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{"sheet":"Conceptual Issue","index":0,"n_rows":17,"n_cols":3,"rows_kept":17,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Exercise"]
[null,null,"Develop Maintenance Schedule which has highest IRR"]
[null,null,"Use the Alternative O&M agrrements"]
[]
[]
[null,null,"BNDES Rules"]
[]
[null,null,"Level Repayment for 20 Years"]
[null,null,"Maximum Debt Leverage of 80%"]
[null,null,"Minimum DSCR of 1.2 x"]
[null,null,"BNDES has Much lower Interest Rates than Private Banks"]
[]
[null,null,"PPA Agreements"]
[]
[null,null,"Indexed to Inflation"]
[null,null,"Inflation is about 6%"]

{"sheet":"O&M Agreement","index":1,"n_rows":37,"n_cols":36,"rows_kept":37,"cut":false,"hidden":false,"merged":[]}
[]
["O&M Agreement"]
[null,null,null,"Length of Agreemment",30,null,null,null,null,null,2,null,null,null,"Base Case"]
[null,null,null,"Pct of Capital",0.05,null,null,null,null,null,null,null,null,null,"Alternative 1"]
[null,null,null,"Capital Expenditures",{"$f":"'Analysis of Maintenance'!G8","v":1000},null,null,null,null,null,null,null,null,null,"Alternative 2"]
[null,null,null,"Growth",{"$f":"'Analysis of Maintenance'!G11","v":0.06},null,null,null,null,null,null,null,null,null,"Alternative 3"]
[null,null,null,"O&M Discount Rate",{"$f":"G7/100","v":0.09},null,9,null,null,null,null,null,null,null,"Alternative 4"]
[null,null,null,null,null,null,null,null,null,null,null,"Scale",390,null,"Alternative 5"]
["Pattern of Payment"]
[null,null,null,null,null,1,7,15,20,30]
[null,null,null,"Alternative 1",null,0,0.60266377958046713,{"$f":"G11*2","v":1.2053275591609343},{"$f":"G11*3","v":1.8079913387414015},{"$f":"G11*3.5","v":2.1093232285316348},null,"Difference_1",{"$f":"E23-E20","v":2.6147972675971687E-12}]
[null,null,null,"Alternative 2",null,0,0.32450459254831121,{"$f":"G12*4","v":1.2980183701932448},{"$f":"G12*6","v":1.9470275552898673},{"$f":"G12*7","v":2.2715321478381787},null,"Difference_2",{"$f":"E20-E26","v":-2.1600499167107046E-12}]
[null,null,null,"Alternative 3",null,0.3,0.71663354586552774,{"$f":"G13*1.5","v":1.0749503187982916},{"$f":"G13*2","v":1.4332670917310555},{"$f":"G13*2.5","v":1.7915838646638194},null,"Difference_3",{"$f":"E20-E29","v":-2.8988506528548896E-6}]
[null,null,null,"Alternative 4",null,0,0.48920100374818626,{"$f":"G14*2","v":0.97840200749637252},{"$f":"G14*3","v":1.4676030112445588},{"$f":"G14*4","v":1.956804014992745},null,"Difference_4",{"$f":"E20-E32","v":0}]
[null,null,null,"Alternative 5",null,0,0.2726897987754861,{"$f":"G15*3","v":0.81806939632645825},{"$f":"G15*6","v":1.6361387926529165},{"$f":"G15*7","v":1.9088285914284027},null,"Difference_5",{"$f":"E20-E35","v":0}]
[]
[]
[null,null,null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[]
[null,null,"Base Case",null,{"$f":"NPV($E$7,F20:AJ20)","v":867.13538984119293},0,{"$f":"E5*E4","v":50},{"$f":"G20*(1+$E$6)","v":53},56.18,59.550800000000002,63.123848000000002,66.911278880000012,70.92595561280001,75.181512949568017,79.692403726542096,84.47394795013463,89.542384827142712,94.914927916771276,100.60982359177756,106.64641300728421,113.04519778772126,119.82790965498455,127.01758423428363,134.63863928834067,142.71695764564112,151.27997510437959,160.35677361064236,169.97818002728093,180.1768708289178,190.98748307865287,202.44673206337205,214.59353598717439,227.46914814640488,241.11729703518918,255.58433485730055,270.91939494873861]
[]
[null,null,"Alternative Pattern - Pct of Base",null,null,null,{"$f":"interpolate_look_up(G18,10:10,11:11)","v":0},0,0,0,0,0,0.60266377958046713,0.65720951182976983,0.71669205463152308,0.78155822751542725,0.85229529063372622,0.92943460495026142,1.013555623704939,1.1052902451365942,1.2053275591609343,1.3071437129566572,1.4175604576000422,1.5373043002333378,1.6671631173438866,1.8079913387414015,1.8360775675413936,1.8646001016661418,1.8935657188976602,1.9229813023073703,1.9528538418917185,1.9831904362332025,2.0139982941871999,2.0452847365950002,2.0770571980234536,2.1093232285316348]
[null,null,"Alternative Case 1",null,{"$f":"NPV($E$7,F23:AJ23)","v":867.13538984119555},0,{"$f":"G22*G20","v":0},{"$f":"H22*H20","v":0},0,0,0,0,42.744504479966501,49.410005424209118,57.114912565300301,66.021309031137676,76.316552900286553,88.217218532206857,101.97365250140798,117.87523997575964,136.25649232433912,156.63229874225138,180.05510483040302,206.98055915553132,237.93244800634247,273.51288471373311,294.42747482981417,316.94133175989379,341.17674593989062,367.26535893499477,395.34887848837946,425.57984824722979,458.12247634707489,493.15352735511533,530.86328241739272,571.45657282511036]
[]
[null,null,"Alterantive Pattern - Case 2",null,null,null,{"$f":"interpolate_look_up(G18,10:10,12:12)","v":0},0,0,0,0,0,0.32450459254831121,0.38590317030951066,0.45891879583417688,0.54574949721448429,0.64900918509662242,0.77180634061902131,0.91783759166835377,1.0914989944289686,1.2980183701932448,1.4076642809706181,1.5265721760359412,1.6555244316068221,1.7953695126057136,1.9470275552898673,1.9772736412229051,2.0079895847662184,2.0391826849195658,2.0708603540689667,2.1030301197481007,2.1356996264270638,2.1688766373289217,2.2025690362744736,2.2367848295556776,2.2715321478381787]
[null,null,"Alternative Case 2",null,{"$f":"NPV($E$7,F26:AJ26)","v":867.13538984119509},0,{"$f":"G20*G25","v":0},{"$f":"H20*H25","v":0},0,0,0,0,23.015798327231273,29.012784195903826,36.572341955315771,46.101614621508489,58.113830208272063,73.255943185561421,92.343478183655037,116.40445255690719,146.73474339059095,168.67746828469603,193.90150995935883,222.89755678014612,256.22967468882496,294.5462800917922,317.06922165187189,341.31441513229731,367.41355521731839,395.50840683099989,425.75157517384497,458.30733464147102,493.35252112784895,531.07749255990268,571.6871628808882,615.40211509892799]
[]
[null,null,"Alterantive Pattern - Case 3",null,null,null,{"$f":"interpolate_look_up(G18,10:10,13:13)","v":0.3},0.34685708336252535,0.40103278759585953,0.46367021012747661,0.536090989089686,0.61982318964193306,0.71663354586552774,0.75389096954598278,0.79308538826011077,0.83431750542188488,0.87769325996597414,0.92332409853987518,0.97132726184717777,1.0218260858776778,1.0749503187982916,1.1386130056141717,1.2060460412747758,1.2774727203207823,1.3531295616532539,1.4332670917310555,1.4656090253183278,1.498680760541456,1.5324987655075886,1.5670798799297174,1.6024413235120334,1.6386007045244959,1.6755760285708903,1.713385707554739,1.7520485688475282,1.7915838646638194]
[null,null,"Alternative Case 3",null,{"$f":"NPV($E$7,F29:AJ29)","v":867.13539274004359},0,{"$f":"G28*G20","v":15},{"$f":"H28*H20","v":18.383425418213843},22.53002200713539,27.611931949259336,33.840126109467001,41.473162298422515,50.827919064701902,56.678663689483692,63.202880950846136,70.478093526894469,78.59074764406266,87.637240256730067,97.725064464328881,108.97408677612748,121.5179714005269,136.43761636872537,153.18905463804313,171.9971887919651,193.11453433953238,216.8246099550006,235.0203346746853,254.74302811873793,276.12083211833675,299.29264205097428,324.40900926831591,351.63311925498675,381.14185187355656,413.12693058432376,447.79616810658086,485.37481661464477]
[]
[null,null,"Alternative 4 - Up-front (Alt 1)",null,null,0.15,{"$f":"interpolate_look_up(G18,10:10,14:14)","v":0},0,0,0,0,0,0.48920100374818626,0.53347747741500284,0.58176131432381595,0.63441521183562477,0.69183469422721633,0.75445108378088344,0.82273474078073761,0.89719859675374058,0.97840200749637252,1.061049358012975,1.1506780766125122,1.2478778918223321,1.3532883475830146,1.4676030112445588,1.5104364858874522,1.5545200987052648,1.5998903362419772,1.6465847499381694,1.6946419872111027,1.7441018234419057,1.7950051948963364,1.8473942326063726,1.9013122972406693,1.956804014992745]
[null,null,"Alternative 4 Payment",null,{"$f":"NPV($E$7,F32:AJ32)","v":867.13538984119327},{"$f":"F31*E5","v":150},{"$f":"G31*G20","v":0},{"$f":"H31*H20","v":0},0,0,0,0,34.697048677581073,40.107643876578912,46.361957533577296,53.591557583376201,61.948528427262012,71.608670233792523,82.775197132776853,95.68301209895526,110.60364845333098,127.14332661145812,146.15634952267325,168.01258135296197,193.13719578434475,222.01894700418939,242.20872162070839,264.23449719375003,288.26323445350459,314.47707706638397,343.07473232826646,374.27297741407705,408.30830260144108,445.43870392444609,485.94563884626257,530.13615977509687]
[]
[null,null,"Alternative 5 - Up-front (Alt 1)",null,null,0.2,{"$f":"interpolate_look_up(G18,10:10,15:15)","v":0},0,0,0,0,0,0.2726897987754861,0.31283047081074639,0.35887995776566167,0.4117080530937165,0.47231258618487532,0.54183826959990533,0.62159832066829879,0.71309926584358185,0.81806939632645825,0.93971496983362013,1.0794490400139678,1.2399613365671733,1.4243415475746368,1.6361387926529165,1.6615553792782607,1.6873667996906798,1.7135791874328767,1.7401987713290292,1.7672318769649427,1.7946849281911887,1.822564448649602,1.8508770633234859,1.879629500111899,1.9088285914284027]
