I. Under a 75% LTV term loan structure, when is the balance of funds released by the lender to the vendor?

A. After the borrowers equity contribution, before the delivery of the asset to the borrower.

B. After the borrowers equity contribution, and preferably after the asset is in the borrowers possession.

C. Before the borrowers equity contribution and the delivery of the asset.

D. Before the borrowers equity contribution, after delivery of the asset to the borrower.

II. In which option are the steps to capitalize off-balance sheet obligations given correctly?

A. Adjust the balance sheet to include only a long-term portion of debt, reconstruct the income statement by adding lease payment back to EBITDA, calculate key lending ratios after all adjustments

B. Adjust the balance sheet to include both a current and long-term portion of debt, no adjustments needed in the income statement, calculate key lending ratios after all adjustments

C. Adjust the balance sheet to include both a current and long-term portion of debt, reconstruct the income statement by adding lease payment back to EBITDA, calculate key lending ratios after all adjustments

D. Adjust the balance sheet to include both a current and long-term portion of debt, reconstruct the income statement by adding lease payment back to Net Income, calculate key lending ratios after all adjustments

Must answer I and II. Thank you!!!