One must not forget the environment the company was working within when the facility was negotiated. The financial markets were melting down. There were uncertainties whether banks would lend money to anyone, uncertainties about ability to raise money from shareholders.
It is in this context which leads me to believe the facility is a facility of last resort - when no one else is going to provide capital to the company.
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summary of ord's projects & their delopments, page-96
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