Betekenis van:
fungibility

Voorbeeldzinnen

1. The fungibility of the silent partnership is not thus necessarily reduced to zero.
2. Finally, in Germany’s view, no premium is justified either for the lack of fungibility of the promotion-related assets.
3. But the fungibility of share-capital investments was just as low as that of the LTS promotion-related assets.
4. Here too the understanding between the BdB, the Land and NordLB assumes that no premium should be applied on account of the lack of fungibility
5. It was in principle true that, on the market, an investor accepted the lack of fungibility of his investment in return for a higher yield.
6. When the BdB argued that there was virtually no market for such an investment, this applied not only to reinvestment (fungibility), but also to the initial investment.
7. Lastly, attention must be drawn to the lack of fungibility of the assets, i.e. the impossibility of withdrawing the invested capital at any time from the company.
8. It was in principle true that, on the market, an investor accepted the lack of fungibility of his investment in return for a higher yield. Indeed, the lack of fungibility of the silent partnership contribution of the Land as compared with profit-sharing capital had been taken into account in the discussions leading up to the transaction.
9. Indeed, the lack of fungibility of the silent partnership contribution of the Land as compared with profit-sharing capital had been taken into account in the discussions leading up to the transaction.
10. The third argument raised, namely the lack of fungibility of IB's capital, is also dismissed as inaccurate since IB's capital was transferred to LSH for an unlimited period, but not irrevocably.
11. The Land can assign its rights from the silent partnership (at least with Helaba's agreement) to a third party against payment. The fungibility of the silent partnership is not thus necessarily reduced to zero.
12. Here too the understanding between the BdB, the Land of Schleswig-Holstein and HSH Nordbank assumes that no premium should be applied on account of the lack of fungibility.
13. In so far as the fungibility aspect is concerned, First Consulting had, in the view of the Commission, not recognised that the asset was not sellable but that, by law, it was possible to withdraw it from WestLB and reinvest it elsewhere.
14. As a risk profile analysis of various equity capital instruments had shown, silent partnership contributions, given a comparable share of liability and in view of their fungibility as a contribution of limited duration with a fixed remuneration, strongly resembled profit participation certificates.
15. In line with the practice in the other Landesbank procedures, the following three characteristics, which are peculiar to the transaction, justify such a premium: (i) the decision not to issue any new company shares and the associated voting rights, (ii) the unusually large transfer of assets; and (iii) the investment's lack of fungibility.