[null,null,"Alternative 5 Payment",null,{"$f":"NPV($E$7,F35:AJ35)","v":867.13538984119282},{"$f":"F34*E5","v":200},{"$f":"G34*G20","v":0},0,0,0,0,0,19.340784564013493,23.519068092277589,28.600006483625485,34.778604647689875,42.291995350869115,51.428540301623094,62.538897387382718,76.049478820345783,92.478816711806203,112.60408050665957,137.10900936659075,166.94670712555643,203.27769231813636,247.51503581984289,266.44165979646908,286.81553764987927,308.74733590921534,332.35618339269547,357.77031828977181,385.12778472343535,414.57718257624703,446.2784746529876,480.40385556426003,517.13868705063578]
[]
[null,null,{"$f":"CHOOSE($K$3,C20,C23,C26,C29,C32,C35)","v":"Alternative Case 1"},null,{"$f":"CHOOSE($K$3,E20,E23,E26,E29,E32,E35)","v":867.13538984119555},0,0,0,0,0,0,0,42.744504479966501,49.410005424209118,57.114912565300301,66.021309031137676,76.316552900286553,88.217218532206857,101.97365250140798,117.87523997575964,136.25649232433912,156.63229874225138,180.05510483040302,206.98055915553132,237.93244800634247,273.51288471373311,294.42747482981417,316.94133175989379,341.17674593989062,367.26535893499477,395.34887848837946,425.57984824722979,458.12247634707489,493.15352735511533,530.86328241739272,571.45657282511036]

{"sheet":"Analysis of Maintenance","index":2,"n_rows":125,"n_cols":37,"rows_kept":125,"cut":false,"hidden":false,"merged":[]}
["Sculpting and Grace Periods",null,null,null,{"$f":"E46","v":"DSCR Constrained"},null,null,"Sculting Test",{"$f":"F62","v":false},null,"Project IRR",{"$f":"E108","v":0.10837082412935239}]
[null,null,"O&M Scenario",null,null,null,null,"Equial Installment",{"$f":"F68","v":false},null,"Equity IRR",{"$f":"E111","v":0.18970537450603242}]
[]
[]
[null,null,"Period",null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,null,"Repayment Switch",null,{"$f":"E34","v":0},{"$f":"E35","v":20},null,{"$f":"AND(H5>$E$6,H5<=$F$6)","v":true},{"$f":"AND(I5>$E$6,I5<=$F$6)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false]
["Operations"]
[null,null,"Base Capital Expenditure",null,null,null,1000]
[null,null,"Add: Capitalised O&M",null,null,null,{"$f":"'O&M Agreement'!F37","v":0}]
[null,null,"Net Capital Expenditures",null,null,null,{"$f":"G8+G9","v":1000}]
[null,null,"Growth",null,21,null,{"$f":"(E11-15)/100","v":0.06}]
[null,null,"Revenues",null,null,null,null,110.40075260619597,{"$f":"H12*(1+$G$11)","v":117.02479776256773},{"$f":"I12*(1+$G$11)","v":124.0462856283218},131.48906276602111,139.37840653198239,147.74111092390135,156.60557757933543,166.00191223409556,175.96202696814129,186.51974858622978,197.71093350140359,209.57358951148782,222.1480048821771,235.47688517510775,249.60549828561423,264.58182818275111,280.45673787371618,297.28414214613917,315.12119067490755,334.02846211540202,354.07016984232615,375.31438003286576,397.83324283483773,421.70323740492802,447.00543164922374,473.82575754817719,502.25530300106783,532.39062118113191,564.33405845199979,598.19410195911985]
[null,null,"Maintenance",null,null,null,null,{"$f":"'O&M Agreement'!G37","v":0},{"$f":"'O&M Agreement'!H37","v":0},{"$f":"'O&M Agreement'!I37","v":0},{"$f":"'O&M Agreement'!J37","v":0},{"$f":"'O&M Agreement'!K37","v":0},{"$f":"'O&M Agreement'!L37","v":0},{"$f":"'O&M Agreement'!M37","v":42.744504479966501},{"$f":"'O&M Agreement'!N37","v":49.410005424209118},{"$f":"'O&M Agreement'!O37","v":57.114912565300301},{"$f":"'O&M Agreement'!P37","v":66.021309031137676},{"$f":"'O&M Agreement'!Q37","v":76.316552900286553},{"$f":"'O&M Agreement'!R37","v":88.217218532206857},{"$f":"'O&M Agreement'!S37","v":101.97365250140798},{"$f":"'O&M Agreement'!T37","v":117.87523997575964},{"$f":"'O&M Agreement'!U37","v":136.25649232433912},{"$f":"'O&M Agreement'!V37","v":156.63229874225138},{"$f":"'O&M Agreement'!W37","v":180.05510483040302},{"$f":"'O&M Agreement'!X37","v":206.98055915553132},{"$f":"'O&M Agreement'!Y37","v":237.93244800634247},{"$f":"'O&M Agreement'!Z37","v":273.51288471373311},{"$f":"'O&M Agreement'!AA37","v":294.42747482981417},{"$f":"'O&M Agreement'!AB37","v":316.94133175989379},{"$f":"'O&M Agreement'!AC37","v":341.17674593989062},{"$f":"'O&M Agreement'!AD37","v":367.26535893499477},{"$f":"'O&M Agreement'!AE37","v":395.34887848837946},{"$f":"'O&M Agreement'!AF37","v":425.57984824722979},{"$f":"'O&M Agreement'!AG37","v":458.12247634707489},{"$f":"'O&M Agreement'!AH37","v":493.15352735511533},{"$f":"'O&M Agreement'!AI37","v":530.86328241739272},{"$f":"'O&M Agreement'!AJ37","v":571.45657282511036}]
[null,null,"EBITDA",null,null,null,null,{"$f":"H12-H13","v":110.40075260619597},117.02479776256773,124.0462856283218,131.48906276602111,139.37840653198239,147.74111092390135,113.86107309936892,116.59190680988644,118.84711440284099,120.49843955509211,121.39438060111704,121.35637097928097,120.17435238076912,117.60164519934811,113.34900596127511,107.94952944049973,100.40163304331315,90.30358299060785,77.188742668565084,60.515577401668907,59.642695012511979,58.373048272971971,56.656496894947111,54.437878469933253,51.656553160844283,48.245909300947403,44.132826653992936,39.237093826016576,33.47077603460707,26.737529134009492]
[null,null,"Net Cash Flow",null,null,null,{"$f":"G14-G10","v":-1000},{"$f":"H14-H10","v":110.40075260619597},117.02479776256773,124.0462856283218,131.48906276602111,139.37840653198239,147.74111092390135,113.86107309936892,116.59190680988644,118.84711440284099,120.49843955509211,121.39438060111704,121.35637097928097,120.17435238076912,117.60164519934811,113.34900596127511,107.94952944049973,100.40163304331315,90.30358299060785,77.188742668565084,60.515577401668907,59.642695012511979,58.373048272971971,56.656496894947111,54.437878469933253,51.656553160844283,48.245909300947403,44.132826653992936,39.237093826016576,33.47077603460707,26.737529134009492]
[null,null,"Project IRR",null,{"$f":"IRR(15:15)","v":0.10837082412935239}]
[]
["Taxes"]
[null,null,"Depreciation",null,30,null,null,{"$f":"H5<=$E$19","v":true},{"$f":"I5<=$E$19","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,null,"Tax Rate",null,0.3]
[null,null,"Depreciation Expense",null,null,null,null,{"$f":"$G$10/$E$19*H19","v":33.333333333333336},33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336]
[]
["Financing Assumptions"]
[]
[null,null,"Max Debt to Capital",null,{"$f":"G25/100","v":0.7},null,70]
[null,null,"Target DSCR",null,{"$f":"G26/10","v":1.2},null,12]
[null,null,null,null,0,1,5,10]
[null,null,"Flat",null,0.03,{"$f":"E28","v":0.03},{"$f":"F28","v":0.03},0.03]
[null,null,"Increasing ",null,0.05,{"$f":"E29+0.25%","v":5.2500000000000005E-2},{"$f":"F29+0.25%","v":5.5000000000000007E-2},5.7500000000000009E-2]
[null,null,"Zero for Test",null,0,0,0,0]
[]
[null,null,"Interest Rate",null,{"$f":"E29","v":0.05},{"$f":"F29","v":5.2500000000000005E-2},5.5000000000000007E-2,5.7500000000000009E-2]
[]
[null,null,"Grace Period",null,0]
[null,null,"Tenor",null,20]
[]
[null,null,"Sculpting",null,false]
[null,null,"Equal Instrallment",null,{"$f":"NOT(E37)","v":true}]
[null,null,"Net Debt Life for Equal Installment",null,{"$f":"F6-E6","v":20}]
[]
["Debt Size"]
[null,null,"Max Debt to Cap",null,{"$f":"E25*G10","v":700}]
[null,null,"DSCR Target",null,{"$f":"IF(E37,Comp_1,E70)","v":813.804443359375},{"$f":"IF(E37,C37,C38)","v":"Equal Instrallment"}]
[null,null,null,"Final",{"$f":"MIN(E42:E43)","v":700}]
[null,null,null,"Debt to Cap Constraint",{"$f":"ROUND(E43-E42,0)=0","v":false}]
[null,null,null,"Method",{"$f":"IF(E45,\"Gearing Constrained\",\"DSCR Constrained\")","v":"DSCR Constrained"}]
[]
[null,null,"EBITDA",null,null,null,null,{"$f":"H15","v":110.40075260619597},117.02479776256773,124.0462856283218,131.48906276602111,139.37840653198239,147.74111092390135,113.86107309936892,116.59190680988644,118.84711440284099,120.49843955509211,121.39438060111704,121.35637097928097,120.17435238076912,117.60164519934811,113.34900596127511,107.94952944049973,100.40163304331315,90.30358299060785,77.188742668565084,60.515577401668907,59.642695012511979,58.373048272971971,56.656496894947111,54.437878469933253,51.656553160844283,48.245909300947403,44.132826653992936,39.237093826016576,33.47077603460707,26.737529134009492]
[null,null,"Less: Taxes",null,null,null,null,{"$f":"H92","v":12.095225781858787},{"$f":"I92","v":14.63368932877032},17.29138568849654,20.075468829806326,22.573521959594711,25.659833277170399,16.073321929810671,17.470072042965928,18.724134320852293,19.508281866527632,20.380814180335108,20.973161293784283,21.222305714230739,21.054243559804434,20.382201788382527,19.366108832149916,17.705489912993944,15.279824897182353,11.949122800569524,7.5509232205006711,7.8928085037535922,7.5119144818915906,6.996949068484132,6.3313635409799751,5.4969659482532842,4.4737727902842197,3.2398479961978799,1.7711281478049721,4.1232810382120275E-2,-1.978741259797153]
[null,null,null,"CFADS",null,null,null,{"$f":"H48-H49","v":98.305526824337178},{"$f":"I48-I49","v":102.39110843379741},106.75489993982526,111.41359393621478,116.80488457238768,122.08127764673094,97.787751169558248,99.121834766920514,100.12298008198869,100.99015768856447,101.01356642078193,100.38320968549668,98.952046666538379,96.547401639543679,92.96680417289258,88.583420608349812,82.696143130319214,75.023758093425499,65.239619867995557,52.964654181168235,51.749886508758387,50.861133791080377,49.659547826462976,48.106514928953274,46.159587212590999,43.772136510663181,40.892978657795055,37.465965678211603,33.42954322422495,28.716270393806646]
