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" ... 3. Exercise periods can put employees in a bind. Stock plans favor the company — not the employee. The largest of these issues is the 90-day post-breakup exercise period. This covenant causes massive implications for unexercised shareholders at almost all “unicorn” companies, putting shareholders in a difficult spot if they are unable to afford to exercise their millions of dollars in stock in order to leave the company. Those who leave without possessing the funds to exercise lose out on their equity, which expires and returns to the company’s balance sheet. ... "
" ... A franchisor should disclose the shared services arrangement to its franchisees in its FDD, especially where costs for the services may be passed on directly to the franchisees. Disclosing this information will foster transparency and may avoid legal claims alleging breach of the implied covenant of good faith and fair dealing or tortious interference with contractual relations, based on a franchisee’s objections to the shared services arrangement. ... "
" ... It is important to discuss all loan options with a bank or other lending authority to ensure that obtaining a Coronavirus-related SBA loan will not in any way affect other outstanding loan covenants. In many situations, violating an outstanding loan covenant can increase the interest rate on that loan or even cause the loan to be considered in default. ... "
" ... It is remarkable how little we know about the items we buy and use in our everyday lives. Providing product transparency as part of the sacred covenant between brands and shoppers is a relatively new convention. And while clarity into the facts surrounding a purchase has improved, it has been slow going with much to accomplish still. ... "
" ... The higher Beta for FTSL is interesting. It’s Prospectus specifically mentions its willingness to invest in “covenant lite” instruments. These have fewer contractual requirements that obligate borrowers to achieve certain financial metrics that supposedly better shield them from default. I’ve never been a fan of covenants given how readily I’ve seen creditors restructure tough restrictions away in exchange for trivial increases in coupon interest payments. But that’s neither here nor there. If Mr. Market was bothered by this, it would be more likely apparent through the idiosyncratic Volatility metric rather than the market-based Beta statistic. ... "