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Source text - Spanish Aumentos de Capital – Emisión de Otros Títulos
Los aumentos de capital deberán ser representados por acciones nominativas no endosables o escriturales, las que podrán ser ordinarias o preferidas. Las acciones ordinarias podrán conceder derecho de uno a cinco votos cada una. Las acciones preferidas podrán: (a) otorgar privilegios en relación con el cobro de dividendos – dichos dividendos podrán ser acumulativos o no – y/o al reembolso y/o al pago de dividendos preferidos atrasados y/o correspondientes al ejercicio en curso en caso de liquidación; (b) tener o carecer de derecho de voto, salvo cuando el derecho de voto les sea otorgado por disposición imperativa de la ley o por decisión de la Asamblea que disponga su emisión, casos en los que las acciones preferidas tendrán derecho a un voto por acción; (c) gozar de derechos de preferencia, acrecer y participar en los aumentos de capital que resulten de la capitalización de dividendos o de ajustes de capital y/u otros revalúos; y, (d) ser convertibles en acciones ordinarias y/o transferibles.
Apertura de Crédito en Cuenta Corriente
El Titular requiere que ante la apertura de la Cuenta Corriente que por la presente solicita se le otorgue una línea de crédito por el término de 1 (un) año por hasta la suma que en definitiva resulte aprobada por el Banco, la cual, en caso de ser aprobada le será comunicada mediante el resumen de cuenta, atendiendo así los débitos y/o giros en descubierto que por cualquier concepto y/o causa se realicen sobre la misma, hasta la concurrencia del monto disponible, todo ello de acuerdo al detalle y condiciones que se enuncian a continuación, las que el Titular declara conocer y aceptar en todos sus términos.
Translation - English Capital Stock Increases – Issuance of other securities
Capital Stock increases shall be represented by registered, non-endorsable or book-entry shares, which may be common or preferred shares. Common shares may carry from one to five votes each. Preferred shares may: (a) grant dividend preference - dividends may be cumulative or non-cumulative – and/or preference to capital reimbursement and/or payment of unpaid preferred dividends and/or current dividends in the event of liquidation; (b) be voting or non-voting, except when voting rights are conferred by operation of law, or upon resolution of the Shareholder’s Meeting providing for the issuance, in which cases the preference shares shall carry one vote each; (c) confer pre-emptive rights and additional pre-emptive rights, and the right to participate in any capital stock increase arising out of a capitalization of dividends, a capital adjustment and/or other appraisals; and (d) be convertible into common or redeemable shares.
Checking Account Credit Facilities
Upon opening of the account requested herein, the Account Holder further requests to be granted a 1-year credit facility for an amount to be approved by the Bank. Upon approval of such credit facility, notice thereof shall be given to the Account Holder by means of the bank statement. Any advances so received shall be applied to honor any amounts on any ground debited and/or resulting in the checking account being overdrawn up to the limit of the amount available, in accordance with the following terms and conditions, which the holder declares to know and fully accept.
French to English: Distribution Agreement
Source text - French ARTICLE 1. AUDIT / CONTROLE DE TIERS
1.1 Audit
Au cas où le rapport d’audit ferait apparaître un non-respect des obligations du Prestataire, visées au Contrat, ce dernier s’engage, à prendre à sa charge les frais d’audit et les frais de personnel du Prestataire et à mettre en œuvre, à ses frais, les mesures correctives nécessaires dans un délai convenu entre les Parties. Ces frais d’audit sont plafonnés à 30 000 euros au global pour trois (3) années.
Au cas où le rapport d’audit ne ferait apparaître aucun non-respect des obligations du Prestataire visées au Contrat, l’Entreprise prendra à sa charge les frais d’audit. Le Prestataire pourra facturer à l’Entreprise le temps de personnel convenu entre les Parties au moment du déclenchement de l’audit étant entendu que le Prestataire met à la disposition de l’Entreprise 20 J/Hommes par audit pour trois (3) années.
Dans l’hypothèse où le Prestataire contesterait le non respect d’une obligation ou son impact sur le résultat attendu, les Parties se réuniront en Comite de Pilotage pour décider des répartitions de la prise en charge des coûts liés à cet audit.
ARTICLE 2. BENCHMARK DES PRIX
Dans le cas où, conformément aux stipulations de l’Annexe 12, aucun accord ne peut être trouvé entre les Parties dans un délai de 1 mois à compter de la remise des conclusions de benchmark, afin de réduire l’écart de prix à un niveau inférieur au prix du marché majoré de 10%, l’Entreprise sera en droit de résilier tout ou partie des Prestations pour tout ou partie des Systèmes objet du dépassement et/ou tout système associé, conformément aux dispositions de l’article « résiliation » du Contrat.
