单选题 {{B}}Passage Two{{/B}}

Funds derived from term loans are used for a number of purposes. One of the most important is the purchase of buildings and equipment needed by the borrower to maintain a competitive position and keep pace with the demand for the firm's products. In addition, increased sales usually call for increased working capital, which may be financed through term borrowing. Term loans are used to finance new ventures, at which a firm adds a new product or integrates vertically to produce some portion of the raw materials needed in its operations. Term borrowing is also used to refinance existing obligations.
Frequently, the borrower needs to draw down the funds over a period of many months, as in the case of a major plant expansion or the acquisition of a fleet of aircraft. In such cases it is common practice to combine the term loan agreement with a commitment agreement or revolving credit. The lender agrees to make funds available to the borrower as they are needed over a period of, say, two years up to a specified total amount. The agreement also provides that at the end of the commitment period the entire amount borrowed to that date shall be incorporated in a term loan. For an arrangement of this kind, the borrower is normally required to pay a commitment fee of from one-fourth to one-haft of 1 percent on unborrowed amounts during the period of the bank's commitment.

单选题 Term borrowings are used to finance the borrowers to purchase buildings and equipment needed, working capital and existing obligations.

【正确答案】 B

【答案解析】结合整个文章第一段可以知道定期贷款(term borrowings)可以用来为购买所需要的设备、房产以及营运资金进行融资(finance)，但是第一段最后一句指出Term borrowing is also used to refinance existing obligations. refinance再融资，与融资含义不同。

单选题 The borrower may draw the funds from the credit aggregates within the time limit for expanding their operations.

单选题 A revolving credit commitment gives the borrower assurances of the availability of funds over unexpected period of tight credit in future years.

【正确答案】 C

【答案解析】结合第二段第一、二句知，在获取贷款时间太长时，采取承诺贷款或者循环贷款是常用的方法，并没有如题中所说“未来不可知的信贷紧缩时期”。a commitment agreement承诺贷款，revolving credit循环贷款。

单选题 The term-loan agreement specifies a draw-down period of, say, up to two years, during which the funds must be used by the borrower; otherwise the borrower is not allowed to draw down any unused credit.

【正确答案】 C

【答案解析】关于定期贷款协议文中第二段第一句Frequently, the borrower needs to draw down the funds over a period of many months...做了简短的说明，并没有提到题中所说的贷款额必须全部使用完，更没有说不允许使用没有使用的信用额度。