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What is Covenant?

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Explanation of Covenant

One of the major concerns for a lender is the complete recovery of the loan from the borrower. It has been observed that in cases where no restrictions are imposed on the borrower, there is a high probability that the management of the borrower company will completely ignore the lender’s interest and make confident decisions that will jeopardize their future debt servicing ability. So, covenants are tools lenders use to ensure their money is safe. These legal bindings ensure that the borrowers abide by certain pre-decided conditions, or the default clause will be triggered per the agreement. So, if the borrower breaches any of the covenants, the debt agreement allows the lender to demand repayment immediately.

In most cases, financial covenants are expressed in ratio ceiling or floor. For example, the debt-to-equity ratio shouldn’t breach the ceiling of 1.5x, or the interest coverage ratio shouldn’t breach the floor of 2.2x. However, covenants are not just restricted to financial ratios. They can cover many other aspects of company operations, such as maximum dividend payment, working capital requirement, retention of critical employees, etc.

How Does Covenant Work?

Now, let us look at how covenant works in a company setup.

Corporations often require money to expand their business or support their daily operations. In cases where they wish to raise funds at a lower cost, they opt for bond issuance or bank debt and pay interest on the borrowed money. In such a scenario, one of the primary concerns of the lender is the protection of their money against default.

So, the lenders then set some covenants that are legal agreements between the lender and the borrower. These impose pre-determined conditions before the issuance of the bonds. Now, if the borrower agrees with the terms and conditions of the debt agreement, the lender will only go ahead with the lending. In addition, the covenants take cognizance of the rating of the company and the debt instrument. So, these covenants add extra protection for the lender’s money.

For instance, the lender imposes a covenant that mandates that the debt-to-equity ratio shouldn’t exceed 1.5x. However, the borrower incurred heavy losses in the current year, resulting in equity erosion, pushing the debt-to-equity ratio beyond the threshold of 1.5x. The debt agreement states it is a breach and will trigger a default. So, in this case, the covenant acts as an early warning signal for the lender that the borrower’s business is in trouble which may result in liquidity problems. Hence, it is better to call back the borrowed amount immediately.

Example of Covenant

Let us take the example of ABC Inc., which is planning to raise $50 million through the issuance of bonds at the beginning of 2023. Now, the company has approached many lenders to discuss the terms and conditions of lending. As a result, some banks agreed to purchase the bonds after adequately evaluating the creditworthiness of ABC Inc. However, all the banks proposed the following covenants before buying the bonds.

These bonds (until their maturity) must be the senior most debt in the company’s capital structure.

The company’s interest coverage ratio (EBITDA/ Interest expense)must never fall below 3.0x

The company’s debt-to-equity ratio cannot exceed the ceiling of 1.2x

Solution:

Now, let us take the example mentioned in the above section and determine whether any of the covenants have been breached if the following annual financial figures were reported at the end of 2023:

EBITDA = $10 million

Interest expense = $3 million

Outstanding debt = $60 million

Total equity = $55 million

Interest Coverage Ratio = EBITDA / Interest Expense

Interest Coverage Ratio = $10 million / $3 million

Interest Coverage ratio = 3.33x, which is more than the covenant of 3.0x

Again, we can calculate the debt-to-equity ratio of the company as follows:

Debt-to-Equity Ratio = Outstanding Debt / Total Equity

Debt-to-Equity Ratio = $60 million / $55 million

Debt-to-Equity Ratio  = 1.09x, which is below the covenant of 1.2x

So, none of the covenants has been breached.

Types of Covenant

1. Affirmative covenants: This type of clause requires the borrower to perform certain specific actions, and if the borrowers fail to do so, then it is in outright default. However, lenders may offer borrowers a grace period, and if the borrower fails to comply within that period, it considers a default. Some examples of affirmative covenants include furnishing audited financial statements to the lender at regular intervals, maintaining proper accounting books, etc.

2. Negative covenants: This type of covenant is imposed on the borrower to refrain from undertaking any such actions that may lead to the deterioration of their debt serviceability. Some examples of negative covenants include maintenance of dividend payout below 50%, maintenance of gearing below 3.0x, etc.

