1.
Contract
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A contract is a voluntary arrangement between two or more parties that is enforceable by law as a binding legal agreement. Contract is a branch of the law of obligations in jurisdictions of the civil law tradition, Contract law concerns the rights and duties that arise from agreements. A contract arises when the parties agree that there is an agreement, formation of a contract generally requires an offer, acceptance, consideration, and a mutual intent to be bound. Each party to a contract must have capacity to enter the agreement, minors, intoxicated persons, and those under a mental affliction may have insufficient capacity to enter a contract. Some types of contracts may require formalities, such as a memorialization in writing, at common law, the elements of a contract are offer, acceptance, intention to create legal relations, and consideration. Not all agreements are necessarily contractual, as the parties generally must be deemed to have an intention to be legally bound, a so-called gentlemens agreement is one which is not intended to be legally enforceable, and which is binding in honour only. In order for a contract to be formed, the parties must reach mutual assent and this is typically reached through offer and an acceptance which does not vary the offers terms, which is known as the mirror image rule. An offer is a statement of the offerors willingness to be bound should certain conditions be met. If a purported acceptance does vary the terms of an offer, it is not an acceptance but a counteroffer and, therefore, the Uniform Commercial Code disposes of the mirror image rule in §2-207, although the UCC only governs transactions in goods in the USA. As a court cannot read minds, the intent of the parties is interpreted objectively from the perspective of a reasonable person and it is important to note that where an offer specifies a particular mode of acceptance, only an acceptance communicated via that method will be valid. Contracts may be bilateral or unilateral, a bilateral contract is an agreement in which each of the parties to the contract makes a promise or set of promises to each other. For example, in a contract for the sale of a home, less common are unilateral contracts in which one party makes a promise, but the other side does not promise anything. In these cases, those accepting the offer are not required to communicate their acceptance to the offeror, in a reward contract, for example, a person who has lost a dog could promise a reward if the dog is found, through publication or orally. The payment could be conditioned on the dog being returned alive. Those who learn of the reward are not required to search for the dog, but if someone finds the dog and delivers it, the High Court of Australia stated that the term unilateral contract is unscientific and misleading. In certain circumstances, a contract may be created. A contract is implied in fact if the circumstances imply that parties have reached an agreement even though they have not done so expressly, quantum meruit claims are an example. Carbolic, a firm, advertised a smoke ball marketed as a wonder drug that would, according to the instructions
2.
Indentured servitude
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An indentured servant or indentured labor is an employee within a system of unfree labor who is bound by a contract to work for a particular employer for a fixed period of time. The employer is permitted to assign the labor of an indenturee to a third party. Indenturees usually enter into an indenture for a payment or other benefit or to meet a legal obligation. Upon completion of the contract, indentured servants were granted freedom or occasionally plots of land, in many countries, systems of indentured labor have been outlawed. Until the late 18th century, indentured servitude was very common in British North America and it was often a way for poor Europeans to emigrate to the American colonies, they signed an indenture in return for a costly passage. After their indenture expired, the immigrants were free to work for themselves or another employer, the consensus view among economic historians and economists is that indentured servitude occurred largely as an institutional response to a capital market imperfection. In some cases, the indenture was made with a ships master, most indentured servants worked as farm laborers or domestic servants, although some were apprenticed to craftsmen. The terms of an indenture were not always enforced by American courts, although runaways were usually sought out, between one-half and two-thirds of white immigrants to the American colonies between the 1630s and American Revolution had come under indentures. Indentured people were numerically important mostly in the region from Virginia north to New Jersey, other colonies saw far fewer of them. The total number of European immigrants to all 13 colonies before 1775 was about 500,000, of the 450,000 or so European arrivals who came voluntarily, Tomlins estimates that 48% were indentured. About 75% of these were under the age of 25, the age of adulthood for men was 24 years, those over 24 generally came on contracts lasting about 3 years. Not all European servants were sent willingly, several instances of kidnapping for transportation to the Americas are recorded. An illustrative example is that of Peter Williamson, one spirit named William Thiene was known to have spirited away 840 people from Britain to the colonies in a single year. Historian Lerone Bennett, Jr. notes that Masters given to flogging often did not care whether their victims were black or white. Indentured servants could not marry without the permission of their master, were subject to physical punishment, to ensure uninterrupted work by the female servants, the law lengthened the term of their indenture if they became pregnant. But unlike slaves, servants were guaranteed to be released from bondage. At the end of their term they received a payment known as freedom dues, one could buy and sell indentured servants contracts, and the right to their labor would change hands, but not the person as a piece of property. The American Revolution severely limited immigration to the United States, but economic historians differ on the long-term impact of the Revolution
3.
Apprenticeship
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An apprenticeship is a system of training a new generation of practitioners of a trade or profession with on-the-job training and often some accompanying study. Apprenticeship also enables practitioners to gain a license to practice in a regulated profession, Apprenticeships typically last 3 to 7 years. People who successfully complete an apprenticeship reach the journeyman or professional level of competence. In early modern usage, the clipped form prentice was common, the system of apprenticeship first developed in the later Middle Ages and came to be supervised by craft guilds and town governments. A master craftsman was entitled to employ young people as a form of labour in exchange for providing food, lodging. Most apprentices were males, but female apprentices were found in such as seamstress, tailor. Apprentices usually began at ten to fifteen years of age, in Coventry those completing seven-year apprenticeships with stuff merchants were entitled to become freemen of the city. Subsequently, governmental regulation and the licensing of technical colleges and vocational education formalized and bureaucratized the details of apprenticeship, Australian Apprenticeships encompass all apprenticeships and traineeships. They cover all sectors in Australia and are used to achieve both entry-level and career upskilling objectives. There were 470,000 Australian Apprentices in-training as at 31 March 2012, Australian Government employer and employee incentives may be applicable, while State and Territory Governments may provide public funding support for the training element of the initiative. Australian Apprenticeships combine time at work with formal training and can be full-time, part-time or school-based, Australian Apprentice and Traineeship services are dedicated to promoting retention, therefore much effort is made to match applicants with the right apprenticeship or traineeship. This is done with the aid of aptitude tests, tips, information and resources on potential apprenticeship and traineeship occupations are available in over sixty industries. The distinction between the terms apprentices and trainees lies mainly around traditional trades and the time it takes to gain a qualification, Australia also has a fairly unusual safety net in place for businesses and Australian Apprentices with its Group Training scheme. It is a safety net, because the Group Training Organisation is the employer and provides continuity of employment and it lasts two to four years – the duration varies among the 250 legally recognized apprenticeship trades. About 40 percent of all Austrian teenagers enter apprenticeship training upon completion of compulsory education and this number has been stable since the 1950s. The five most popular trades are, Retail Salesperson, Clerk, Car Mechanic, Hairdresser, there are many smaller trades with small numbers of apprentices, like EDV-Systemtechniker which is completed by fewer than 100 people a year. The Apprenticeship Leave Certificate provides the apprentice with access to two different vocational careers, the person responsible for overseeing the training inside the company is called Lehrherr or Ausbilder. An Ausbilder must prove he has the qualifications needed to educate another person
4.
