p13 is also interesting on mandatory repayments:
(a) if the drilling division is sold for >$15m, 50% of proceeds in excess of $15m goto Kero.
(b) 50% of net proceeds on disposal of Cuadrilla, Direct interests, or Monument (we wish) goto Kero.
(c) 100% on windup of bowland indirect interest goto Kero
heads Kero wins, tails Kero cant lose
with such security on the loan the interest rates are a farce.
change of control clause & security, page-2
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