Leveraged buyout (LBO) A transaction used to take a public corporation private that is financed through debt such as bank loans and bonds. Because of the large amount of debt relative to equity in the new corporation, the bonds are typically rated below investment-grade, properly referred to as high-yield bonds or junk bonds. Investors can participate in an L.B.O. through either the purchase of the debt (i.e., purchase of the bonds or participation in the bank loan) or the purchase of equity through an L.B.O. fund that specializes in such investments.Leveraged companyA company that has debt in its capital structure.Leveraged equityStock in a firm that relies on financial leverage. Holders of leveraged equity experience the benefits and costs of using debt.Leveraged investment companyAn investment company or mutual fund entitled to borrow capital for its operations. Also, an investment company that issues both income shares and capital shares.Leveraged leaseA lease arrangement under which the lessor borrows a large proportion of the funds needed to purchase the asset. The lender has a lien on the assets and a pledge of the lease payments to secure the borrowing.Leveraged portfolio A portfolio that includes risky assets purchased with funds borrowed.Leveraged recapitalizationOften used in risk arbitrage. A public company takes on significant additional debt with the purpose of either paying an extraordinary dividend or repurchasing shares, leaving the public shareholders with a continuing interest in a more financially leveraged company. Popular form of shark repellent See: Stub.Leveraged required returnThe required return on an investment when the investment is financed partially by debt.Leveraged stockStocks financed with credit, such as that purchased on a margin account.Liability A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.Liability funding strategies Investment strategies that select assets so that cash flows will equal or exceed the client's obligations.Liability insuranceInsurance guarding against damage or loss that the policyholder, may cause another person in the form of bodily injury or property damage.Liability swap An interest rate swap used to alter the cash flow characteristics of an institution's liabilities so as to provide a better match with its assets.Lien definition

Meaning LEVERAGED BUYOUT (LBO) A TRANSACTION USED TO TAKE A PUBLIC CORPORATION PRIVATE THAT IS FINANCED THROUGH DEBT SUCH AS BANK LOANS AND BONDS. BECAUSE OF THE LARGE AMOUNT OF DEBT RELATIVE TO EQUITY IN THE NEW CORPORATION, THE BONDS ARE TYPICALLY RATED BELOW INVESTMENT-GRADE, PROPERLY REFERRED TO AS HIGH-YIELD BONDS OR JUNK BONDS. INVESTORS CAN PARTICIPATE IN AN L.B.O. THROUGH EITHER THE PURCHASE OF THE DEBT (I.E., PURCHASE OF THE BONDS OR PARTICIPATION IN THE BANK LOAN) OR THE PURCHASE OF EQUITY THROUGH AN L.B.O. FUND THAT SPECIALIZES IN SUCH INVESTMENTS.LEVERAGED COMPANYA COMPANY THAT HAS DEBT IN ITS CAPITAL STRUCTURE.LEVERAGED EQUITYSTOCK IN A FIRM THAT RELIES ON FINANCIAL LEVERAGE. HOLDERS OF LEVERAGED EQUITY EXPERIENCE THE BENEFITS AND COSTS OF USING DEBT.LEVERAGED INVESTMENT COMPANYAN INVESTMENT COMPANY OR MUTUAL FUND ENTITLED TO BORROW CAPITAL FOR ITS OPERATIONS. ALSO, AN INVESTMENT COMPANY THAT ISSUES BOTH INCOME SHARES AND CAPITAL SHARES.LEVERAGED LEASEA LEASE ARRANGEMENT UNDER WHICH THE LESSOR BORROWS A LARGE PROPORTION OF THE FUNDS NEEDED TO PURCHASE THE ASSET. THE LENDER HAS A LIEN ON THE ASSETS AND A PLEDGE OF THE LEASE PAYMENTS TO SECURE THE BORROWING.LEVERAGED PORTFOLIO A PORTFOLIO THAT INCLUDES RISKY ASSETS PURCHASED WITH FUNDS