Real estate
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Also, the business of real estate, the profession of buying, selling, or renting land, buildings or housing. It is a term used in jurisdictions whose legal system is derived from English common law, such as India, the United Kingdom, United States, Canada, Pakistan, Australia. Residential real estate may contain either a family or multifamily structure. Residences can be classified by, if, and how they are connected to neighbouring residences, different types of housing tenure can be used for the same physical type. For example, connected residents might be owned by an entity and leased out. Major categories in North America and Europe Attached / multi-unit dwellings Apartment or Flat – An individual unit in a multi-unit building, the boundaries of the apartment are generally defined by a perimeter of locked or lockable doors. Often seen in apartment buildings. Multi-family house – Often seen in multi-story detached buildings, where each floor is an apartment or unit. Terraced house – A number of single or multi-unit buildings in a row with shared walls. Condominium – Building or complex, similar to apartments, owned by individuals, common grounds and common areas within the complex are owned and shared jointly. There are townhouse or rowhouse style condominiums as well, semi-detached dwellings Duplex – Two units with one shared wall. Single-family detached house Portable dwellings Mobile homes – Potentially a full-time residence which can be movable on wheels, houseboats – A floating home Tents – Usually very temporary, with roof and walls consisting only of fabric-like material. The size of an apartment or house can be described in square feet or meters, in the United States, this includes the area of living space, excluding the garage and other non-living spaces. It can be described roughly by the number of rooms. A studio apartment has a bedroom with no living room. A one-bedroom apartment has a living or dining room separate from the bedroom, Two bedroom, three bedroom, and larger units are common. Major categories in India and the Asian Subcontinent Co-operative Housing Societies Condominiums Chawls Villas Havelis The size is measured in Gaz, Quila, Marla, Beegha, and acre. See List of house types for a listing of housing types and layouts, real estate trends for shifts in the market
5.
Deed
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For the British cargo ship, see SS Deed. For the reality series, see The Deed. A deed is any instrument in writing which passes, affirms or confirms an interest, right, or property and that is signed, attested, delivered. It is commonly associated with transferring title to property, the deed has a greater presumption of validity and is less rebuttable than an instrument signed by the party to the deed. A deed can be unilateral or bilateral, deeds include conveyances, commissions, licenses, patents, diplomas, and conditionally powers of attorney if executed as deeds. The deed is the descendant of the medieval charter. The traditional phrase signed, sealed and delivered refers to the practice of seals, however, agreements under seal are also called contracts by deed or specialty, in the United States, a specialty is enforceable without consideration. Specialties, as a form of contract, are bilateral and can therefore be distinguished from covenants, which, being also under seal, are unilateral promises. At common law, to be valid and enforceable, a deed must fulfill several requirements, It must state on its face that it is a deed and it must indicate that the instrument itself conveys some privilege or thing to someone. The grantor must have the ability to grant the thing or privilege. It must be executed by the grantor in presence of the number of witnesses. In some jurisdictions, a seal must be affixed to it, originally, affixing seals made persons parties to the deed and signatures optional, but seals are now outdated in most jurisdictions, so the signatures of the grantor and witnesses are primary. It must be delivered to and accepted by the grantee, conditions attached to the acceptance of a deed are known as covenants. A deed indented or indenture is one executed in two or more according to the number of parties, which were formerly separated by cutting in a curved or indented line known as the chirograph. A deed poll is one executed in one part, by one party, having the edge polled or cut even, in the transfer of real estate, a deed conveys ownership from the old owner to the new owner, and can include various warranties. The precise name and nature of these differ by jurisdiction. Often, however, the differences between them is the degree to which the grantor warrants the title. The grantor may give a general warranty of title against any claims, the latter type of deed is usually known as a special warranty deed
6.
Bond (finance)
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In finance, a bond is an instrument of indebtedness of the bond issuer to the holders. The most common types of bonds include municipal bonds and corporate bonds, interest is usually payable at fixed intervals. Very often the bond is negotiable, that is, the ownership of the instrument can be transferred in the secondary market and this means that once the transfer agents at the bank medallion stamp the bond, it is highly liquid on the second market. Thus, a bond is a form of loan or IOU, the holder of the bond is the lender, the issuer of the bond is the borrower, and the coupon is the interest. Bonds provide the borrower with funds to finance long-term investments, or, in the case of government bonds. Certificates of deposit or short term commercial paper are considered to be money market instruments and not bonds, the main difference is in the length of the term of the instrument. Bonds and stocks are both securities, but the difference between the two is that stockholders have an equity stake in the company, whereas bondholders have a creditor stake in the company. Being a creditor, bondholders have priority over stockholders and this means they will be repaid in advance of stockholders, but will rank behind secured creditors in the event of bankruptcy. Another difference is that usually have a defined term, or maturity, after which the bond is redeemed. An exception is a bond, such as a consol, which is a perpetuity, that is. Bonds are issued by authorities, credit institutions, companies. The most common process for issuing bonds is through underwriting, when a bond issue is underwritten, one or more securities firms or banks, forming a syndicate, buy the entire issue of bonds from the issuer and re-sell them to investors. The security firm takes the risk of being unable to sell on the issue to end investors. Primary issuance is arranged by bookrunners who arrange the bond issue, have contact with investors and act as advisers to the bond issuer in terms of timing. The bookrunner is listed first among all participating in the issuance in the tombstone ads commonly used to announce bonds to the public. The bookrunners willingness to underwrite must be discussed prior to any decision on the terms of the issue as there may be limited demand for the bonds. In contrast, government bonds are issued in an auction. In some cases, both members of the public and banks may bid for bonds, in other cases, only market makers may bid for bonds
7.
England
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England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west, the Irish Sea lies northwest of England and the Celtic Sea lies to the southwest. England is separated from continental Europe by the North Sea to the east, the country covers five-eighths of the island of Great Britain in its centre and south, and includes over 100 smaller islands such as the Isles of Scilly, and the Isle of Wight. England became a state in the 10th century, and since the Age of Discovery. The Industrial Revolution began in 18th-century England, transforming its society into the worlds first industrialised nation, Englands terrain mostly comprises low hills and plains, especially in central and southern England. However, there are uplands in the north and in the southwest, the capital is London, which is the largest metropolitan area in both the United Kingdom and the European Union. In 1801, Great Britain was united with the Kingdom of Ireland through another Act of Union to become the United Kingdom of Great Britain and Ireland. In 1922 the Irish Free State seceded from the United Kingdom, leading to the latter being renamed the United Kingdom of Great Britain, the name England is derived from the Old English name Englaland, which means land of the Angles. The Angles were one of the Germanic tribes that settled in Great Britain during the Early Middle Ages, the Angles came from the Angeln peninsula in the Bay of Kiel area of the Baltic Sea. The earliest recorded use of the term, as Engla londe, is in the ninth century translation into Old English of Bedes Ecclesiastical History of the English People. According to the Oxford English Dictionary, its spelling was first used in 1538. The earliest attested reference to the Angles occurs in the 1st-century work by Tacitus, Germania, the etymology of the tribal name itself is disputed by scholars, it has been suggested that it derives from the shape of the Angeln peninsula, an angular shape. An alternative name for England is Albion, the name Albion originally referred to the entire island of Great Britain. The nominally earliest record of the name appears in the Aristotelian Corpus, specifically the 4th century BC De Mundo, in it are two very large islands called Britannia, these are Albion and Ierne. But modern scholarly consensus ascribes De Mundo not to Aristotle but to Pseudo-Aristotle, the word Albion or insula Albionum has two possible origins. Albion is now applied to England in a poetic capacity. Another romantic name for England is Loegria, related to the Welsh word for England, Lloegr, the earliest known evidence of human presence in the area now known as England was that of Homo antecessor, dating to approximately 780,000 years ago. The oldest proto-human bones discovered in England date from 500,000 years ago, Modern humans are known to have inhabited the area during the Upper Paleolithic period, though permanent settlements were only established within the last 6,000 years
8.
