{"text_format":"1","workbook":"xlsx","n_sheets":5,"sheets":["Points","Curved DSCR","Test","Flat","Sculpt"],"not_rendered":{"charts":5,"images":0,"macros":1,"external_links":0,"defined_names":52,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Points","index":0,"n_rows":5,"n_cols":2,"rows_kept":5,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,"Use Interpolate"]
[]
[null,"Idea of LLCR Factor to Make Curved"]

{"sheet":"Curved DSCR","index":1,"n_rows":73,"n_cols":18,"rows_kept":73,"cut":false,"hidden":false,"merged":[]}
["Inputs"]
[null,null,null,null,null,null,"EIRR","Avg Loan Life",null,null,null,null,null,null,null,null,null,"Basic Idea: Increase the Slope and Longer Average Life"]
[null,null,"Min DSCR",1.2,null,"Sloped DSCR",{"$f":"D52","v":0.33285925984800135},{"$f":"F40","v":4.0448161785102652}]
[null,null,"Debt Percent",0.82,null,"Flat DSCR",{"$f":"Flat!D23","v":0.15893897627174258},{"$f":"Flat!D20","v":7.8549714107745263},null,null,null,null,null,null,null,null,null,"Just find until meets criteria"]
[null,null,"Project Cost",900,null,null,null,null,null,null,null,null,null,null,null,null,null,"Not need to be actual"]
[null,null,"Target Debt Amount",{"$f":"D5*D4","v":738}]
[null,null,"PV of CFADS",{"$f":"D32","v":793.21389580832192},null,null,null,null,null,null,null,null,null,null,null,null,null,"Demonstrate with solver"]
[null,null,"LLCR",{"$f":"D7/D6","v":1.0748155769760459},null,null,null,null,null,"Difference"]
[null,null,"Target Avg Debt Life",8.5,{"$f":"F40","v":4.0448161785102652},null,"Average Life",null,null,{"$f":"D9-E9","v":4.4551838214897348},null,null,null,null,null,null,null,"Input boundaries: LLCR Factor"]
[null,null,"LLCR Factor",2,null,null,"Debt Balance",null,null,{"$f":"D31-D6","v":107.40329111571828}]
[null,null,"Tenure",12,null,null,"PV CFADS",null,null,{"$f":"F31","v":-312.64574764917245}]
[null,null,"Max LLCR Factor",10]
[null,null,"EBITDA",null,{"$f":"E20","v":90},94.5,99.225000000000009,104.18625000000002,109.39556250000003,114.86534062500003,120.60860765625004,126.63903803906256,132.97098994101569,139.61953943806648,146.6005164099698,153.93054223046829]
[null,null,"Period",1,12,"last date",null,null,null,null,null,null,null,null,null,null,null,"Start with Most Extreme Slope"]
[null,null,"Max/Min DSCR",{"$f":"LLCR*LLCR_Fac","v":2.1496311539520918},{"$f":"Min_DSCR","v":1.2},null,null,null,null,null,null,null,null,null,null,null,null,"Goal Seek on End Date to Find"]
[null,null,"Tax Rate",0.25,null,null,null,null,null,null,null,null,null,null,null,null,null,"If too much debt in extreme case, increase the LLCR or exit function"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Increment the LLCR until projected debt is below target"]
["Target Debt Service",null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,null,"Once the computed debt is below the target debt, make a dynamic goal seek until the computed = target"]
[null,null,"EBITDA",null,90,{"$f":"E20*1.05","v":94.5},{"$f":"F20*1.05","v":99.225000000000009},104.18625000000002,109.39556250000003,114.86534062500003,120.60860765625004,126.63903803906256,132.97098994101569,139.61953943806648,146.6005164099698,153.93054223046829,null,"Check the Average loan life.  If the computed loan life is more than the target, then reduce the LLCR Factor and repeat the process"]
[null,null,"Less: Interest",null,{"$f":"E38","v":36.9},{"$f":"F38","v":36.960391513587318},36.843526558137448,36.522987055947361,35.969431965426068,35.150322652986993,34.029627222740849,32.567502882418225,30.719955509620917,28.43847569907572,25.669650724126349,22.35475203982212]