BORROWED.LEVERAGED RECAPITALIZATIONOFTEN USED IN RISK ARBITRAGE. A PUBLIC COMPANY TAKES ON SIGNIFICANT ADDITIONAL DEBT WITH THE PURPOSE OF EITHER PAYING AN EXTRAORDINARY DIVIDEND OR REPURCHASING SHARES, LEAVING THE PUBLIC SHAREHOLDERS WITH A CONTINUING INTEREST IN A MORE FINANCIALLY LEVERAGED COMPANY. POPULAR FORM OF SHARK REPELLENT SEE: STUB.LEVERAGED REQUIRED RETURNTHE REQUIRED RETURN ON AN INVESTMENT WHEN THE INVESTMENT IS FINANCED PARTIALLY BY DEBT.LEVERAGED STOCKSTOCKS FINANCED WITH CREDIT, SUCH AS THAT PURCHASED ON A MARGIN ACCOUNT.LIABILITY A FINANCIAL OBLIGATION, OR THE CASH OUTLAY THAT MUST BE MADE AT A SPECIFIC TIME TO SATISFY THE CONTRACTUAL TERMS OF SUCH AN OBLIGATION.LIABILITY FUNDING STRATEGIES INVESTMENT STRATEGIES THAT SELECT ASSETS SO THAT CASH FLOWS WILL EQUAL OR EXCEED THE CLIENT'S OBLIGATIONS.LIABILITY INSURANCEINSURANCE GUARDING AGAINST DAMAGE OR LOSS THAT THE POLICYHOLDER, MAY CAUSE ANOTHER PERSON IN THE FORM OF BODILY INJURY OR PROPERTY DAMAGE.LIABILITY SWAP AN INTEREST RATE SWAP USED TO ALTER THE CASH FLOW CHARACTERISTICS OF AN INSTITUTION'S LIABILITIES SO AS TO PROVIDE A BETTER MATCH WITH ITS ASSETS.LIEN: A security interest in one or more assets that lenders hold in exchange for secured debt financing

More terms such as Leveraged buyout (LBO) A transaction used to take a public corporation private that is financed through debt such as bank loans and bonds. Because of the large amount of debt relative to equity in the new corporation, the bonds are typically rated below investment-grade, properly referred to as high-yield bonds or junk bonds. Investors can participate in an L.B.O. through either the purchase of the debt (i.e., purchase of the bonds or participation in the bank loan) or the purchase of equity through an L.B.O. fund that specializes in such investments.Leveraged companyA company that has debt in its capital structure.Leveraged equityStock in a firm that relies on financial leverage. Holders of leveraged equity experience the benefits and costs of using debt.Leveraged investment companyAn investment company or mutual fund entitled to borrow capital for its operations. Also, an investment company that issues both income shares and capital shares.Leveraged leaseA lease arrangement under which the lessor borrows a large proportion of the funds needed to purchase the asset. The lender has a lien on the assets and a pledge of the lease payments to secure the borrowing.Leveraged portfolio A portfolio that includes risky assets purchased with funds borrowed.Leveraged recapitalizationOften used in risk arbitrage. A public company takes on significant additional debt with the purpose of either paying an extraordinary dividend or repurchasing shares, leaving the public shareholders with a continuing interest in a more financially leveraged company. Popular form of shark repellent See: Stub.Leveraged required returnThe required return on an investment when the investment is financed partially by debt.Leveraged stockStocks financed with credit, such as that purchased on a margin account.Liability A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.Liability funding strategies Investment strategies that select assets so that cash flows will equal or exceed the client's obligations.Liability insuranceInsurance guarding against damage or loss that the policyholder, may cause another person in the form of bodily injury or property damage.Liability swap An interest rate swap used to alter the cash flow characteristics of an institution's liabilities so as to provide a better match with its assets.Lien in Dictionary L.