Conclusion

So, it can be seen that covenants are significant from the point of view of the lenders. Covenants impose discipline on companies and offer better control to the lenders. However, it should be noted that too many covenants may end up restricting the company’s operations, which can be detrimental to its revenue growth and profitability.

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How Does Angelscript Work With Example

Introduction of AngelScript

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Why do we Need AngelScript?

AngelScript is needful because it is a powerful object-oriented scripting language like c/c++. It has an extremely flexible cross-platform scripting library; hence the scripts or a computer program written can work on any platform, and the scripting library is designed to improve the functionality of the script; by using it, users can extend the functionality with the help of external scripts.

It also has a feature that we can call the c and c++ functions within the angel-script environment; due to that, it is helpful to the developers to work with it, and the syntax of the angel-script class was closely followed by the syntax in c++ classes. So that it is needful for developers who are worked with c++ and they have to work on angel-script, then they can work easily.

Angelscript can be used in robotics that means the behavior rules of robotic are followed by angel-script. Also, it is useful for video game development, which increases the life of a game. So by using angle-script, get the project up, and that will run faster. And by using an external script, we can improve the functionality of the application.

How does AngelScript Work?

First, we need the application of angel-script and then have to register the interface so that script can interact with the application; the interface contains functions, variables, and classes also.

Secondly, we have to set message call back to receive information about errors, errors in human-readable form, because if the registration is not done correctly, then attention message will get as a callback message about the incorrect registration or a script has an error that fails to compile. If we need to verify the return code, there is no need to take much effort to know it because the call-back message can give information in the human-readable form so that we can correct it. These two steps are about engine configuration.

After engine configuration next step is to compile the script that should be executed. Also, need to write a function to call the registered print function and will give the output that function is stored in files.

In this step, has to write code for loading script files and to compile it, there is a CSriptbuilder define it, which help to load the file, it will perform some necessary process, and it will tell the engine to build a script module, also need to construct builder code for processing. If the code fails after this, then it will not have the memory to allocate the module. If the filename has been removed or the wrong name was given, or there is some unnecessary code has been written, then the builder was not able to load the file.

The last step is to identify the function which was defined that is to be called and have to set up the context for execution in code format. If that function could not be found, then need to write a print function to show a message of the function expecting.

Then has to create context, prepare it, and then execute it; if the execution didn’t work as expected, there is a need to write an exception code to handle the exception.

Example of AngelScript

Below is a very simple example that will give a brief overview of Handle:

}

Advantages

It has features like c/c++ that is static-typing, that uses the same static type as we use in c/c++ to make typing dynamic, and only additional type that we need to register here in angel-script.

It has an object handle feature that provides pointers, but pointers are not safe in scripting; hence it uses object handles instead of pointers; object handles in scripting control the lifetime of the object.

It has mod support in-game logic where it increases the life of the game.

Angelscript supports native calling conventions on major platforms, but there are some platforms that only work with generic calling conventions; generic calling is pure C++ that works everywhere.

The CScriptString used in angel-script cannot return the object value in native mode, which is not compatible.

There may be a memory leak issue.

Conclusion

In this article, we conclude that it is a scripting language and that has information about the application to accurately communicate with the c/c++ code; it has an inbuilt library hence making scripting language in our project is easy; in this article, we have seen some reasons to develop our program in more than one language.

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Defintion, Types, Example, How To Works?

What is Equity Financing

Equity financing is a process of raising capital by selling shares of the Company to the public, institutional investors, or financial Institutions.

Equity financing could be the perfect solution for you. It allows you to raise capital without debt by selling a portion of your business to investors. Here we provide examples of the types of equity financing available to you.

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Example of Equity Financing

An Entrepreneur started the company ABC with an initial capital of $ 10,000. At the start of the Company, he owns 100% of the equity in the Company. After a few initial years of starting, he is seeking new funds for the growth of the Company. He sells 50% of the equity of the Company at a valuation of $ 100,000. A venture capitalist or an angel investor will receive 50% equity in the Company by investing $ 50,000, and the entrepreneur’s stake will be reduced to 50%. However, he invested only $ 10,000 in the Company at the beginning.

Thus, Equity financing and the amount of stake each investor owns depends on the time and valuation of investments in the Company.

