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  "documentTitle": "Baird | Investment Banking Pitch Book | 26 slides",
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      "text": "As it relates to achievement of the MVCs, AR is agnostic to the source of the delivered water volumes from AM (freshwater, Veolia, etc.)",
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      "text": "To date, the MVCs have been and are projected to be well below AR’s expected water usage, rendering the banking provisions relatively inconsequential",
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      "text": "Source: Sept 2015 Water Services Agreement and Contribution Agreement in connection with the contribution of water assets from AR to AM. Base Case projections as of March 23.",
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      "text": "POTENTIAL ADDITIONAL AR CONCESSIONS",
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