Definition Level Debt Service:: Examples A municipal charter provision that debt payments must be relatively equal from year to year so that required revenue projections are easier leveraged buyout (lbo) a transaction used to take a public corporation private that is financed through debt such as bank loans and bonds. because of the large amount of debt relative to equity in the new corporation, the bonds are typically rated below investment-grade, properly referred to as high-yield bonds or junk bonds. investors can participate in an l.b.o. through either the purchase of the debt (i.e., purchase of the bonds or participation in the bank loan) or the purchase of equity through an l.b.o. fund that specializes in such investments.leveraged companya company that has debt in its capital structure.leveraged equitystock in a firm that relies on financial leverage. holders of leveraged equity experience the benefits and costs of using debt.leveraged investment companyan investment company or mutual fund entitled to borrow capital for its operations. also, an investment company that issues both income shares and capital shares.leveraged leasea lease arrangement under which the lessor borrows a large proportion of the funds needed to purchase the asset. the lender has a lien on the assets and a pledge of the lease payments to secure the borrowing.leveraged portfolio a portfolio that includes risky assets purchased with funds borrowed.leveraged recapitalizationoften used in risk arbitrage. a public company takes on significant additional debt with the purpose of either paying an extraordinary dividend or repurchasing shares, leaving the public shareholders with a continuing interest in a more financially leveraged company. popular form of shark repellent see: stub.leveraged required returnthe required return on an investment when the investment is financed partially by debt.leveraged stockstocks financed with credit, such as that purchased on a margin account.liability a financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.liability funding strategies investment strategies that select assets so that cash flows will equal or exceed the client's obligations.liability insuranceinsurance guarding against damage or loss that the policyholder, may cause another person in the form of bodily injury or property damage.liability swap an interest rate swap used to alter the cash flow characteristics of an institution's liabilities so as to provide a better match with its assets.lien definition.
Definition Lots:: Examples general equities, this blocks or portions of trades. Can express a specific transaction in a stock at a certain time, often implying execution at the same price (e.g., I traded 40m in two lots of 10 leveraged buyout (lbo) a transaction used to take a public corporation private that is financed through debt such as bank loans and bonds. because of the large amount of debt relative to equity in the new corporation, the bonds are typically rated below investment-grade, properly referred to as high-yield bonds or junk bonds. investors can participate in an l.b.o. through either the purchase of the debt (i.e., purchase of the bonds or participation in the bank loan) or the purchase of equity through an l.b.o. fund that specializes in such investments.leveraged companya company that has debt in its capital structure.leveraged equitystock in a firm that relies on financial leverage. holders of leveraged equity experience the benefits and costs of using debt.leveraged investment companyan investment company or mutual fund entitled to borrow capital for its operations. also, an investment company that issues both income shares and capital shares.leveraged leasea lease arrangement under which the lessor borrows a large proportion of the funds needed to purchase the asset. the lender has a lien on the assets and a pledge of the lease payments to secure the borrowing.leveraged portfolio a portfolio that includes risky assets purchased with funds borrowed.leveraged recapitalizationoften used in risk arbitrage. a public company takes on significant additional debt with the purpose of either paying an extraordinary dividend or repurchasing shares, leaving the public shareholders with a continuing interest in a more financially leveraged company. popular form of shark repellent see: stub.leveraged required returnthe required return on an investment when the investment is financed partially by debt.leveraged stockstocks financed with credit, such as that purchased on a margin account.liability a financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.liability funding strategies investment strategies that select assets so that cash flows will equal or exceed the client's obligations.liability insuranceinsurance guarding against damage or loss that the policyholder, may cause another person in the form of bodily injury or property damage.liability swap an interest rate swap used to alter the cash flow characteristics of an institution's liabilities so as to provide a better match with its assets.lien explain.
