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  "documentTitle": "Baird | Investment Banking Pitch Book | 18 slides",
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  "authorName": "Baird",
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  "presentationDate": "2018-03-01 00:00:00",
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  "notes": "Includes two tables detailing financial earn-out thresholds and operational volume commitments.",
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      "text": "In addition to the Earn-Out provisions, AR also agreed to the following minimum volume commitments (\"MVCs\"):",
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      "text": "In September 2015, AR sold its integrated water business to AM for $1.05 billion, plus an additional $250 million subject to the following Earn-Out provisions:",
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      "text": "AR is considering a proposal whereby AM would accelerate the earn-out payment associated with the 2015 water drop-down",
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      "text": "Source: Management Base Case projections as of March 23. (1) Represents Management Base Case projections as of August 2015 used in conjunction with Baird's engagement with AR Special Committee.",
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      "text": "SUMMARY TERMS OF WATER EARN-OUT AND MVCs",
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