Английский язык (стр. 3 )

-  collateral

-  guarantee

-  representations and warranties

-  event of default

-  assignment

-  effectuation of agreement

-  severability

-  governing law

-  language

-  secrecy

-  miscellaneous

As to annexes, the following can often be attached to loan agreements:

-  confirmation of the loan by the lender

-  letter of guarantee

-  legal opinion

-  amortization schedule

-  disbursement procedure

-  payment instructions and others.

II.  Finish the sentences:

1.  A bank loan is an advance…………….

2.  A bank loan is a form of credit………..

3.  A bank loan may take a form…………

4.  Bank loans are used to finance……….

5.  Bank loans may be unsecured………..

III.  Match the equivalents:

1.Loan	a) револьверная кредитная линия
2. To demand a loan	b) документ, удостоверяющий право собственности
3. To grant/to allow/to make/ to provide a loan	c) по частям
4. To repay a loan	d) степень данного риска
5. A revolving line of credit	f) просить кредит
6. Principle	g) чрезмерный риск
7. Installment	h) выплатить кредит
8. On an installment basis	i) основная сумма кредита
9. Redemption	j) ограничивать кредитование
10. Outstanding	k) кредит
11. To negotiate a loan	l) период окупаемости
12. Degree of risk involved	m) давать кредит
13. Low risk	n) не оплатить что-либо
14. Excessive risk/ high risk	o) частичный взнос
15. Title deed	p) страховать против неплатежа
16. To cover against default	q) неоплаченный остаток
17. To default on smth	r) получить кредит
18. To ration a loan to limit a loan	s) погашение
19. Recuperation period	t) малый риск

IV.  Read the dialogue between a bank manager and one of her customer:

A: We’ve been short of space for some time now and finally we’ve decided we must move to bigger premises. We’ve looked at a number of properties in the area and come down in favour of this one in the centre of town.

B: How much are they asking for it?

A: $300,000. But we think we’ll get it for $ 280,000

B: I see. That’s a major investment for a firm of your size.

A: We realize that, but we see it as a valuable resource for the business which will help us to expand, and at the same time a sound investment.

B: I understand. Are you looking for a loan to cover the total price?

A: Well, we’ve considered that. We could raise $ 50,000 by cutting back on management bonuses and one or two investment projects.

B: But ideally you’d like to borrow the full $300,000

A: That’s right

B: What sort of term were you thinking of?

A: Well, either fifteen or twenty years. Could you give me a quote for both terms?

B: Yes, just a moment…I’ll check my tables. Well over fifteen years on fully fluctuating interest it’d be $ 3,500 a month, that’s based on 2 per cent above current base rate. And over twenty years it’d be $ 3,000 a month.

A: Well either fifteen or twenty years Could you give me a quote for both terms?

B: Yes, just a moment…..I’ll check my tables. Well, over fifteen years on fully fluctuating interest it’d be $3,5000 a month, that’s based on 2 per cent above current base rate. And over twenty years it’d be $ 3,000 a month.

A: Yes, that’s roughly what we calculated. I think we’d prefer the twenty year loan.

B: Right, let’s come back to that. Have you brought some up-to-date figures for me?

A: Yes, I have. As you can see, turnover is up on last year by about 20 per cent and profits look like being even better – about 25 per cent higher than last year. That means a net profit of abound $ 30,000.

B: That sounds very healthy. Have you done any projections?

A: Yes, we have. As you know it’s difficult to forecast accurately in our line of business, but we reckon turnover should continue to increase at this sort of rate for the next five years and our margins, if anything, should get better.

B: Good, perhaps you can leave figures with me.

A: of course

B: What worries me is your cash flow-at present you’re operating at close to the limit of your $50,000 facility – in fact, sometimes you are straying the wrong side of it. Do you see any improvement in that area?

A: Well, as you know, in our line of business, we’re always going to have a cash flow problem. As we expand, it’s difficult it’s difficult to avoid pushing up the need for working capital.

B: I realize that you’re thinking of taking on an additional major drain on cash. On the present figures, you may well have problems financing the payments.

A: We are confident we can get the sales to justify this investment. Also I’m sure you’ll find the security on the building is more than enough. We’ve had the property valued and been told is worth at least $350,000. On top of that, our fixed assets stand at $ 75,000 on the last balance sheet.

