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Article 3 Repayment of the loan, prepayment

The Loan should be repaid in nine (9) equal semiannual installments in accordance with the schedule set out in Exhibit B attached hereto.

The Borrower shall have the right to prepay the then outstanding balance of the LOAN in whole on any Interest Payment Day only, without any premium or penalty, as long as at least 60 calendar days prior written notice is given, together with the Interest accrued and any other amounts then due.

Each reference herein to Dollars is of the essence. The obligations of the Borrower in respect of any amount due hereunder shall, notwithstanding any payment in any other currency (whether pursuant to a judgement or otherwise), be discharged only to the extent of the amount in Dollars that the Lender may, in accordance with normal banking procedures, purchase with the sum paid in such other currency (after any premium and cost of exchange) on the business day immediately following the day on which the Lender receives such payment. Any obligation of the Borrower not discharged by such payment shall be due as a separate and independent obligation and until discharged as provided herein, shall continue in full force and effect.

The Borrower shall use the Loan solely for the payment on behalf of the Buyer of the purchase price of the Equipment purchased by the Buyer under Addendum. The parties hereto to explicitly understand and agree that, notwithstanding any dispute, breach or default concerning the purchase Contract and/ or the Addendum, the provision of this Agreement, including, without limitation, the Borrower’s obligations to fully repay the Loan and pay all Interest as provided for herein, shall unchanged and fully enforceable by the parties hereto.


Article 4. Expenses, Fees

1. The Borrower agrees, whether or not any of the transaction hereby contemplated are consummated (except where the transaction are not consummated due to the Lender’s default to bear and pay all reasonable expenses including but not limit to the legal fees incurred by the Lender in relation to the negotiation, preparation, modification and execution of this Agreement (hereinafter called ‘the Documentation Expenses’), the Borrower shall reimburse the Lender within thirty (30) days after receipt by the Borrower of the Lender’s reasonably is ported invoices for the Documentation Expenses. The amounts the Documentation Expenses to be reimbursed by the Borrower as the Documentation Expenses incurred during the due period and including the Drawdown Date shall not exceed One The sand United States Dollars (USD 1, 000) as far as the expenses are imposed by Russia, United Kingdom and Japan.

2. If the Borrower fails to pay when due any amount hereunder Borrower shall pay upon demand with supported invoices further amounts as shall be sufficient to cover the reason, costs, and expenses, including reasonable legal fees, incurred the Lender in enforcing any of its rights hereunder (Enforcement Expenses). The Documentation Expenses and the Enforcement Expenses are hereinafter collectively referred to as ‘Expenses’.

3. The Borrower shall bear all its own costs and fees including legal fee for Borrower’s legal opinion.

4. As a management fee, the Borrower shall pay to the Lender amount of Four Thousand Ninety Six point Zero Two United States Dollars (USD 4, 096.02), hereinafter called ‘the agreement Fee’, within thirty (30) days after signing this Agreement, the Management Fee shall be nonrefundable.



Unit 4

Text A

Joint-Stock Company


Legal structure of business Правовая организация бизнеса
Joint-stock company Акционерное общество
Legal person Юридическое лицо
Natural person Физическое лицо
Clause Статья (договора)
Company’s name Название компании
Private company Частная компания
Public company Государственная компания
Registered office Официальный адрес правления компании
Apply for registration Подать заявление на регистрацию
Objects Цель (образования компании)
Capital Капитал
Company’s authorized capital Уставной капитал (фонд) компании
Fixed nominal value Установленная номинальная стоимость
Subscribers Подписчики (капитала)
Articles of association Устав акционерного общества
Bind (v) Обязывать
Resign (v) Подать в отставку
Re-election Переизбрание
Trustee Доверительное лицо
Managing director Генеральный директор
Chairman Председатель (правления)
Run an organization Управлять организацией
Top management Высшее исполнительное руководство
(Managing) board Правление
Extraordinary general meeting Внеочередное собрание акционеров
Incorporation Регистрация компании
Paid-up share capital Полностью оплаченный акционерный капитал
Convene the meeting Созывать собрание
Non-profit making Некоммерческое производство
Debentures Долговое обязательство
Holding company Холдинг
Limited partner Партнер с ограниченной имущественной ответственностью
Deed of partnership Акт о товариществе
Sleeping partner Негласный партнер
Dissolution Роспуск
Realization account Счет реализации
Indebtedness Задолженность
Insolvency Неплатежеспособность
Winding-up Ликвидация
Compulsory liquidation Принудительная ликвидация
Voluntary liquidation Добровольная ликвидация
Liquidation committee (commission) Ликвидационная комиссия