[]
[null,null,"Cash Flow over Repayment Period",null,null,null,null,{"$f":"IF(H6,H50)","v":98.305526824337178},102.39110843379741,106.75489993982526,111.41359393621478,116.80488457238768,122.08127764673094,97.787751169558248,99.121834766920514,100.12298008198869,100.99015768856447,101.01356642078193,100.38320968549668,98.952046666538379,96.547401639543679,92.96680417289258,88.583420608349812,82.696143130319214,75.023758093425499,65.239619867995557,52.964654181168235,false,false,false,false,false,false,false,false,false,false]
[null,null,"Interest Rate  ",null,null,null,null,{"$f":"LOOKUP(H5,27:27,32:32)","v":5.2500000000000005E-2},5.2500000000000005E-2,5.2500000000000005E-2,5.2500000000000005E-2,5.5000000000000007E-2,5.5000000000000007E-2,5.5000000000000007E-2,5.5000000000000007E-2,5.5000000000000007E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2]
[null,null,"Interest Rate Index",null,null,null,1,{"$f":"G54*(1+H53*H6)","v":1.0525},1.10775625,1.1659134531249999,1.2271239094140625,1.2946157244318359,1.3658195892755869,1.4409396666857441,1.5201913483534599,1.6038018725129002,1.6960204801823922,1.7935416577928798,1.8966703031159706,2.0057288455451392,2.1210582541639851,2.2430191037784146,2.3719927022456737,2.5083822826248001,2.6526142638757264,2.8051395840485811,2.9664351101313748,2.9664351101313748,2.9664351101313748,2.9664351101313748,2.9664351101313748,2.9664351101313748,2.9664351101313748,2.9664351101313748,2.9664351101313748,2.9664351101313748,2.9664351101313748]
[null,null,"NPV of Cash Flow over Repayment Period",null,null,{"$f":"SUMPRODUCT(H52:AK52/H54:AK54)","v":1188.0922194476939}]
[null,null,"Target DSCR ",null,{"$f":"E26","v":1.2}]
[null,null,"LLCR Using Max Debt to Cap",null,{"$f":"F64","v":1.7036223411560059}]
[null,null,"Target DSCR Applied",null,{"$f":"MAX(E57,E26)","v":1.7036223411560059}]
[]
[null,null,"Target Debt Service",null,null,{"$f":"E58","v":1.7036223411560059},null,{"$f":"IF(H6,H52/$F$60)","v":57.703825812492703},60.101999111093569,62.663477321731953,65.398058739130079,68.562663068346964,71.659824303484868,57.399899500733028,58.182985966044939,58.770642802236019,59.279662662815767,59.293403227054654,58.923393559972276,58.083322973678378,56.67183348513187,54.57007807834291,51.997099631976454,48.54135868763327,44.03778717912185,38.294649167213151,31.089433908942912,false,false,false,false,false,false,false,false,false,false]
[null,null,"NPV of Debt Service from Function",null,{"$f":"E64","v":699.957763671875}]
[null,null,"Computed NPV of Debt Service",null,{"$f":"SUMPRODUCT(H60:AK60/H54:AK54)","v":697.39178146813049},{"$f":"ROUND(Fix_1-Comp_1,0)=0","v":false}]
[]
[null,null,null,"Function Outputs for Sculpting",{"$f":"debt_sculpt(5:5,E56,E42,53:53,6:6,48:48,E20,21:21)","v":699.957763671875},1.7036223411560059,{"$error":"#N/A"}]
[]
[null,null,"Repayment and Debt Size from Equal Installment",null,{"$f":"E35","v":20},{"$f":"E44","v":700},null,{"$f":"$F$66/$E$39*H6","v":35},{"$f":"$F$66/$E$39*I6","v":35},35,35,35,35,35,35,35,35,35,35,35,35,35,35,35,35,35,35,0,0,0,0,0,0,0,0,0,0]
[null,null,"DSCR Result",null,{"$f":"MIN(97:97)","v":1.3701118721161976}]
[null,null,"DSCR Target",null,{"$f":"E26","v":1.2},{"$f":"ROUND(E68-E67,3)=0","v":false}]
[null,null,null,"Difference",{"$f":"E68-E67","v":-0.1701118721161976}]
[null,null,null,"Debt with Dynamic Goal Seek Function",{"$f":"equal_installment(5:5,E56,81:81,6:6,48:48,E20,21:21,E39)","v":813.804443359375},813.804443359375,8]
[]
["Project Finance Model"]
[null,"Cap Exp",null,null,null,null,{"$f":"G10","v":1000}]
[null,"Debt",null,null,null,null,{"$f":"E44","v":700}]
[null,"Equity",null,null,null,null,{"$f":"G73-G74","v":300}]
[]
[null,"Debt"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G80","v":700},{"$f":"H80","v":665},630,595,560,525,490,455,420,385,350,315,280,245,210,175,140,105,70,35,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment",null,{"$f":"E38","v":true},null,null,{"$f":"IF($E$79,H66,(H60-H82)*H6)","v":35},35,35,35,35,35,35,35,35,35,35,35,35,35,35,35,35,35,35,35,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,{"$f":"G74","v":700},{"$f":"H78-H79","v":665},{"$f":"I78-I79","v":630},595,560,525,490,455,420,385,350,315,280,245,210,175,140,105,70,35,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Rate",null,null,null,null,{"$f":"LOOKUP(H5,27:27,32:32)","v":5.2500000000000005E-2},5.2500000000000005E-2,5.2500000000000005E-2,5.2500000000000005E-2,5.5000000000000007E-2,5.5000000000000007E-2,5.5000000000000007E-2,5.5000000000000007E-2,5.5000000000000007E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2,5.7500000000000009E-2]
[null,null,"Interest Expense",null,null,null,null,{"$f":"H81*H78","v":36.75},{"$f":"I81*I78","v":34.912500000000001},33.075000000000003,31.237500000000004,30.800000000000004,28.875000000000004,26.950000000000003,25.025000000000002,23.1,22.137500000000003,20.125000000000004,18.112500000000004,16.100000000000001,14.087500000000002,12.075000000000003,10.062500000000002,8.0500000000000007,6.0375000000000014,4.0250000000000004,2.0125000000000002,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,{"$f":"\">\"&F6","v":">20"}]
[null,null,"Ending Balance Test",null,null,{"$f":"ROUND(SUMIF(5:5,F83,80:80),2)=0","v":true}]
[]
["Profit and Loss"]
[null,"EBITDA",null,null,null,null,null,{"$f":"H14","v":110.40075260619597},117.02479776256773,124.0462856283218,131.48906276602111,139.37840653198239,147.74111092390135,113.86107309936892,116.59190680988644,118.84711440284099,120.49843955509211,121.39438060111704,121.35637097928097,120.17435238076912,117.60164519934811,113.34900596127511,107.94952944049973,100.40163304331315,90.30358299060785,77.188742668565084,60.515577401668907,59.642695012511979,58.373048272971971,56.656496894947111,54.437878469933253,51.656553160844283,48.245909300947403,44.132826653992936,39.237093826016576,33.47077603460707,26.737529134009492]
[null,"Less: Depreciation",null,null,null,null,null,{"$f":"H21","v":33.333333333333336},33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336]
[null,null,"EBIT ",null,null,null,null,{"$f":"H87-H88","v":77.067419272862622},{"$f":"I87-I88","v":83.691464429234401},90.712952294988469,98.155729432687764,106.04507319864905,114.407777590568,80.52773976603558,83.258573476553096,85.513781069507644,87.165106221758776,88.061047267783692,88.023037645947625,86.841019047435793,84.268311866014784,80.015672627941768,74.616196107166388,67.068299709979811,56.970249657274515,43.855409335231748,27.182244068335571,26.309361679178643,25.039714939638635,23.323163561613775,21.104545136599917,18.323219827510947,14.912575967614067,10.7994933206596,5.9037604926832401,0.13744270127373426,-6.5958041993238439]
[null,"Less: Interest Expense",null,null,null,null,null,{"$f":"H82","v":36.75},{"$f":"I82","v":34.912500000000001},33.075000000000003,31.237500000000004,30.800000000000004,28.875000000000004,26.950000000000003,25.025000000000002,23.1,22.137500000000003,20.125000000000004,18.112500000000004,16.100000000000001,14.087500000000002,12.075000000000003,10.062500000000002,8.0500000000000007,6.0375000000000014,4.0250000000000004,2.0125000000000002,0,0,0,0,0,0,0,0,0,0]
[null,null,"EBT",null,null,null,null,{"$f":"H89-H90","v":40.317419272862622},{"$f":"I89-I90","v":48.778964429234399},57.637952294988466,66.918229432687752,75.245073198649038,85.532777590568003,53.577739766035577,58.23357347655309,62.413781069507642,65.027606221758774,67.936047267783692,69.910537645947613,70.741019047435799,70.180811866014778,67.940672627941765,64.553696107166388,59.018299709979814,50.932749657274513,39.830409335231749,25.169744068335572,26.309361679178643,25.039714939638635,23.323163561613775,21.104545136599917,18.323219827510947,14.912575967614067,10.7994933206596,5.9037604926832401,0.13744270127373426,-6.5958041993238439]
[null,"Taxes",null,null,null,{"$f":"E20","v":0.3},null,{"$f":"$F$92*H91","v":12.095225781858787},{"$f":"$F$92*I91","v":14.63368932877032},17.29138568849654,20.075468829806326,22.573521959594711,25.659833277170399,16.073321929810671,17.470072042965928,18.724134320852293,19.508281866527632,20.380814180335108,20.973161293784283,21.222305714230739,21.054243559804434,20.382201788382527,19.366108832149916,17.705489912993944,15.279824897182353,11.949122800569524,7.5509232205006711,7.8928085037535922,7.5119144818915906,6.996949068484132,6.3313635409799751,5.4969659482532842,4.4737727902842197,3.2398479961978799,1.7711281478049721,4.1232810382120275E-2,-1.978741259797153]
[]
["DSCR"]
[null,"Cash Flow",null,null,null,null,null,{"$f":"H50","v":98.305526824337178},102.39110843379741,106.75489993982526,111.41359393621478,116.80488457238768,122.08127764673094,97.787751169558248,99.121834766920514,100.12298008198869,100.99015768856447,101.01356642078193,100.38320968549668,98.952046666538379,96.547401639543679,92.96680417289258,88.583420608349812,82.696143130319214,75.023758093425499,65.239619867995557,52.964654181168235,51.749886508758387,50.861133791080377,49.659547826462976,48.106514928953274,46.159587212590999,43.772136510663181,40.892978657795055,37.465965678211603,33.42954322422495,28.716270393806646]
