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Section 1. Details of banking services and loan agreements
1. The borrower agreed to provide additional (1) … if the market value of the pledged shares fell below the required margin level.
2. The bank reserves the right to charge (2) … interest if the customer fails to repay the loan on the due date.
3. Funds held in the current account may be transferred automatically by means of a (3) … order to another account each month.
4. The bank may convert an (4) … balance on a current account into a formal loan at its discretion.
5. A customer wishing to terminate a fixed-term deposit before maturity may incur an (5) … interest adjustment.
6. The borrower must maintain a minimum (6) … ratio, failing which the bank may declare an event of default.
7. Interest shall accrue on a (7) … basis from the date of disbursement until full repayment.
8. The agreement creates a fixed and floating (8) … over all the borrower’s assets and undertakings.
9. The bank may demand immediate repayment if the borrower breaches any (9) … contained in the loan agreement.
10. The lender may assign or transfer its rights under this agreement to any other financial (10) ….
Total Questions: 10
Incorrect Answers: 0
SECTION 2
- OFFICER: Two instalments missed; amounts now in .
- BORROWER: Is there a before charges?
- OFFICER: After 7 days we apply on overdue sums.
- BORROWER: If I pay this week, is the breach cured within the ?
- OFFICER: Yes; timely cure prevents of the full balance.
- BORROWER: Can the bank grant while cash flow normalises?
- OFFICER: We may allow a ; interest keeps accruing.
- BORROWER: Otherwise, could we discuss a of the schedule?
- OFFICER: Note we may exercise against your current account.
- OFFICER: Missed payments here might trigger under another facility.
Total Questions: 10
Incorrect Answers: 0
SECTION 3
- LECTURER: , modern lending structures depend on clear segregation between current, savings and loan accounts to avoid inadvertent set-off.
- Such segregation, , is required by most supervisory authorities to ensure client-asset protection.
- even a well-drafted loan agreement may be unenforceable if the bank breaches statutory disclosure duties.
- , institutions are expected to maintain adequate capital buffers against potential credit losses.
- , lenders frequently resort to personal guarantees or negative-pledge undertakings.
- , an unsecured revolving facility typically carries a higher interest margin reflecting the increased risk profile.
- , most banks still rely on fixed covenants to detect early warning signs of default.
- , this means a breach of even a minor covenant can trigger renegotiation or acceleration.
- , the lender may call in the facility, enforce security or demand additional collateral.
- , effective loan management requires both legal precision and proactive monitoring of client performance.
Total Questions: 10
Incorrect Answers: 0
SECTION 4
Choose the correct preposition to complete each sentence.
1. The client agreed to place the deposit (1) ….. a fixed-term account at an annual rate of 4.25%.
2. The borrower undertook to repay the principal (2) ….. monthly instalments commencing on 1 April.
3. Interest shall accrue (3) ….. the outstanding balance until full repayment is made.
4. Any payment received (4) ….. the due date shall attract default interest at the contractual rate.
5. The bank is entitled to set off any credit balance (5) ….. the borrower’s accounts against overdue liabilities.
6. The facility shall be available (6) ….. demand and may be withdrawn at any time by the lender.
7. Funds deposited (7) ….. trust accounts must be segregated from the bank’s proprietary assets.
8. All borrowers remain jointly and severally liable (8) ….. any default under the facility agreement.
9. The lender may terminate the agreement (9) ….. notice if a material adverse change occurs.
10. All payments shall be made (10) ….. cleared funds to the account designated by the lender.
Total Questions: 10
Incorrect Answers: 0
SECTION5
Read the professional email below and then choose the correct option to complete (1) ….. to (10) ….. .
Subject: Notice of Arrears and Workout Options – Facility 4821-AL
From: ...
To:...
Dear Sir/Madam,
We write to confirm that interest on the Facility (1) ….. on a daily basis at the agreed margin over the benchmark rate.
