Mount Everest Hillary and Tenzing Contrast Essay

Farah Aboufakhr sixth hour Hillary versus Tenzing: To the highest point of Mount. Everest! Sir Edmund Hillary’s, View from the Summit and Tenzing Norgay’s, The Dream Comes True were exceptionally fascinating articles on Mount Everest. Climbing however the chilling Himalayas, they needed to conquer troublesome hindrances. In every one of their papers, they have a few things they settled upon, and some they didn't. Every point of view draws out a sharp difference in the character of both of these men. They shared a few likenesses like a couple of the deterrents they needed to overcome.Two of these impediments were the route of the lofty area otherwise called a bank andâ the thickening of ice around oxygen gear. Every one of the writers had their own explanations behind composing their accounts. Hillary composed his story View From the Summit as an account of his fervor and triumph! Underscoring on himself as more significant than different characters in the story like co ncentrating on Tenzing’s battle to inhale with the coagulating of the ice around the oxygen gear. He himself had a portion of similar issues. At that point I brought Tenzing along to join me,† said Hillary (page 33) indicating the way that he was first and driving. Additionally portraying that he, Hillary, was driving, he stated, â€Å"I got Tenzing to set up a belay† (page 34) causing it to appear as if Tenzing was pointless to this. Tenzing Norgay composed his story endeavoring to fix his picture, which was marginally discolored by Edmund Hillary’s account. He came clean about who made it to the highest point of Everest first so individuals would quit irritating him regarding reality and he additionally felt that he should be honest to the individuals and the mountain.He expressed that both experienced difficulty with the coagulating ice around the oxygen gear though Hillary expressed, â€Å"I saw that Tenzing was moving rather slowly†¦Ã¢â‚¬  (pag e 33) portraying that solitary Tenzing experienced difficulty. Hillary caused it to appear as if Tenzing experienced difficulty climbing when he stated, â€Å"I waved to Tenzing and acquired the rope as he, as well, advanced relentlessly up the split and hauled himself out close to me, gasping for breath. † (page 34) Hillary however was energized as how well he was moving. In Tenzing’s record maybe he had 2 distinct works in the one story.For a couple of passages he would discuss the move with a voice loaded up with stunningness and regard for the spot he was honored to stroll through. He would then discuss a reality that Hillary unjustly expressed like the tallness of the precipice and in one example where he got into discussing who got to the top first his tone turned out to be irritated. Hillary’s account was loaded up with fervor and brave snapshots of valor like when the bit of ice slid down and he nearly lost is balance and when he helped Tenzing get the i ce out of the breathing apparatus and when he evidently pulled Tenzing up a 40 foot bank which Tenzing considered just a 15 foot crag.Hillary’s record could be portrayed as boasting and embellishment of occasions. For what reason do notoriety and fortune cause individuals to lie about their encounters? Sir Edmund Hillary and Tenzing Norgay both composed expositions containing renditions of their excursion toward the South Summit of Mount Everest. Each creator had his own special perspective. In spite of the fact that the areas were altogether different, they shared a few likenesses like a couple of the deterrents they needed to overcome.In Hillary's View from the Summit, he misrepresents his form of the move to increase a greater name for himself. When in fact, he caused himself to seem arrogant. Norgay, in The Dream Comes True, is straightforward. He is an old neighborhood hiking guide who joined Hillary in the long climb generally for the delight of climbing Mount Everest. Norgay merits regard in the unobtrusiveness and trustworthiness he appears in his article of climbing Everest. Both however, had achieved an extraordinary thing in arriving at the highest point of Mount. Everest.