[null,"Debt Service",null,null,null,null,null,{"$f":"H79+H82","v":71.75},69.912499999999994,68.075000000000003,66.237500000000011,65.800000000000011,63.875,61.95,60.025000000000006,58.1,57.137500000000003,55.125,53.112500000000004,51.1,49.087500000000006,47.075000000000003,45.0625,43.05,41.037500000000001,39.024999999999999,37.012500000000003,0,0,0,0,0,0,0,0,0,0]
[null,null,"DSCR",null,null,null,null,{"$f":"IF(H96>0.1,H95/H96)","v":1.3701118721161976},{"$f":"IF(I96>0.1,I95/I96)","v":1.4645608215097075},1.568195371866695,1.6820319899787093,1.775150221464858,1.9112528790094863,1.5784947727128045,1.6513425200653145,1.723287092633196,1.7674934620619465,1.8324456493565882,1.8900110084348631,1.9364392694038821,1.9668429160080196,1.9748657285797679,1.9657901938052662,1.9209324768947553,1.8281756465044288,1.671739138193352,1.4309936962152849,false,false,false,false,false,false,false,false,false,false]
[]
["Equity Return"]
[null,"Equity Cash Flow",null,null,null,null,{"$f":"-G75","v":-300},{"$f":"H87-H96-H93","v":38.650752606195965},{"$f":"I87-I96-I93","v":47.112297762567735},55.971285628321795,65.251562766021095,73.578406531982381,83.866110923901346,51.91107309936892,56.566906809886433,60.747114402840985,63.360939555092102,66.269380601117035,68.243870979280956,69.074352380769113,68.514145199348107,66.274005961275108,62.887029440499731,57.351633043313157,49.266082990607849,38.163742668565085,23.503077401668904,59.642695012511979,58.373048272971971,56.656496894947111,54.437878469933253,51.656553160844283,48.245909300947403,44.132826653992936,39.237093826016576,33.47077603460707,26.737529134009492]
[null,"Equity IRR",null,null,{"$f":"IRR(100:100)","v":0.18970537450603242}]
[]
[]
[]
[]
[]
[null,null,null,"Constraint",{"$f":"E125","v":"DSCR Constrained"},null,null,null,"Min DSCR",null,{"$f":"MIN(97:97)","v":1.3701118721161976}]
[null,null,null,"Project IRR",{"$f":"E16","v":0.10837082412935239},null,null,null,"DSCR Target",null,{"$f":"E26","v":1.2}]
[null,null,null,"Revenues",{"$f":"H12","v":110.40075260619597},null,null,null,"Debt to Capital",null,{"$f":"E25","v":0.7}]
[null,null,null,"Debt Size",{"$f":"E44","v":700},null,null,null,"Grace Period",null,{"$f":"E34","v":0}]
[null,null,null,"Equity IRR",{"$f":"E101","v":0.18970537450603242},null,null,null,"Tenor",null,{"$f":"E35","v":20}]
[null,null,null,"Final Debt to Cap",{"$f":"G74/G73","v":0.7},null,null,null,"Sculpted Repayment",null,{"$f":"E37","v":false}]
[]
[null,null,null,null,null,null,null,null,"Target Equity IRR",null,0.14499999999999999]
[null,null,null,null,"EBITDA",null,null,null,"Actual IRR",null,{"$f":"E101","v":0.18970537450603242}]
[null,null,null,null,null,null,null,null,"Difference",null,{"$f":"K114-K115","v":-4.470537450603243E-2},null,null,"O&M Discount Rate",null,{"$f":"'O&M Agreement'!E7","v":0.09}]
[]
[null,null,null,null,null,null,null,null,"Revenues",null,{"$f":"E109","v":110.40075260619597}]
[null,null,null,null,null,null,null,null,"Growth",null,{"$f":"G11","v":0.06}]
[]
[]
[]
[]
[]
[null,null,null,"Method:",{"$f":"E46","v":"DSCR Constrained"}]

{"sheet":"Function for Dynamic Goal Seek","index":3,"n_rows":115,"n_cols":1,"rows_kept":115,"cut":false,"hidden":false,"merged":[]}
["Function equal_installment(period, Input_DSCR, interest_rate, _"]
["                     repayment_period, ebitda, tax_rate, _"]
["                     depreciation, tenor) As Variant"]
[]
["Dim output(3) As Single   ' this is for output of function as array"]
[]
["For i = 1 To 2000         ' this is so can read entire rows; find start"]
["  If WorksheetFunction.IsNumber(period(i)) Then"]
["    start_period = i"]
["    Exit For"]
["  End If"]
["Next i"]
[]
["For i = start_period To 2000  ' this is so can read entire rows; find end"]
["  If WorksheetFunction.IsNumber(period(i)) = False Then"]
["    end_period = i - 1"]
["    Exit For"]
["  End If"]
["Next i"]
[]
["' get some starting high value to start the loop around start to end"]
[]
["For i = start_period To end_period"]
["   end_value = end_value + ebitda(i)"]
["Next i"]
[]
["'  start with wide values"]
[]
["start_value = 1"]
["increment = (end_value - start_value) / 20"]
[]
["try = 0      ' defined counter to avoid infininte loops"]
[]
["next_try:    ' come back to here after hit min dscr in test below"]
[]
["    try = try + 1"]
["    If try > 100 Then GoTo final   ' stop infinite loop"]
[]
["For debt_calc = start_value To end_value Step increment   ' go around and start with a low value"]
[]
["    min_dscr = 1000   ' re-start min dscr with high value"]
[]
["    opening_balance = debt_calc           ' set starting point for calc"]
[]
["' calculate the min dscr for the level of debt"]
[]
["    For i = start_period To end_period"]
["        repayment = 0"]
["        "]
["        interest = interest_rate(i) * opening_balance"]
["        "]
["        If repayment_period(i) = True Then"]
["            interest = interest_rate(i) * opening_balance"]
["        End If"]
[]
["        ebit = ebitda(i) - depreciation(i)"]
["        ebt = ebit - interest"]
["        taxes = ebt * tax_rate"]
["    "]
["        cash_flow = ebitda(i) - taxes"]
["                            "]
["        If repayment_period(i) Then"]
["            If tenor > 0 Then repayment = debt_calc / tenor"]
["            "]
["            debt_service = interest + repayment"]
["            "]
["            If debt_service > 0.1 Then"]
["                dscr = cash_flow / debt_service"]
["            End If"]
["                "]
["        Else"]
["            debt_service = interest"]
["        End If"]
["     "]
["        If dscr < min_dscr And dscr > 0 Then"]
["            min_dscr = dscr"]
["            min_period = i"]
["            min_ds = debt_service"]
["            min_int = interest"]
["            min_ob = opening_balance"]
["        End If"]
["    "]
["        opening_balance = opening_balance - repayment"]
["    "]
["    Next i                        ' finish loop over time period"]
[]
["    ' after the period loop test the level of debt to see when to stop or adjust increment"]
[]
["    If min_dscr < Input_DSCR Then"]
["        If Abs(min_dscr - Input_DSCR) < 0.0000001 Then"]
["        ' finalise function"]
["        "]
["            output(1) = debt_calc"]
["            GoTo final:"]
["        End If"]
["  "]
["     ' adjust increment when difference is bigger"]
["  "]
["        start_value = debt_calc - increment"]
["        end_value = debt_calc"]
["        increment = (end_value - start_value) / 20"]
["    "]
["        GoTo next_try:"]
["    End If"]
[]
["Next debt_calc"]
[]
["final:"]
["    output(1) = debt_calc"]
["    output(2) = min_ob"]
["    output(3) = start_period"]
[]
["    equal_installment = output"]
[]
["End Function"]

{"sheet":"Function for Sculpting","index":4,"n_rows":86,"n_cols":1,"rows_kept":86,"cut":false,"hidden":false,"merged":[]}
["Function debt_sculpt(period, Input_DSCR, debt_issued, interest_rate, _"]
["                     repayment_period, ebitda, tax_rate, _"]
["                     depreciation) As Variant"]
[]
["Dim interest_index(1000) As Single"]
["Dim cfads(1000) As Single"]
["Dim debt_service(1000) As Single"]
["Dim output(2) As Single"]
[]
["For i = 1 To 2000"]
["  If WorksheetFunction.IsNumber(period(i)) Then"]
["    start_period = i"]
["    Exit For"]
["  End If"]
["Next i"]
[]
["For i = start_period To 2000"]
["  If WorksheetFunction.IsNumber(period(i)) = False Then"]
["    end_period = i - 1"]
["    Exit For"]
["  End If"]
["Next i"]
[]
["If start_period > 0 Then interest_index(start_period - 1) = 1"]
[]
["For iter = 1 To 10"]
[]
["opening_balance = debt_calc"]
[]
["For i = start_period To end_period"]
[]
["interest_index(i) = interest_index(i - 1)"]
[]
["If period(i) > 0 Then"]
["    cfads(i) = 0"]
["    repayment = 0"]
[]
["    interest = interest_rate(i) * opening_balance"]
[]
["    ebit = ebitda(i) - depreciation(i)"]
["    ebt = ebit - interest"]
["    If period(i) > 0 Then taxes = ebt * tax_rate"]
["    "]
["    cash_flow = ebitda(i) - taxes"]
["              "]
["    If repayment_period(i) = True Then"]
["        interest_index(i) = interest_index(i - 1) * (1 + interest_rate(i))"]
["        "]
["        cfads(i) = cash_flow"]
["        If target_dscr > 0 Then target_ds = cfads(i) / target_dscr"]
["        repayment = target_ds - interest"]
["        "]
["        debt_service(i) = interest + repayment"]
["    Else"]
["        interest_index(i) = interest_index(i - 1)"]
["        cfads(i) = 0"]
["        debt_service(i) = 0"]
["    End If"]
[]
[]
["    opening_balance = opening_balance - repayment"]
[]
["End If"]
[]
["Next i"]
[]
["For i = start_period To end_period"]
["     If interest_index(i) > 0 Then interest_index(i) = 1 / interest_index(i)"]
["Next i"]
[]
["debt_calc = WorksheetFunction.SumProduct(debt_service, interest_index)"]
[]
["pv_cfads = WorksheetFunction.SumProduct(interest_index, cfads)"]