As at 31 October, the loan account stands (2) ….. two instalments in arrears. Under the terms of the agreement, default interest applies (3) ….. payments that are overdue beyond the grace period. Unless the arrears are cured (4) ….. ten business days, the Bank may exercise acceleration under clause 14.
Any forbearance (5) ….. by the Bank does not constitute a waiver of rights. We are willing to discuss a restructuring plan, (6) ….. your provision of updated financial information (latest management accounts, cash-flow forecast, aged receivables).
Please route all payments (7) ….. cleared funds to the account specified below and quote the facility number. Correspondence (8) ….. enforcement must be directed to our Legal Department at legal@bank.co.uk.
Had you notified us earlier, default interest (9) ….. avoided. If you have already remedied the arrears, please disregard this notice; (10) ….., contact us immediately to confirm value dates of incoming credits.
Yours faithfully,...
1. Interest on the Facility (1) ….. on a daily basis.
2. The loan account stands (2) ….. two instalments in arrears.
3. Default interest applies (3) ….. payments that are overdue.
4. Unless the arrears are cured (4) ….. ten business days, acceleration may follow.
5. Any forbearance (5) ….. by the Bank does not waive rights.
6. We can discuss restructuring, (6) ….. your provision of updated information.
7. Please route all payments (7) ….. cleared funds.
8. Correspondence (8) ….. enforcement must go to Legal.
9. Had you notified us earlier, default interest (9) ….. avoided.
10. If arrears are cured, disregard this notice; (10) ….., contact us at once.
Total Questions: 10
Incorrect Answers: 0
SECTION 6.
Pre-Enforcement Review.
Read the conversation and then answer the ten TRUE or FALSE questions.
RELATIONSHIP MANAGER: Morning, Ms Novak. We have the pre-enforcement review on Friday. Two amortisations were missed; the 14-day cure has expired, so an Event of Default has arisen.
CFO (BORROWER): Understood. We’re asking for a 60-day standstill while cash flow stabilises. We can pledge additional plant as collateral.
RM: The facility has a negative-pledge; any new security requires our consent. For any forbearance, the Bank will require a first-ranking all-assets debenture and a parent guarantee.
CFO: We transferred 50% of the arrears yesterday.
RM: Part-payment doesn’t cure the default. Default interest accrues from the due date at margin + 4% p.a., calculated daily. The five-day grace elapsed last week.
CFO: Have you accelerated?
RM: Not yet. We issued a reservation-of-rights letter; no waiver. If the arrears aren’t cleared by Wednesday 12:00 and the DSCR certificate remains below 1.20, we may accelerate and set off credit balances on your current account.
CFO: If we inject €200k equity and provide updated management accounts, will you consider restructuring?
RM: Yes—tenor extension and re-profiling are possible subject to those conditions and Board resolutions authorising the security package.
1. Two amortisations were missed and the cure period has expired.
2. No Event of Default has occurred yet.
3. The Bank has already accelerated the facility.
4. Default interest runs from the due date at margin + 4% per annum, daily.
5. The negative-pledge clause lets the borrower create new security freely.
6. The Bank may exercise set-off against balances on the borrower’s current account.
7. The Bank agreed to a 60-day standstill without conditions.
8. Paying 50% of the arrears yesterday fully cured the default.
9. A restructuring may be considered if the borrower injects equity and provides updated financials.
10. The Bank requested both a parent guarantee and a first-ranking debenture.
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Total Questions: 10
Incorrect Answers: 0
SECTION7
- In consideration of the Facility, the parties agree:
- (a) The Facility is repayable ; interest accrues at the margin over the , calculated daily.
- (b) If any amount is overdue, applies from the due date until actual payment.
- (c) The Bank may exercise and combine accounts without notice.
- (d) The Borrower undertakes a and shall not create or permit liens without the Bank’s consent.
- (e) The Borrower grants a first-ranking over all present and future receivables as continuing security.
