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How Credits Become Capital:  When and How to Syndicate

How Credits Become Capital:  When and How to Syndicate. June 5, 2008 Jo Ann Clipp Senior Manager 410-783-6232. THE DEAL. Structure Equity Guarantees Cash Flow Profits & Losses Investor Exit Options. EQUITY. Pricing Pay-in Schedule Adjusters. GUARANTEES. Construction Completion

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How Credits Become Capital:  When and How to Syndicate

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  1. How Credits Become Capital:  When and How to Syndicate June 5, 2008 Jo Ann Clipp Senior Manager 410-783-6232

  2. THE DEAL • Structure • Equity • Guarantees • Cash Flow • Profits & Losses • Investor Exit Options Reznick Group Building Business Value

  3. Reznick Group Building Business Value

  4. Reznick Group Building Business Value

  5. EQUITY • Pricing • Pay-in Schedule • Adjusters Reznick Group Building Business Value

  6. Reznick Group Building Business Value

  7. GUARANTEES • Construction Completion • Against Recapture or Disallowance of Credit • Operating Deficits • Exit Obligations Reznick Group Building Business Value

  8. CASH FLOW • Preferred Return • Asset Management Fee • Tax Preference • Profit Motive Reznick Group Building Business Value

  9. Reznick Group Building Business Value

  10. PROFITS & LOSSES • Profits - Tax Credit Investor 99.99% Owner • Losses - Depreciable Basis Reduced by Amount of Credit Reznick Group Building Business Value

  11. INVESTOR EXIT OPTIONS • Put • Timing • Percentage of Capital • Investor’s Exit Tax • Call • Timing • Fair Market Value Reznick Group Building Business Value

  12. Reznick Group Building Business Value

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