Types of Equity Financing

A Company can have different classes of shares; Equity financing does not only involve financing by common equity but through other mediums as well:

The Companies issue different classes of shares, usually large enterprises:

Class A shares: Investors get ownership, i.e., voting rights and dividend.

Class B shares: Investors get ownership (voting rights) but no dividend.

Preference shares: Investors receive a dividend (in some cases higher or guaranteed dividend) but no ownership.

Differential voting rights shares: Investors get differential voting rights, i.e., 2 shares owned by the investor will get 1 vote, and to compensate for this differential voting right, they receive a higher dividend than the common equity investors.

Sources of Equity Financing

When a new business starts, the owner invests the funds by selling his personal assets like land and property or cash assets. However, as the business grows and the need for financing increases, the funds are taken from external sources.

Various investors at different stages of the Company’s growth investments in the Company, and are mentioned below:

1. Angel Investors

Angel investors are typically the first investors apart from the business owner or founder. They are usually wealthy individuals and friends/family of the business owner. They provide financial backing at an early stage of the business at favorable terms and do not usually get involved in the management of the business. Angel investors generally take out their investments at higher returns once the Company seeks funds from venture capitalists.

2. Venture Capitalists 3. Retail Investors/IPOs 4. Crowdfunding

Crowdfunding is another way. Companies can raise funds from a group of investors in small amounts. Each investor invests a small amount in the business through a crowdfunding campaign the Company runs. The investors are generally a group of angel investors who believe in the product and the founders of the Company and would like to fund the initial setup of the business.

HOW IT WORKS:

1. Companies seeking will typically create a business plan that outlines their goals and objectives.

2. Companies will then identify potential investors and present their plans.

3. Investors will evaluate the company’s plan and decide whether to invest.

4. If the investors agree to invest, they will provide the company with capital in exchange for equity.

Advantages of Equity Financing

The company does not have enough cash, collateral, or resources to raise funds from debt financing; hence equity financing is a good source of funds for the entrepreneur as the investors would take the risk of the business along with the founders.

Investors get ownership of the Company. They get better returns than other investment vehicles, either from increased share prices or dividends paid by the Company.

Loss of control: As the Company adds new investors, the founders’ reduced shareholding may lead to a potential conflict of interest and loss of control of their own Company. The active involvement of investors in the management of the Company may also create conflicts in the way of doing business.

Time and effort: Potential investors spend a lot of time in the Company’s due diligence before investing. They look for a business plan, sales and profit forecasting, and market conditions and must ensure their investment will be safe, secure, and profitable. Thus, it is time-consuming for entrepreneurs who are out seeking funds and also focussing on their business.

Conclusion

Equity financing is a mode of financing for the Company where it takes funds from the investors by selling shares. The Company can issue a different variety of shares to different investors. However, investors understand that such investments do not offer fixed returns like debt financing, where they borrow funds for a stipulated time and at predefined interest rates.

FAQ:

Q: What are the different types?

A: The different types of equity financing include venture capital, angel investors, and public offerings.

Q: What are the benefits of equity financing?

A: This can benefit long-term growth, allowing companies to access capital without debt.

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What Is Semaphore? Counting, Binary Types With Example

What is Semaphore?

A semaphore either allows or disallows access to the resource, which depends on how it is set up.

In this Operating System (OS) tutorial, you will learn:

Characteristic of Semaphore

Here, are characteristic of a semaphore:

It is a mechanism that can be used to provide synchronization of tasks.

It is a low-level synchronization mechanism.

Semaphore will always hold a non-negative integer value.

Semaphore can be implemented using test operations and interrupts, which should be executed using file descriptors.

Types of Semaphores

The two common kinds of semaphores are

Counting semaphores

Binary semaphores.

Counting Semaphores

This type of Semaphore uses a count that helps task to be acquired or released numerous times. If the initial count = 0, the counting semaphore should be created in the unavailable state.

Counting Semaphores

Binary Semaphores

The binary semaphores are quite similar to counting semaphores, but their value is restricted to 0 and 1. In this type of semaphore, the wait operation works only if semaphore = 1, and the signal operation succeeds when semaphore= 0. It is easy to implement than counting semaphores.