[]
["If debt_issued > 0 Then LLCR = pv_cfads / debt_issued"]
[]
["target_dscr = WorksheetFunction.Max(Input_DSCR, LLCR)"]
[]
["Next iter"]
[]
["output(1) = debt_calc"]
["output(2) = LLCR"]
[]
["debt_sculpt = output"]
[]
["End Function"]

{"sheet":"Taxes and Function","index":5,"n_rows":102,"n_cols":37,"rows_kept":102,"cut":false,"hidden":false,"merged":[]}
["Sculpting and Grace Periods",null,null,null,null,null,"Test",{"$f":"F49","v":true}]
[null,"Operations"]
[null,null,"Period",null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,null,"Repayment Switch",null,{"$f":"E22","v":3},{"$f":"E4+E23","v":24},null,{"$f":"AND(H3>$E$4,H3<=$F$4)","v":false},{"$f":"AND(I3>$E$4,I3<=$F$4)","v":false},false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false]
[null,null,"Capital Expenditures",null,null,null,1000]
[null,null,"Growth",null,null,null,0.02]
[null,null,"EBITDA",null,null,null,null,48.019153871361731,{"$f":"H7*(1+$G$6)","v":48.979536948788969},49.959127687764749,50.958310241520046,51.977476446350451,53.017025975277463,54.077366494783014,55.158913824678677,56.26209210117225,57.387333943195699,58.535080622059617,59.705782234500809,60.899897879190824,62.117895836774643,63.360253753510136,64.627458828580345,65.920008005151956,67.238408165254995,68.5831763285601,69.954839855131297,71.353936652233926,72.781015385278607,74.23663569298418,75.721368406843865,77.235795774980744,78.780511690480367,80.35612192428998,81.963244362775782,83.602509250031304,85.274559435031932]
[null,null,"Net Cash Flow",null,null,null,{"$f":"G7-G5","v":-1000},{"$f":"H7-H5","v":48.019153871361731},48.979536948788969,49.959127687764749,50.958310241520046,51.977476446350451,53.017025975277463,54.077366494783014,55.158913824678677,56.26209210117225,57.387333943195699,58.535080622059617,59.705782234500809,60.899897879190824,62.117895836774643,63.360253753510136,64.627458828580345,65.920008005151956,67.238408165254995,68.5831763285601,69.954839855131297,71.353936652233926,72.781015385278607,74.23663569298418,75.721368406843865,77.235795774980744,78.780511690480367,80.35612192428998,81.963244362775782,83.602509250031304,85.274559435031932]
[null,null,"Project IRR",null,{"$f":"IRR(8:8)","v":4.4374684011579513E-2}]
[]
["Taxes"]
[null,null,"Depreciation",null,15,null,null,{"$f":"H3<=$E$12","v":true},{"$f":"I3<=$E$12","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Tax Rate",null,0.3]
[null,null,"Depreciation Expense",null,null,null,null,{"$f":"$G$5/$E$12*H12","v":66.666666666666671},66.666666666666671,66.666666666666671,66.666666666666671,66.666666666666671,66.666666666666671,66.666666666666671,66.666666666666671,66.666666666666671,66.666666666666671,66.666666666666671,66.666666666666671,66.666666666666671,66.666666666666671,66.666666666666671,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Financing Assumptions"]
[null,null,"Target DSCR",null,{"$f":"G17/10","v":1.5},null,15]
[]
[]
[null,null,"Interest Year",null,0,1,5,10]
[null,null,"Interest Rate",null,0.03,3.2500000000000001E-2,3.5000000000000003E-2,3.7499999999999999E-2]
[null,null,"Grace Period",null,3]
[null,null,"Tenor",null,21]
[null,null,"Max Debt to Capital",null,{"$f":"G24/100","v":0.77},null,77]
[null,null,"Sculpting",null,true]
[null,null,"Equal Instrallment",null,{"$f":"NOT(E25)","v":false}]
[]
["Debt Size"]
[null,null,"Max Debt to Cap",null,{"$f":"E24*G5","v":770}]
[null,null,"DSCR Target",null,{"$f":"Comp_1","v":580.0828857421875}]
[null,null,null,"Final",{"$f":"MIN(E29:E30)","v":580.0828857421875}]
[null,null,null,"Method",{"$f":"IF(E31<>E29,\"DSCR\",\"Max Gear\")","v":"DSCR"}]
[]
[]
[null,null,"EBITDA",null,null,null,null,{"$f":"H8","v":48.019153871361731},{"$f":"I8","v":48.979536948788969},49.959127687764749,50.958310241520046,51.977476446350451,53.017025975277463,54.077366494783014,55.158913824678677,56.26209210117225,57.387333943195699,58.535080622059617,59.705782234500809,60.899897879190824,62.117895836774643,63.360253753510136,64.627458828580345,65.920008005151956,67.238408165254995,68.5831763285601,69.954839855131297,71.353936652233926,72.781015385278607,74.23663569298418,75.721368406843865,77.235795774980744,78.780511690480367,80.35612192428998,81.963244362775782,83.602509250031304,85.274559435031932]
[null,null,"Less: Taxes",null,null,null,null,{"$f":"H73","v":-11.250061974577811},{"$f":"I73","v":-10.96194705134964},-10.668069829656906,-10.368315063530316,-10.266294274012006,-9.7238068225684646,-9.1635308486621856,-8.5849162961877692,-7.9873966679193291,-7.6980020248914842,-7.0498205842660377,-6.3796112703943857,-5.6866615984785893,-4.9702366762047667,-4.2295785108581665,16.536094704761489,17.177589328268642,17.84123702612829,18.527760555283965,19.237905518681742,19.97244107391624,20.732160663601253,21.517882768126171,22.330451681479172,23.170738310838946,23.63415308548883,24.106836155631715,24.588972887177455,25.080752353354111,25.582367408854299]
[null,null,"CFADS",null,null,null,null,{"$f":"H35-H36","v":59.269215845939542},{"$f":"I35-I36","v":59.941484000138608},60.627197517421656,61.326625305050364,62.243770720362456,62.740832797845925,63.240897343445198,63.743830120866448,64.249488769091585,65.085335968087179,65.584901206325654,66.085393504895194,66.586559477669411,67.088132512979413,67.589832264368297,48.091364123818856,48.742418676883318,49.397171139126705,50.055415773276138,50.716934336449555,51.381495578317683,52.048854721677358,52.718752924858009,53.39091672536469,54.065057464141802,55.146358604991534,56.249285768658268,57.374271475598327,58.521756896677189,59.692192026177636]
[]
[null,null,"Cash Flow over Repayment Period",null,null,null,null,{"$f":"IF(H4,H37)","v":false},{"$f":"IF(I4,I37)","v":false},false,61.326625305050364,62.243770720362456,62.740832797845925,63.240897343445198,63.743830120866448,64.249488769091585,65.085335968087179,65.584901206325654,66.085393504895194,66.586559477669411,67.088132512979413,67.589832264368297,48.091364123818856,48.742418676883318,49.397171139126705,50.055415773276138,50.716934336449555,51.381495578317683,52.048854721677358,52.718752924858009,53.39091672536469,false,false,false,false,false,false]
[null,null,"Interest Rate  ",null,null,null,null,{"$f":"LOOKUP(H3,20:20,21:21)","v":3.2500000000000001E-2},3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2]
[null,null,"Interest Rate Index",null,null,null,1,{"$f":"G41*(1+H40*H4)","v":1},{"$f":"H41*(1+I40*I4)","v":1},1,1.0325,1.0686374999999999,1.1060398124999997,1.1447512059374996,1.1848174981453119,1.2262861105803977,1.2722718397271628,1.3199820337169315,1.3694813599813165,1.420836910980616,1.4741182951423892,1.5293977312102289,1.5867501461306126,1.6462532766105107,1.7079877744834049,1.7720373160265328,1.838488715377528,1.9074320422041855,1.9789607437868426,2.0531717716788496,2.1301657131168068,2.1301657131168068,2.1301657131168068,2.1301657131168068,2.1301657131168068,2.1301657131168068,2.1301657131168068]
[null,null,"NPV of Cash Flow over Repayment Period",null,null,{"$f":"SUMPRODUCT(H39:AK39/H41:AK41)","v":870.12430222063813}]
[null,null,"Target DSCR ",null,{"$f":"E17","v":1.5}]
[null,null,"LLCR Using Max Debt to Cap",null,{"$f":"F51","v":1.1300315856933594}]
[null,null,"Target DSCR Applied",null,{"$f":"MAX(E44,E17)","v":1.5}]
[]
[null,null,"Target Debt Service",null,null,{"$f":"E45","v":1.5},null,{"$f":"IF(H4,H39/$F$47)","v":false},{"$f":"IF(I4,I39/$F$47)","v":false},false,40.884416870033576,41.495847146908304,41.827221865230619,42.160598228963465,42.495886747244299,42.832992512727721,43.390223978724784,43.723267470883769,44.056929003263463,44.391039651779607,44.725421675319609,45.059888176245529,32.060909415879237,32.494945784588879,32.931447426084468,33.37027718218409,33.811289557633039,34.254330385545124,34.699236481118241,35.145835283238675,35.593944483576458,false,false,false,false,false,false]
[null,null,"NPV of Debt Service",null,{"$f":"E51","v":580.0828857421875}]
[null,null,null,null,{"$f":"SUMPRODUCT(H47:AK47/H41:AK41)","v":580.0828681470922},{"$f":"ROUND(Comp_1-Fix_1,2)=0","v":true}]
[]
[null,null,null,"Debt Sculpting Function",{"$f":"debt_sculpt(3:3,E43,E29,40:40,4:4,35:35,E13,14:14)","v":580.0828857421875},1.1300315856933594]
[]
["Project Finance Model"]
[null,"Cap Exp",null,null,null,null,{"$f":"G5","v":1000}]
[null,"Debt",null,null,null,null,{"$f":"E31","v":580.0828857421875}]
[null,"Equity",null,null,null,null,{"$f":"G54-G55","v":419.9171142578125}]
[]
[null,"Debt"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G61","v":580.0828857421875},{"$f":"H61","v":580.0828857421875},580.0828857421875,580.0828857421875,558.05116265877507,536.08710620492388,513.02293305686555,488.81813748489236,463.43088554961929,436.81797403112824,409.80842407857079,381.45297251063346,351.70052997651874,320.49826019885859,287.79152328099616,253.52381722778799,230.9700509579508,207.13648208428509,181.97265273636131,155.42635003179078,127.44354860034989,97.968351287317887,66.942927979474064,34.307452495465668,3.74804691745112E-5,3.74804691745112E-5,3.74804691745112E-5,3.74804691745112E-5,3.74804691745112E-5,3.74804691745112E-5]
