COB IDEN
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(c) E.G.G.D. will require a lien on the
Tunnel Company's not earnings (1.0.
earnings after deduction of operating
expenses).
(a) H.M.G. should reimburse the Hong Kong
Government half the sua involved in the
calling of their guarantee, on condition
thats-
(1) as much as possible of the Tunnel
Comapny's funds are committed before
the £10 million loaned by Lloyds
Bank is drawn ong
(11) rates and taxes are the first charge
on the Tunnel Company's revenues,
then repayment of the loan and
interont for a like amount and then
repayment aqually with charges for
land and royalties until one or the
other is satisfied;
(111) the Hong Kong Government gives an
undertaking to ensure that finance
is mado available to complete the
contract if costs increasoj in no
event will 5.C.G.D. guarentes any
increase over £10 million in the
amount of the Bank loan;
(iv) E.C.G.D. are satisfied as to the
details of the loan a reement and
the supply contracts
/(v) in the