I. Read the text and translate it into Russian:

There are two steps to be taken before starting your business:

· you must first choose its legal form

· and then legally incorporate it

Choosing the legal structure of the business is the crucial step in the decisions you will have to make. Your choice will affect daily operations of the business, the taxes to be paid and the degree of liability of the entrepreneur and of any partners he may have.

It is important to choose the legal form that will enable your business to develop, while taking into consideration the activities to be taken on. Your notary, lawyer or accountant can help you make the right choice.

The most popular form of business is a joint-stock company, also called a company or corporation, a joint-stock company is a ‘legal person’. This means that the company itself has rights and powers separate and different from those of the natural or legal persons who compose it and are its shareholders. A joint-stock company has its own assets and incurs its own debts. The liability of the shareholders is limited to their investment.

Once you set up a joint-stock company, you need to prepare its Memorandum of association, which must contain the following clauses:


The company’s name (Clause 1)

A company is only a legal person but, like a human being, it must have a name…..

The final words of the name – generally. A private company whether limited by shares or guarantee, must end its name with the word ‘limited’. A public company must end its name with the words ‘public limited company’. The short forms – ‘Ltd’ and ‘plc’ – are allowed. These words or their short forms, must not appear elsewhere in the name.


Registered office (Clause 2)

There is only a statement that the registered office is situated in England. The actual address is not given but, as we have seen, it is filed with the Registrar when applying for registration.

The actual address can be changed by an ordinary resolution of the members. This requires a 51 per cent majority.


Objects (Clause 3) Generally


This clause lists the things which the company can do. If it enters into a transaction which is not included in the clause, that transaction will at common law be ultra vires (that is, beyond its powers) and void (that is, of no effect).


Limitation of liability (Clause 4)

This clause simply states that the liability of the membership is limited.


Capital (Clause 5)

This clause must state the amount of the company’s authorized capital and its division into fixed nominal value.


Association clause

Finally, there is an association clause which states that the subscribers wish to be formed into a company and that they agree to take the shares opposite their names.


Articles of Association

The second major document, governing the company is the articles of association. The articles together with memorandum when registered are a contract which binds the company and its members as if signed and sealed by each member.

It contains the shareholders’ rights and the amount of shares; regulations and procedures on general meeting and the list of the directors and their rights and duties. There are also stated different questions related to the regulation of the company.


Insolvency problems

If a joint-stock company goes bankrupt and can not pay out its debts, then either the shareholders or the creditors are entitled to sell it out. But first of all a liquidation committee is formed to regulate the process of winding up. In case of a voluntary liquidation the commission is appointed by the shareholders of the general meeting, but if the winding-up is compulsory then a court, in majority cases an arbitration must appoint this committee to solve the problem.


II. Match the equivalents:

1. Apply for registration a) Акционерное общество
2. Articles of association b) Государственная компания
3. Bind (v) c) Добровольная ликвидация
4. Capital d) Капитал
5. Clause e) Ликвидационная комиссия
6. Company’s authorized capital f) Ликвидация
7. Company’s name g) Название компании
8. Compulsory liquidation h) Неплатежеспособность
9. Fixed nominal value i) Нотариус
10.Insolvency j) Обязывать
11. Joint-stock company k) Официальный адрес правления компании
12. Legal person l) Подать заявление на регистрацию
13. Legal structure of business m) Подписчики (капитала)
14. Liquidation committee n) Правовая организация бизнеса
15. Natural person o) Принудительная ликвидация
16. Notary p) Статья (договора)
17. Objects q) Устав акционерного общества
18. Private company r) Уставной капитал (фонд) компании
19. Public company s) Установленная номинальная стоимость
20. Registered office t) Физическое лицо
21. Subscribers u) Цель (образования компании)
22. Voluntary liquidation v) Частная компания
23. Winding-up w) Юридическое лицо