[null,null,"Less: Repayment",null,null,null,null,{"$f":"(H47-H63)*H4","v":0},0,0,22.03172308341248,21.964056453851175,23.064173148058281,24.204795571973168,25.387251935273063,26.612911518491043,27.009549952557474,28.355451567937365,29.752442534114707,31.202269777660156,32.706736917862415,34.267706053208173,22.55376626983719,23.833568873665726,25.163829347923777,26.54630270457054,27.982801431440883,29.475197313032005,31.02542330784382,32.635475484008396,34.307415014996494,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,{"$f":"G55","v":580.0828857421875},{"$f":"H59-H60","v":580.0828857421875},{"$f":"I59-I60","v":580.0828857421875},580.0828857421875,558.05116265877507,536.08710620492388,513.02293305686555,488.81813748489236,463.43088554961929,436.81797403112824,409.80842407857079,381.45297251063346,351.70052997651874,320.49826019885859,287.79152328099616,253.52381722778799,230.9700509579508,207.13648208428509,181.97265273636131,155.42635003179078,127.44354860034989,97.968351287317887,66.942927979474064,34.307452495465668,3.74804691745112E-5,3.74804691745112E-5,3.74804691745112E-5,3.74804691745112E-5,3.74804691745112E-5,3.74804691745112E-5,3.74804691745112E-5]
[null,null,"Interest Rate",null,null,null,null,{"$f":"LOOKUP(H3,20:20,21:21)","v":3.2500000000000001E-2},3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2]
[null,null,"Interest Expense",null,null,null,null,{"$f":"H62*H59","v":18.852693786621096},{"$f":"I62*I59","v":18.852693786621096},18.852693786621096,18.852693786621096,19.531790693057129,18.763048717172339,17.955802656990297,17.108634811971235,16.220080994236678,16.380674026167309,15.367815902946404,14.304486469148754,13.188769874119453,12.018684757457196,10.792182123037355,9.5071431460420488,8.6613769109231544,7.7676180781606909,6.8239744776135494,5.8284881261921537,4.7791330725131207,3.6738131732744206,2.5103597992302773,1.2865294685799624,1.40551759404417E-6,1.40551759404417E-6,1.40551759404417E-6,1.40551759404417E-6,1.40551759404417E-6,1.40551759404417E-6]
[null,null,null,null,null,{"$f":"\">\"&F4","v":">24"}]
[null,null,"Ending Balance Test",null,null,{"$f":"ROUND(SUMIF(3:3,F64,61:61),2)=0","v":true}]
[]
["Profit and Loss"]
[null,"EBITDA",null,null,null,null,null,{"$f":"H7","v":48.019153871361731},48.979536948788969,49.959127687764749,50.958310241520046,51.977476446350451,53.017025975277463,54.077366494783014,55.158913824678677,56.26209210117225,57.387333943195699,58.535080622059617,59.705782234500809,60.899897879190824,62.117895836774643,63.360253753510136,64.627458828580345,65.920008005151956,67.238408165254995,68.5831763285601,69.954839855131297,71.353936652233926,72.781015385278607,74.23663569298418,75.721368406843865,77.235795774980744,78.780511690480367,80.35612192428998,81.963244362775782,83.602509250031304,85.274559435031932]
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[null,"EBIT ",null,null,null,null,null,{"$f":"H68-H69","v":-18.647512795304941},{"$f":"I68-I69","v":-17.687129717877703},-16.707538978901923,-15.708356425146626,-14.68919022031622,-13.649640691389209,-12.589300171883657,-11.507752841987994,-10.404574565494421,-9.2793327234709722,-8.1315860446070545,-6.9608844321658623,-5.7667687874758471,-4.5487708298920282,-3.3064129131565352,64.627458828580345,65.920008005151956,67.238408165254995,68.5831763285601,69.954839855131297,71.353936652233926,72.781015385278607,74.23663569298418,75.721368406843865,77.235795774980744,78.780511690480367,80.35612192428998,81.963244362775782,83.602509250031304,85.274559435031932]
[null,"Less: Interest Expense",null,null,null,null,null,{"$f":"H63","v":18.852693786621096},{"$f":"I63","v":18.852693786621096},18.852693786621096,18.852693786621096,19.531790693057129,18.763048717172339,17.955802656990297,17.108634811971235,16.220080994236678,16.380674026167309,15.367815902946404,14.304486469148754,13.188769874119453,12.018684757457196,10.792182123037355,9.5071431460420488,8.6613769109231544,7.7676180781606909,6.8239744776135494,5.8284881261921537,4.7791330725131207,3.6738131732744206,2.5103597992302773,1.2865294685799624,1.40551759404417E-6,1.40551759404417E-6,1.40551759404417E-6,1.40551759404417E-6,1.40551759404417E-6,1.40551759404417E-6]
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[null,"Taxes",null,null,null,{"$f":"E13","v":0.3},null,{"$f":"$F$73*H72","v":-11.250061974577811},{"$f":"$F$73*I72","v":-10.96194705134964},-10.668069829656906,-10.368315063530316,-10.266294274012006,-9.7238068225684646,-9.1635308486621856,-8.5849162961877692,-7.9873966679193291,-7.6980020248914842,-7.0498205842660377,-6.3796112703943857,-5.6866615984785893,-4.9702366762047667,-4.2295785108581665,16.536094704761489,17.177589328268642,17.84123702612829,18.527760555283965,19.237905518681742,19.97244107391624,20.732160663601253,21.517882768126171,22.330451681479172,23.170738310838946,23.63415308548883,24.106836155631715,24.588972887177455,25.080752353354111,25.582367408854299]
[]
[]
["DSCR"]
[null,"Cash Flow",null,null,null,null,null,{"$f":"H37","v":59.269215845939542},59.941484000138608,60.627197517421656,61.326625305050364,62.243770720362456,62.740832797845925,63.240897343445198,63.743830120866448,64.249488769091585,65.085335968087179,65.584901206325654,66.085393504895194,66.586559477669411,67.088132512979413,67.589832264368297,48.091364123818856,48.742418676883318,49.397171139126705,50.055415773276138,50.716934336449555,51.381495578317683,52.048854721677358,52.718752924858009,53.39091672536469,54.065057464141802,55.146358604991534,56.249285768658268,57.374271475598327,58.521756896677189,59.692192026177636]
[null,"Debt Service",null,null,null,null,null,{"$f":"H60+H63","v":18.852693786621096},{"$f":"I60+I63","v":18.852693786621096},18.852693786621096,40.884416870033576,41.495847146908304,41.827221865230619,42.160598228963465,42.495886747244299,42.832992512727721,43.390223978724784,43.723267470883769,44.056929003263463,44.391039651779607,44.725421675319609,45.059888176245529,32.060909415879237,32.494945784588879,32.931447426084468,33.37027718218409,33.811289557633039,34.254330385545124,34.699236481118241,35.145835283238675,35.593944483576458,1.40551759404417E-6,1.40551759404417E-6,1.40551759404417E-6,1.40551759404417E-6,1.40551759404417E-6,1.40551759404417E-6]
[null,null,"DSCR",null,null,null,null,{"$f":"IF(H78>0.1,H77/H78)","v":3.1438062123514796},{"$f":"IF(I78>0.1,I77/I78)","v":3.1794652095116702},3.2158373866150649,1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5,false,false,false,false,false,false]
[]
["Equity Return"]
[null,"Equity Cash Flow",null,null,null,null,{"$f":"-G56","v":-419.9171142578125},{"$f":"H77-H78","v":40.416522059318446},{"$f":"I77-I78","v":41.088790213517512},41.774503730800561,20.442208435016788,20.747923573454152,20.913610932615306,21.080299114481733,21.247943373622149,21.416496256363864,21.695111989362395,21.861633735441885,22.028464501631731,22.195519825889804,22.362710837659804,22.529944088122768,16.030454707939619,16.247472892294439,16.465723713042237,16.685138591092048,16.905644778816516,17.127165192772559,17.349618240559117,17.572917641619334,17.796972241788232,54.065056058624208,55.14635719947394,56.249284363140674,57.374270070080733,58.521755491159595,59.692190620660043]
[null,"Equity IRR",null,null,{"$f":"IRR(82:82)","v":5.056365683863806E-2}]
[]
[null,null,null,"Project IRR",{"$f":"E9","v":4.4374684011579513E-2},null,null,null,"DSCR",null,{"$f":"E17","v":1.5}]
[null,null,null,"EBITDA",{"$f":"H7","v":48.019153871361731},null,null,null,"Debt to Capital",null,{"$f":"E24","v":0.77}]
[null,null,null,"Debt Size",{"$f":"E31","v":580.0828857421875},null,null,null,"Grace Period",null,{"$f":"E22","v":3}]
[null,null,null,"Equity IRR",{"$f":"E83","v":5.056365683863806E-2},null,null,null,"Tenor",null,{"$f":"E23","v":21}]
[null,null,null,"Final Debt to Cap",{"$f":"G55/G54","v":0.58008288574218747},{"$f":"E102","v":"DSCR"}]
[]
[null,null,null,null,null,null,null,null,"Target Equity IRR",null,7.0000000000000007E-2]
[null,null,null,null,"EBITDA",null,null,null,"Actual IRR",null,{"$f":"E83","v":5.056365683863806E-2}]
[null,null,null,null,null,null,null,null,"Difference",null,{"$f":"K91-K92","v":1.9436343161361946E-2}]
[]
[null,null,null,null,null,null,null,null,"EBITDA",null,{"$f":"E86","v":48.019153871361731}]
[]
[]
[]
[]
[]
[]
[null,null,null,"Method:",{"$f":"E32","v":"DSCR"}]

{"sheet":"Taxes","index":6,"n_rows":97,"n_cols":38,"rows_kept":97,"cut":false,"hidden":false,"merged":[]}
["Sculpting and Grace Periods"]
[null,"Operations"]
[null,null,"Period",null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,null,"Repayment Switch",null,{"$f":"E20","v":0},{"$f":"E4+E21","v":6},null,{"$f":"COUNTIF(I4:AL4,TRUE)","v":6},{"$f":"AND(I3>$E$4,I3<=$F$4)","v":true},{"$f":"AND(J3>$E$4,J3<=$F$4)","v":true},true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Capital Expenditures",null,null,null,null,1000]
[null,null,"Growth",null,null,null,null,0.02]
