Finance is a deadline driven profession so time management is important. Assume the following setup.

Alpha Bank made a loan to Farmer Joe and filed a UCC Financing Statement on December $1,2016.$ The UCC Financing Statement is good for five years and gives Alpha Bank a first lien on Farmer Joe's machinery. Beta Bank also made a loan to Farmer Joe and filed a UCC Financing Statement on December $1,2017$ which gives Beta Bank a second lien on the machinery.

Bob is an Alpha Bank employee and is responsible for filing UCC Continuation Statements; he has a six$-$month window in which to file them. When Bob files a UCC Continuation Statement by the deadline, Alpha Bank extends their first lien for another five years. Bob, a graduate from Podunk University, was given this responsibility because he assured everyone that he was great at time management.

OMG, Bob forgets to file the UCC Continuation Statement by the deadline so Alpha Bank loses it first lien on the machinery. This means Alpha Bank has a second lien on the machinery as Beta Bank now has the first lien. Thus, if the machinery is sold, Beta Bank must be paid in full before Alpha Bank receives a single penny.

Oh no$,$ Farmer Joe declares bankruptcy in February $2022$ and sells all of his machinery for $$600,000.$ Farmer Joe uses the proceeds to pay down his two outstanding debts: $$500,000$ owed to Alpha Bank and $$500,000$ owed to Beta Bank.

a$.$ What is the loan loss for Beta Bank? Explain your answer.

b$.$ What is the loan loss for Alpha Bank? Explain your answer.

c$.$ What should be the penalty for Bob who forgot to file the continuation statement?

d$.$ According to the syllabus, what time and day$-$of$-$the$-$week are homework $($not orientations$)$ due? Explain your answer?

e$.$ If a student submits a homework after the grace period, what is the penalty?

f$.$ Do you think the late homework penalty in the syllabus is too severe?

g$.$ How many of the nine homework do you anticipate submitting late, but during the grace so there is no late penalty incurred?