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Simple English definitions for legal terms

plain-vanilla swap

Read a random definition: Putative

A quick definition of plain-vanilla swap:

A plain-vanilla swap is an agreement between two parties to exchange interest payments. One party pays a fixed interest rate while the other pays a floating interest rate based on the amount of the underlying debt. The underlying debt, called the "notional" amount, does not change hands, only the interest payments are exchanged. This type of swap is used to manage risk, speculate on interest rate changes, or convert an instrument from a fixed to a floating rate or vice versa.

A more thorough explanation:

A plain-vanilla swap is an agreement between two parties to exchange interest payments or obligations. This is usually done to manage risk, speculate on interest rate changes, or convert an instrument from a fixed to a floating rate or vice versa. The parties involved in this agreement are called counterparties.

A typical example of a plain-vanilla swap involves one party paying a fixed interest rate while the other party assumes a floating interest rate based on the principal amount of the underlying debt. The underlying debt, also known as the "notional" amount of the swap, does not change hands. Only the interest payments are exchanged.

For instance, let's say Company A has a loan with a fixed interest rate of 5%, while Company B has a loan with a floating interest rate based on the LIBOR rate. Company A may want to convert its fixed interest rate to a floating rate, while Company B may want to convert its floating rate to a fixed rate. They can enter into a plain-vanilla swap agreement where Company A pays a fixed interest rate to Company B, and Company B pays a floating interest rate to Company A based on the notional amount of the swap.

plain-touch doctrine | PLAM

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WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
Mich overrated (Dean Z please let me in even tho i didnt apply and I am below both 25ths)
ClassyPleasantHeron
10:01
The "date changes" at Michigan really don't mean anything. We had to do them in undergrad admissions whenever a Georgia applicant picked the country instead of the state, because we'd have to remove the TOEFL requirement and reassign the application from the international application readers.
soapy
10:06
Classy, does that mean they may look at your application, and that look doesn't necessarily trigger any date change?
1a2b3c4d26z
10:06
Man
1a2b3c4d26z
10:07
Walkin to the bus
1a2b3c4d26z
10:07
What a good day to get into law school
ClassyPleasantHeron
10:11
@soapy: I don't know for sure about the law school. For undergrad, once the application is complete, it's assigned to a reader the following Monday. If we had to make any changes, it's because a reader saw something that needed to be changed and the application needed to be re-read after that change.
soapy
10:12
Ahh, got it. Thank you for the insight!
ClassyPleasantHeron
10:14
You're welcome. FWIW, I have no idea what's up with the address changes. We didn't have to do any of that, except for the Georgia state vs country kinds of things.
soapy
10:15
I've heard it theorized that some schools will change the address from "St." --> "Street" as they prepare to send out admissions packets. That's the rumor, anyways.
i think it just indicates a change in status like under review or stages of review
my stanford address went long as soon as it was marked complete lmao
soapy
10:25
I saw some Reddit adcom say that they can see any time we refresh the status checker; I wonder if it's a red flag if an applicant's checked it like 50 times in a day?
soapy
10:25
Also, can we send another LoR to a school that we've already applied to?
soapy
10:26
Or another essay?
10:30
i'll allow it
soapy
10:31
<3 thanks Fart Butt
1a2b3c4d26z
10:31
If I get rejected by a school bc I check my statuses during work then it wasn’t meant to be
10:32
cautionary tail re reddit posts: https://www.youtube.com/watch?v=5jZAQAuqSfs
How else will they know we fuck
Need to know aboot 6 pack abs
How many 666 people apply?
lolololol
soapy
10:34
Ah that's frightening
@triplethread
Why? LOL
soapy
10:35
The adcoms recognize you and will deny you is frightening, lmaoo. Not the abs thing XD
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