proposal
Annexure (J)
BACKGROUND PARER
1.
to
It is proposed that the Blink finances a 3rd party of the tire US assets purchase, at, US$76 million,
CIL, free of encumbrance, or at a suitably reduced price,
subject to encumbrance.
2.
The 3rd party is likely to
be an off-shore
corporation, possibly, in Liberia, or the British Virgin Islands, which will pledge all the issued shares in itself
as security for the loan.
3.
As a condition for the loan, this 3rd party will
by way of a undertake to pledge its corporate assets, floating charge, to secure the indebtedness of CIL,
and their related borrowers,
CHL.
Proposed Terms of the Loan
4.
The loan shall be made upon the following terms:
(a)
That it be repayable upon demand,
(b)
That the interest for the loan be
at 28 above
1
1.
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