Reflective Paper on Personal and Organizational Ethics an Example of the Topic Psychology Essays by

Intelligent Paper on Personal and Organizational Ethics Work places are supposed to be this present reality in the wake of achieving a specific degree in instruction. Individuals care for the professions by which they can have the option to apply what they have gained from their past instruction and particulars. In the working existence of numerous individuals, there are conditions by which we experience others that may have alternate points of view than us. There can be clashes emerging because of the assorted variety of standards and social angles that we are utilized to. With this, individual morals may come enthusiastically that will take care of or exacerbate the issue or trouble in the work place.Personal morals and qualities are significant for singular assessment. These are important in the accomplishment of individual, authoritative and cultural objectives and mission. Crucial vision ought to likewise be available with the goal for us to be steady by and by and expertly. This paper contains an investigation and assessment of indi vidual and expert morals and qualities. Need paper test on Intelligent Paper on Personal and Organizational Ethics subject? We will compose a custom paper test explicitly for you Continue Individual Ethics, Mission and Vision Statement In his book, What Makes a Leader, Toler (2006) expressed that pioneers might not have all the responses to each and every issue that we may experience. He additionally included: Administration isnt about indicating individuals how fiery, excited, or innovative you are. Its about increasing enough information and intelligence to move individuals and plans from lack of definition to greatness. Pioneers are consistently on an expectation to learn and adapt. They know they havent showed up until theyve demonstrated another person by their model how to be as well as can be expected be. Making the best choice this is my controlling light in satisfying any errand. An old maxim expresses that, If its value doing, its value doing right. I immovably accept that making the best decision is a higher priority than doing things right. Right procedure without the best possible thought processes is shallow, best case scenario and malevolence best case scenario. An individual who realizes how to connect thought processes with techniques are the most qualified to be a pioneer. Insistence and appropriate help is a basic expertise that must be controlled by a pioneer or a director. Everybody has an intrinsic should be esteemed, perceived, or included. To be viable in the satisfaction of any undertaking, it ought to be perceived that a gesture of congratulations has enough power to move a partner towards greatness. Vision is vital so as to get to an ideal end. We ought to have an eye, pointed at the skyline, yet in addition past it. The Holy Bible expresses that Without vision, individuals die. I accept that the norm ought to be set as a springboard for additional upgrades and advancements. Need is likewise a fundamental guide in any close to home endeavor. So as to be a compelling individual, one ought to have the option to do the significant things first. Consequently, one must have the aptitude to separate errands and request them as indicated by significance. I for one accept that having the option to choose which errands are really imperative to the accomplishment of an objective is basic in doing any close to home or expert obligation. Cautious determination must be embraced and this is a significant characteristic of administration. Validity has its requirements. What's more, being tenable enough is significant for any person with objectives and mission. Coming clean is a certain something, yet being accepted is another. Also, validity is should have been accepted and trusted by others. Consistency is the way to be dependable and valid according to other people.Having extraordinary thoughts is acceptable, yet making a move is fairly fundamental. Activities ought to be founded on the information on accessible assets. One should decline to submit if the reason has no undeniable methods for help. Nobody will really confide in somebody who is narrow minded. A viable individual couldn't care less about the shrubs or the honors; he/she shows that sometimes observed excellence of lowliness. Placing the crucial ones own wants is vital towards accomplishing regard. An individual with a little inner self is dealt with exceptionally by others. An individual who wants to lead should realize how to assess their endeavors. One ought to have the option to tune in to reactions without disapproving. For whatever length of time that the heading is clear, reactions can just push a powerful individual towards his/her goals at a quicker rate.Discipline and poise are my own backings. Work propensities must be set up when these qualities exist. These are forerunners of constancy, dependability, consistency, and reliability. Control ought to never be a choice yet a commitment. Any assignment requires a consistent and continued exertion important to achieve a strategic arrive at an end. Associations Workplace Values My association has an unequivocal arrangement of working environment code of morals I ought to cling to. My