[null,null,"EBITDA",null,null,null,null,null,85,{"$f":"I7*(1+$H$6)","v":86.7},88.433999999999997,90.202680000000001,92.006733600000004,93.846868272000009,95.723805637440009,97.63828175018881,99.591047385192581,101.58286833289644,103.61452569955436,105.68681621354546,107.80055253781637,109.95656358857271,112.15569486034416,114.39880875755104,116.68678493270205,119.02052063135609,121.40093104398322,123.82894966486289,126.30552865816016,128.83163923132335,131.40827201594982,134.03643745626883,136.71716620539422,139.45150952950212,142.24053972009216,145.085350514494,147.98705752478386,150.94679867527955]
[null,null,"Net Cash Flow",null,null,null,null,{"$f":"H7-H5","v":-1000},{"$f":"I7-I5","v":85},86.7,88.433999999999997,90.202680000000001,92.006733600000004,93.846868272000009,95.723805637440009,97.63828175018881,99.591047385192581,101.58286833289644,103.61452569955436,105.68681621354546,107.80055253781637,109.95656358857271,112.15569486034416,114.39880875755104,116.68678493270205,119.02052063135609,121.40093104398322,123.82894966486289,126.30552865816016,128.83163923132335,131.40827201594982,134.03643745626883,136.71716620539422,139.45150952950212,142.24053972009216,145.085350514494,147.98705752478386,150.94679867527955]
[null,null,"Project IRR",null,{"$f":"IRR(8:8)","v":9.4839653387606804E-2}]
[]
["Taxes"]
[null,null,"Depreciation",null,5,null,null,null,{"$f":"I3<=$E$12","v":true},{"$f":"J3<=$E$12","v":true},true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Taxes",null,0]
[null,null,"Depreciation Expense",null,null,null,null,null,{"$f":"$H$5/$E$12*I12","v":200},200,200,200,200,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Financing Assumptions"]
[null,null,"Target DSCR",null,{"$f":"H17/10","v":1.5},null,null,15]
[null,null,null,null,0,1,null,5,10]
[null,null,"Interest Rate",null,0.03,3.2500000000000001E-2,null,3.5000000000000003E-2,3.7499999999999999E-2]
[null,null,"Grace Period",null,0]
[null,null,"Tenor",null,6]
[null,null,"Max Debt to Capital",null,{"$f":"H22/100","v":0.77},null,null,77]
[null,null,"Sculpting",null,true]
[null,null,"Equal Instrallment",null,{"$f":"NOT(E23)","v":false}]
[]
["Debt Size"]
[null,null,"Max Debt to Cap",null,{"$f":"E22*H5","v":770}]
[null,null,"DSCR Target",null,{"$f":"F46","v":319.11517615971292}]
[null,null,null,"Final",{"$f":"MIN(E27:E28)","v":319.11517615971292}]
[null,null,null,"Method",{"$f":"IF(E29<>E27,\"DSCR\",\"Max Gear\")","v":"DSCR"}]
[]
[]
[null,null,"EBITDA",null,null,null,null,null,{"$f":"I8","v":85},{"$f":"J8","v":86.7},88.433999999999997,90.202680000000001,92.006733600000004,93.846868272000009,95.723805637440009,97.63828175018881,99.591047385192581,101.58286833289644,103.61452569955436,105.68681621354546,107.80055253781637,109.95656358857271,112.15569486034416,114.39880875755104,116.68678493270205,119.02052063135609,121.40093104398322,123.82894966486289,126.30552865816016,128.83163923132335,131.40827201594982,134.03643745626883,136.71716620539422,139.45150952950212,142.24053972009216,145.085350514494,147.98705752478386,150.94679867527955]
[null,null,"Less: Taxes",null,null,null,null,null,{"$f":"I68","v":0},{"$f":"J68","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CFADS",null,null,null,null,null,{"$f":"I33-I34","v":85},{"$f":"J33-J34","v":86.7},88.433999999999997,90.202680000000001,92.006733600000004,93.846868272000009,95.723805637440009,97.63828175018881,99.591047385192581,101.58286833289644,103.61452569955436,105.68681621354546,107.80055253781637,109.95656358857271,112.15569486034416,114.39880875755104,116.68678493270205,119.02052063135609,121.40093104398322,123.82894966486289,126.30552865816016,128.83163923132335,131.40827201594982,134.03643745626883,136.71716620539422,139.45150952950212,142.24053972009216,145.085350514494,147.98705752478386,150.94679867527955]
[]
[null,null,"Cash Flow over Repayment Period",null,null,null,null,null,{"$f":"IF(I4,I35)","v":85},{"$f":"IF(J4,J35)","v":86.7},88.433999999999997,90.202680000000001,92.006733600000004,93.846868272000009,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Interest Rate  ",null,null,null,null,null,{"$f":"LOOKUP(I3,18:18,19:19)","v":3.2500000000000001E-2},3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2]
[null,null,"Interest Rate Index",null,null,null,null,1,{"$f":"H39*(1+I38*I4)","v":1.0325},{"$f":"I39*(1+J38*J4)","v":1.0660562499999999},1.1007030781249998,1.1364759281640622,1.1762525856498043,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473,1.2174214261475473]
[null,null,"NPV of Cash Flow over Repayment Period",null,null,{"$f":"SUMPRODUCT(I37:AL37/I39:AL39)","v":478.67276423956946}]
[null,null,"LLCR Using Max Debt to Cap",null,{"$f":"F40/E27","v":0.62165294057086939}]
[null,null,"Target DSCR Applied",null,{"$f":"MAX(E41,E17)","v":1.5}]
[null,null,null,null,"Computed","Fixed","Difference"]
[null,null,"Target Debt Service",null,{"$f":"E42","v":1.5},1.5,{"$f":"E44-F44","v":0},null,{"$f":"IF(I4,I37/$F$44)","v":56.666666666666664},{"$f":"IF(J4,J37/$F$44)","v":57.800000000000004},58.955999999999996,60.135120000000001,61.3378224,62.564578848000004,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Comp 1","Fix 1","Diff 1","Total Dif"]
[null,null,"NPV of Debt Service",null,{"$f":"SUMPRODUCT(I44:AL44/I39:AL39)","v":319.11517615971292},319.11517615971292,{"$f":"F46-E46","v":0},{"$f":"ABS(Diff_1)+ABS(Difference)","v":0}]
[]
["Project Finance Model"]
[null,"Cap Exp",null,null,null,null,null,{"$f":"H5","v":1000}]
[null,"Debt",null,null,null,null,null,{"$f":"E29","v":319.11517615971292}]
[null,"Equity",null,null,null,null,null,{"$f":"H49-H50","v":680.88482384028703}]
[]
[null,"Debt"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H56","v":319.11517615971292},{"$f":"I56","v":272.81975271823694},223.88639468157965,172.20670250873098,117.66830034026475,60.448868452174018,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13]
[null,null,"Less: Repayment",null,null,null,null,null,{"$f":"(I44-I58)*I4","v":46.295423441475997},{"$f":"(J44-J58)*J4","v":48.933358036657303},51.679692172848661,54.538402168466241,57.219431888090732,60.448868452173912,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,{"$f":"H50","v":319.11517615971292},{"$f":"I54-I55","v":272.81975271823694},{"$f":"J54-J55","v":223.88639468157965},172.20670250873098,117.66830034026475,60.448868452174018,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13,1.0658141036401503E-13]
[null,null,"Interest Rate",null,null,null,null,null,{"$f":"LOOKUP(I3,18:18,19:19)","v":3.2500000000000001E-2},3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2]
[null,null,"Interest Expense",null,null,null,null,null,{"$f":"I57*I54","v":10.371243225190669},{"$f":"J57*J54","v":8.8666419633427012},7.2763078271513386,5.5967178315337573,4.1183905119092667,2.115710395826091,3.7303493627405261E-15,3.7303493627405261E-15,3.7303493627405261E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15]
[null,null,null,null,null,{"$f":"\">\"&F4","v":">6"}]
[null,null,"Ending Balance Test",null,null,{"$f":"ROUND(SUMIF(3:3,F59,56:56),3)=0","v":true}]
[]
["Profit and Loss"]
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[null,"Less: Depreciation",null,null,null,null,null,null,{"$f":"I14","v":200},{"$f":"J14","v":200},200,200,200,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"EBIT ",null,null,null,null,null,null,{"$f":"I63-I64","v":-115},{"$f":"J63-J64","v":-113.3},-111.566,-109.79732,-107.9932664,93.846868272000009,95.723805637440009,97.63828175018881,99.591047385192581,101.58286833289644,103.61452569955436,105.68681621354546,107.80055253781637,109.95656358857271,112.15569486034416,114.39880875755104,116.68678493270205,119.02052063135609,121.40093104398322,123.82894966486289,126.30552865816016,128.83163923132335,131.40827201594982,134.03643745626883,136.71716620539422,139.45150952950212,142.24053972009216,145.085350514494,147.98705752478386,150.94679867527955]
[null,"Less: Interest Expense",null,null,null,null,null,null,{"$f":"I58","v":10.371243225190669},{"$f":"J58","v":8.8666419633427012},7.2763078271513386,5.5967178315337573,4.1183905119092667,2.115710395826091,3.7303493627405261E-15,3.7303493627405261E-15,3.7303493627405261E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15]
[null,"EBT",null,null,null,null,null,null,{"$f":"I65-I66","v":-125.37124322519067},{"$f":"J65-J66","v":-122.1666419633427},-118.84230782715134,-115.39403783153375,-112.11165691190926,91.731157876173924,95.723805637440009,97.63828175018881,99.591047385192581,101.58286833289644,103.61452569955436,105.68681621354546,107.80055253781637,109.95656358857271,112.15569486034416,114.39880875755104,116.68678493270205,119.02052063135609,121.40093104398322,123.82894966486289,126.30552865816016,128.83163923132335,131.40827201594982,134.03643745626883,136.71716620539422,139.45150952950212,142.24053972009216,145.085350514494,147.98705752478386,150.94679867527955]
[null,"Taxes",null,null,null,{"$f":"E13","v":0},null,null,{"$f":"$F$68*I67","v":0},{"$f":"$F$68*J67","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
["DSCR"]
