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Explanation: ...you used the same generic explanation for all the terms asked so far. A "ratchet" could be a specific embedded option feature that re-sets a payoff in the event of certain developments (in the absence of a listed market price, VC structures would probably use profitability targets, or peer-group benchmarks). However, without more context, this is pure guesswork...
Ralf Lemster Germany Local time: 07:22 Native speaker of: German PRO pts in pair: 4899