association expects me to perceive and rehearse polished skill in any errand I perform. As per Timmerhaus et al. (2004), in any expert action, experts are obliged to seek after their calling with the most significant level of moral behaviour.Above whatever else, I accept that the publics wellbeing and government assistance ought to be the highest thought over the span of execution of my obligation as an expert. Businesses and customers ought to be constantly educated regarding the suggestions and results of my expert obligations, and guarantee that my expert obligations would not have any antagonistic impact to the wellbeing, security, and government assistance of general society. We ought to be responsible to the overall population for they are any companys bread and butter. The very motivation behind why there is any expert obligation is the presence of the overall population. We as experts should accept the general population as the essential thought in the endeavor of any expert assignment, regardless of whether it is little or enormous scale.I solidly accept that I ought to acknowledge obligation regarding my activities and perceive different people groups commitments. Assuming full liability is fundamental for this is a significant measure for responsibility. This will guarantee that I won't perform proficient errands apathetically. Furthermore, in like manner, I perceive different people groups commitments and I won't take different people groups merits. In any work I perform, I would endeavor to request different experts basic survey. I am not great, in this manner, there is nothing amiss with looking for audit. This will assist me with improving my work as an expert, hence making me progressively qualified to perform bigger and additionally squeezing errands. At the point when different experts request that I do such, I would offer target analysis to their works. All announcements I issue and data I present would be limited by objectivity and honesty. Similarly as I might want to get remarks that are unprejudiced and liberated from predisposition, therefore I would give articulations limited by such premises also. In the best of my capacity, I carry out my responsibilities for my managers and customers in the most expert way, and I treat them as trustees. I unmistakably characterize my motivation and job as an expert, in order to stay away from irreconcilable circumstances. Irreconcilable circumstances ought to be maintained a strategic distance from on the grounds that it would be inconvenient for the government assistance of the organization, yet additionally to the general population. Jobs and reason, when obviously characterized will make ready towards most extreme polished skill and objectivity. I treat all my co-experts and colleagues fair-mindedly, remembering than every one of them have interesting commitments and abilities. I am likewise extraordinary, and I have methods of my own. What's more, much the same as others, I look to be regarded. Along these lines, I would likewise do likewise to my associates and collaborators. Any relationship, proficient or in any case work two ways.I perform proficient administrations just in territories of my capability, with the goal that my customers, partners and the general population would not experience the ill effects of the results of doing in any case. I am totally mindful of my expert capacities, and theres no chance that I will be giving remarks or recommendations in fields I have next to zero information about. I would leave such cases to experts who know better. My notoriety for being an expert would be manufactured distinctly on benefits of my administrations, this I perceive. Consequently, I give a valiant effort in playing out any assignment assigned to me. Proficient turn of events and trainings are basic for these will sharpen my abilities and add as far as anyone is concerned as an expert. Classes, conferences and shows are significant in the development of an expert. All through my profession, I will go to such trainings. Authoritative Aims and Social Responsibility Any association or organization has distinctive social obligations and cultural objectives. Any help or item are being created and discharged in the market for benefit, yet additionally to arrive at an end, conforming to gauges holding wellbeing, security and government assistance of people in general as the essential consideration.There are long haul and transient points. Among the drawn out point are the improvement of personal satisfaction and saving harmony and request. These are essentials of achieving one world. Keeping up a domain helpful for learning and progress is another drawn out objective any association ought strive for. For instance, an organization has a job in creating salary for the administration through assessments. We realize where assessments go, and when all is said in done, these are for the general administrations for the general population. Contributing towards a steady national economy would serve one of the most significant social obligations an organization can satisfy. Guaranteeing the general population of value administrations and merchandise is another social duty. This is a method of giving the open whats because of the general population. Something else, the companys believability lies in the nature of the merchandise and enterprises it can render.Generating employments for individuals is additionally one significant hierarchical point. Most definitely, it is the obligation of the legislature to have organizations that will cook the requirement for better than average employments. P