[null,null,"EBT",null,{"$f":"E20-E21","v":53.1},{"$f":"F20-F21","v":57.539608486412682},62.38147344186256,67.663262944052661,73.426130534573957,79.715017972013044,86.578980433509201,94.07153515664433,102.25103443139477,111.18106373899076,120.93086568584346,131.57579019064616]
[null,null,"Taxes",{"$f":"D16","v":0.25},{"$f":"E22*$D$23","v":13.275},{"$f":"F22*$D$23","v":14.38490212160317},15.59536836046564,16.915815736013165,18.356532633643489,19.928754493003261,21.6447451083773,23.517883789161083,25.562758607848693,27.79526593474769,30.232716421460864,32.89394754766154]
[null,null,"CFADS",null,{"$f":"E20-E23","v":76.724999999999994},{"$f":"F20-F23","v":80.115097878396824},83.629631639534367,87.270434263986857,91.039029866356543,94.936586131996762,98.963862547872736,103.12115424990148,107.408231333167,111.82427350331879,116.36779998850893,121.03659468280675]
[null,null,"DSCR Target with Lookup",null,{"$f":"interpolate_look_up(E19,14:14,15:15)","v":2.1496311539520918},{"$f":"interpolate_look_up(F19,14:14,15:15)","v":2.0386719069021813},{"$f":"interpolate_look_up(G19,14:14,15:15)","v":1.9334401329042166},{"$f":"interpolate_look_up(H19,14:14,15:15)","v":1.8336401923568755},{"$f":"interpolate_look_up(I19,14:14,15:15)","v":1.7389917059268605},{"$f":"interpolate_look_up(J19,14:14,15:15)","v":1.6492287668473204},{"$f":"interpolate_look_up(K19,14:14,15:15)","v":1.564099193875701},{"$f":"interpolate_look_up(L19,14:14,15:15)","v":1.4833638228122765},{"$f":"interpolate_look_up(M19,14:14,15:15)","v":1.4067958345889371},{"$f":"interpolate_look_up(N19,14:14,15:15)","v":1.3341801180405635},{"$f":"interpolate_look_up(O19,14:14,15:15)","v":1.2653126655687423},{"$f":"interpolate_look_up(P19,14:14,15:15)","v":1.2}]
[null,null,"Target Debt Service",{"$f":"MAX(D8,D3)","v":1.2},{"$f":"E24/E25","v":35.692169728253731},{"$f":"F24/F25","v":39.297690622584753},{"$f":"G24/G25","v":43.254316601939188},{"$f":"H24/H25","v":47.594088866373241},{"$f":"I24/I25","v":52.351618214207583},{"$f":"J24/J25","v":57.564231257909924},{"$f":"K24/K25","v":63.272114029193339},{"$f":"L24/L25","v":69.518450338364303},{"$f":"M24/M25","v":76.349551720524872},{"$f":"N24/N25","v":83.814975198063152},{"$f":"O24/O25","v":91.967624410210931},{"$f":"P24/P25","v":100.86382890233897}]
[]
[null,null,"Interest Rate",0.05]
[]
[null,null,null,"Fixed","Computed","Difference"]
[null,null,"PV of Debt Service",{"$f":"NPV(Int_rate,E24:P24)","v":845.40329111571828},{"$f":"NPV(Int_rate,E26:P26)","v":532.75754346654583},{"$f":"E31-D31","v":-312.64574764917245},null,null,null,null,null,null,null,null,null,null,null,"Allow with flat or growth interpolate"]
[null,null,"PV of CFADS",793.21389580832192,{"$f":"NPV(Int_rate,E24:P24)","v":845.40329111571828},{"$f":"E32-D32","v":52.189395307396353}]
[]
["Debt Balance"]
[null,null,"Opening Balance",null,{"$f":"D37","v":738},{"$f":"E37","v":739.20783027174627},736.87053116274888,730.45974111894714,719.38863930852131,703.00645305973978,680.5925444548169,651.35005764836444,614.39911019241833,568.76951398151436,513.39301448252695,447.09504079644239]
[null,null,"Less: Repayment",null,{"$f":"E26-E38","v":-1.2078302717462677},{"$f":"F26-F38","v":2.3372991089974349},6.4107900438017396,11.07110181042588,16.382186248781515,22.413908604922931,29.24248680645249,36.950947455946078,45.629596210903955,55.376499498987428,66.297973686084589,78.509076862516849]
[null,null,"Closing Balance",{"$f":"D6","v":738},{"$f":"E35-E36","v":739.20783027174627},{"$f":"F35-F36","v":736.87053116274888},730.45974111894714,719.38863930852131,703.00645305973978,680.5925444548169,651.35005764836444,614.39911019241833,568.76951398151436,513.39301448252695,447.09504079644239,368.58596393392554,null,"Demonstrate with "]
