They furnish ready cash to households and firms in exchange for pledges of future income, such as mortgages and loans.

它们以家庭和公司未来的收入为担保来为它们提供现金，例如按揭和贷款。

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The PVF allows the investor to receive an up-front payment (typically, 75-85% market value) in exchange for delivery of a variable amount of shares or cash in the future, at which time the capital gain is realized for tax purposes and the tax on the capital gain is paid.

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In exchange for forking over equity, the act receives a cash advance and promises of funding for future ventures.

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With this sort of contract, the owner of a big, highly appreciated stock position gets an upfront payment from an investment firm--typically for 75% to 85% of the value of his shares--in exchange for agreeing to deliver a variable number of shares or cash in the future, with the exact amount dependent on how the stock performs.

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