Translation - English SECTION 3. AUDIT / MONITORING BY THIRD PARTIES
3.1 Audit
Should the auditor’s report reveal any failure by the Service Provider to comply with the obligations undertaken by him under the Contract, the Service Provider undertakes to bear audit and payroll fees for Service Provider’s personnel and to adopt and pay for all measures necessary in order to rectify the situation within the term agreed upon by the Parties. The ceiling for such audit fees is established globally at € 30,000 for three (3) years.
Should the auditor’s report not reveal any failure by the Service Provider to comply with the obligations undertaken by him under the Contract, the Company shall bear audit fees. The Service Provider will invoice the Company for the time worked by the personnel, as agreed by the Parties upon the commencement of the audit, it being understood that the Service Provider shall make 20 young employees available to the Company for each audit for three (3) years.
Should the Service Provider challenge either the failure to comply with an obligation or the effects of such failure on the expected outcome, a meeting of the Steering Committee shall be held in order to decide on the proportions in which costs related to the audit in question shall be shared.
SECTION 5. Price Benchmark
Pursuant to Appendix 12, should the Parties fail to reach an agreement aimed at narrowing the price difference to a level lower than an amount 10% over the market price within 1 month as from the date of reception of the conclusions of the benchmark, the Company shall be entitled to cancel the whole or part of the Services relating to the whole or part of the Systems which price may have gone beyond the agreed limit, and/or to cancel any related system, in accordance with the provisions established in the section for “cancellation” contained in the Contract.
English to Spanish: Finance
Source text - English BONDS
Convertible bonds will usually carry a lower rate of interest than a normal bond issued by the company. It has the attraction of being convertible at some point in the future into equity. The conversion price will be set at a premium to the existing share price, maybe 40–50% above. The convertible if converted will be self liquidating; by converting, the bondholder is effectively giving up the bond for equity and the company does not need to find money for redemption of the bond (however, if the share price goes down below the conversion price, the company will have to redeem the bond). The advantage of the convertible to the company is that they are able, say, to refinance maturing debt with cheaper finance. It provides liquidity to the company at low cost; it allows them to finance their business. The convertible allows the company to proceed with projects that straight bondholders may have been unwilling to finance, feeling they were too risky. The convertible helps ease the agency problems between parties in the company. The disadvantages would be that the pricing may be not in the best interests of the shareholders; it may be set relatively low and much of the future benefits would go to the bondholders. It may create large dilution in the future, and the company would need to pay dividends on all the new shares.
Duration is a measure of the riskiness of the bond’s cash flows. It measures the interest rate sensitivity of the bond. Duration will give an indication of the change in value of a bond for a 1% change in interest rates. The measure duration is the number of periods into the future where a bond’s value is generated. The greater the duration, the further into the future the bond’s average value is generated and the more sensitive it will be to changes in interest rates. Zero coupon bonds (one cash flow at maturity) will have a duration that is equal to their maturity. A coupon bond’s duration is the weighted average time to maturity, where the weight for each period is the present value of the cash flow for that period. Duration is a good measure for the sensitivity of a bond to interest rate changes.
FUTURES
The company can use forward rate agreements (FRA), futures contracts, and options. The first two are similar, but options are quite different. FRAs involve the company setting the price now for delivery at some point in the future of an amount of currency. There is no cash flow to set the contract up, only a cash flow at expiry when the contract will be closed out at the agreed rate. If the currency moves up or down, the company is protected as they have fixed the exchange rate for that date in the future. Any potential gains are sacrificed, but the company is covered against losses. Futures are similar in that they fix a rate that you are willing to exchange at in the future. With futures, however, there may be intervening cash flows, as the contracts are exchange traded (FRAs are over the counter instruments) and margin may have to be paid in to cover losses. Both FRAs and futures are contractual obligations; the contracts must be fulfilled. Options are different; they involve the payment of a premium up front (which is like an insurance payment). They will protect the holder against an adverse movement. If there is an adverse movement in the option, it does not need to be fulfilled, the holder can walk away from the contract. The purchaser of the option contract will only lose as much as they pay for it at inception. This is not the case with futures and FRAs.
Translation - Spanish BONOS
Por lo general, los bonos convertibles tienen una tasa de interés menor a la de los bonos normales emitidos por la empresa. Ofrecen el atractivo de poder convertirse en acciones en una fecha determinada en el futuro. Para ello, se fija un precio de conversión con una prima de entre el 40 y el 50% sobre el precio actual de las acciones. Al convertirse, estos bonos son autoliquidables, es decir, su tenedor los canjea por acciones, y la empresa no necesita obtener fondos para el rescate de los bonos. No obstante, si el precio de las acciones cae por debajo del precio de conversión, la empresa tendrá que rescatar los bonos. Los bonos convertibles le ofrecen a la empresa la ventaja de poder, por ejemplo, refinanciar deuda con vencimiento en el corto plazo a menor costo. Proporcionan liquidez a la empresa a bajo costo y posibilitan el financiamiento de sus operaciones. Estos bonos le permiten también a la empresa llevar a cabo proyectos que probablemente los tenedores de bonos no convertibles no habrían estado dispuestos a financiar, al considerar su nivel de riesgo muy elevado. Ayudan a atenuar los problemas de agencia entre las partes que representan distintos intereses en la empresa. En cuanto a las desventajas, puede suceder que el precio no beneficie los intereses de los accionistas; es posible que éste se fije a un nivel relativamente bajo y que sean los tenedores de bonos quienes obtengan la mayor parte de los futuros beneficios. Es probable que en el futuro se genere una reducción del valor de las acciones y que la empresa tenga que pagar dividendos sobre todas las nuevas emisiones de acciones.