[null,null,"Interest",{"$f":"D28","v":0.05},{"$f":"$D$38*E35","v":36.9},{"$f":"$D$38*F35","v":36.960391513587318},36.843526558137448,36.522987055947361,35.969431965426068,35.150322652986993,34.029627222740849,32.567502882418225,30.719955509620917,28.43847569907572,25.669650724126349,22.35475203982212]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Outside is LLCR Factor"]
[null,null,"Average Loan Life with Sumproduct",null,null,{"$f":"SUMPRODUCT(E36:P36,E19:P19)/D31","v":4.0448161785102652},null,null,null,null,null,null,null,null,null,null,null,"Inside is last date"]
[]
[null,null,"Sum of Opening Balance/Initial",null,{"$f":"SUM(E35:P35)","v":7842.532476477787},{"$f":"SUM(E35:P35)/D37","v":10.626737773005132},null,null,null,null,null,null,null,null,null,null,null,"Start with high LLCR Factor"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Move down until hit Averge loan life or 1"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Each time re-run the debt sizing function"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"If 1 then stop"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"If hit, then reverse the process"]
[]
[]
[]
[null,null,"Equity CF",{"$f":"D37-D5","v":-162},{"$f":"E20-E36-E38","v":54.307830271746276},{"$f":"F20-F36-F38","v":55.202309377415254},{"$f":"G20-G36-G38","v":55.970683398060821},{"$f":"H20-H36-H38","v":56.592161133626782},{"$f":"I20-I36-I38","v":57.043944285792449},{"$f":"J20-J36-J38","v":57.301109367090113},{"$f":"K20-K36-K38","v":57.336493627056704},{"$f":"L20-L36-L38","v":57.120587700698252},{"$f":"M20-M36-M38","v":56.621438220490816},{"$f":"N20-N36-N38","v":55.80456424000333},{"$f":"O20-O36-O38","v":54.632891999758861},{"$f":"P20-P36-P38","v":53.066713328129325}]
[null,null,"IRR",{"$f":"IRR(51:51)","v":0.33285925984800135}]
[]
[null,null,"Average DSCR",{"$f":"AVERAGE(25:25)","v":1.633112957814647}]
[]
[]
[null,null,"PV Factor",{"$f":"D28","v":0.05},{"$f":"1/(1+$D$57)^E19","v":0.95238095238095233},{"$f":"1/(1+$D$57)^F19","v":0.90702947845804982},{"$f":"1/(1+$D$57)^G19","v":0.86383759853147601},{"$f":"1/(1+$D$57)^H19","v":0.82270247479188197},{"$f":"1/(1+$D$57)^I19","v":0.78352616646845896},{"$f":"1/(1+$D$57)^J19","v":0.74621539663662761},{"$f":"1/(1+$D$57)^K19","v":0.71068133013012147},{"$f":"1/(1+$D$57)^L19","v":0.67683936202868722},{"$f":"1/(1+$D$57)^M19","v":0.64460891621779726},{"$f":"1/(1+$D$57)^N19","v":0.61391325354075932},{"$f":"1/(1+$D$57)^O19","v":0.5846792890864374},{"$f":"1/(1+$D$57)^P19","v":0.5568374181775595}]
[]
[{"$f":"D8","v":1.0748155769760459},null,"Debt PV",null,{"$f":"E57*E35","v":702.85714285714278},{"$f":"F57*F35","v":670.48329276348863},636.53647006824212,600.9510367543952,563.65982275836666,524.5942392080824,483.68441476979308,440.85935747606766,396.0471445463138,349.17514284318787,300.17026272958691,248.95924819708162]
[null,null,"Weighting",null,{"$f":"E59/SUM(59:59)","v":0.11874487611892627},{"$f":"F59/SUM(59:59)","v":0.11327544487257554},0.1075402662569155,0.10152825099402171,9.5228050972887682E-2,8.8628078380541236E-2,8.1716528737288838E-2,7.4481408236901553E-2,6.6910565816025544E-2,5.899173039940226E-2,5.0712553787982208E-2,4.2060659674952101E-2]
[null,null,"Weighted Average",null,{"$f":"SUMPRODUCT(60:60,25:25)","v":1.7178177783805966}]
[]