III. Answer the following questions:

  1. How many steps are there to be taken before starting your business?
  2. What is a crucial step in the decisions you will have to make?
  3. Why is it important to choose the legal form of your business?
  4. Which is the most popular form of business?
  5. What word must end a private company with?
  6. What word must end a public company with?
  7. What binds the company and its members?
  8. What do the articles of association contain?
  9. What should be done if a joint-stock company goes bankrupt?
  10. What happens in a case of a voluntary liquidation?
  11. What happens in a case of a compulsory liquidation?


IV. Match the following sentences (1-11) with the words or phrases (a-k) on the right:



1. The holder of these has lent the company money but has no voting rights a) a subsidiary
2. A group of six accountants have decided to form an association to carry on business in common and make a profit b) group
3. The investors give these people the power to run the company c) non-profit making
4. This company holds more than 50% of the voting shares in another company d) stock-exchange
5. Members of the public can only invest in this company if they are invited to do so. e) partnership
6. Investments in many companies can be made by buying shares on this market f) directors
7. The public can be shareholders in this company g) private limited
8. The golf club was set up with the intention of not making a profit h) debentures
9. Fifty-one percent of the voting shares of this company are held by another company i) public limited
10. This is the meeting which is held once a year for the shareholders j) holding company
This exists when several companies are in a relationship of owning and being owned k) annual general meeting


V The process of developing a corporate plan goes through several stages. Put the items (a-i) below in the correct place on the corporate plan:

a) Setting corporate policies and deciding about where the organization wants to go in terms of performance and results.

b) Identifying opportunities and threats and analyzing the major strength and weaknesses of the organization.

c) Preparing action plans and setting targets for different departments.

d) Analyzing production facilities and personnel currently at work and analyzing current trading activities.

e) Agreeing on the strategies which the organization will adopt.

f) Considering the expectations of the employees, the customers and the shareholders.

g) Assessing possible future actions of competitors and studying economic forecasts and social trends.

h) Reviewing the economic, political and social factors which are affecting the organization.

i) Considering alternative strategies.


Developing A corporate plan
Assessment stage:  
- external environment Analyzing raw materials, skilled labour and other resources which the organization can use and 1)…….
- organization 2)……..
- future 3)…….
- shareholders’ expectations 4)…….
Objective stage 5)………
Appraisal stage (SWOT) 6)………
Evaluation stage 7)………
Strategic plan 8)………
Operational planning 9)…….


VI.Translate into English:

1. Существует несколько видов правовой организации бизнеса, Но наиболее популярной является акционерное общество.

2. Акционерное общество может состоять из двух как физических, так и юридических лиц.

3. Акционерное общество в Великобритании должно составить два документа – меморандум и устав, которые должны содержать следующие пункты: название компании, официальный адрес правления, цели образования компании, ее уставной капитал и установленная номинальная цена акций.

4. В уставе акционерного общества отражаются основные положения, касающиеся Совета директоров и Правления.

5. Ликвидационная комиссия при добровольной ликвидации общества избирается Общим собранием в порядке, предусмотренным Уставом и Положением о ликвидационной комиссии.

6. При принудительной ликвидации Ликвидационная комиссия назначается судом (арбитражем).

7. Существует два основных вида акционерных компаний – частная и государственная.

8. В Уставе акционерного общества определяется состав совета директоров, правление, генеральный директор.

9. Совет директоров является доверенным лицом подписчиков капитала.

10. Совет директоров управляет организацией при помощи высшего исполнительного руководства.


