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  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 33 slides",
  "authorId": "morgan-stanley",
  "authorName": "Morgan Stanley",
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  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2016-05-01 00:00:00",
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  "pageNumber": 17,
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  "notes": "Includes details on cash trap conditions and specific termination fees.",
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      "kind": "disclaimer",
      "text": "Notes: 1. Includes approximately $3MM cash held at MBLV, London Management Co. and Clift. 2. Includes termination fees for Mondrian SB 1Q16, bond posted for Sasson Masi litigation in 2Q16, and termination fees for Shore Club, Morgans, and Royalton in 4Q16. 3. Cash flow sweep would not affect April receipts. Assumes cash shortfalls at the property level can be funded with lock-box cash balances.",
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      "text": "Mortgage agreement establishes a lockbox for excess cash generated at Hudson and Delano. If debt yield falls below 6.75%, excess cash is swept. Current projections indicated $3MM of cash will be trapped in lock box controlled by the lender in 2016. Assets must deliver two consecutive quarters of 7.0% debt yield before it is released.",
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      "text": "Source: Management Projections",
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      "text": "Monroe Pro Forma 2016 Cash Balances",
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      "text": "Monthly Liquidity Analysis",
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