[null,null,"CFADS PV",null,{"$f":"E57*E20","v":85.714285714285708},{"$f":"F57*F20","v":85.714285714285708},{"$f":"G57*G20","v":85.714285714285708},{"$f":"H57*H20","v":85.714285714285722},{"$f":"I57*I20","v":85.714285714285722},{"$f":"J57*J20","v":85.714285714285737},{"$f":"K57*K20","v":85.714285714285737},{"$f":"L57*L20","v":85.714285714285751},{"$f":"M57*M20","v":85.714285714285737},{"$f":"N57*N20","v":85.714285714285751},{"$f":"O57*O20","v":85.714285714285737},{"$f":"P57*P20","v":85.714285714285751}]
[null,null,"Weighting",null,{"$f":"E63/SUM(63:63)","v":8.3333333333333301E-2},{"$f":"F63/SUM(63:63)","v":8.3333333333333301E-2},8.3333333333333301E-2,8.3333333333333315E-2,8.3333333333333315E-2,8.3333333333333329E-2,8.3333333333333329E-2,8.3333333333333343E-2,8.3333333333333329E-2,8.3333333333333343E-2,8.3333333333333329E-2,8.3333333333333343E-2]
[null,null,"Weighted Average",null,{"$f":"SUMPRODUCT(64:64,25:25)","v":1.6331129578146475}]
[]
[null,null,null,null,{"$f":"Flat!E22","v":25.424999999999997},{"$f":"Flat!F22","v":26.696249999999992},{"$f":"Flat!G22","v":28.03106249999999},{"$f":"Flat!H22","v":29.432615624999997},{"$f":"Flat!I22","v":30.90424640625},{"$f":"Flat!J22","v":32.449458726562497},{"$f":"Flat!K22","v":34.071931662890634},{"$f":"Flat!L22","v":35.775528246035165},{"$f":"Flat!M22","v":37.564304658336923},{"$f":"Flat!N22","v":39.442519891253767},{"$f":"Flat!O22","v":41.414645885816455},{"$f":"Flat!P22","v":43.485378180107276}]
[]
[null,null,"LLCR",{"$f":"D7/D31","v":0.93826686522769553}]
[]
[null,null,"Debt Service",null,{"$f":"E26*E57","v":33.992542598336883},{"$f":"F26*F57","v":35.644163830008843},37.364704979539304,39.155774695830019,41.018862727798421,42.955315660203809,44.966310158411844,47.052823576241472,49.215601788282193,51.455124119280995,53.771565259130611,56.164754073481532]
[null,null,"Weight",null,{"$f":"E71/SUM(71:71)","v":6.3804901526413424E-2},{"$f":"F71/SUM(71:71)","v":6.6905038262019628E-2},7.0134539506310323E-2,7.349642473582127E-2,7.6993490248672872E-2,8.0628263620074206E-2,8.4402953482038245E-2,8.8319394353533198E-2,9.2378986260891194E-2,9.6582628909340024E-2,0.1009306501964287,0.10542272889845689]
[null,null,"Weighted Average",{"$f":"SUMPRODUCT(72:72,25:25)","v":1.5868443375101733}]

{"sheet":"Test","index":2,"n_rows":11,"n_cols":12,"rows_kept":11,"cut":false,"hidden":false,"merged":[]}
[]
[" LLCR Factor",8,"Average Life",9.3418295515498908," Increment ",1," Reducing "," Prior Increment ",1,"Reduce: Base, Not Reversed ",0]
[" LLCR Factor",7,"Average Life",9.3338016395124495," Increment ",1," Reducing "," Prior Increment ",1,"Reduce: Base, Not Reversed ",0]
[" LLCR Factor",6,"Average Life",9.3245068974937286," Increment ",1," Reducing "," Prior Increment ",1,"Reduce: Base, Not Reversed ",0]
[" LLCR Factor",5,"Average Life",9.3128446925103958," Increment ",1," Reducing "," Prior Increment ",1,"Reduce: Base, Not Reversed ",0]
[" LLCR Factor",4,"Average Life",9.2977329831620743," Increment ",1," Reducing "," Prior Increment ",1,"Reduce: Base, Not Reversed ",0]
[" LLCR Factor",3,"Average Life",9.2701335040064077," Increment ",1," Reducing "," Prior Increment ",1,"Reduce: Base, Not Reversed ",0]
[" LLCR Factor",2,"Average Life",9.2129920434003605," Increment ",1," Reducing "," Prior Increment ",1,"Reduce: Base, Not Reversed ",0]
[" LLCR Factor",1.5,"Average Life",9.0664788294246748," Increment ",0.5," Reducing "," Prior Increment ",1,"Reduce: Cut Difference ",1]
[" LLCR Factor",1.625,"Average Life",8.8240384988400908," Increment ",0.125," Increasing "," Prior Increment ",0.5,"Increase: Reversed Base , LLCR Reduce True",2,4]
[" LLCR Factor",1.75,"Average Life",8.9136075201030618," Increment ",0.125," Increasing "," Prior Increment ",0.125,"Increase: Reversed Base , LLCR Reduce True",2,4]