Exchequer
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It can be found used in various financial documents including the latest departmental and agency annual accounts. It also developed a role along with its accountancy responsibilities. Similar offices were created in Scotland around 1200 and in Ireland in 1210. The Exchequer was named after a table used to perform calculations for taxes, the name Exchequer referred to the resemblance of the table to a chess board as it was covered by a black cloth bearing green stripes of about the breadth of a human hand, in a chequer-pattern. The spaces represented pounds, shillings and pence, the term Exchequer then came to refer to the twice yearly meetings held at Easter and Michaelmas, at which government financial business was transacted and an audit held of sheriffs returns. By the time of the Dialogue, however, there was an exchequer in Normandy and it survived the Norman conquest of England as William the Conqueror consolidated control of his new Kingdom. The earliest surviving record of the Exchequer is from 1130, in the reign of King Henry I, in the first surviving Pipe Roll for that year, which also shows continuity from previous years. Pipe Rolls form a continuous record of royal revenues and taxation, however, not all revenue went into the Exchequer. The Chancellor of the Exchequer then questioned him concerning debts owed by private individuals, appeals were to the Court of Exchequer Chamber. Following the proclamation of Magna Carta, legislation was enacted whereby the Exchequer would maintain the realms prototypes for the yard and these nominal standards were, however, only infrequently enforced on the localities around the kingdom. From the late 1190s to the expulsion of the Jews in 1290, there was a division for taxation of Jews. Through most of the 1600s, goldsmiths would deposit their reserve of treasure with the Exchequer, charles II shut up the Exchequer in 1672, forbidding payments from it, in what Walter Bagehot described as one of those monstrous frauds. This ruined the goldsmiths and the credit of the Stuart Government, in 1694, the credit of William III of Englands government was so bad in London that it could not borrow, which led to the foundation of the Governor and Company of the Bank of England. The records of the Exchequer were kept in the Pell Office, adjacent to Westminster Hall, the office was named after the skins from which the rolls were made. In the 19th century, a number of reforms reduced the role of the Exchequer, the Exchequer became unnecessary as a revenue collecting department in 1834 with the reforms of Prime Minister William Pitt, who also served as Chancellor of the Exchequer. The government departments collecting revenue then paid it directly to the Bank of England, the name continued as the Exchequer and Audit Department from 1866 until 1983 when the new National Audit Office was created. In modern times, Exchequer has come to mean the Treasury and, colloquially, pecuniary possessions in general, the Scottish Exchequer dates to around 1200, with a similar role in auditing and royal revenues as in England. The Scottish Exchequer was slower to develop a separate judicial role, even then, the judicial and the administrative roles were never completely separated as with the English Exchequer
9.
Henry V of England
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Henry V was King of England from 1413 until his death at the age of 36 in 1422. He was the second English monarch who came from the House of Lancaster, after his fathers death in 1413, Henry assumed control of the country and embarked on war with France in the ongoing Hundred Years War between the two nations. His military successes culminated in his famous victory at the Battle of Agincourt and he was the son of 20-year-old Henry of Bolingbroke, and 16-year-old Mary de Bohun. He was also the grandson of the influential John of Gaunt, at the time of his birth, Richard II of England, his cousin once removed, was king. As he was not close to the line of succession to the throne and his grandfather, John of Gaunt, was the guardian of the king at that time. Upon the exile of Henrys father in 1398, Richard II took the boy into his own charge, the young Henry accompanied King Richard to Ireland, and while in the royal service, he visited Trim Castle in County Meath, the ancient meeting place of the Irish Parliament. He was created Prince of Wales at his fathers coronation, and Duke of Lancaster on 10 November 1399 and his other titles were Duke of Cornwall, Earl of Chester, and Duke of Aquitaine. A contemporary record notes that during that year Henry spent time at The Queens College, Oxford, under the care of his uncle Henry Beaufort, from 1400 to 1404, he carried out the duties of High Sheriff of Cornwall. It was there that the prince was almost killed by an arrow that became stuck in his face. An ordinary soldier might have died from such a wound, the operation was successful, but it left Henry with permanent scars, evidence of his experience in battle. The Welsh revolt of Owain Glyndŵr absorbed Henrys energies until 1408, then, as a result of the kings ill health, Henry began to take a wider share in politics. From January 1410, helped by his uncles Henry Beaufort and Thomas Beaufort – legitimised sons of John of Gaunt – he had control of the government. Both in foreign and domestic policy he differed from the king, the quarrel of father and son was political only, though it is probable that the Beauforts had discussed the abdication of Henry IV, and their opponents certainly endeavoured to defame the prince. It may be that the tradition of Henrys riotous youth, immortalised by Shakespeare, is due to political enmity. Henrys record of involvement in war and politics, even in his youth, the most famous incident, his quarrel with the chief justice, has no contemporary authority and was first related by Sir Thomas Elyot in 1531. The story of Falstaff originated in Henrys early friendship with Sir John Oldcastle, shakespeares Falstaff was originally named Oldcastle, following his main source, The Famous Victories of Henry V. However, his descendants objected, and the name was changed. That friendship, and the political opposition to Thomas Arundel, Archbishop of Canterbury. If so, their disappointment may account for the statements of ecclesiastical writers like Thomas Walsingham that Henry, after Henry IV died on 20 March 1413, Henry V succeeded him and was crowned on 9 April 1413 at Westminster Abbey, London, Kingdom of England
10.
Battle of Agincourt
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The Battle of Agincourt was a major English victory in the Hundred Years War. The battle took place on Friday,25 October 1415 in the County of Saint-Pol, Artois, Henry V led his troops into battle and participated in hand-to-hand fighting. The French king of the time, Charles VI, did not command the French army himself as he suffered from severe psychotic illnesses with moderate mental incapacitation, instead, the French were commanded by Constable Charles dAlbret and various prominent French noblemen of the Armagnac party. This battle is notable for the use of the English longbow in very large numbers, the battle is the centrepiece of the play Henry V by William Shakespeare. The Battle of Agincourt is well documented by at least seven contemporary accounts, the approximate location of the battle has never been in dispute and the place remains relatively unaltered even after 600 years. Two of the most frequently cited accounts come from Burgundian sources, one from Jean Le Fèvre de Saint-Remy, who was present at the battle, Henry V invaded France following the failure of negotiations with the French. He initially called a Great Council in the spring of 1414 to discuss going to war with France, Henry would marry Princess Catherine, the young daughter of Charles VI, and receive a dowry of 2 million crowns. The French responded with what they considered the terms of marriage with Princess Catherine, a dowry of 600,000 crowns. By 1415, negotiations had ground to a halt, with the English claiming that the French had mocked their claims and ridiculed Henry himself. In December 1414, the English parliament was persuaded to grant Henry a double subsidy, on 19 April 1415, Henry again asked the Great Council to sanction war with France, and this time they agreed. The siege took longer than expected, the town surrendered on 22 September, and the English army did not leave until 8 October. The campaign season was coming to an end, and the English army had suffered many casualties through disease and he also intended the manoeuvre as a deliberate provocation to battle aimed at the dauphin, who had failed to respond to Henrys personal challenge to combat at Harfleur. The French had raised an army during the siege which assembled around Rouen and this was not strictly a feudal army, but an army paid through a system similar to the English. The French hoped to raise 9,000 troops, but the army was not ready in time to relieve Harfleur, after Henry V marched to the north, the French moved to block them along the River Somme. They were successful for a time, forcing Henry to move south, away from Calais, the English finally crossed the Somme south of Péronne, at Béthencourt and Voyennes and resumed marching north. Without a river obstacle to defend, the French were hesitant to force a battle and they shadowed Henrys army while calling a semonce des nobles, calling on local nobles to join the army. By 24 October, both faced each other for battle, but the French declined, hoping for the arrival of more troops. The two armies spent the night of 24 October on open ground, the English had very little food, had marched 260 miles in two and a half weeks, were suffering from sickness such as dysentery, and faced much larger numbers of well equipped French men at arms
11.