Is It Education †Education in Hong Kong Free Essays

Training is of most extreme significance as it has an incredible effect on a person’s entire life. In Finland, kids at 6 years old or prior don't need to go to schools, yet learn at home through messing around and associating with individuals. The educators there go with a similar gathering of understudies for quite a while attributable to the 9-year necessary instructive framework. We will compose a custom exposition test on Is It Education †Education in Hong Kong or then again any comparable subject just for you Request Now In Hong Kong, be that as it may, ‘education’ appears to have lost its significance and the instructive framework is as yet hazardous in spite of a few adjustments. The first and serious issue is in effect too assessment arranged. This can be clarified by the prevalence of instructional exercise schools. Those ‘super tutors’ center around helping understudies get a fulfilled outcome in the assessment. Numerous understudies look for help from them since whether they can encourage their examinations chiefly relies upon their scholastic outcomes. Another bit of proof can be found on our reading material. A large number of them incorporate a specific area just for the assessments, for example, ‘exam tips’, ‘exam skills’ or ‘exam practice’. This additionally mirrors the marvel of assessment direction. Setting scholarly outcomes as the significant basis of school section has bent people’s gatherings of instruction. The current instructive framework puts a lot of accentuation on students’ scholarly execution and disregards the essentialness of creating different angles, including moral development, life training and different capacities like relational abilities. Thus, individuals appear to have overlooked what the points of instruction really are. Aside from this issue, some social issues have emerged from Hong Gong’s ‘education’. One of them is the issue of impoverishment, particularly the intergenerational destitution and youth neediness. The previous one turns out to be increasingly extreme hen the instructive framework doesn't permit poor understudies to dispose of it by means of training. The last one can be come about when the education costs of colleges are high to the point that a few understudies need to allow credits from the administration and reimburse them in any event, when they have been working for quite a long time. Hong Kong government has spent numerous assets on instruction, however, there are as yet a large number of issues that the administration needs to tackle. Has it become too test orientated, however it additionally develops some social issues. What the general public needs is a genuine and far reaching instruction which permits understudies to completely use their capacities. The most effective method to refer to Is It Education †Education in Hong Kong, Papers

Sam Shippee Essays - Film, Lego, Fiction, English-language Films

Sam Shippee Open reaction Imprint Twain's statement make your work your excursion straightforwardly identifies with the section Lego by David Owen in light of the fact that Francie Berger made her preferred leisure activity her activity, and that is the thing that mark Twain is stating to do. Francie Berger experienced childhood in Queens playing with legos constantly. As she got more seasoned she understood that she could follow her fantasy and work at lego. Imprint's statement says make your activity or profession something that you love and francie berger follows that precisely. She was industrious on calling and composing lego for an occupation, She started calling the organization on a month to month premise, and she once dropped by it central station (p1). At a certain point she says they knew what my identity was. (p1) francie was so constant the organization advised her to send in a resume after school, and she did. She fabricated a model ranch out of legos and utilized it as her senior postulation and her employment form. Seeing no other way out, lego ired her, in 1984, for a multi week preliminary period.(p1) francie berger is verification that on the off chance that you follow dreams in life you will be upbeat. Imprint twain's way of thinking of improving your life at that point doing what you love is valid.

Why and How to Raise Your Self Esteem for Stress Relief