{"sheet":"Flat","index":3,"n_rows":23,"n_cols":16,"rows_kept":23,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"Min DSCR",{"$f":"Min_DSCR","v":1.2}]
[]
[null,null,"Project",900]
[null,null,"Max Debt",{"$f":"Max_Debt","v":738}]
[null,null,"PV of CFADS",{"$f":"NPV(D13,E11:P11)","v":1028.5714285714284}]
[null,null,"LLCR",{"$f":"D6/D5","v":1.3937282229965156}]
[null,null,"Target Avg Loan Life",9]
[]
[null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12]
[null,null,"CFADS",null,{"$f":"'Curved DSCR'!E20","v":90},{"$f":"E11*1.05","v":94.5},{"$f":"F11*1.05","v":99.225000000000009},104.18625000000002,109.39556250000003,114.86534062500003,120.60860765625004,126.63903803906256,132.97098994101569,139.61953943806648,146.6005164099698,153.93054223046829]
[null,null,"Target",{"$f":"MAX(D7,D2)","v":1.3937282229965156},{"$f":"E11/$D$12","v":64.575000000000003},{"$f":"F11/$D$12","v":67.803750000000008},71.193937500000018,74.753634375000019,78.491316093750029,82.415881898437533,86.53667599335941,90.86350979302739,95.406685282678765,100.17701954681272,105.18587052415334,110.44516405036102]
[null,null,"Interest",{"$f":"'Curved DSCR'!D28","v":0.05},{"$f":"NPV(D13,E12:P12)","v":738.00000000000011}]
[]
[null,null,"Open",null,{"$f":"D17","v":738},{"$f":"E17","v":710.32500000000005},678.03750000000002,640.74543749999998,598.02907499999992,549.43921265624988,494.49529139062486,432.68337996679668,363.45403917210911,286.22005584803583,200.35403909362492,105.18587052415282]
[null,null,"Less Repayment",null,{"$f":"E12-E18","v":27.675000000000004},{"$f":"F12-F18","v":32.287500000000001},37.292062500000014,42.716362500000017,48.589862343750028,54.943921265625036,61.811911423828164,69.229340794687559,77.233983324073307,85.866016754410921,95.168168569472101,105.18587052415337]
[null,null,"Closing",{"$f":"D5","v":738},{"$f":"E15-E16","v":710.32500000000005},{"$f":"F15-F16","v":678.03750000000002},640.74543749999998,598.02907499999992,549.43921265624988,494.49529139062486,432.68337996679668,363.45403917210911,286.22005584803583,200.35403909362492,105.18587052415282,-5.5422333389287814E-13]
[null,null,"Interest",{"$f":"D13","v":0.05},{"$f":"$D$18*E15","v":36.9},{"$f":"$D$18*F15","v":35.516250000000007},33.901875000000004,32.037271875000002,29.901453749999998,27.471960632812497,24.724764569531246,21.634168998339835,18.172701958605455,14.311002792401792,10.017701954681247,5.2592935262076415]
[]
[null,null,"Avg Loan Life",{"$f":"SUMPRODUCT(E16:P16,E10:P10)/D17","v":7.8549714107745263}]
[]
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{"sheet":"Sculpt","index":4,"n_rows":24,"n_cols":16,"rows_kept":24,"cut":false,"hidden":false,"merged":[]}
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[null,null,"Min DSCR",{"$f":"Min_DSCR","v":1.2}]
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[null,null,"Project",900]
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[null,null,"LLCR",{"$f":"D6/D5","v":1.3937282229965156}]
[null,null,"Target Avg Loan Life",9]
[]
[null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12]
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[null,null,"Closing",{"$f":"E13","v":857.14285714285711},{"$f":"E15-E16","v":825},{"$f":"F15-F16","v":787.5},744.1875,694.57499999999993,638.14078124999992,574.32670312499988,502.53586523437485,422.13012679687483,332.42747485253881,232.69923239677701,122.16709700830768,-5.2580162446247414E-13]
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[]
[null,null,"Sumproduct",{"$f":"SUMPRODUCT(E16:P16,E10:P10)","v":6732.8326378067359}]
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