Manorialism
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Manorialism was an essential element of feudal society. It was the principle of rural economy that originated in the Roman villa system of the Late Roman Empire. It was slowly replaced by the advent of a market economy. These obligations could be payable in several ways, in labor, in kind, or, on rare occasions, in examining the origins of the monastic cloister, Walter Horn found that as a manorial entity the Carolingian monastery. Manorialism died slowly and piecemeal, along with its most vivid feature in the landscape and it outlasted serfdom as it outlasted feudalism, primarily an economic organization, it could maintain a warrior, but it could equally well maintain a capitalist landlord. It could be self-sufficient, yield produce for the market, or it could yield a money rent, the last feudal dues in France were abolished at the French Revolution. In parts of eastern Germany, the Rittergut manors of Junkers remained until World War II, in Quebec, the last feudal rents were paid in 1970 under the modified provisions of the Seigniorial Dues Abolition Act of 1935. The term is most often used with reference to medieval Western Europe, antecedents of the system can be traced to the rural economy of the later Roman Empire. With a declining birthrate and population, labor was the key factor of production, the workers of the land were on their way to becoming serfs. The legal status of adscripti, bound to the soil, contrasted with barbarian foederati, the process of rural self-sufficiency was given an abrupt boost in the eighth century, when normal trade in the Mediterranean Sea was disrupted. The lord held a court, governed by public law. Not all territorial seigneurs were secular, bishops and abbots also held lands that entailed similar obligations, by extension, the word manor is sometimes used in England to mean any home area or territory in which authority is held, often in a police or criminal context. In the generic plan of a manor from Shepherds Historical Atlas. As concerns for privacy increased in the 18th century, manor houses were located a farther distance from the village. In an agrarian society, the conditions of land tenure underlie all social or economic factors, there were two legal systems of pre-manorial landholding. One, the most common, was the system of holding land allodially in full outright ownership, the other was a use of precaria or benefices, in which land was held conditionally. To these two systems, the Carolingian monarchs added a third, the aprisio, which linked manorialism with feudalism and he solved this problem by allotting desert tracts of uncultivated land belonging to the royal fisc under direct control of the emperor. These holdings aprisio entailed specific conditions, the earliest specific aprisio grant that has been identified was at Fontjoncouse, near Narbonne
12.
Rowington
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Rowington is a village and civil parish in the English county of Warwickshire. It is five miles north-west of the town of Warwick and five miles south-west of the town of Kenilworth. The parish, which also includes Lowsonford, Pinley and Mousley End, had a population of 925 according to the 2001 UK Census, the Grand Union Canal runs just south of the village and the M40 motorway is also close by. The Heart of England Way for long-distance walkers passes through the village, the parish church of St. Laurence which dates from medieval times is found on a hill in the centre of the village. In Tudor times Rowington manor was owned by Catherine Parr, the wife of King Henry VIII of England. It was rumoured he wrote As You Like It there, there were once several windmills in the village but only one remains and its sails have been removed and the building converted into a house. The village is home to farms and livery yards. James Blyth, Baron Blyth of Rowington once lived in the village, barker, R. Rowington - A Warwickshire Parish. Archived from the original on 27 December 2012, barker, R. Rowington - A Brief History. Archived from the original on 29 June 2012, photos of Rowington and surrounding area on geograph
13.
Warwickshire
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Warwickshire is a landlocked county in the West Midlands of England. The county town is Warwick, although the largest town is Nuneaton, the county is famous for being the birthplace of William Shakespeare. Commonly used abbreviations for the county are Warks or Warwicks, the county is divided into five districts of North Warwickshire, Nuneaton and Bedworth, Rugby, Warwick and Stratford-on-Avon. The current county boundaries were set in 1974 by the Local Government Act 1972, the historic county boundaries also included Coventry and Solihull, as well as much of Birmingham. The northern tip of the county is only 3 miles from the Derbyshire border, an average-sized English county covering an area of almost 2,000 km2, it runs some 60 miles north to south. Equivalently it extends as far north as Shrewsbury in Shropshire and as far south as Banbury in north Oxfordshire, the majority of Warwickshires population live in the north and centre of the county. The market towns of northern and eastern Warwickshire were industrialised in the 19th century, and include Atherstone, Bedworth, Nuneaton, of these, Atherstone has retained most of its original character. Major industries included coal mining, textiles, engineering and cement production, of the northern and eastern towns, only Nuneaton and Rugby are well-known outside of Warwickshire. The south of the county is rural and sparsely populated. The only town in the south of Warwickshire is Shipston-on-Stour, the highest point in the county, at 261 m, is Ebrington Hill, again on the border with Gloucestershire, grid reference SP187426 at the countys southwest extremity. There are no cities in Warwickshire since both Coventry and Birmingham were incorporated into the West Midlands county in 1974 and are now metropolitan authorities in themselves, the largest towns in Warwickshire in 2011 were, Nuneaton, Rugby, Leamington Spa, Bedworth, Warwick, Stratford and Kenilworth. Much of western Warwickshire, including that area now forming part of Coventry, Solihull, thus the names of a number of places in the central-western part of Warwickshire end with the phrase -in-Arden, such as Henley-in-Arden, Hampton-in-Arden and Tanworth-in-Arden. The remaining area, not part of the forest, was called the Felden – from fielden, areas historically part of Warwickshire include Coventry, Solihull, Sutton Coldfield, Erdington, and some of Birmingham including Aston and Edgbaston. These became part of the county of West Midlands following local government re-organisation in 1974. Some organisations, such as Warwickshire County Cricket Club, which is based in Edgbaston, in Birmingham, Coventry is effectively in the centre of the Warwickshire area, and still has strong ties with the county. Coventry and Warwickshire are sometimes treated as an area and share a single Chamber of Commerce. Coventry has been a part of Warwickshire for only some of its history, in 1451 Coventry was separated from Warwickshire and made a county corporate in its own right, called the County of the City of Coventry. In 1842 the county of Coventry was abolished and Coventry was remerged with Warwickshire, in recent times, there have been calls to formally re-introduce Coventry into Warwickshire, although nothing has yet come of this
14.
Interest rate
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An interest rate, is the amount of interest due per period, as a proportion of the amount lent, deposited or borrowed. The total interest on an amount lent or borrowed depends on the sum, the interest rate, the compounding frequency. It is defined as the proportion of an amount loaned which a lender charges as interest to the borrower and it is the rate a bank or other lender charges to borrow its money, or the rate a bank pays its savers for keeping money in an account. Annual interest rate is the rate over a period of one year, other interest rates apply over different periods, such as a month or a day, but they are usually annualised. A company borrows capital from a bank to buy assets for its business, in return, the bank charges the company interest. Base rate usually refers to the rate offered on overnight deposits by the central bank or other monetary authority. Annual percentage rate and effective annual rate or annual equivalent rate are used to help consumers compare products with different payment structures on a common basis, a discount rate is applied to calculate present value. Interest rate targets are a tool of monetary policy and are taken into account when dealing with variables like investment, inflation. The central banks of countries tend to reduce interest rates when they wish to increase investment. In the past two centuries, interest rates have been variously set either by national governments or central banks, during an attempt to tackle spiraling hyperinflation in 2007, the Central Bank of Zimbabwe increased interest rates for borrowing to 800%. Possibly before modern capital markets, there have been some accounts that savings deposits could achieve a return of at least 25%. Political short-term gain, Lowering interest rates can give the economy a short-run boost, under normal conditions, most economists think a cut in interest rates will only give a short term gain in economic activity that will soon be offset by inflation. The quick boost can influence elections, Most economists advocate independent central banks to limit the influence of politics on interest rates. Deferred consumption, When money is loaned the lender delays spending the money on consumption goods, since according to time preference theory people prefer goods now to goods later, in a free market there will be a positive interest rate. Inflationary expectations, Most economies generally exhibit inflation, meaning a given amount of money buys fewer goods in the future than it will now, the borrower needs to compensate the lender for this. Alternative investments, The lender has a choice between using his money in different investments, if he chooses one, he forgoes the returns from all the others. Different investments effectively compete for funds, risks of investment, There is always a risk that the borrower will go bankrupt, abscond, die, or otherwise default on the loan. This means that a lender generally charges a premium to ensure that, across his investments
15.
