- 30 Marks
CORPORATE BANKING LAW AND PRACTICE – APRIL 2024 – LEVEL 4 – Q2 – Events of Default, Duties of Credit Bureaus, and Choice of Law Factors
List and explain five events of default in facility letters/term loans, state five duties of licensed credit bureaus under Act 726, and five factors influencing choice of law in international banking contracts
Question
a). Events of Default Clauses exist in Facility Letters and Term Loan Agreements. List and explain five (5) occurrences that will constitute Events of Default on the part of the customer. (10 Marks)
b. Section 21(1) of the Credit Reporting Act, 2007 (Act 726) provides the duties of a Licensed Credit Bureau. State five (5) of these duties. (10 Marks)
c. State five (5) factors that may influence the choice of law in International Banking Contracts. (10 Marks)
[Total = 30 Marks]
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