Carve-out and Commutative: Difference between pages

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1.  ''Documentation and regulation''
__NOTOC__
''Maths.''  


A carve-out is a special exception. 
===Multiplication and addition are commutative===


A carve-out can be used in the context of a loan agreement; a negative pledge might apply to all but specific subsidiaries.
The commutative property of multiplication means that exchanging the ordering of the items multiplied together makes no difference to the final result.


====Example 1====
3 x 4 gives the same result as 4 x 3.


Carve-outs might also be used in the context of regulation where, effectively, a section or sections might be dis-applied.


In the first case:


2.  ''Corporate finance''
3 x 4 = '''12'''


A transaction in which a holding company sells an equity interest in one of its subsidiary companies to external investors.
 
In the second case:
 
4 x 3 = '''12'''
 
 
 
====Example 2====
The commutative property also applies to addition.
 
4 + 5 gives the same final result as 5 + 4.
 
 
Both expressions give the result 9.
 
 
===Division and subtraction are not commutative===
 
The commutative property does not apply to division. The order of items being divided does make a difference to the final result.
 
====Example 3====
20 / 4 gives a different result from 4 / 20.
 
 
In the first case:
 
20 / 4 = '''5'''
 
 
In the second case:
 
4 / 20 = '''0.2'''
 
 
 
====Example 4====
The commutative property does not apply to subtraction.
 
5 - 3 gives a different result from 3 - 5.
 
 
The result of the first expression is '''+2'''.
 
The second expression produces '''-2'''.
 
 
 
====Multiplication and addition are also associative====
The [[associative]] and commutative properties apply both to multiplication and addition.  
 
For this reason, they are sometimes mixed-up but they are different,




== See also ==
== See also ==
* [[Contract]]
* [[Associative]]
* [[Corporate finance]]
* [[Distributive]]
* [[Equity]]
* [[Denominator]]
* [[Exception]]
* [[Numerator]]
* [[Holding company]]
* [[Loan agreement]]
* [[Negative pledge]]
* [[Regulation]]
* [[Subsidiary]]
 
[[Category:Accounting,_tax_and_regulation]]
[[Category:Corporate_finance]]
[[Category:Investment]]
[[Category:Long_term_funding]]

Revision as of 15:09, 7 October 2015

Maths.

Multiplication and addition are commutative

The commutative property of multiplication means that exchanging the ordering of the items multiplied together makes no difference to the final result.

Example 1

3 x 4 gives the same result as 4 x 3.


In the first case:

3 x 4 = 12


In the second case:

4 x 3 = 12


Example 2

The commutative property also applies to addition.

4 + 5 gives the same final result as 5 + 4.


Both expressions give the result 9.


Division and subtraction are not commutative

The commutative property does not apply to division. The order of items being divided does make a difference to the final result.

Example 3

20 / 4 gives a different result from 4 / 20.


In the first case:

20 / 4 = 5


In the second case:

4 / 20 = 0.2


Example 4

The commutative property does not apply to subtraction.

5 - 3 gives a different result from 3 - 5.


The result of the first expression is +2.

The second expression produces -2.


Multiplication and addition are also associative

The associative and commutative properties apply both to multiplication and addition.

For this reason, they are sometimes mixed-up but they are different,


See also