Why and How to Raise Your Self Esteem for Stress Relief Stress Management Management Techniques Print Raising Your Self Esteem for Stress Relief By Elizabeth Scott, MS twitter Elizabeth Scott, MS, is a wellness coach specializing in stress management and quality of life, and the author of 8 Keys to Stress Management. Learn about our editorial policy Elizabeth Scott, MS Updated on August 18, 2019 How Stress Impacts Your Health Overview Signs of Burnout Stress and Weight Gain Benefits of Exercise Stress Reduction Tips Self-Care Practices Mindful Living  Tim Robberts / Getty Images The way you feel about yourself, your self-esteem impacts your happiness level  and also can make life more or less stressful for you. For example, if you trust your ability to handle what comes, you will be more likely to see difficult situations as a challenge instead of as a threat; conversely, if you don’t trust your own ability to handle things, you will be more likely to see new situations as threatening and stress-provoking. Self-efficacy is the feeling that you are capable and resourceful, and this can contribute both to self-esteem and stress management. There are several things you can do to raise your self-esteem and self-efficacy that are also highly effective stress relievers. This can work in multiple ways to help you feel more in control of your life and build resilience.  It can also help you to enjoy your life more. If you feel that your self-esteem could use a boost, these are the activities to try. See what resonates with you, and give them a try. Work on Your Optimism If you are able to develop the ability to see the glass as half-full, this can contribute to feelings of self-efficacy as well as overall happiness and peace of mind.  Moreover, there are many proven benefits to optimism, so developing a greater sense of it, creating thinking habits that skew toward optimism, can provide these benefits for your health and general happiness.  Optimism involves more than simply looking on the bright side, however; it is a trait that can be developed by shifting your focus and self-talk, but there need to be specific ways in which you view the world.  Learn more about how to become an optimistic thinker. Develop Positive Self-Talk One thing that has a major influence on a person’s self-esteem is their self-talk, the way they talk to themselves, interpret things and comment on life inside their heads. A thinking style that is habitually negative can perpetuate a negative view of one’s life and self, as well as cause other problems. The following resources can help you to better understand your self-talk and alter it to a more positive way of thinking, helping you to see yourself and the world in a more positive way. Quiz: Are You An Optimist?Your thoughts color your world and your perception of yourself. Learn how positive or negative yours are!Negative Self Talk and StressSelf-talk is the internal dialogue we use to view the world, explain situations and communicate to ourselves, and the type of self-talk you useâ€"negative self-talk or positive self-talkâ€"can affect the level of stress you experience. Learn why, and find resources for change.Positive Self TalkNegative self-talk can limit you, increase your stress level, and adversely affect your self-concept. Here are some ways you can stop negative self-talk from damaging you, and reduce stress and improve your life by developing the habit of positive self-talk. Try New Challenges Even simply becoming immersed in hobbies can help with self-esteem  Learning what you are able to do well can provide you with a new view of yourself and a new level of self-respect.  Hobbies can also help you to relieve  stress, so hobbies can provide a double-win. Stay Away From Toxic People We can all feel negative from time to time, but some friends can tear you down instead of building you up, and those people can wear away at your self-esteem more than you may realize.  Learning to identify and create boundaries with those who drain us of our self-esteem can help.  Identifying and cultivating relationships with more supportive friends can build us up immensely as well. Help yourself cultivate the social life you deserve.

A QA With Notre Dames Gatekeeper

A QA With Notre Dames Gatekeeper by: Andrea Carter on June 05, 2018 | 0 Comments Comments 6,187 Views June 5, 2018Don Bishop is the Associate Vice President for Enrollment at the University of Notre Dame. Photo by Barbara Johnston/University of Notre Dame.It’s a tale of two applications shared by Don Bishop, the associate vice president for Undergraduate Enrollment at the University of Notre Dame. One high school student seeking to gain admission into the university and the Mendoza College of Business has a lengthy record of distinguished accomplishments. Their 1540 SAT score is supported by a colorful array of leadership positions in various extracurricular activities. They’ve been appointed class president, captain of their sports team, and president of the school’s entrepreneurship association. Letters of recommendation from teachers and counselors back up the student’s claims.The student’s written essay gets straight to the point; in so man y words declaring they want to be a business major at Mendoza because the school had been ranked first for undergraduate business programs and they, too, are often highly ranked in various areas. It’s a perfect match. Their long-term life goals include getting into a top MBA program so they can join a reputable company and become wealthy.A second candidate is head of the stage crew in their high school’s theater department. They’re ranked in the top of their class at a school that’s good, but overall not as academically high-achieving as the one attended by the previous student. They have a 1480 SAT score, they’ve organized community service programs, and their letters of recommendations from teachers and counselors read as such, â€Å"We’re really going to miss *insert student’s first name here*. They’re a unique person and whenever we needed something done at this school, we turned to them and they got it done. They never so ught the limelight, wasn’t interested in the accolades, they just wanted to get things done.