TNAG-0097-FCO40-133-Construction-of-a-Cross-Harbour-Tunnel-1968 — Page 71

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