Definition Lifted:: Examples Refers to over-the-counter trading. Having an offer taken in a stock, followed by the market maker raising the offer price leveraged buyout (lbo) a transaction used to take a public corporation private that is financed through debt such as bank loans and bonds. because of the large amount of debt relative to equity in the new corporation, the bonds are typically rated below investment-grade, properly referred to as high-yield bonds or junk bonds. investors can participate in an l.b.o. through either the purchase of the debt (i.e., purchase of the bonds or participation in the bank loan) or the purchase of equity through an l.b.o. fund that specializes in such investments.leveraged companya company that has debt in its capital structure.leveraged equitystock in a firm that relies on financial leverage. holders of leveraged equity experience the benefits and costs of using debt.leveraged investment companyan investment company or mutual fund entitled to borrow capital for its operations. also, an investment company that issues both income shares and capital shares.leveraged leasea lease arrangement under which the lessor borrows a large proportion of the funds needed to purchase the asset. the lender has a lien on the assets and a pledge of the lease payments to secure the borrowing.leveraged portfolio a portfolio that includes risky assets purchased with funds borrowed.leveraged recapitalizationoften used in risk arbitrage. a public company takes on significant additional debt with the purpose of either paying an extraordinary dividend or repurchasing shares, leaving the public shareholders with a continuing interest in a more financially leveraged company. popular form of shark repellent see: stub.leveraged required returnthe required return on an investment when the investment is financed partially by debt.leveraged stockstocks financed with credit, such as that purchased on a margin account.liability a financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.liability funding strategies investment strategies that select assets so that cash flows will equal or exceed the client's obligations.liability insuranceinsurance guarding against damage or loss that the policyholder, may cause another person in the form of bodily injury or property damage.liability swap an interest rate swap used to alter the cash flow characteristics of an institution's liabilities so as to provide a better match with its assets.lien what is.
Definition Long Bonds:: Examples Bonds with a long current maturity. The long bond is the 30-year U.S. Treasury bond leveraged buyout (lbo) a transaction used to take a public corporation private that is financed through debt such as bank loans and bonds. because of the large amount of debt relative to equity in the new corporation, the bonds are typically rated below investment-grade, properly referred to as high-yield bonds or junk bonds. investors can participate in an l.b.o. through either the purchase of the debt (i.e., purchase of the bonds or participation in the bank loan) or the purchase of equity through an l.b.o. fund that specializes in such investments.leveraged companya company that has debt in its capital structure.leveraged equitystock in a firm that relies on financial leverage. holders of leveraged equity experience the benefits and costs of using debt.leveraged investment companyan investment company or mutual fund entitled to borrow capital for its operations. also, an investment company that issues both income shares and capital shares.leveraged leasea lease arrangement under which the lessor borrows a large proportion of the funds needed to purchase the asset. the lender has a lien on the assets and a pledge of the lease payments to secure the borrowing.leveraged portfolio a portfolio that includes risky assets purchased with funds borrowed.leveraged recapitalizationoften used in risk arbitrage. a public company takes on significant additional debt with the purpose of either paying an extraordinary dividend or repurchasing shares, leaving the public shareholders with a continuing interest in a more financially leveraged company. popular form of shark repellent see: stub.leveraged required returnthe required return on an investment when the investment is financed partially by debt.leveraged stockstocks financed with credit, such as that purchased on a margin account.liability a financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.liability funding strategies investment strategies that select assets so that cash flows will equal or exceed the client's obligations.liability insuranceinsurance guarding against damage or loss that the policyholder, may cause another person in the form of bodily injury or property damage.liability swap an interest rate swap used to alter the cash flow characteristics of an institution's liabilities so as to provide a better match with its assets.lien meaning.
Definition Liability Insurance:: Examples Insurance guarding against damage or loss that the policyholder, may cause another person in the form of bodily injury or property damage leveraged buyout (lbo) a transaction used to take a public corporation private that is financed through debt such as bank loans and bonds. because of the large amount of debt relative to equity in the new corporation, the bonds are typically rated below investment-grade, properly referred to as high-yield bonds or junk bonds. investors can participate in an l.b.o. through either the purchase of the debt (i.e., purchase of the bonds or participation in the bank loan) or the purchase of equity through an l.b.o. fund that specializes in such investments.leveraged companya company that has debt in its capital structure.leveraged equitystock in a firm that relies on financial leverage. holders of leveraged equity experience the benefits and costs of using debt.leveraged investment companyan investment company or mutual fund entitled to borrow capital for its operations. also, an investment company that issues both income shares and capital shares.leveraged leasea lease arrangement under which the lessor borrows a large proportion of the funds needed to purchase the asset. the lender has a lien on the assets and a pledge of the lease payments to secure the borrowing.leveraged portfolio a portfolio that includes risky assets purchased with funds borrowed.leveraged recapitalizationoften used in risk arbitrage. a public company takes on significant additional debt with the purpose of either paying an extraordinary dividend or repurchasing shares, leaving the public shareholders with a continuing interest in a more financially leveraged company. popular form of shark repellent see: stub.leveraged required returnthe required return on an investment when the investment is financed partially by debt.leveraged stockstocks financed with credit, such as that purchased on a margin account.liability a financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.liability funding strategies investment strategies that select assets so that cash flows will equal or exceed the client's obligations.liability insuranceinsurance guarding against damage or loss that the policyholder, may cause another person in the form of bodily injury or property damage.liability swap an interest rate swap used to alter the cash flow characteristics of an institution's liabilities so as to provide a better match with its assets.lien abbreviation.