† In the student’s essay, they express wanting to attend Mendoza because the school was top-ranked in business and they want to someday run a company where employees will be well-treated and thrilled to work with a product that can have a positive impact on society. Their ultimate goal? â€Å"With the wealth that I get, I want to use it to benefit others.†AT NOTRE DAME, WHY YOU WANT TO STUDY BUSINESS CAN BE A DIFFERENTIATORâ€Å"That’s the student you admit,† Bishop emphatically states. â€Å"The other, you add to the waiting list.† Bishop is a long-timer in the admissions space. A Notre Dame economics grad himself, after completing college he was convinced to stick around campus and work in the university’s admissions department. This invitation turned into an eight-year stay which he says he loved. From there, he became dean of admissio ns at a small college in Ohio before heading into the corporate world where he was head of employment for a large organization and spent time recruiting students from heavyweight MBA programs such as Wharton and Harvard. This served as a springboard to Cornell University’s School of Hotel Administration where he was in charge of undergrad and MBA admissions for seven years before landing right back where he started — at his beloved alma mater. Bishop has been head of undergrad enrollment at Notre Dame for the past eight years. In a wide-ranging interview, he explains  the often unknown and seemingly fickle minds of the admissions staff serving as gatekeepers into the university’s highly ranked Mendoza College of Business.  In 2017,  PoetsQuants named Mendoza 4th on its list of Best Undergraduate Business Programs. The first pieces of advice applicants should take heed to: class performance outweighs test scores and Notre Dame’s admissions approach i s holistic. This means a student at a high-achieving school with high SAT scores who wants to go to B-school to obtain wealth may not be the obvious pick over a student with a lower test score who comes from an environment not marked by college prep support, yet wants to attend business school as a means to make a difference. Another tip: overbearing parents who do all the speaking for their â€Å"self-starter† college-applying children? Not helpful.PQ: Students indicate their desire to study at Mendoza with their application to the University of Notre Dame. Explain how acceptance into the business school works.Bishop: When students apply for first year admission, we review them first to see if they are admissible to Notre Dame regardless of whether they want to study at Mendoza. You have two ways to apply. First is early action. If you apply by November 1, we’ll notify you of a final decision by December 20. That decision will either be a yes, a no, or a deferred.If i t’s a no for us during early action, that’s a no. We won’t review you again, although we’ve done our best in reviewing your application materials. If the decision is to defer, that means we’re not sure. It’s close and we’re going to look at you again when we read the rest of the applications that come in.The second way to apply is through regular action. We have a January 1 application deadline. By March 20, they’re contacted with a yes, no, or wait list. Students who receive a yes will have until May 1 to decide. If you’ve been waitlisted, we’ll let you know by May 15.Once you’ve applied and we’ve judged that you’re admissible to Notre Dame, then we look at business openings. We do have a limitation on the number of students that can study business because of the high demand for the business school. We try to keep it around 550 each year.This year, out of 20,400 applicants to the university, 4,500 were for the College of Business, or 22% of our total applicants. We admitted a little over 800 so our admit rate is around 18% for the business school. From the pool of admitted students, the number of students who actually enroll is generally about 500-550, giving us a 65% yield rate for the business school.Are there any strategic advantages to applying to Notre Dame and the business school during early action?It’s important to note that early action is not the same as early decision. If you take the top 15 schools, half of them have early decision which means once you’re in, you’re locked in. That is not the case here. And while they could apply anywhere else and they have the freedom to do so, most students don’t.Because early action does not force a commitment by us to the applicant, nor by the applicant to us, we do not give added (easier) consideration to early action applicants. There is no strategic advantage to get a different admit/deny d ecision by applying early or later. The reason students apply early is for those with stronger records who feel nothing they do in their senior year will make their application stronger than submitting it in November of their senior year before we see their senior grades.What if I’m admitted to Notre Dame, but not into the business school?Each year, we have about 30 students admissible to Notre Dame, yet are not pre-approved to go directly into business. Since Mendoza is a