- (f) Any default under other financial indebtedness constitutes a under this Agreement.
- (g) The Bank may effect of its rights in whole or in part without Borrower consent.
- (h) This Agreement’s is the law of England and Wales; the parties submit to the exclusive of the English courts.
Total Questions: 10
Incorrect Answers: 0
SECTION 8
Real Contract Clauses – Loan Default and Enforcement
Read the following clause from a Facility Agreement and drag the correct preposition into each gap (1) ….. to (5) ….. .
- 10.1 The Borrower shall repay each advance together with interest accrued thereon (1) the relevant Repayment Date specified in Schedule 2.
- 10.2 Interest shall be calculated daily and shall become payable (2) the earlier of the Maturity Date or the occurrence of an Event of Default.
- 10.3 The Bank may enforce its security (3) any or all charged assets without prior notice to the Borrower.
- 10.4 All enforcement proceeds shall be applied (4) the payment waterfall set out in Clause 12.
- 10.5 The Borrower shall indemnify the Bank for all losses arising (5) any breach of the representations and warranties under this Agreement.
Upon – means “at the moment of” or “immediately after” a stated event.
Against – used for enforcement directed toward assets or persons liable.
Pursuant to – formal phrase meaning “in accordance with” a clause or rule.
From – shows the source or cause of a loss or obligation.
Set-out waterfall – the order in which recovered money is distributed (e.g., first costs, then interest, then principal).
Representations – factual statements made by one party that the other relies on when entering a contract; if untrue, they may give rise to a claim for misrepresentation.
Total Questions: 5
Incorrect Answers: 0
SECTION9
Facility Terms – Revolving Credit
Read the clause and choose the correct option to complete (1) ….. to (10) …...
From a Revolving Credit Facility Clause
12. FACILITY TERMS
12.1 The Facility is a committed revolving credit line (the “Facility”) available (1) ….. the Availability Period. Each drawing (a “Utilisation”) shall be in a minimum amount and in multiples (2) …... During the Availability Period, amounts repaid may be re-borrowed.
12.2 The Borrower shall pay: (a) a commitment fee on the Undrawn Commitment (3) ….. the Commitment Fee Rate; and (b) an upfront fee (4) ….. the Signing Date.
12.3 Each Utilisation shall bear interest at the aggregate of: (a) the Benchmark Rate for the relevant Interest Period; and (b) the Margin. If the Benchmark Rate is unavailable, the Bank may determine a Cost of Funds (5) ….. market conditions.
12.4 If any change in law results in the Bank incurring Increased Costs, the Borrower shall (6) ….. the Bank for such amount on demand, evidenced by a certificate describing such costs in reasonable detail.
12.5 All payments shall be made (7) ….. full without set-off or counterclaim and free and clear of any deduction or withholding for Taxes, unless required by law. If any deduction or withholding is required, the Borrower shall gross-up the payment so that the Bank receives the amount it would have received (8) ….. such deduction or withholding.
12.6 No Utilisation may be made if a Sanctions Event or an Illegality Event has occurred and is continuing, or if any KYC/AML Confirmation is outstanding (9) ….. the Bank’s request.
12.7 The Borrower shall apply the proceeds of each Utilisation solely for Permitted Purposes as set (10) ….. in Schedule 3.
1. available (1) ….. the Availability Period.
2. in multiples (2) …..
3. commitment fee on the Undrawn Commitment (3) ….. the Commitment Fee Rate
4. an upfront fee (4) ….. the Signing Date.
5. Cost of Funds (5) ….. market conditions.
6. the Borrower shall (6) ….. the Bank for such amount
7. All payments shall be made (7) ….. full
8. amount it would have received (8) ….. such deduction
9. outstanding (9) ….. the Bank’s request.
10. Permitted Purposes as (10) ….. in Schedule 3.
Total Questions: 10
Incorrect Answers: 0