B: That’s true but what worries me is your current liabilities – to the bank and also your current creditors. According to these figures, that stands at nearly $90,000

Complete the information according to the dialogue:

Reason for loan:……………………………………………………………………………..

Amount of loan:…………………………………………………………………………….

Term of loan:……………………………………………………………………………….

Interest rate:………………………………………………………………………………..

Current installment:…………………………………………………………………………

Security:……………………………………………………………………………………..

Type:……………………………………………………………………………………….

Market value:………………………………………………………………………………

Turnover:………………………………………………………………………………….

Profits:…………………………………………………………………………………….

Assets:……………………………………………………………………………………..

Liabilities:…………………………………………………………………………………

V.  Answer the questions:

How could the firm raise $ 50,000 towards the cost of the property? What are the firm’s projections for turnover and profits? What is its current overdraft? Who does it owe money to?

VI.  Match the words/expressions on the left with an appropriate combination on the right, to make am idiomatic phrase:

1. a short of	a) figures
2. a major drain	b) the wrong side
3. close to	c) investment
4. our line of	d) space
5. to come down	e) business
6. a firm of	f) calculation
7. to stray	g) on cash
8. up-to-date	h) in favour of
9. rough	i) the limit
10. sound	j) your size

Unit 2

Text A

Budgeting

Vocabulary

Budgeting	Составление бюджета
A cash with order	Наличный расчет при выдаче заказа
Additional charge	Дополнительная комиссия
Administrative costs	Административные издержки
Advertising costs	Расходы на рекламу
Advise	Авизо
At sight	По предъявлению, по первому требованию
Beneficiary	Получатель
Bill of exchange	Вексель
Bill of landing	Транспортная накладная, коносамент
Budget table	Бюджетная таблица
Budgeting period	Бюджетный период
Cheque	Чек
Commercial invoice	Торговый счет-фактура
Confirmed letter of credit	Подтвержденный аккредитив
Customs documentation	Таможенные документы
Distribution costs	Расходы на доставку
Documentary credit	Документарный аккредитив
Draft	Переводной вексель
Endorsed blank	Индоссированный бланк, снабженный передаточной надписью бланк
Expiry date	Истечение срока
Expiry place	Место истечения срока
Explanatory statement	Поясняющий комментарий
Financial results	Финансовые результаты
Fixed costs	Постоянные издержки
Herein	Выше перечисленный
Insurance policy	Страховой полис
Invoice value	Стоимость согласно счету-фактуре
Irrevocable letter of credit	Безотзывный аккредитив
L/c validity	Срок действия аккредитива
Liquidity budget	Бюджет ликвидности
Master budget	Основной бюджет
Methods of payment	Метод платежа
Open account	Контокоррент
Opening bank	Банк, выдающий кредит
Part shipment	Частичная отгрузка
Payment against presentation of the documents	Выплата по предъявлению документов
Production costs	Издержки производства
Projected balance sheet	Планируемый баланс
Results budget	Итоговый бюджет
Selling costs	Торговые издержки
Storage costs	Расходы на складирование
Throughput	Производительность, пропускная способность
To honour on presentation	Оплатить по предоставлению
Transshipment	Транзитная перевозка
Transport document	Грузовой документ
Variable costs	Переменные издержки

I. Read the text and translate it into Russian:

Budgeting

If a plan has been expressed in financial terms, we speak of the budget. Budgeting is the changing of operational plans (for example, for purchasing, production, research, or sales) into financial results. The budget shows the financial position the company will be in if all plans are executed. The possible financial results may be arranged as follows:

-  A projected balance sheet: a balanced sheet for a date in the future.

-  A results budget: a review of costs and revenues for a future period.

-  A liquidity budget: a review of cash receipts and cash expenditures for a future period.

A projected balance sheet, results budget, liquidity budget, and explanatory statements are together described as the master budget. The master budget is prepared from, and consolidates, budgets for separate subunits of an organization (sales, production, distribution and finance) to give a single budget for the whole organization. The master budget is the keystone which demonstrates the overall position of the company if the plans are executed. If, on the basis of this projection, undesirable positions come to light, the management can readjust its trying out various scenarios, management can ascertain what the consequences of changes in its policy will be. Finally, the management makes its choice from the policy options so that the objectives will be realized to the maximum possible extent.