three-year program and students don’t actually start in the business school until their sophomore year, these 30 students are invited to enroll at the university and apply to Mendoza for sophomore year as an internal transfer. Still, there is no guarantee since you’ll be competing with another 100 or so students who didn’t identify business coming in, but also wish to apply. The net of it is we’ll have about 150 freshmen applicants to the business school heading into sophomore ye ar. About half of those will be accepted to enroll.And what about the other half?The College of Business is the only college that requires application for acceptance. For students who are not admitted, there are all sorts of majors that are highly sought after by top corporations. Regardless of whether they’re a business major or not, students can get very involved in recruiting and internships from sophomore year on. They can also take classes that are available in the business school for non-business majors. Page 1 of 3123 »

Eurobonds - Free Essay Example

Sample details Pages: 5 Words: 1488 Downloads: 1 Date added: 2017/06/26 Category Economics Essay Type Narrative essay Did you like this example? Before looking at the resolutions that are open to the companies on default of the bond it is first important to look at the type of bond that we are dealing with. The bond in this situation is a Eurobond. A Eurobond is a bond which is outside of the control of the country in whose currency they are denominated and they are sold n different countries at the same time by large companies. Don’t waste time! Our writers will create an original "Eurobonds" essay for you Create order Eurobonds typically have maturities of 5 to 15 years and interest on them, which is payable gross may be at either a fixed or a floating rate. Eurobonds are bearer securities, which means that their owners are unregistered, and so they offer investors the attraction of anonymity. Because Eurobonds are unsecured, companies that issue them must be internationally known and have an excellent credit ratings. Companies may find that Eurobonds useful for financing long-term investment, or as a way of balancing their long term asset and liability structures in terms of exposure to exchange rate risks. Next to look at the situation on default if there is a trustee in place. A trustee will be able to deal with the default and the issues that arise out of this. The fundamental feature of the trust is the separation of legal and equitable title. In the commercial sphere various advantages flow from this. Equitable ownership vests in the beneficiaries of the trust. The use of a trust permi ts the trustees to exercise their discretion in the vent of a default and thereby protects the borrower from arbitrary legal action at the hands of an individual bondholder. If there is a trustee in place the bondholders will enjoy the equitable protection of being treated equally and the financial expertise of the trustee, who has the resources to bring action against the borrower if required. As S C are Italian the Hague Convention will apply to this transaction. Article 2 of the Hague Convention states that the trustee has the power and the duty, for in respect of which he is accountable, to manage, employ or dispose of the assets in accordance with the terms of he trust and the special duties imposed upon him by law. As safeguards, nothing in the Hague Convention prejudices the powers of states in fiscal matters or the power of a court to apply its own public policy rules, while if all maters are internal to a state, other than the choice of a foreign law to govern the tru st and foreign trustees, a court of hat state had the option not to recognise the trust. Where there is a trustee in a bond issue, it is common that the trustee should be given discretion to make determinations as to whether or not a matter is material. This will be relevant to issues such as whether the trustee, of its own volition and without seeking instructions from the bondholders, should be permitted to consent to a request made by the issuer for a minor amendment to the conditions attached to the bonds or to the giving of an inconsequential waiver from compliance with such conditions. It is also not uncommon for the documentation to provide in relation to certain of the events of default set forth in the relevant clause, that enforcement action will only be taken where such an event has arisen if the trustee considers that what has occurred is materially prejudicial to the interests of the bondholders. Peter Smith J. in the High Court considered that phrase in Law Deben ture Trust Corporation PLC v Acciona SA[1] where an event of default allegedly had occurred occurrence of an event of default was materially prejudicial to the interests of the bondholders, so that enforcement action could be taken, the trustee had first to determine that the event was presently occurring and secondly that it was prejudicial to the interests of the bondholders in a material way. By way of further amplification, his Lordship said that the interests of the bondholders related to their interests in the bonds, that is, their contractual entitlement to the payment of interest and capital and, as well, any ancillary rights which the bondholders might have to protect their entitlement