Binary Semaphores

Example of Semaphore

The below-given program is a step by step implementation, which involves usage and declaration of semaphore.

Shared var mutex: semaphore = 1; Process i begin . . P(mutex); execute CS; V(mutex); . . End; Wait and Signal Operations in Semaphores

Wait for Operation

After the semaphore value is decreased, which becomes negative, the command is held up until the required conditions are satisfied.

Copy CodeP(S) { while (S<=0); S--; } Signal operation

This type of Semaphore operation is used to control the exit of a task from a critical section. It helps to increase the value of the argument by 1, which is denoted as V(S).

Copy CodeP(S) { S++; } Counting Semaphore vs. Binary Semaphore

Here, are some major differences between counting and binary semaphore:

Counting Semaphore Binary Semaphore

No mutual exclusion Mutual exclusion

Any integer value Value only 0 and 1

More than one slot Only one slot

Provide a set of Processes It has a mutual exclusion mechanism.

Difference between Semaphore vs. Mutex

Parameters Semaphore Mutex

Mechanism It is a type of signaling mechanism. It is a locking mechanism.

Data Type Semaphore is an integer variable. Mutex is just an object.

Modification The wait and signal operations can modify a semaphore. It is modified only by the process that may request or release a resource.

Resource management If no resource is free, then the process requires a resource that should execute wait operation. It should wait until the count of the semaphore is greater than 0. If it is locked, the process has to wait. The process should be kept in a queue. This needs to be accessed only when the mutex is unlocked.

Thread

Ownership Value can be changed by any process releasing or obtaining the resource. Object lock is released only by the process, which has obtained the lock on it.

Types Types of Semaphore are counting semaphore and binary semaphore and Mutex has no subtypes.

Operation Semaphore value is modified using wait () and signal () operation. Mutex object is locked or unlocked.

Resources Occupancy In case if the object is already locked, the process requesting resources waits and is queued by the system before lock is released.

Advantages of Semaphores

Here, are pros/benefits of using Semaphore:

It allows more than one thread to access the critical section

Semaphores are machine-independent.

Semaphores are implemented in the machine-independent code of the microkernel.

They do not allow multiple processes to enter the critical section.

As there is busy waiting in semaphore, there is never a wastage of process time and resources.

They are machine-independent, which should be run in the machine-independent code of the microkernel.

They allow flexible management of resources.

Here, are cons/drawback of semaphore

One of the biggest limitations of a semaphore is priority inversion.

The operating system has to keep track of all calls to wait and signal semaphore.

Their use is never enforced, but it is by convention only.

In order to avoid deadlocks in semaphore, the Wait and Signal operations require to be executed in the correct order.

Semaphore programming is a complicated, so there are chances of not achieving mutual exclusion.

Semaphore is more prone to programmer error.

It may cause deadlock or violation of mutual exclusion due to programmer error.

Summary:

It is a mechanism that can be used to provide synchronization of tasks.

Counting semaphore uses a count that helps task to be acquired or released numerous times.

The binary semaphores are quite similar to counting semaphores, but their value is restricted to 0 and 1.

Signal semaphore operation is used to control the exit of a task from a critical section

Counting Semaphore has no mutual exclusion whereas Binary Semaphore has Mutual exclusion

Semaphore means a signaling mechanism whereas Mutex is a locking mechanism

Semaphore allows more than one thread to access the critical section

One of the biggest limitations of a semaphore is priority inversion.

Sqlite Data Types With Example: Int, Text, Numeric, Real, Blob

Data types in SQLite are different compared to other database management system. In SQLite, you can declare data types normally, but you still can store any value in any data type.

In this tutorial, you will learn-

SQLite is typed less. There are no data types, you can store any type of data you like in any column. This is called dynamic types.

In static types, like in other database management systems, if you declared a column with a data type integer, you can only insert values of data type integer. However, in dynamic types like in SQLite, the type of the column is determined by the value inserted. And then SQLite stores that value depending on its type.

SQLite Storage Classes

In SQLite there are different storage methods depending on the type of value, these different storage methods are called storage classes in SQLite.

The following are the storage classes available in SQLite:

NULL – this storage class is used to store any NULL value.

