Read it through once

However, as far as I can make out from the books, the King was between the devil and the deep sea at the time, and hadn't much choice. He owed the United States a large debt—a debt which he could pay if allowed time, but time was denied him. He must pay up right away or the warships would be upon him. To protect his people from this disaster he ceded his country to Britain, with a clause in the contract providing for the ultimate payment of the American debt.