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From Initial Project based on 9X Less: Debt Service EBITDA to Partners Number of Units Per Unit Distribution Partners yield on cost 500.0 Units @ $10.00 GP 2.0% $100
Total Capital
$5,000
$10,000
9 X EBITDA Purchase Price $1,111 $425 8.5% Interest $686 $14 500 10.00 $1.37 $1.37 13.7%
Impact of New Project / New Investors (Investors buy all LP Units / GP must maintain 2% share) Incremental Capital Yield on new Units (Yield on Cost): Number of New Units Total Number of Units, including Initial Units Recalculated Ownership Interests 400.0 Units @ $1.37 Distrib. = 900.0 $12.50 10.98%
2.0%
0.0%
98.0%
$5,000
$10,000
New Project EBITDA Distribution EBITDA From New Project based on 8X Less: Debt Service EBITDA to Partners New Investors @ Stated Distribution Rate Excess Cash Distributed to Initial Investors+New Investors If all distributions above $1.37 per Unit are 2% GP / 98% LP: If all distributions above $1.37 per Unit are 50% GP / 50% LP: Switch Total Number of Units Per Unit Distribution Total EBITDA Distribution to Partners
8 X EBITDA Purchase Price $1,250 $425 8.5% Interest $825 $549 $1.37 per Unit $11 $276 1 2 1 900.0 $0.31 $825
$0
$538
Cumulative Impact of Initial & New Projects and Investors Total Capitalization after new Investment Total Number of Units Updated Ownership Interests $200 18.00 2.00% $1,150 115.00 12.78% $8,650 767.00 85.22% $10,000 $20,000
900.0
Initial Investors total Distribution from Initial & New Projects New Investors total Distribution for New Project Total EBITDA Distributed to Partners (GP & LP) Per Unit Distribution -- Initial Investors Per Unit Distribution -- New Investors Debt Service Total EBITDA
$850 $2,361
Case 2: GP Incentive Distribution at 50% Level Initial Ownership Interests New MLP Capital Structure Initial Project EBITDA Distribution EBITDA From Initial Project based on 9X Less: Debt Service EBITDA to Partners Number of Units Per Unit Distribution Partners yield on cost 500.0 Units @ $10.00 GP 2.0% $100
Total Capital
$5,000
$10,000
9 X EBITDA Purchase Price $1,111 $425 8.5% Interest $686 $14 500 10.00 $1.37 $1.37 13.7%
Impact of New Project / New Investors (Investors buy all LP Units / GP must maintain 2% share) Incremental Capital Yield on new Units (Yield on Cost): Number of New Units Total Number of Units, including Initial Units Recalculated Ownership Interests 400.0 Units @ $1.37 Distrib. = 900.0 $12.50 10.98%
2.0%
0.0%
98.0%
$5,000
$10,000
New Project EBITDA Distribution EBITDA From New Project based on 8X Less: Debt Service EBITDA to Partners New Investors @ Stated Distribution Rate Excess Cash Distributed to Initial Investors+New Investors If all distributions above $1.37 per Unit are 2% GP / 98% LP: If all distributions above $1.37 per Unit are 50% GP / 50% LP: Switch Total Number of Units Per Unit Distribution Total EBITDA Distribution to Partners
8 X EBITDA Purchase Price $1,250 $425 8.5% Interest $825 $549 $1.37 per Unit $11 $276 1 2 2 900.0 $0.31 $825
$0
$538
Cumulative Impact of Initial & New Projects and Investors Total Capitalization after new Investment Total Number of Units Updated Ownership Interests $200 18.00 2.00% $1,150 115.00 12.78% $8,650 767.00 85.22% $10,000 $20,000
900.0
Initial Investors total Distribution from Initial & New Projects New Investors total Distribution for New Project Total EBITDA Distributed to Partners (GP & LP) Per Unit Distribution -- Initial Investors Per Unit Distribution -- New Investors Debt Service Total EBITDA
$850 $2,361