11.   The assets comparison operates by comparing the value of the assets being sold to the value of the assets of the acquiring or disposing company, whichever is listed.

12.   The consideration comparison operates by comparing the aggregate value of the consideration received with the assets or gross capital of the vendor or purchaser as appropriate.

13.   The equity comparison operates by comparing the equity capital issued as consideration by the purchaser to that previously in issue.

14.   In most cases the clause will operate by postulating a hypothetical letting of the demised property in the open market.

15.   Some valuers, such as district valuers, operate by statute, and numerous dispute resolvers, such as the Insurance Ombudsman, have recently been established by statute.

16.   However, it is not clear if clauses which define obligations, and therefore operate by preventing a breach occurring, are caught.

17.   Already approved by property owners and likely to win Seattle City Council OK, the Downtown Business Improvement Area could be operating by late summer.

18.   Also operated by the historical society.

19.   Another frequently heard criticism is that juries, however well-meaning, necessarily operate by consensus and therefore reward players who are interpretively bland enough to suit all tastes.

20.   As most regulators envision the new system, the existing network of high-voltage transmission lines would remain essentially unchanged, operated by state agencies or regulated companies.