example, in mid-April, there would be April, May, June and September expires available. A month later, there would be May, June, September and December expiries available for trading. Expiration date The last day (in the case of American-style) or the only day (in the case of European-style) on which an option may be exercised. For stock options, this date is the Saturday immediately following the third Friday of the expiration month; brokerage firms may set an earlier deadline for notification of an option holder's intention to exercise. If Friday is a holiday, the last trading day will be the preceding Thursday. Expiration time The time of day by which all exercise notices must be received on the expiration date. Technically, the expiration time is currently 11:59AM on the expiration date, but public holders of option contracts must indicate their desire to exercise no later than 5:30PM on the business day preceding the expiration date. The times are Eastern Time. See also Expiration Date. Explicit Bankruptcy Costs Specific costs incurred during the bankruptcy process such as legal fees, court costs, consultants' fees, and document preparation expenses. Explicit tax A tax specifically collected by a government; includes income, withholding, property, sales, and value-added taxes and tariffs. Exploding term sheet Venture capital jargon. Often a proposed term sheet might explode or be null and void in a fixed period set to negotiate the final contract. Export Commodity Control List A listing administered by the U.S. Department of Commerce of items requiring validated export licenses for shipment to some or all countries. Export Credit Agency An agency established by a country to finance its nation's goods, investment, and services, often offers political risk insurance. Export Credit Guarantee Guarantee from the UK Export Credit Agency. Export Development Corp. Canada's Export Credit Agency. Export Finance Insurance Corp. Australia's Export Credit Agency. Export-import Bank (Ex-IM Bank) The U.S. federal government agency that extends trade credits to U.S. companies to facilitate the financing of U.S. exports. Export financing interest Interest income derived from goods manufactured in the U.S. and sold outside the U.S. as long as not more than 50% of the value is imported into the U.S. Export License Permission from the exporter's government to export specific merchandise to a particular country. Export management company A foreign or domestic company that acts as a sales agent and distributor for domestic exporters in international markets. Export Management Consultant (EMC) A company serving as the export department of other firms. Normally, EMC's work on a commission basis and do not take title to the goods they export. Also see: Export Trading Company. Export Trading Company (ETC) A company serving as the export department of other firms. They usually take title, risk and responsibility for the goods they export. Exports Goods or services sold to parties in foreign countries. Exposure netting Offsetting exposures in one currency with exposures in the same or another currency, when exchange rates are expected to move in such a way that losses or gains on the first exposed position should be offset by gains or losses on