Dodano: 21 June 2022
Autor: Editor

More like Leveraged buyout (LBO) A transaction used to take a public corporation private that is financed through debt such as bank loans and bonds. Because of the large amount of debt relative to equity in the new corporation, the bonds are typically rated below investment-grade, properly referred to as high-yield bonds or junk bonds. Investors can participate in an L.B.O. through either the purchase of the debt (i.e., purchase of the bonds or participation in the bank loan) or the purchase of equity through an L.B.O. fund that specializes in such investments.Leveraged companyA company that has debt in its capital structure.Leveraged equityStock in a firm that relies on financial leverage. Holders of leveraged equity experience the benefits and costs of using debt.Leveraged investment companyAn investment company or mutual fund entitled to borrow capital for its operations. Also, an investment company that issues both income shares and capital shares.Leveraged leaseA lease arrangement under which the lessor borrows a large proportion of the funds needed to purchase the asset. The lender has a lien on the assets and a pledge of the lease payments to secure the borrowing.Leveraged portfolio A portfolio that includes risky assets purchased with funds borrowed.Leveraged recapitalizationOften used in risk arbitrage. A public company takes on significant additional debt with the purpose of either paying an extraordinary dividend or repurchasing shares, leaving the public shareholders with a continuing interest in a more financially leveraged company. Popular form of shark repellent See: Stub.Leveraged required returnThe required return on an investment when the investment is financed partially by debt.Leveraged stockStocks financed with credit, such as that purchased on a margin account.Liability A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.Liability funding strategies Investment strategies that select assets so that cash flows will equal or exceed the client's obligations.Liability insuranceInsurance guarding against damage or loss that the policyholder, may cause another person in the form of bodily injury or property damage.Liability swap An interest rate swap used to alter the cash flow characteristics of an institution's liabilities so as to provide a better match with its assets.Lien and other financial terms:

Term Rate Loan Broker Definition Related: Call money rate compare
Term Cramdown Explain The ability of the bankruptcy court to confirm a plan of reorganization over the objections of some classes of creditors why
Term Premium Option What is The option price how better
Term Option Asian Meaning Option based on the average price of the underlying assets during the life of the option when
Term Supermajority Abbreviation Provision in a company's charter requiring a majority of, say, 80% of shareholders to approve certain changes, such as a merger determines

What means Leveraged buyout (LBO) A transaction used to take a public corporation private that is financed through debt such as bank loans and bonds. Because of the large amount of debt relative to equity in the new corporation, the bonds are typically rated below investment-grade, properly referred to as high-yield bonds or junk bonds. Investors can participate in an L.B.O. through either the purchase of the debt (i.e., purchase of the bonds or participation in the bank loan) or the purchase of equity through an L.B.O. fund that specializes in such investments.Leveraged companyA company that has debt in its capital structure.Leveraged equityStock in a firm that relies on financial leverage. Holders of leveraged equity experience the benefits and costs of using debt.Leveraged investment companyAn investment company or mutual fund entitled to borrow capital for its operations. Also, an investment company that issues both income shares and capital shares.Leveraged leaseA lease arrangement under which the lessor borrows a large proportion of the funds needed to purchase the asset. The lender has a lien on the assets and a pledge of the lease payments to secure the borrowing.Leveraged portfolio A portfolio that includes risky assets purchased with funds borrowed.Leveraged recapitalizationOften used in risk arbitrage. A public company takes on significant additional debt with the purpose of either paying an extraordinary dividend or repurchasing shares, leaving the public shareholders with a continuing interest in a more financially leveraged company. Popular form of shark repellent See: Stub.Leveraged required returnThe required return on an investment when the investment is financed partially by debt.Leveraged stockStocks financed with credit, such as that purchased on a margin account.Liability A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.Liability funding strategies Investment strategies that select assets so that cash flows will equal or exceed the client's obligations.Liability insuranceInsurance guarding against damage or loss that the policyholder, may cause another person in the form of bodily injury or property damage.Liability swap An interest rate swap used to alter the cash flow characteristics of an institution's liabilities so as to provide a better match with its assets.Lien description.