to the payment of interest and principal, such as security rights and significant rights having a commercial protective interest, such as the right in this case to appoint a director to the board of the issuer. Material prejudice did not necessarily mean the same thing as material breach, as such prejudice might exist even without such a breach and even the existence of a material breach might not, on the facts, mean that the interests of the bondholders had been materially prejudiced. In most cases, the trustee would need to investigate the circumstances and their consequences to determine if the relevant element of material prejudice existed. However, the facts on their face might be sufficient to establish the relevant degree of material prejudice without the need for further investigation. His Lordship held that the facts in this case were sufficient on their own for the trustee to make a determination that there was material prejudice to the interests of the bondholders, in that the acts of the issuer in excluding the nominated director from the board, in failing to appoint a replacement nominated by the bondholders and in entering into the unauthorised transactions were obviously prejudicial as they stood, so that it was not necessary for the trustee to investi gate the consequences of those things further before it could make a determination that what had happened had actually caused material prejudice to the interests of the bondholders. A trustee may be able to prevent an event of default from triggering repayment of the bonds if the effect is not materially prejudicial to bondholders. With a fiscal agent it is possible for bonds to become repayable if a single opportunistic bondholder detects a minor event of default that cannot be cured quickly, even if the damage caused to the borrower and the remaining bondholders is potentially enormous (e.g. such as this triggering cross-default provisions in other financing agreements). Bondholders can be better off under a trust arrangement if the borrower does default. First, the trustee can require payments to be made directly to it for the bondholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ benefit; by contrast, funds held by the fiscal agent may be at risk of attack from a liquidator. Second, a trustee can ensure that all bondholders are treated equally, so avoiding a scramble by bondholders to start individual proceedings in different jurisdictions to establish preferential claims to the borrowerà ¢Ã¢â€š ¬Ã¢â€ž ¢s assets. Trustees are able to balance the competing interest of the various bondholders, wereas, as will be shown when a bond holder meeting takes place there are complications, not only with time, logistics and expense, but with balancing the competing interests of the creditors. Perhaps the single most important role that an experienced trustee can play is in crisis management. Credit standing is matter of market confidence. A trustee can act behind the scenes in helping a borrower to overcome potential events of default. A trustee can provide an accurate gauge of bondholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ likely reaction to a proposed course of action. In the absence of a trustee, a borrower may have to convene a bondholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ meeting to agree even minor changes in the issue terms or to waive insignificant breaches of covenant. Such a meeting can be difficult to arrange, expensive to hold, and the outcome may be uncertain if the borrower has been unable to communicate with bondholders in advance. The convening of a meeting can also have an adverse impact on the borrowerà ¢Ã¢â€š ¬Ã¢â€ž ¢s market standing and leaves the borrower vulnerable to the short-term whims of aggressive bondholders. Use of a trustee can avoid this expense and uncertainty. If a payment is missed on one loan, cross-default clauses may be invoked to declare the debtor in default on other instruments and to demand accelerated repayment of the entire corpus of the obligation. A material adverse conditions clause in lending agreements allows creditors to declare a default whenever a material change in the condition of the debtor leads creditors to believe that the debtor may be unable to repay[2]. These clauses are all intended to protect the interests of each individual c reditor, but when broadly exercised may end up hurting creditors as a group. Bibliography August R, (2004) à ¢Ã¢â€š ¬Ã…“International Business Law: Text Cases and Readingà ¢Ã¢â€š ¬Ã‚  Fourth Edition, Pearson Arnold G, (2002) Corporate Financial Management, Second Edition, Harlow, FT Prentice Hall Burgess R (1992) à ¢Ã¢â€š ¬Ã…“Corporate Finance Lawà ¢Ã¢â€š ¬Ã‚ , à ¢Ã¢â€š ¬Ã…“Second Edition, Sweet and Maxwell Cranston R, (2005) à ¢Ã¢â€š ¬Ã…“Principles of Banking Law, 3rd Edition, Oxford University Press Ferren E, (1999) à ¢Ã¢â€š ¬Ã…“Company Law and Corporate Financeà ¢Ã¢â€š ¬Ã‚ , Oxford University Press Ross S, (1999) à ¢Ã¢â€š ¬Ã…“Corporate Financeà ¢Ã¢â€š ¬Ã‚ , Fifth Edition, McGraw-Hill Watson D, (1998) à ¢Ã¢â€š ¬Ã…“Corporate Finance: Principles and Practiceà ¢Ã¢â€š ¬Ã‚ , Pitman 1 Footnotes [1] [2004] EWHC 270, Ch D [2] For an explanation and example of such clauses, see Lee C. Buchheit, How to Negotiate Eurocurrency Loan Agreements (London: Euromoney Publication 1995) 101-05.