Convertible bond
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It is a hybrid security with debt- and equity-like features. It originated in the century, and was used by early speculators such as Jacob Little. Convertible bonds are most often issued by companies with a low credit rating, to compensate for having additional value through the option to convert the bond to stock, a convertible bond typically has a coupon rate lower than that of similar, non-convertible debt. The investor receives the potential upside of conversion into equity while protecting downside with cash flow from the coupon payments and these properties lead naturally to the idea of convertible arbitrage, where a long position in the convertible bond is balanced by a short position in the underlying equity. From the issuers perspective, the key benefit of raising money by selling convertible bonds is a reduced cash interest payment, the advantage for companies of issuing convertible bonds is that, if the bonds are converted to stocks, companies debt vanishes. However, in exchange for the benefit of reduced interest payments, underwriters have been quite innovative and provided several variations of the initial convertible structure. They grant the holder the right to convert into certain amount of shares determined according to a price determined in advance. They may offer coupon regular payments during the life of the security and have a maturity date where the nominal value of the bond is redeemable by the holder. Mandatory convertibles are a variation of the vanilla subtype, especially on the US market. Mandatory convertible would force the holder to convert into shares at maturity—hence the term Mandatory and those securities would very often bear two conversion prices, making their profiles similar to a risk reversal option strategy. The first conversion price would limit the price where the investor would receive the equivalent of its par value back in shares, note that if the stock price is below the first conversion price the investor would suffer a capital loss compared to its original investment. Mandatory convertibles can be compared to selling of equity at a premium. Reverse convertibles are a common variation, mostly issued synthetically. This negative convexity would be compensated by a usually high regular coupon payment, Packaged convertibles or sometimes bond + option structures are simply a straight bonds and a call option/warrant wrapped together. Usually the investor would be able to trade both legs separately. They would for instance miss the modified duration mitigation effect usual with plain vanilla convertibles structures and you could have more than one conversion price for non-vanilla convertible issuances. Issuance premium, Difference between the price and the stock price at the issuance. Conversion ratio, The number of shares each convertible bond converts into and it may be expressed per bond or on a per centum basis
16.
Prospectus (finance)
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A prospectus, in finance, is a disclosure document that describes a financial security for potential buyers. In the context of a securities offering, such as an initial public offering. In a securities offering in the United States, a prospectus is required to be filed with the Securities and Exchange Commission as part of a registration statement. In certain situations, such as when the offering is not required to be registered with the SEC, prospectuses are generally prepared with the assistance of the underwriter acting as issue manager. Publication of information in relation to the issue of securities in the United Kingdom is governed by the Prospectus Rules, a prospectus must be published where certain types of securities either are offered to the public or are requested for admission on a regulated market. In the United Kingdom, the regulated market is London Stock Exchange full list. The Alternative Investment Market does not constitute a regulated market, nor does the Professional Securities Market for issues of debt securities. The prospectus must be approved by the competent authority in the United Kingdom, which is currently the Financial Conduct Authority in its capacity as the United Kingdom Listing Authority
17.
Trust Indenture Act of 1939
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The Trust Indenture Act of 1939, codified at 15 U. S. C. §§ 77aaa–77bbbb, supplements the Securities Act of 1933 in the case of the distribution of securities in the United States. The TIA is administered by the US Securities and Exchange Commission, Section 211 of The Securities Exchange Act of 1934 mandated that the SEC conduct various studies. In June 1936, the Protective Committee Study, headed by Douglas, the Act was subsequently passed and was signed into law in August 1939. An application under Chapter 11 of the Bankruptcy Code This provision saw little litigation prior to 1992, Securities Law and Practical Implications of Issuing Secured Bonds. Seider, Mitchell A. Simon, Keith A. Hammerman, David A. Reilly, a New Tool for Holdout Bondholders, The Trust Indenture Act. The Trust Indenture Act and International Debt Restructurings, bagby, Ingrid M. Maman, Michele C. Gwen, Daniel P. Trust Indenture Act of 1939, A Sleeping Statute Comes Back to Life, text of the TIA17 C. F. R. 260 - General Rules and Regulations, Trust Indenture Act of 193917 C. F. R,261 - Interpretative Releases relating to the Trust Indenture Act of 1939 and General Rules and Regulations Thereunder 17 C. F. R. 269 - Forms prescribed under the Trust Indenture Act of 1939 SEC forms under TIA ABA Section of Business Law Committee on Trust Indentures and Indenture Trustees
18.
Default (finance)
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A national or sovereign default is the failure or refusal of a government to repay its national debt. The term default should be distinguished from the terms insolvency and bankruptcy, default essentially means a debtor has not paid a debt which he or she is required to have paid. Insolvency is a term meaning that a debtor is unable to pay his or her debts. Default can be of two types, debt services default and technical default, Debt service default occurs when the borrower has not made a scheduled payment of interest or principal. Technical default occurs when an affirmative or a covenant is violated. Affirmative covenants are clauses in contracts that require firms to maintain certain levels of capital or financial ratios. The most commonly violated restrictions in affirmative covenants are tangible net worth, working capital/short term liquidity, negative covenants are clauses in debt contracts that limit or prohibit corporate actions that could impair the position of creditors. Negative covenants may be continuous or incurrence-based, violations of negative covenants are rare compared to violations of affirmative covenants. With most debt a covenant is included in the contract which states that the total amount owed becomes immediately payable on the first instance of a default of payment. Generally, if the debtor defaults on any debt to the lender, in corporate finance, upon an uncured default, the holders of the debt will usually initiate proceedings to foreclose on any collateral securing the debt. Even if the debt is not secured by collateral, debt holders may still sue for bankruptcy, there are several financial models for analyzing default risk, such as the Jarrow-Turnbull model, Edward Altmans Z-score model, or the structural model of default by Robert C. Sovereign borrowers such as nation-states generally are not subject to courts in their own jurisdiction. One example is Greece, which defaulted on an IMF loan in 2015, in such cases, the defaulting country and the creditor are more likely to renegotiate the interest rate, length of the loan, or the principal payments. In the 1998 Russian financial crisis, Russia defaulted on its internal debt, as part of the Argentine economic crisis in 2002, Argentina defaulted on $1 billion of debt owed to the World Bank. Experts who favor this approach to solve a debt crisis typically argue that a delay in organising an orderly default would wind up hurting lenders. When a debtor chooses to default on a loan, despite being able to service it, in this latter case, default is colloquially called jingle mail—the debtor stops making payments and mails the keys to the creditor, generally a bank. Sovereign borrowers such as nation-states can also choose to default on a loan, in 2008, Ecuadors president Rafael Correa strategically defaulted on a national debt interest payment, stating that he considered the debt immoral and illegitimate. Consumer default frequently concern arrears in rent or mortgage payments, consumer credit, even internet illiteracy has been associated with increased default, potentially caused by these households being less likely to find their way to the social benefits they are often entitled to
19.