[null,"Cash Flow",null,null,null,null,null,null,{"$f":"I35","v":85},{"$f":"J35","v":86.7},88.433999999999997,90.202680000000001,92.006733600000004,93.846868272000009,95.723805637440009,97.63828175018881,99.591047385192581,101.58286833289644,103.61452569955436,105.68681621354546,107.80055253781637,109.95656358857271,112.15569486034416,114.39880875755104,116.68678493270205,119.02052063135609,121.40093104398322,123.82894966486289,126.30552865816016,128.83163923132335,131.40827201594982,134.03643745626883,136.71716620539422,139.45150952950212,142.24053972009216,145.085350514494,147.98705752478386,150.94679867527955]
[null,"Debt Service",null,null,null,null,null,null,{"$f":"I55+I58","v":56.666666666666664},{"$f":"J55+J58","v":57.800000000000004},58.956000000000003,60.135120000000001,61.3378224,62.564578848000004,3.7303493627405261E-15,3.7303493627405261E-15,3.7303493627405261E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15,3.9968028886505635E-15]
[null,null,"DSCR",null,null,null,null,null,{"$f":"IF(I73>0.1,I72/I73)","v":1.5},{"$f":"IF(J73>0.1,J72/J73)","v":1.5},1.4999999999999998,1.5,1.5,1.5,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
["Equity Return"]
[null,"Equity Cash Flow",null,null,null,null,null,{"$f":"-H51","v":-680.88482384028703},{"$f":"I7-I55-I58","v":28.333333333333336},{"$f":"J7-J55-J58","v":28.9},29.477999999999998,30.06756,30.668911200000004,31.282289424000005,95.723805637440009,97.63828175018881,99.591047385192581,101.58286833289644,103.61452569955436,105.68681621354546,107.80055253781637,109.95656358857271,112.15569486034416,114.39880875755104,116.68678493270205,119.02052063135609,121.40093104398322,123.82894966486289,126.30552865816016,128.83163923132335,131.40827201594982,134.03643745626883,136.71716620539422,139.45150952950212,142.24053972009216,145.085350514494,147.98705752478386,150.94679867527955]
[null,"Equity IRR",null,null,{"$f":"IRR(77:77)","v":0.1016552616542028}]
[]
[null,null,null,"Project IRR",{"$f":"E9","v":9.4839653387606804E-2},null,null,null,null,"DSCR",null,{"$f":"E17","v":1.5}]
[null,null,null,"EBITDA",{"$f":"I7","v":85},null,null,null,null,"Debt to Capital",null,{"$f":"E22","v":0.77}]
[null,null,null,"Debt Size",{"$f":"E29","v":319.11517615971292},null,null,null,null,"Grace Period",null,{"$f":"E20","v":0}]
[null,null,null,"Equity IRR",{"$f":"E78","v":0.1016552616542028},null,null,null,null,"Tenor",null,{"$f":"E21","v":6}]
[]
[]
[]
[null,null,null,null,"EBITDA"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,"Method:",{"$f":"E30","v":"DSCR"}]

{"sheet":"No Taxes","index":7,"n_rows":82,"n_cols":37,"rows_kept":82,"cut":false,"hidden":false,"merged":[]}
["Sculpting and Grace Periods"]
[null,"Operations"]
[null,null,"Period",null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,null,"Repayment Switch",null,{"$f":"E20","v":3},{"$f":"E4+E21","v":22},{"$f":"COUNTIF(H4:AK4,TRUE)","v":19},{"$f":"AND(H3>$E$4,H3<=$F$4)","v":false},{"$f":"AND(I3>$E$4,I3<=$F$4)","v":false},false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false]
[null,null,"Capital Expenditures",null,null,null,1000]
[null,null,"Growth",null,null,null,0.02]
[null,null,"EBITDA",null,null,null,null,100,{"$f":"H7*(1+$G$6)","v":102},{"$f":"I7*(1+$G$6)","v":104.04},106.1208,108.243216,110.40808032000001,112.61624192640001,114.868566764928,117.16593810022657,119.5092568622311,121.89944199947573,124.33743083946524,126.82417945625456,129.36066304537965,131.94787630628724,134.58683383241299,137.27857050906127,140.02414191924251,142.82462475762736,145.6811172527799,148.59473959783551,151.56663438979223,154.59796707758807,157.68992641913982,160.84372494752262,164.06059944647308,167.34181143540255,170.68864766411059,174.1024206173928,177.58446902974066]
[null,null,"Net Cash Flow",null,null,null,{"$f":"G7-G5","v":-1000},{"$f":"H7-H5","v":100},102,104.04,106.1208,108.243216,110.40808032000001,112.61624192640001,114.868566764928,117.16593810022657,119.5092568622311,121.89944199947573,124.33743083946524,126.82417945625456,129.36066304537965,131.94787630628724,134.58683383241299,137.27857050906127,140.02414191924251,142.82462475762736,145.6811172527799,148.59473959783551,151.56663438979223,154.59796707758807,157.68992641913982,160.84372494752262,164.06059944647308,167.34181143540255,170.68864766411059,174.1024206173928,177.58446902974066]
[null,null,"Project IRR",null,{"$f":"IRR(8:8)","v":0.11262968879688517}]
[]
["Taxes"]
[null,null,"Depreciation",null,18,null,null,{"$f":"H3<=$E$12","v":true},{"$f":"I3<=$E$12","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Taxes",null,0]
[null,null,"Depreciation Expense",null,null,null,null,{"$f":"$G$5/$E$12*H12","v":55.555555555555557},55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,55.555555555555557,0,0,0,0,0,0,0,{"$f":"$G$5/$E$12*AG12","v":0},0,0,0,0]
[]
[null,"Financing Assumptions"]
[null,null,"Target DSCR",null,{"$f":"G17/10","v":1.3},null,13]
[null,null,null,null,0,1,5,10]
[null,null,"Interest Rate",null,0.03,3.2500000000000001E-2,3.5000000000000003E-2,3.7499999999999999E-2]
[null,null,"Grace Period",null,3]
[null,null,"Tenor",null,19]
[null,null,"Max Debt to Capital",null,{"$f":"G22/100","v":0.79},null,79]
[null,null,"Sculpting",null,true]
[null,null,"Equal Instrallment",null,{"$f":"NOT(E23)","v":false}]
[]
["Debt Size"]
[null,null,"Max Debt to Cap",null,{"$f":"E22*G5","v":790}]
[null,null,"DSCR Target",null,{"$f":"F41","v":790.00000000000023}]
[null,null,null,"Final",{"$f":"MIN(E27:E28)","v":790}]
[null,null,null,"Method",{"$f":"IF(E29<>E27,\"DSCR\",\"Max Gear\")","v":"Max Gear"}]
[]
[]
[null,null,"Cash Flow over Repayment",null,null,null,null,{"$f":"IF(H4,H7)","v":false},{"$f":"IF(I4,I7)","v":false},false,106.1208,108.243216,110.40808032000001,112.61624192640001,114.868566764928,117.16593810022657,119.5092568622311,121.89944199947573,124.33743083946524,126.82417945625456,129.36066304537965,131.94787630628724,134.58683383241299,137.27857050906127,140.02414191924251,142.82462475762736,145.6811172527799,148.59473959783551,151.56663438979223,false,false,false,false,false,false,false,false]
[null,null,"Interest Rate  ",null,null,null,null,{"$f":"LOOKUP(H3,18:18,19:19)","v":3.2500000000000001E-2},{"$f":"LOOKUP(I3,18:18,19:19)","v":3.2500000000000001E-2},3.2500000000000001E-2,3.2500000000000001E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2,3.7499999999999999E-2]
[null,null,"Interest Rate Index",null,null,null,1,{"$f":"G35*(1+H34*H4)","v":1},{"$f":"H35*(1+I34*I4)","v":1},1,1.0325,1.0686374999999999,1.1060398124999997,1.1447512059374996,1.1848174981453119,1.2262861105803977,1.2722718397271628,1.3199820337169315,1.3694813599813165,1.420836910980616,1.4741182951423892,1.5293977312102289,1.5867501461306126,1.6462532766105107,1.7079877744834049,1.7720373160265328,1.838488715377528,1.9074320422041855,1.9789607437868426,1.9789607437868426,1.9789607437868426,1.9789607437868426,1.9789607437868426,1.9789607437868426,1.9789607437868426,1.9789607437868426,1.9789607437868426]
[null,null,"NPV of Cash Flow over Repayment Period",null,{"$f":"SUMPRODUCT(H33:AK33/H35:AK35)","v":1699.6503590619632}]
[null,null,"LLCR Using Max Debt to Cap",null,{"$f":"E36/E27","v":2.1514561507113457}]
[null,null,"Target DSCR Applied",null,{"$f":"MAX(E37,E17)","v":2.1514561507113457}]
[]
[null,null,"Target Debt Service",null,null,{"$f":"E38","v":2.1514561507113457},null,{"$f":"IF(H4,H7/$F$40)","v":false},{"$f":"IF(I4,I7/$F$40)","v":false},false,49.325104750525732,50.311606845536247,51.317838982446979,52.344195762095914,53.391079677337828,54.458901270884589,55.548079296302276,56.659040882228332,57.792221699872897,58.948066133870356,60.127027456547765,61.329568005678723,62.556159365792297,63.807282553108152,65.083428204170318,66.385096768253732,67.712798703618802,69.067054677691189,70.448395771245004,false,false,false,false,false,false,false,false]
[null,null,"NPV of Debt Service",null,null,{"$f":"SUMPRODUCT(H40:AK40/H35:AK35)","v":790.00000000000023}]
[]
["Project Finance Model"]
[null,"Cap Exp",null,null,null,null,{"$f":"G5","v":1000}]
[null,"Debt",null,null,null,null,{"$f":"E29","v":790}]
[null,"Equity",null,null,null,null,{"$f":"G44-G45","v":210}]
[]
[null,"Debt"]
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[null,null,"Ending Balance Test",null,null,{"$f":"ROUND(SUMIF(3:3,F54,51:51),3)=0","v":true}]
[]
["DSCR"]
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[]
["Equity Return"]
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[null,"Equity IRR",null,null,{"$f":"IRR(62:62)","v":0.33088213520361331}]
[]
[null,null,null,"Project IRR",{"$f":"E9","v":0.11262968879688517},null,null,null,"DSCR",null,{"$f":"E17","v":1.3}]
[null,null,null,"EBITDA",{"$f":"H7","v":100},null,null,null,"Debt to Capital",null,{"$f":"E22","v":0.79}]
[null,null,null,"Debt Size",{"$f":"E29","v":790},null,null,null,"Grace Period",null,{"$f":"E20","v":3}]
[null,null,null,"Equity IRR",{"$f":"E63","v":0.33088213520361331},null,null,null,"Tenor",null,{"$f":"E21","v":19}]
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[null,null,null,null,null,null,55,5.8483930894299041E-2,6.1339224995549113E-2,6.9814610891516526E-2,9.130338553025874E-2,0.1152617173077306,null,55,"DSCR","DSCR","DSCR","DSCR","Max Gear"]
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[]
[null,null,null,"Method:",{"$f":"E30","v":"Max Gear"}]

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