INTEGER – any numeric value is stored as a signed integer value (It can hold both positive and negative integer values). The INTEGER values in SQLite are stored in either 1, 2, 3, 4, 6, or 8 bytes of storage depending on the value of the number.

REAL – this storage class is used to store the floating point values, and they are stored in an 8-bytes of storage.

TEXT – stores text strings. It also supports different encoding like UTF-8, UTF-16 BE, or UTF-26LE.

BLOB – used to store large files, like images or text files. The value is stored as byte array the same as the input value.

SQLite Affinity Type

Type affinity is the recommended type of data stored in a column. However, you still can store any type of data as you wish, these types are recommended not required.

These types were introduced in SQLite to maximize the compatibility between SQLite and other database management system.

Any column declared in an SQLite database is assigned a type affinity depending on it declared data type. Here the lift of type affinities in SQLite:

TEXT.

NUMERIC.

INTEGER.

REAL.

BLOB.

Here’s how SQLite determines the affinity of the column from its declared data type:

INTEGER affinity is assigned if the declared type contains the string “INT“.

TEXT affinity is assigned, if the column contains on its data type one of the following strings “TEXT“, “CHAR, or “CLOB“. For example, the type VARCHAR will be assigned the TEXT affinity.

BLOB affinity is assigned if the column has no type specified or the data type is a BLOB.

REAL affinity is assigned if the type contains one of the following strings “DOUB“, “REAL, or “FLOAT“.

NUMERIC affinity is assigned for any other data type.

There is also a table on the same page showing some examples for the mapping between SQLite data types and their affinities determined by these rules:

Mapping between SQLite data types and affinities

Examples of Storing Data types in SQLite: Storing number with SQLite integer:

Any column of data type contains the “INT” word, it will be assigned an INTEGER type affinity. It will be stored in an INTEGER storage class.

All the following data types are assigned as an INTEGER type affinity:

INT, INTEGER, BIGINT.

INT2, INT4, INT8.

TINYINT, SMALLINT, MEDIUM INT.

INTEGER type affinity in SQLite can hold any assigned integer number (positive or negative) from 1 byte to maximum 8 bytes.

Storing numbers with SQLite REAL:

REAL numbers are the number with double floating points precision. SQLite stored real numbers as 8 bytes’ array. Here is the list of data types in SQLite that you can use to store REAL numbers:

REAL.

DOUBLE.

DOUBLE PRECISION.

FLOAT.

Storing large data with SQLite BLOB:

There is only one way to store large files into a SQLite database, and it is using the BLOB data type. This data type is used to store large files like images, files (from any type), etc. The file is converted into bytes array and then stored in the same size as the input file.

Storing SQLite Booleans:

SQLite doesn’t have a separate BOOLEAN storage class. However, the BOOLEAN values are stored as INTEGERS with values 0 (as false) or 1 (as true).

Storing SQLite dates and times:

You can declare date or date times in SQLite using one of the following data types:

DATE

DATETIME

TIMESTAMP

TIME

Note that, there is no separate DATE or DATETIME storage class in SQLite. Instead, any values declared with one of the previous data types are stored on a storage class depending on the date format of the inserted value as following:

TEXT – if you inserted the date value in the format of the ISO8601 string (“YYYY-MM-DD HH:MM:SS.SSS”).

REAL – if you inserted the date value in the Julian day numbers, the number of days since noon in Greenwich on November 24, 4714 B.C. Then the date value would be stored as REAL.

INTEGER as Unix Time, the number of seconds since 1970-01-01 00:00:00 UTC.

Summary:

SQLite supports a broad range of data types. But, at the same time, it is very flexible regarding data types. You can put any value type in any data type. SQLite also introduced some new concepts in data types like type affinity and storage classes, unlike other database management systems.

How Does Trait Work In Scala With Programming Examples

Introduction to Scala Trait

Trait in Scala can be created by using trait keyword. Scala traits are like Interface in Java. They contain methods and field members. Method inside trait can be abstract and non-abstract and we can use these methods into different classes. But we cannot instiantie traits and it does not have constructor parameters. They basically are used to provide abstraction which provide us security and makes our application loosely coupled by making our service independent of user. We can use extend keyword to use this trait with different classes and provide implementation of unimplemented methods if needed. If we do not provide method body and type of variable then by default they will be abstract.

