No I think you are mistaken here - effectively 88.5% of their...

No I think you are mistaken here - effectively 88.5% of their revenue is financed.

35% is drawn down for WC by BRTV with 24% taken by FC as upfront comm and a further 24% at risk to be taken by FC if the 'Cancellation Fee' kicks in. The balance I understand is also held as restricted cash to pay any negative 'Adjustment Amount' and to cover any penalty interest at 24% pa interest for monies owed under the agreement if it is terminated.