清算

Participation: After the payment of the Liquidation Preference to the holders of the Series A Preferred, the remaining assets shall be distributed ratably to the holders of the Common Stock and the Series A Preferred on a common equivalent basis; provided that the holders of Series A Preferred will stop participating once they have received a total liquidation amount per share equal to times the Original Purchase Price, plus any declared but unpaid dividends.

这里一个有意思的问题是原始购买价格倍数的真实含义。如果参与分配倍数是3（3X）（3倍的初始购买价格），表示一旦获得300%的初始购买价格的回报，优先股股东将停止参与分配剩余资产。如果清算优先权是1倍（1X）回报的话，参与分配权的回报不是额外的3倍，而是额外的2倍！

If, upon such liquidation, dissolution or winding up of the affairs of the Company, the assets of the Company distributable among the Holders of Series A Convertible Preferred Stock and any other series of Preferred Stock ranking on a parity therewith in respect thereto or any class or series of capital stock of the Company ranking on a parity therewith in respect thereto shall be insufficient to permit the payment in full to all such Holders of shares of the preferential amounts payable to them, then the entire assets of the Company available for distribution to such Holders of shares shall be distributed ratably among such Holders in proportion to the respective amounts that would be payable per share if such assets were sufficient to permit payment in full.

在公司进行该等清算、解散或清盘事宜时，如果在拥有A系列可转换优先股的持有人和拥有任何其它系列优先股（其优先股等级与可转换的优先股等级相等）的持有人或拥有公司任何等级或系列股本（其股本等级与可转换的优先股等级相等）的持有人之间可分配的公司资产不足以对所有这些股票的持有人（对他们应优先进行款支付）进行全额支付，则公司可用来分配给这些股票持有人的全部资产应以每股假设在该资产能够进行全额支付时的情况下应分别支付的数额在这些持有人之间按比例进行合理地分配。

If, upon such liquidation, dissolution or winding up of the affairs of the Company, the assets of the Company distributable among the Holders of Series A Convertible Preferred Stock and any other series of Preferred Stock ranking on a parity therewith in respect thereto or any class or series of capital stock of the Company ranking on a parity therewith in respect thereto shall be insufficient to permit the payment in full to all such Holders of shares of the preferential amounts payable to them, then the entire assets of the Company available for distribution to such Holders of shares shall be distributed ratably among such Holders in proportion to the respective amounts that would be payable per share if such assets were sufficient to permit payment in full.

公司资产中有可用于在A系列可转换优先股，以及与A系列股等价的其他相关系列优先股或其他相关种类或系列的公司股本股东之间进行分配的部分，在公司事务清算、解散或停业时，如果这一部分资产不足以对上述持有优先可支付额的股东进行全额支付，那么公司应调用全部可用资产，如果这些资产足够进行全额支付，则应根据此类股东各自的每股派息额数量按比例分配。

If, upon such liquidation, dissolution or winding up of the affairs of the Company, the assets of the Company distributable among the Holders of Series A Convertible Preferred Stock and any other series of Preferred Stock ranking on a parity therewith in respect thereto or any class or series of capital stock of the Company ranking on a parity therewith in respect thereto shall be insufficient to permit the payment in full to all such Holders of shares of the preferential amounts payable to them, then the entire assets of the Company available for distribution to such Holders of shares shall be distributed ratably among such Holders in proportion to the respective amounts that would be payable per share if such assets were sufficient to permit payment in full.

如果公司发生清算，解散或清盘，用于A系可转换优先股东，和任何其他等值优先股系，或任何种类，或任何等值相关股本系股东分配的公司资产应不足以全额支付该优先股份所有股东，则公司全部用于分配该股东的资产应按照每股应付的相应数额比例分配，如果该资产足以全额支付。

Participation: After the payment of the Liquidation Preference to the holders of the Series A Preferred, the remaining assets shall be distributed ratably to the holders of the Common Stock and the Series A Preferred on a common equivalent basis; provided that the holders of Series A Preferred will stop participating once they have received a total liquidation amount per share equal to times the Original Purchase Price, plus any declared but unpaid dividends.

参与权：在支付给A系列优先股股东清算优先权回报之后，剩余资产由普通股股东与A系列优先股股东按相当于转换后股份比例进行分配；但A系列优先股股东一旦其获得的回报达到倍于原始购买价格以及宣布但尚未发放的股利，将停止参与分配。

Determining margin, paying and charging interest, rolling over of open positions, liquidating under-margin positions, and supervising rehypothecation of any

决定保证金数量、支付和收取利息、延展未结头寸、清算低于保证金的头寸、及监督客户帐户中资金的再抵押。

"Scripless Securities" means stocks, shares or other securities within the meaning of "book-entry securities" as defined in Section 130A of the Companies Act including all instruments, orders and regulations made under or deriving validity therefrom which have been listed on the SGX and which have been designated by the SGX as eligible for deposit with The Central Depository Limited and for clearance and book-entry settlement of transactions on SGX.

无纸化证券指《公司法》第130A中规定的记账证券的定义下包括的股权，股票，或其他证券。包括《公司法》下所有的金融工具，依据《公司法》制定的指令和规范，或者衍生效力。这些工具已经在新加坡证券交易所上市，并被交易所指定成为可在新加坡中央托收公司进行抵押的合格抵押物，并有资格在新加坡证券交易所进行交易清算和账簿处理。

The tacit admission of the DRDO's inability must not be limited to the mis sile programme alone; a review of all projects under its aegis is needed for a reality check and course correction.

DRDO显而易见的低能并不仅仅表现在导弹项目上；在其名下的全部项目需要更进一步的核查和清算。DRDO的错误根源主要在于对科研成果、重点、以及缺乏合理安排进行追究的缺失。

Must the debt supercycle come to an end by crashing and burning or does the world keep breathing with a whimper instead of a bang?

此前的债务超级周期是否应任其彻底清算，让世界浴火重生，而是苟延残喘？

It was in 1993, in the depths of Sweden's banking crisis, and accountants were totting up the results for Skandinaviska Enskilda Banken, upon which the Wallenbergs' business empire had been built a century and a half earlier.

瓦伦堡家族掌控了瑞典股市近三分之一份额的公司，而他已是这个王朝中的第五代了。1993年，随着瑞典银行危机的深入，会计师正在清算瑞典北欧斯安银行的资产，瓦伦堡家族的商业帝国就是在一百五十多年前从这家银行开始一步步创立的。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。