Bankruptcy
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Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, Bankruptcy is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency. In some countries, including the United Kingdom, bankruptcy is limited to individuals, in the United States, bankruptcy is applied more broadly to formal insolvency proceedings. In France, the cognate French word banqueroute is used solely for cases of fraudulent bankruptcy, in Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into debt slavery, until the creditor recouped losses through their physical labour. Many city-states in ancient Greece limited debt slavery to a period of five years, debt slaves had protection of life and limb, which regular slaves did not enjoy. However, servants of the debtor could be retained beyond that deadline by the creditor and were forced to serve their new lord for a lifetime. An exception to rule was Athens, which by the laws of Solon forbade enslavement for debt, as a consequence. The Statute of Bankrupts of 1542 was the first statute under English law dealing with bankruptcy or insolvency, Bankruptcy is also documented in East Asia. According to al-Maqrizi, the Yassa of Genghis Khan contained a provision that mandated the death penalty for anyone who became bankrupt three times, a failure of a nation to meet bond repayments has been seen on many occasions. Philip II of Spain had to declare four state bankruptcies in 1557,1560,1575 and 1596, at the edge of Europe, Egypt, Russia, and Turkey have histories of chronic default as well. For private households, it is argued to be insufficient to merely dismiss debts after a certain period and it is important to assess the underlying problems and to minimize the risk of financial distress to re-occur. In most EU Member States, debt discharge is conditioned by a partial payment obligation, in the United States, discharge is conditioned to a lesser extent. The spectrum is broad in the EU, with the UK coming closest to the US system, the Other Member States do not provide the option of a debt discharge. It is almost impossible to discharge student loan debt by filing bankruptcy, unlike most other debtors, the individual with student debt must give a series of reasons and tests to prove that the debtor could not pay the debt. If the person were to file bankruptcy, he or she is encouraged to do so under Chapter 13. In order to avoid bankruptcy, one could negotiate with the lender to lower monthly payments, student loan bankruptcy is considered a last resort. However, some find themselves being forced to file bankruptcy, as the lender refused to lower payments
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Fiduciary
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A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties. Typically, a fiduciary prudently takes care of money or other asset for another person, likewise, asset managers—including managers of pension plans, endowments and other tax-exempt assets—are considered fiduciaries under applicable statutes and laws. In such a good conscience requires the fiduciary to act at all times for the sole benefit. A fiduciary is someone who has undertaken to act for and on behalf of another in a matter in circumstances which give rise to a relationship of trust. A fiduciary duty is the highest standard of care at either equity or law, the nature of fiduciary obligations differ among jurisdictions. In Australia, only proscriptive or negative fiduciary obligations are recognised, in English common law, the fiduciary relation is an important concept within a part of the legal system known as equity. In the United Kingdom, the Judicature Acts merged the courts of equity with the courts of common law, when a fiduciary duty is imposed, equity requires a different, stricter, standard of behavior than the comparable tortious duty of care at common law. A fiduciary ideally would not have a conflict of interest, different jurisdictions regard fiduciary duties in different lights. In Australia, it has found that there is no comprehensive list of criteria by which to establish a fiduciary relationship. Courts have so far refused to define the concept of a fiduciary, instead preferring to develop the law on a case-by-case basis and they commented that the term fiduciary is used in many different ways. Fiduciary duties cannot be understood in isolation, instead they are better viewed as ‘legal polyfilla’, molding themselves flexibly around other legal structures, and sometimes filling the gaps. The question of who is a fiduciary is a notoriously intractable question and this is especially true in the area of Labor and Employment law. In Canada a fiduciary has obligations to the employer even after the employment relationship is terminated, whereas in the United States the employment, the duty of care requires control persons to act on an informed basis after due consideration of all information. The duty includes a requirement that such persons reasonably inform themselves of alternatives, in doing so, they may rely on employees and other advisers so long as they do so with a critical eye and do not unquestionably accept the information and conclusions provided to them. The duty of loyalty requires control persons to look to the interests of the company and its other owners, the duty to act in good faith may be measured by an individuals particular knowledge and expertise. The higher the level of expertise, the more accountable that person will be, at one time, courts seemed to view the duty of good faith as an independent obligation. However, more recently, courts have treated the duty of good faith as a component of the duty of loyalty, in Canada, directors of corporations owe a fiduciary duty. A debate exists as to the nature and extent of this duty following a landmark judgment from the Supreme Court of Canada in BCE Inc. v.1976 Debentureholders
21.
Equity (law)
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For much of its history, the English common law was principally developed and administered in the central royal courts, the Court of Kings Bench, the Court of Common Pleas, and the Exchequer. Equity was the given to the law which was administered in the Court of Chancery. The Judicature Reforms in the 1870s effected a procedural fusion of the two bodies of law, ending their institutional separation, the reforms did not effect any substantive fusion, however. Judicial or academic reasoning which assumes the contrary has been described as a fusion fallacy, jurisdictions which have inherited the common law system differ in their current treatment of equity. Over the course of the 20th century some common law began to place less emphasis on the historical or institutional origin of substantive legal rules. In England, Australia, New Zealand and Canada, Equity remains a distinct body of law, the latter part of the 20th century saw increased debate over the utility of treating Equity as a separate body of law. These debates were labelled the fusion wars, after the Norman Conquest of England in the 11th century, royal justice came to be administered in three central courts, the Court of Kings Bench, the Court of Common Pleas, and the Exchequer. The common law developed in royal courts. To commence litigation in these courts, it was necessary to fit ones claim within a form of action. The plaintiff would purchase a writ in the Chancery, the head of which was the Lord Chancellor, where the law provided no remedy, litigants could sometimes appeal directly to the King. Eventually, the King would delegate resolution of these petitions to the Kings Council and these petitions were eventually delegated to the Lord Chancellor himself. Christianity did play a role in creating Common Law, however it does not have any control or power in the court of law, in the early history of the United States, common law was viewed as a birthright. Both the individual states and the government supported common law after the American Revolution. U. S. courts draw on decisions of English courts, individual state courts, Chancellors often had theological and clerical training and were well versed in Roman law and canon law. By the 15th century the power of Chancery was clearly recognised. Equity, as a body of rules, varied from Chancellor to Chancellor, after the end of the 17th century, only lawyers were appointed to the office of Chancellor. Over time, Equity developed a system of precedent much like its common-law cousin, one area in which the Court of Chancery assumed a vital role was the enforcement of uses, a role that the rigid framework of land law could not accommodate. This role gave rise to the distinction between legal and equitable interests
22.
Coupon (bond)
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A coupon payment on a bond is a periodic interest payment that the bondholder receives during the time between when the bond is issued and when it matures. Coupons are normally described in terms of the rate, which is calculated by adding the sum of coupons paid per year. For example, if a bond has a value of $1,000. For the typical bond, this will consist of payments of $25 each. The coupon rate is the yield that the bond pays on its date, however. All else being equal, bonds having higher coupon rates are more desirable for investors than those having lower coupon rates. The origin of the coupon is that bonds were historically issued in the form of bearer certificates. Physical possession of the certificate was proof of ownership, several coupons, one for each scheduled interest payment over the life of the bond, were printed on the certificate. At the date the coupon was due, the owner would detach the coupon, zero-coupon bonds are those that pay no coupons and thus have a coupon rate of 0%. Such bonds make only one payment, the payment of the value on the maturity date. Normally, to compensate the bondholder for the value of money. The difference between the price and the face value provides the bondholder with the return that makes purchasing the bond worthwhile. Credit Credit spread TED spread Yield curve
23.
