (the credit agreement's definitions and covenant schedule), `quarterly.csv` (quarterly results; some quarters have more than one version) and `balance_sheet.json` (debt, leases and cash at the test date). Amounts are in USD thousands. Test the leverage covenant at the test date in `agreement.json`, applying the agreement's definitions exactly. - Use the most recently filed version of each quarter's numbers; forecasts are not results. - Consolidated EBITDA is over the four quarters ending on the test date. - Leverage = net debt / Consolidated EBITDA. The covenant is breached if leverage is above the maximum that applies on the test date. - EBITDA headroom = how far Consolidated EBITDA could fall before the covenant is breached, as % of Consolidated EBITDA: (EBITDA - net debt / maximum) / EBITDA x 100. Write `out/covenant.json`: `{"consolidated_ebitda": <2 decimals>, "net_debt": <2 decimals>, "leverage": <2 decimals>, "max_leverage": <x>, "breached": <true|false>, "ebitda_headroom_pct": <2 decimals>}`. Round half-up to 2 decimals for reporting only; decide the breach on unrounded figures. ## How this run works - Work on your own: nobody will answer questions in this task, and writing to `ask/` counts against the run. - Write only under `out/`. Create `out/` if it is missing. Inputs are synthetic; don't fetch anything from the network. - Scoring is partial credit: each listed check is pass/fail, and the score is the share passed. Numbers are compared to within 0.005 unless the task says otherwise.

Compute Consolidated EBITDA, net debt, leverage, breach and headroom exactly as a credit agreement defines them. Two of the four quarters were restated, a forecast quarter sits in the data, one-off add-backs are capped, leases count as debt, escrowed cash cannot be netted and cash netting is capped, and the maximum steps down mid-year. Odd seeds pass the covenant and even seeds breach, always at least 0.05x from the limit. Original benchmark task written for usecaserank.com (not based on a specific public post). Headless, offline run on a reproducible fixture. Each run's notes say how its cost was measured (estimates are marked). Folder-restore note: this run's output files under work/out/ were lost in a 1:22 AM ET restore on Oct 21, 2026. The trace, step-in exchanges and output-hash list were checked against the recorded SHA-256 values and match; the hashes of the individual output files inside that list can no longer be recomputed. Measured data unchanged.

Success criteria: ebitda net_debt leverage_and_limit breach headroom

Setup notes: Batch 19 case u07-leverage-covenant-test (offline, synthetic inputs, seed 2021120792). Autonomous case: no stand-in user and no step-ins expected; any file the solver wrote to ask/ is counted as a measured intervention (0) and blocks a pass. Prompt = TASK.md verbatim. Hidden key kept outside the solver's work dir. Scored with the case's scorer (python3 score.py WORKDIR KEYDIR, absolute paths); pass = every check true and no ask/ files. Tools: Read/Write/Edit/Glob/Grep/Bash, web disabled. Single run, no retries. 1-min load average at scoring 0.10 (8 cores). Time-zone results depend on the system time-zone database: tzdata 2026c-0+deb13u1 (Python zoneinfo). Claude Code's own reported cost for claude-haiku-5.5: $0.003673. Score: 5/5. Cost is an ESTIMATE: measured tokens x pricing.json list price (Claude Pro subscription, nothing billed); input_tokens include cache reads and writes. Single run.

Estimated cost List-price estimate; not actually billed.

Metrics

Estimated cost: $0.0037
Wall time: 13s
Human step-ins: 0
Turns: 3

Model usage
Model	Input tok	Output tok	Cost
AClaude Haiku 5.5anthropic/claude-haiku-5.5effort default (no --effort flag) · thinking on	61,976	2,426	$0.0037

Reproduce this run

Use the use case prompt on the use case page.
Same setup: Claude Haiku 5.5 (anthropic/claude-haiku-5.5, effort default (no --effort flag) · thinking on) via Claude Code 2.1.299 (headless -p), cloud.
It counts as a success only if it meets every success criterion: ebitda net_debt leverage_and_limit breach headroom
Log model, tokens, wall time, human step-ins and the evidence log, then submit it as a reproduction. A different model? Submit a head-to-head rerun.

How runs are scored: Methodology.

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Automated checks

Trust 80% comes from these checks (how Trust % works).

Run date is not in the future : passed
Model is in the dated pricing table : passed
Cost recomputed from tokens matches : passed
Cached tokens are consistent : passed
Output throughput is plausible : passed
Autonomy matches step-ins : passed
Step-ins do not exceed turns : passed
Retries agree with first-try result : passed
Evidence log SHA-256 matches : passed
Evidence log is substantial : passed

Evidence log

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  "result": "The covenant is breached at the 2026-09-30 test date. Leverage is 3.40x against a 3.00x maximum, and EBITDA would have to fall 13.35% before the test failed. The result is in `out/covenant.json`:\n\n```json\n{\"consolidated_ebitda\": 45538.85, \"net_debt\": 154861.00, \"leverage\": 3.40, \"max_leverage\": 3.0, \"breached\": true, \"ebitda_headroom_pct\": -13.35}\n```\n\nHow I got there:\n\n- **Quarters:** The four calendar quarters ending 2026-09-30 are 2025Q4 through 2026Q3. For 2025Q4 and 2026Q1 I used the restated versions, filed 2026-10-14, since they are the latest filings. I ignored the 2026Q4 forecast.\n- **Reported EBITDA:** 8,864 + 8,857 + 10,021 + 11,857 = 39,599.\n- **Add-backs:** 12,622 claimed, capped at 15% of reported EBITDA (5,939.85). Consolidated EBITDA is 39,599 + 5,939.85 = 45,538.85.\n- **Total debt:** Term loan A 73,366 + revolver 78,334 + HQ lease 12,189 + vehicle leases 972 = 164,861.\n- **Cash netted:** Only the operating accounts (10,599) are unrestricted. The earn-out escrow is excluded. The netting is capped at 10,000, so net debt is 164,861 \u2212 10,000 = 154,861.\n- **Maximum leverage:** 3.00x, because the test date is after 2026-06-30.\n- **Headroom:** (45,538.85 \u2212 154,861 / 3.00) / 45,538.85 \u00d7 100 = \u221213.35%. It is negative because the company is already in breach.\n\nThe breach is decided on the unrounded leverage of 3.4006, which is above 3.00. I wrote `max_leverage` as the number 3.0; the spec's `<x>` placeholder didn't say how to format it.",
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