La duración es una medida del riesgo del flujo de fondos de los bonos. Mide la sensibilidad de los bonos ante variaciones en la tasa de interés. Indica el cambio del valor de un bono ante cada punto porcentual de variación en las tasas de interés. La duración mide el número de períodos hacia el futuro en los que se genera el valor del bono. Cuanto mayor sea la duración, el valor promedio del bono se generará más hacia el futuro y será más sensible a las variaciones en las tasas de interés. La duración de los bonos cupón cero, que reciben un solo pago al vencimiento, equivale a su plazo de vencimiento. La duración de un bono cupón equivale a su plazo de vencimiento promedio ponderado, en donde la ponderación de cada período corresponde al valor actual del flujo de fondos de dicho período. La duración es una buena medida de la sensibilidad de un bono ante las variaciones en la tasa de interés.
FUTUROS
La empresa puede utilizar contratos a término, conocidos como contratos FRA (Forward Rate Agreements), contratos de futuros y opciones. Los dos primeros son similares, pero las opciones difieren bastante. En los contratos FRA, la empresa fija el precio que se pagará a una fecha futura por una suma de dinero en una moneda determinada. No se exige un flujo de fondos al momento de la contratación, sino que los fondos generados se pagarán en la fecha de vencimiento, cuando el contrato se liquide a la tasa acordada. Si el tipo de cambio fluctúa al alza o a la baja, la empresa estará protegida, dado que ya ha fijado la tasa de cambio para dicha fecha en el futuro. Se sacrifica toda ganancia potencial, pero la empresa está cubierta contra pérdidas. Los futuros operan de un modo similar, dado que se fija la tasa a la que se intercambiará un activo en el futuro. Sin embargo, en los contratos de futuros puede haber flujos de fondos intermedios, ya que cotizan en el mercado primario (los contratos FRA son instrumentos que cotizan en el mercado secundario), y es posible que se exija un depósito en garantía a modo de cobertura contra pérdidas. Tanto los contratos FRA como los futuros constituyen obligaciones contractuales, de cumplimiento obligatorio. Las opciones son diferentes, ya que establecen un desembolso inicial mediante el pago de una prima, similar a la prima de un seguro. Las opciones protegen a su tenedor contra un movimiento adverso. Si se produce un movimiento adverso con respecto a la opción, el tenedor no está obligado a ejercer dicha opción y puede abstenerse de cumplir con lo establecido en el contrato. El comprador del contrato de opciones sólo perderá el monto que hubiere pagado al inicio. No ocurre lo mismo en el caso de los futuros y los contratos FRA.
English to Spanish (Chartered Institute of Linguists) English to Spanish (Universidad Nacional de Buenos Aires) English to Spanish (CTPCBA) Spanish to English (Chartered Institute of Linguists) Spanish to English (Universidad Nacional de Buenos Aires)
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Trained Trained as a Sworn Translator and Court Interpreter, I have worked as a Professional English, French and Spanish Linguist since 2004. I became a Member of the UK Chartered Institute of Linguists (CIoL) in 2009.
Living, studying and working in Latin America, France and the UK has offered me the experience of a much closer contact and deeper understanding of foreign languages and cultures, and an enhanced appreciation of the true value of accurate communication.
Along with my career as a freelance linguist, my experience as an in-house Project Manager at the London office of one of the largest international translation companies has been the perfect complement to my background, providing me with strong organizational and industry-specific skills.
I now pride myself on providing a top-class integrated language service to a broad range of clients, both as an individual linguist and coordinator of a highly professional and specialized team in the management of large-volume, time-sensitive and complex projects.as a Sworn Translator and Court Interpreter, I have worked as a Professional English, French and Spanish Linguist since 2004. I became a Member of the UK Chartered Institute of Linguists (CIoL) in 2009.
Living, studying and working in Latin America, France and the UK has offered me the experience of a much closer contact and deeper understanding of foreign languages and cultures, and an enhanced appreciation of the true value of accurate communication.
Along with my career as a freelance linguist, my experience as an in-house Project Manager at the London office of one of the largest international translation companies has been the perfect complement to my background, providing me with strong organizational and industry-specific skills.
I now pride myself on providing a top-class integrated language service to a broad range of clients, both as an individual linguist and coordinator of a highly professional and specialized team in the management of large-volume, time-sensitive and complex projects.
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