Text B

Organization structure


Relationship Взаимоотношение
Position Должность, место
To hold a position Занимать должность
Organization structure Организационная структура
Level Уровень
Sales manager Управляющий по торговле и маркетингу
Salesman Продавец, торговец
To have direct authority over smb Иметь прямую власть над кем-либо
Staff Штат, персонал
To give orders Отдавать приказы
To take orders Принимать приказы
Line department Линейный отдел (имеющий непосредственное отношение к конечному продукту)
Staff department Административный отдел (не имеющий прямого отношения к производству, но обслуживающий его)
To be tied in with a company product Иметь отношение к конечному продукту
Organizational chart Организационная схема
Line position Линейная должность
Immediate superior Непосредственный начальник
Immediate subordinate Непосредственный подчиненный
Line chain of command Линейная структура подчинения
To report Сообщать, информировать о чем-то
Credit department Кредитный отдел
Span of control Сфера непосредственного подчинения
Vice-president of production Вице-президент по производству
Vice-president of marketing Вице-президент по сбыту
Comptroller Главный финансист
Matrix structure Матричная система
Department Отдел
Accounting Бухгалтерия
Administrative Административный
Engineering Конструкторско-технологический
Law Юридический
Production Производственный
Purchasing (supply) Закупок (снабжения)
Packing Фасовки и упаковки
Finance Финансовый
Quality control Управления качеством
Sales Сбыта
Staff position Административная должность


I. Read and translate this text:

Most organizations have a hierarchical or pyramidal structure, with one person or a group of people at the top, and increasing number of people below them at each successful level. There is a clear line or chain of command running down the pyramid. All people in the organization know what decisions they are able to make, who their superior (or boss) is (to whom they report), and to whom they can give instructions.

Some people in an organization have colleagues who help them: for example, there might be an Assistant to the Marketing Manager.

Today, most large marketing organizations have a functional structure, including (among others) production, finance, marketing, sales and personnel or staff departments. This means, for example, that the production and marketing departments cannot take financial decisions without consulting the finance department.

Functional organization is efficient, but there are two standard criticisms. Firstly, people are usually more concerned with the success of their department than that of the company, so there are permanent battles between, for example, finance and marketing, or marketing or production, which have incompatible goals. Secondly, separating functions is unlikely to encourage innovation.

Yet for a large organization manufacturing a range of products, having a single production department is generally inefficient. Consequently, most large companies are decentralized. Each division has its own engineering, production and sales departments, made a different category of car (but with some overlap, to encourage internal competition), and was expected to make a profit.

Businesses that cannot be divided into autonomous divisions with their own markets can simulate decentralization, setting up divisions that deal with each other using internally determined transfer prices. Many banks, for example, have established commercial, corporate, private banking, international and investment divisions.

An inherent problem of hierarchies is that people at lower levels are unable to make important decisions, but have to pass on responsibility to their boss. One solution to this is matrix management, in which people report to more than one superior. For example, a product manager with an idea might be able to deal directly with managers responsible for a certain market segment and for a geographical region, as well as the managers responsible for the traditional functions of finance, sales and production. This is one way of keeping authority at lower levels, but it is not necessarily a very efficient one. Some people insist on the necessity of pushing authority and autonomy down the line, but argue that one element – probably the product – must have priority; four dimensional matrices are far too complex.

A further possibility is to have wholly autonomous, temporary groups or teams that are responsible for an entire project, and are split up as soon as it is successfully completed.Teams are not often very good for decision-making, and they run the risk of relational problems, unless they are small and have a lot of self-discipline. In fact they still require a definite leader, on whom their success probably depends.


II Answer these questions:

    1. What kind of structure do most organizations have?
    2. What helpers do some people in organizations have?
    3. What kind of structure do most manufacturing companies have?
    4. What does a functional structure mean?
    5. Is a functional organization efficient?
    6. Which are two standard criticisms?
    7. Is it efficient for a large organization manufacturing a range of products to a single production department? Why?
    8. How can businesses simulate decentralization if they can’t be divided into divisions?
    9. Why can’t people at lower levels make important decisions?
    10. Why is it successful to create autonomous, temporary groups?




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