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Abstract

The article addresses the issue of conditions that the borrower is obliged to fulfill during the crediting process. These terms, the so-called covenants are built into credit agreements and are aimed at limiting banks’ risk when financing business entities. However, at the same time, covenants constitute conditions limiting the scope of use of bank loans. Covenants are very diverse. The principle hypothesis of the study assumes that the covenants differ according to the type of credit and the characteristic of the industry and the financial situation of the enterprise. In order to examine the hypothesis, an analysis of 25 credit agreements in three corporations and their subsidiaries was undertaken. These entities belong to fuel, mining and metallurgical sectors. At the same time, we observe the extent to which these covenants were kept during four quarters of 2016 and two quarters of 2017. Due to the confidentiality of the data contained in the loan agreements, the names of groups and their companies were kept confidential at the request of their management. Studies have also shown that abiding by non-financial covenants has been more difficult than abiding by financial covenants. In covenants, several contracts stipulated that a company cannot freely dispose fixed assets, restructure them or use leased assets which hinders the use of those asset to repay debt. One major obstacle was the fact that the company could not undertake any additional business beyond the existing one. This hindered the diversification of companies’ activities, which would improve their competitive position on the market. The author intends to conduct further research on covenants to highlight their flexible use and to increase the availability of bank loans to business entities.
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Abstract

Most of the people of coastal East Africa were ancestors of the modern Swahili. The occurrence of Swahili loans in unrelated neighbouring languages is quite frequent. The influence of Arabic loans, mainly via Swahili, was not confined to East Africa, or to Nilotic and Bantu languages (particularly Mijikenda and Pokomo), but also to Central African languages like Kikongo, Lingala up to the Sango. This is clear because Islam penetrated mainly and exclusively through Swahili speaking people and not directly from Arabic, so all the words dealing with the new religion, and which so abundantly arrived in West African languages, were not necessarily lent. In this paper, a research in progress is presented. It started one year ago by collecting Arabic loans in languages spoken in East and Central Africa. The main object of investigation is to organise a data base similar to what done for West Africa, using the same methodology. Up to now a few dictionaries and other sources on these languages have been consulted: Acholi, Ankole, Anywa, Ateso, Bari, Bemba, Bende, Dholuo, Kikamba, Kikongo, Kikuyu, Kiluba, Kiw’oso, Kuria, Lega, Lingala, Lomongo, Lotuxo, Luena, Luganda, Lunyankole, Lunyoro, Macua, Madi, Matengo, Ngombe, Pokomo, Pokot, Rendille, Shona, Swahili, Xhosa and Zande, but this article is dealing with Nilo-Saharan languages only.
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