when will the lamp be fixed...? end of 2013!, page-61

'The Sojitz loan facility agreement also contains customary events of default, including the “Completion of Phase 2” which requires the Group to meet certain production volumes and cash operating costs over a three month period, by no later than the Project Sunset Date of January 19, 2014.'

I believe the wording is default. Unless there is any confirmation from LY to the contrary, then the wording states there is a default situation if the Jan 19th Project Sunset Date is not met. I don't see any other way of reading this?

Hell, we don't even know what the production volume is nor the cash operating costs.

Assuming Sojitz, being a very experienced trading house, has done their job to protect their involvement then the hurdles could be onerous. Maybe not. Time will tell.