In my opinion, OPC, your way won't work well. Way to speculative - the lender is better on approval, then, just like the company and you and I are!! What would a lender loan against a $200,000,000 contract with such a contigency - about 50% of the amount that Al can guaranty using non-contingent collateral, without that, they'd be lucky to get $10,000,000 based on such a contract.