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  "documentTitle": "Baird | Investment Banking Pitch Book | 26 slides",
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  "authorName": "Baird",
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  "presentationDate": "2018-04-01 00:00:00",
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  "notes": "The slide outlines specific financial and operational milestones for an earn-out agreement between AR and AM.",
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      "text": "Note, AR is agnostic to the source of the delivered water volumes from AM (freshwater, Veolia, etc.)\nThere is no “banking” concept associated with the water earn-out volumes\nNo explicit terms preventing AR from taking volumes for the purpose of reaching earn-out payments",
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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: Payment of $125 million at year-end 2019... Payment of $125 million at year-end 2020...",
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      "text": "AR is considering a proposal whereby AM would accelerate the earn-out payment associated with the 2015 water drop-down",
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      "text": "Source: Sept 2015 Water Services Agreement and Contribution Agreement in connection with the contribution of water assets from AR to AM. Base Case projections as of March 23.",
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      "text": "Earn-Out Period, Payment to AR ($MM), Cumulative Earn-out Threshold (Mbbl), AR Projections (Cumulative) Projected Volumes (Mbbl), AR Projections (Cumulative) Earn-Out % of Proj. Volumes, Daily Earn-out Threshold (Mbbld), AR Projections (Daily) Projected Avg. Volumes (Mbbld), AR Projections (Daily) Earn-Out % of Proj. Volumes",
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      "text": "SUMMARY TERMS OF WATER EARN-OUT",
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