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trait name{ }

In above syntax we can create raid by using trait keyword before the trait name. Inside trait we can define our methods and field members.

Example:

Code:

trait FirstTrait { def message() def message2() }

In the above example we are defining two methods inside trait, but we have not yet provided them implementation.

So any class which is going to implement is responsible to provide the implementation of methods like below:

Code:

class FirstDemo extends FirstTrait{ def message() { println("first message : Hello from first method.") } def message2() { println("second message: Hello from second method.") } object Main { def main(args: Array[String]) { val object= new FirstDemo(); obj.message(); obj.message2(); } }

Now we have given implantation of both the methods also we have main method from which we are going to call the method. Remember trait cannot be instiantied they do not have parameter constructor.

How does Trait work in Scala?

Basically the concept of traits used in object oriented programming language, they are like interface in java. In java interface are meant for abstraction. As we all know abstraction is the process by which hide the complexity from the user we are doing same here as well. Traits can be extended by using extends keyword. But we cannot create object of trait because they have no contractor. To provide implementation and to use the methods define in traits we can inherit trait by using classes and objects.

Traits contain abstract and non-abstract methods or we can say contain concrete methods. If we provide implementation of method inside a trait then it would be a non-abstract method, but if we only define a method inside a trait then it would be an abstract method. It also contains filed variables inside it. We can define a variable inside trait using var or val keyword provide by Scala. Suppose you have defined a variable using mentioned keyword but we have not yet initialize it then it would be abstract by default. The implementation of variable is also take care by the class itself which implements this trait same like methods.

Another point is, if we have defined one method inside trait and another class extending this trait but not providing its implementation then this class has to make itself abstract this is same as java.

Example:

Code:

trait Test{ def getDetail() } abstract class Demo extends Test{ def printDetail(){ } }

Now if a trait contain a method that is not abstract which means its implementation is already been defined in the trait then in this case then class which extend this trait do not need to provide the implementation of method.

Example:

Code:

trait Test { def details(){ println("this method is already been defined in trait itself."); } } Examples of Scala Trait

Given below are the examples mentioned:

Example #1

Here we will see how to use abstract method and provide their implementation and another class using extend keyword.

Code:

trait Flower { def getColor() } class Rose extends Flower{ def getColor(){ println("Rose : are red in color!!") } } class Amaryllis extends Flower{ def getColor(){ println("Amaryllis : are pink in color!!") } } object Main{ def main(args:Array[String]){ var r = new Rose() r.getColor() var a = new Amaryllis() a.getColor() } }

Output:

Example #2

Code:

trait Flower { def getColor() def getMessage(){ println("This is flower trait!") println("If you wannt to know abut specific color go implement this tarit.:)") } } class Rose extends Flower{ def getColor(){ println("Rose : are red in color!!") } } class Amaryllis extends Flower{ def getColor(){ println("Amaryllis : are pink in color!!") } } object Main{ def main(args:Array[String]){ var r = new Rose() r.getColor() var a = new Amaryllis() a.getColor() a.getMessage() } }

Output:

Example #3

This example contains field members also. We have initialize the filed at trait level only, but if you want you can define them with ‘var’ or’ val’ keyword and provide their implementation in extended class.

Code:

trait Flower { def getColor() def getMessage(){ println("This is flower trait!") println("If you wannt to know abut specific color go implement this tarit.:)") } var v1: String = "Hello i am a variable" var v2: String = "I am second variable." def getDeatil(){ println("variable first :: " + v1) println("variable second :: " + v2) } } class Rose extends Flower{ def getColor(){ println("Rose : are red in color!!") } } class Amaryllis extends Flower{ def getColor(){ println("Amaryllis : are pink in color!!") } } object Main{ def main(args:Array[String]){ var r = new Rose() r.getColor() var a = new Amaryllis() a.getColor() a.getMessage() a.getDeatil() } }

Output:

Conclusion

Traits are like interface in java use to provide abstraction. They can we extend by using extends keyword but cannot be instantiated because they do not contain argument constructor.

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