Principal (finance)
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In finance, a bond is an instrument of indebtedness of the bond issuer to the holders. The most common types of bonds include municipal bonds and corporate bonds, interest is usually payable at fixed intervals. Very often the bond is negotiable, that is, the ownership of the instrument can be transferred in the secondary market and this means that once the transfer agents at the bank medallion stamp the bond, it is highly liquid on the second market. Thus, a bond is a form of loan or IOU, the holder of the bond is the lender, the issuer of the bond is the borrower, and the coupon is the interest. Bonds provide the borrower with funds to finance long-term investments, or, in the case of government bonds. Certificates of deposit or short term commercial paper are considered to be money market instruments and not bonds, the main difference is in the length of the term of the instrument. Bonds and stocks are both securities, but the difference between the two is that stockholders have an equity stake in the company, whereas bondholders have a creditor stake in the company. Being a creditor, bondholders have priority over stockholders and this means they will be repaid in advance of stockholders, but will rank behind secured creditors in the event of bankruptcy. Another difference is that usually have a defined term, or maturity, after which the bond is redeemed. An exception is a bond, such as a consol, which is a perpetuity, that is. Bonds are issued by authorities, credit institutions, companies. The most common process for issuing bonds is through underwriting, when a bond issue is underwritten, one or more securities firms or banks, forming a syndicate, buy the entire issue of bonds from the issuer and re-sell them to investors. The security firm takes the risk of being unable to sell on the issue to end investors. Primary issuance is arranged by bookrunners who arrange the bond issue, have contact with investors and act as advisers to the bond issuer in terms of timing. The bookrunner is listed first among all participating in the issuance in the tombstone ads commonly used to announce bonds to the public. The bookrunners willingness to underwrite must be discussed prior to any decision on the terms of the issue as there may be limited demand for the bonds. In contrast, government bonds are issued in an auction. In some cases, both members of the public and banks may bid for bonds, in other cases, only market makers may bid for bonds
24.
Corporate finance
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The primary goal of corporate finance is to maximize or increase shareholder value. Investment analysis is concerned with the setting of criteria about which value-adding projects should receive investment funding, the terms corporate finance and corporate financier are also associated with investment banking. The typical role of an investment bank is to evaluate the financial needs. Thus, the corporate finance and corporate financier may be associated with transactions in which capital is raised in order to create, develop. Financial management overlaps with the function of the Accounting profession. The primary goal of management is to maximize or to continually increase shareholder value. Managers of growth companies will use most of the capital resources. When companies reach maturity levels within their industry, managers of companies will use surplus cash to payout dividends to shareholders. Choosing between investment projects will be based upon several inter-related criteria, Corporate management seeks to maximize the value of the firm by investing in projects which yield a positive net present value when valued using an appropriate discount rate in consideration of risk. These projects must also be financed appropriately, if no growth is possible by the company and excess cash surplus is not needed to the firm, then financial theory suggests that management should return some or all of the excess cash to shareholders. This capital budgeting is the planning of value-adding, long-term corporate financial projects relating to investments funded through, Management must allocate the firms limited resources between competing opportunities. Investments should be made on the basis of value-added to the future of the corporation, projects that increase a firms value may include a wide variety of different types of investments, including but not limited to, expansion policies, or mergers and acquisitions. Achieving the goals of corporate finance requires that any corporate investment be financed appropriately, the sources of financing are, generically, capital self-generated by the firm and capital from external funders, obtained by issuing new debt and equity. As above, since both hurdle rate and cash flows will be affected, the mix will impact the valuation of the firm. Financing a project through debt results in a liability or obligation that must be serviced, equity financing is less risky with respect to cash flow commitments, but results in a dilution of share ownership, control and earnings. Management must attempt to match the long-term financing mix to the assets being financed as closely as possible, other techniques, such as securitization, or hedging using interest rate- or credit derivatives, are also common. See Asset liability management, Treasury management, Credit risk, Interest rate risk, however economists have developed a set of alternative theories about how managers allocate a corporations finances. Also, Capital structure substitution theory hypothesizes that management manipulates the capital such that earnings per share are maximized
25.
Debt security
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A security is a tradable financial asset. The term commonly refers to any form of instrument. In some jurisdictions the term specifically excludes financial instruments other than equities, in some jurisdictions it includes some instruments that are close to equities and fixed income, e. g. equity warrants. In the United States, a security is a financial asset of any kind. Securities are broadly categorized into, debt securities equity securities derivatives, the company or other entity issuing the security is called the issuer. A countrys regulatory structure determines what qualifies as a security, for example, private investment pools may have some features of securities, but they may not be registered or regulated as such if they meet various restrictions. Securities may be represented by a certificate or, more typically, non-certificated, region or country Market capitalization State Securities are the traditional way that commercial enterprises raise new capital. These may be an alternative to bank loans depending on their pricing. Another disadvantage of bank loans as a source of financing is that the bank may seek a measure of protection against default by the borrower via extensive financial covenants, through securities, capital is provided by investors who purchase the securities upon their initial issuance. In a similar way, a government may issue securities too when it needs to increase government debt, investors in securities may be retail, i. e. members of the public investing other than by way of business. The greatest part of investment, in terms of volume, is wholesale, i. e. by financial institutions acting on their own account, important institutional investors include investment banks, insurance companies, pension funds and other managed funds. The traditional economic function of the purchase of securities is investment, debt securities generally offer a higher rate of interest than bank deposits, and equities may offer the prospect of capital growth. Equity investment may also control of the business of the issuer. Debt holdings may also offer some measure of control to the if the company is a fledgling start-up or an old giant undergoing restructuring. In these cases, if interest payments are missed, the creditors may take control of the company, the last decade has seen an enormous growth in the use of securities as collateral. Purchasing securities with borrowed money secured by other securities or cash itself is called buying on margin, where A is owed a debt or other obligation by B, A may require B to deliver property rights in securities to A, either at inception or only in default. Collateral arrangements are divided into two categories, namely security interests and outright collateral transfers. Commonly, commercial banks, investment banks, government agencies and other investors such as mutual funds are significant collateral takers as well as providers
26.
