PROVISIONS FOR THE LAST THREE INSTALMENTS.
5. THE EFFECT OF THE ECGD AND SCHRODERS INTERPRETATION WOULD BE THAT KESCO'S FLEXIBILITY WOULD BE MEANINGLESS IF AN AMOUNT AS SMALL AS US DOLLARS 1 MILLION REMAINED OUTSTANDING BEYOND
18 MONTHS.
6. OUR VIEW IS SUPPORTED BY THE NOTE ATTACHED TO YOUR LETTER OF
15TH DECEMBER 1977 ON THE PROPOSED MECHANICS TO CALCULATE REPAYMENT INSTALMENTS ON THE ECGD LOAN WHICH DOES NOT REFER TO DEFERMENTS HAVING TO BE REPAID WITHIN 18 MONTHS. WE CANNOT AGREE WITH ECGD INTERPRETATION AND CLP AND ESSO CANNOT AND WILL NOT
COMMIT KESCO TO SUCH AN ARRANGEMENT.
7. I AM INFORMING YOU OF MY CONCERN AND OUR JOINT VIEWS NOW SO
THAT THIS MATTER CAN BE CLEARED UP IN LONDON NEXT WEEK, ALLOWING LOAN DOCUMENTATION TO PROCEED.
BEST PERSONAL REGARDS, LAWRENCE KADOORIE.
ENDS.
MARCH
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