What does Leveraged buyout (LBO) A transaction used to take a public corporation private that is financed through debt such as bank loans and bonds. Because of the large amount of debt relative to equity in the new corporation, the bonds are typically rated below investment-grade, properly referred to as high-yield bonds or junk bonds. Investors can participate in an L.B.O. through either the purchase of the debt (i.e., purchase of the bonds or participation in the bank loan) or the purchase of equity through an L.B.O. fund that specializes in such investments.Leveraged companyA company that has debt in its capital structure.Leveraged equityStock in a firm that relies on financial leverage. Holders of leveraged equity experience the benefits and costs of using debt.Leveraged investment companyAn investment company or mutual fund entitled to borrow capital for its operations. Also, an investment company that issues both income shares and capital shares.Leveraged leaseA lease arrangement under which the lessor borrows a large proportion of the funds needed to purchase the asset. The lender has a lien on the assets and a pledge of the lease payments to secure the borrowing.Leveraged portfolio A portfolio that includes risky assets purchased with funds borrowed.Leveraged recapitalizationOften used in risk arbitrage. A public company takes on significant additional debt with the purpose of either paying an extraordinary dividend or repurchasing shares, leaving the public shareholders with a continuing interest in a more financially leveraged company. Popular form of shark repellent See: Stub.Leveraged required returnThe required return on an investment when the investment is financed partially by debt.Leveraged stockStocks financed with credit, such as that purchased on a margin account.Liability A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.Liability funding strategies Investment strategies that select assets so that cash flows will equal or exceed the client's obligations.Liability insuranceInsurance guarding against damage or loss that the policyholder, may cause another person in the form of bodily injury or property damage.Liability swap An interest rate swap used to alter the cash flow characteristics of an institution's liabilities so as to provide a better match with its assets.Lien explanation.

How works Leveraged buyout (LBO) A transaction used to take a public corporation private that is financed through debt such as bank loans and bonds. Because of the large amount of debt relative to equity in the new corporation, the bonds are typically rated below investment-grade, properly referred to as high-yield bonds or junk bonds. Investors can participate in an L.B.O. through either the purchase of the debt (i.e., purchase of the bonds or participation in the bank loan) or the purchase of equity through an L.B.O. fund that specializes in such investments.Leveraged companyA company that has debt in its capital structure.Leveraged equityStock in a firm that relies on financial leverage. Holders of leveraged equity experience the benefits and costs of using debt.Leveraged investment companyAn investment company or mutual fund entitled to borrow capital for its operations. Also, an investment company that issues both income shares and capital shares.Leveraged leaseA lease arrangement under which the lessor borrows a large proportion of the funds needed to purchase the asset. The lender has a lien on the assets and a pledge of the lease payments to secure the borrowing.Leveraged portfolio A portfolio that includes risky assets purchased with funds borrowed.Leveraged recapitalizationOften used in risk arbitrage. A public company takes on significant additional debt with the purpose of either paying an extraordinary dividend or repurchasing shares, leaving the public shareholders with a continuing interest in a more financially leveraged company. Popular form of shark repellent See: Stub.Leveraged required returnThe required return on an investment when the investment is financed partially by debt.Leveraged stockStocks financed with credit, such as that purchased on a margin account.Liability A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.Liability funding strategies Investment strategies that select assets so that cash flows will equal or exceed the client's obligations.Liability insuranceInsurance guarding against damage or loss that the policyholder, may cause another person in the form of bodily injury or property damage.Liability swap An interest rate swap used to alter the cash flow characteristics of an institution's liabilities so as to provide a better match with its assets.Lien usage example.