Debt bondage
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Debt bondage, also known as debt slavery or bonded labour, is a persons pledge of labour or services as security for the repayment for a debt or other obligation. The services required to repay the debt may be undefined, debt bondage can be passed on from generation to generation. Currently, debt bondage is the most common method of enslavement with an estimated 8.1 million people bonded to labour illegally as cited by the International Labour Organization in 2005. Debt bondage has been described by the United Nations as a form of modern day slavery, though most countries in South Asia and Sub-Saharan Africa are parties to the Convention, the practice is still prevalent primarily in these regions. It is predicted that 84 to 88% of the labourers in the world are in South Asia. Lack of prosecution or insufficient punishment to this crime are the causes as to why this practice exists at this scale today. When the bonded laborer dies, debts are passed on to children. Although debt bondage, forced labour, and human trafficking are all defined as forms or variations of slavery, debt bondage differs from forced labour and human trafficking in that a person consciously pledges to work as a means of repayment of debt without being placed into labor against will. Debt bondage only applies to individuals who have no hopes of leaving the labor due to inability to pay debt back. Those who offer their services to repay a debt and the employer reduces the debt accordingly are not in debt bondage. In the 19th century, people in Asia were bonded to labor due to a variety of reasons ranging from farmers mortgaging harvests to drug addicts in need for opium in China. When a natural disaster occurred or food was scarce, people willingly chose debt bondage as a means to a secure life, in the early 20th century in Asia, most laborers tied to debt bondage had been born into it. In certain regions, such as in Burma, debt bondage was far more common than slavery and these continued added loan values made leaving servitude unattainable. Moreover, after the development of the economy, more workers were needed for the pre-industrial economies of Asia during the 19th century. A greater demand for labor was needed in Asia to power exports to growing industrial countries like the United States and it started from the end of slavery in 1833 and continued until 1920. Important to both East and West Africa, pawnship, defined by Wilks as the use of people in transferring their rights for settlement of debt, was common during the 17th century, the system of pawnship occurred simultaneously with the slave trade in Africa. Though the export of slaves from Africa to the Americas is often analyzed, development of plantations like those in Zanzibar in East Africa reflected the need for internal slaves. Furthermore, many of the slaves that were exported were male as brutal and this created gender implications for individuals in the pawnship system as more women were pawned than men and often sexually exploited within the country
27.
Debenture
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In corporate finance, a debenture is a medium to long-term debt instrument used by large companies to borrow money, at a fixed rate of interest. The legal term debenture originally referred to a document that creates a debt or acknowledges it. Senior debentures get paid before subordinate debentures, and there are varying rates of risk, debentures are generally freely transferable by the debenture holder. Debenture holders have no rights to vote in the general meetings of shareholders. The interest paid to them is a charge against profit in the financial statements. There are also features that minimize risk, such as a sinking fund. This decreases risk for the creditors, as a hedge against inflation, bankruptcy, a sinking fund makes the bond less risky, and therefore gives it a smaller coupon. There are also options for convertibility, which means a creditor may turn their bonds into equity in the if it does well. Companies also reserve the right to call their bonds, which mean they can call it sooner than the maturity date. Often there is a clause in the contract that allows this, for example, if a bond issuer wishes to rebuy a 30-year bond at the 25th year, if a bond is called, it means that less interest is paid out. Failure to pay a bond effectively means bankruptcy, bondholders who have not received their interest can throw an offending company into bankruptcy, or seize its assets if that is stipulated in the contract. Where security is provided for loan stocks or bonds in the US, however, in the United Kingdom a debenture is usually secured. In Canada, a debenture refers to a secured loan instrument where security is generally over the debtors credit, but security is not pledged to specific assets. There are two types of debentures, Convertible debentures, which are convertible bonds or bonds that can be converted into equity shares of the company after a predetermined period of time. Convertibility is a feature that corporations may add to the bonds they issue to them more attractive to buyers. In other words, it is a feature that a corporate bond may carry. As a result of the advantage a buyer gets from the ability to convert, non-convertible debentures, which are simply regular debentures, cannot be converted into equity shares of the liable company. They are debentures without the convertibility feature attached to them, as a result, they usually carry higher interest rates than their convertible counterparts
28.
Slavery
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A slave is unable to withdraw unilaterally from such an arrangement and works without remuneration. Many scholars now use the chattel slavery to refer to this specific sense of legalised. In a broader sense, however, the word slavery may also refer to any situation in which an individual is de facto forced to work against his or her will. Scholars also use the generic terms such as unfree labour or forced labour. However – and especially under slavery in broader senses of the word – slaves may have some rights and/or protections, Slavery began to exist before written history, in many cultures. A person could become a slave from the time of their birth, capture, while slavery was institutionally recognized by most societies, it has now been outlawed in all recognized countries, the last being Mauritania in 2007. Nevertheless, there are still more slaves today than at any point in history. The most common form of the trade is now commonly referred to as human trafficking. Chattel slavery is still practiced by the Islamic State of Iraq. An older interpretation connected it to the Greek verb skyleúo to strip a slain enemy, there is a dispute among historians about whether terms such as unfree labourer or enslaved person, rather than slave, should be used when describing the victims of slavery. Chattel slavery, also called traditional slavery, is so named because people are treated as the chattel of the owner and are bought, although it dominated many societies in the past, this form of slavery has been formally abolished and is very rare today. Even when it can be said to survive, it is not upheld by the system of any internationally recognized government. Indenture, otherwise known as bonded labour or debt bondage is a form of labour under which a person pledges himself or herself against a loan. The services required to repay the debt, and their duration, debt bondage can be passed on from generation to generation, with children required to pay off their parents debt. It is the most widespread form of slavery today, debt bondage is most prevalent in South Asia. This may also include institutions not commonly classified as slavery, such as serfdom, conscription, Human trafficking primarily involves women and children forced into prostitution. And is the fastest growing form of forced labour, with Thailand, Cambodia, India, Brazil, in 2007, Human Rights Watch estimated that 200,000 to 300,000 children served as soldiers in current conflicts. A forced marriage may be regarded as a form of slavery by one or more of the involved in the marriage
29.
International Standard Book Number
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The International Standard Book Number is a unique numeric commercial book identifier. An ISBN is assigned to each edition and variation of a book, for example, an e-book, a paperback and a hardcover edition of the same book would each have a different ISBN. The ISBN is 13 digits long if assigned on or after 1 January 2007, the method of assigning an ISBN is nation-based and varies from country to country, often depending on how large the publishing industry is within a country. The initial ISBN configuration of recognition was generated in 1967 based upon the 9-digit Standard Book Numbering created in 1966, the 10-digit ISBN format was developed by the International Organization for Standardization and was published in 1970 as international standard ISO2108. Occasionally, a book may appear without a printed ISBN if it is printed privately or the author does not follow the usual ISBN procedure, however, this can be rectified later. Another identifier, the International Standard Serial Number, identifies periodical publications such as magazines, the ISBN configuration of recognition was generated in 1967 in the United Kingdom by David Whitaker and in 1968 in the US by Emery Koltay. The 10-digit ISBN format was developed by the International Organization for Standardization and was published in 1970 as international standard ISO2108, the United Kingdom continued to use the 9-digit SBN code until 1974. The ISO on-line facility only refers back to 1978, an SBN may be converted to an ISBN by prefixing the digit 0. For example, the edition of Mr. J. G. Reeder Returns, published by Hodder in 1965, has SBN340013818 -340 indicating the publisher,01381 their serial number. This can be converted to ISBN 0-340-01381-8, the check digit does not need to be re-calculated, since 1 January 2007, ISBNs have contained 13 digits, a format that is compatible with Bookland European Article Number EAN-13s. An ISBN is assigned to each edition and variation of a book, for example, an ebook, a paperback, and a hardcover edition of the same book would each have a different ISBN. The ISBN is 13 digits long if assigned on or after 1 January 2007, a 13-digit ISBN can be separated into its parts, and when this is done it is customary to separate the parts with hyphens or spaces. Separating the parts of a 10-digit ISBN is also done with either hyphens or spaces, figuring out how to correctly separate a given ISBN number is complicated, because most of the parts do not use a fixed number of digits. ISBN issuance is country-specific, in that ISBNs are issued by the ISBN registration agency that is responsible for country or territory regardless of the publication language. Some ISBN registration agencies are based in national libraries or within ministries of culture, in other cases, the ISBN registration service is provided by organisations such as bibliographic data providers that are not government funded. In Canada, ISBNs are issued at no cost with the purpose of encouraging Canadian culture. In the United Kingdom, United States, and some countries, where the service is provided by non-government-funded organisations. Australia, ISBNs are issued by the library services agency Thorpe-Bowker
