billchoa/3036384256-COMP7607-data huggingface dataset:
user: Please translate the following sentence from English to Chinese: If no mandatory call event occurs during the observation period, upon the expiry of a CBBC, for each board lot of CBBCs, we will pay the holder of such CBBC an amount equal to (1) the product of (a) the difference between the strike level and the closing level of the underlying index, (b) one board, and (c) the index currency amount, and divided by

assistant: 如在觀察期間並無發生強制贖回事件，於牛熊證到期時，就牛熊證每手買賣單位而言，本公司將向該牛熊證持有人支付一筆金額，金額相等於 (1)(a)行使水平與相關指數收市水平的差額、(b)一手買賣單位及 (c)指數貨幣金額之積，除以
user: Please translate the following sentence from English to Chinese: 31 October 2018 28 September 2018

assistant: 二零一八年十月三十一日 二零一八年九月二十八日
user: Please translate the following sentence from English to Chinese: Our credit ratings as of the date of this document are for reference only.

assistant: 我們於本文件日期的信貸 評級僅供參考。
user: Please translate the following sentence from English to Chinese: The giving of the Guarantee was authorised pursuant to resolutions of the board of directors of our Guarantor adopted on 8 December 2015.

assistant: 根據我們的擔保人的董事會於 2015 年 12 月 8 日採納的決議案，授權給予擔保。
user: Please translate the following sentence from English to Chinese: Total outstanding purchases of protection through Corporate credit derivatives decreased to EUR 0.5 billion at end-December 2017 (compared to EUR 0.8 billion at end-December 2016).

assistant: 通過企業信貸衍生工具購入之未到期保障總額於二零一七年十二月底下降至 5 億歐元（於二零一六年十二月底則爲 8 億歐元）。
user: Please translate the following sentence from English to Chinese: Such activities, information and/or research reports may involve or affect the Company and/or the underlying Shares and may cause consequences adverse to you or otherwise create conflicts of interests in connection with the issue of the Warrants.

assistant: 該等活動、資料及／或研究報告或會涉及或影響公司及／或掛鉤股份，且或會引致對閣下不利的後果或就發行權證構成利益衝突。
user: Please translate the following sentence from English to Chinese: Risks of investing in the CBBCs You must read the section headed “Key Risk Factors” in this document together with the risk factors set out in our Base Listing Document.

assistant: 投資牛熊證的風險 閣下必須閱讀本文件「主要風險因素」一節，以及我們的基本上市文件所載的風險因素。
user: Please translate the following sentence from English to Chinese: 2. Corporate trust and agency accounts:

assistant: 2. 公司信託及代理賬戶：
user: Please translate the following sentence from English to Chinese: Generally, for each tranche granted, compensation expense is recognized on a straight-line basis from the grant date until the vesting date of the respective tranche, provided that the employees will not become fullcareer eligible during the vesting period.

assistant: 一般就授出的每批而言，只要僱員于歸屬期內不符合全職資格，則酬金支出由授出日期起直至各批獎勵的歸屬日期止以直線法確認。
user: Please translate the following sentence from English to Chinese: This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for any warrants, callable bull/bear contracts and other structure products issued or to be issued by Credit Suisse AG (“Structured Products”).

assistant: 本公佈僅供參考，並不構成購入、購買或認購由 Credit Suisse AG 發行或將發行的任何權證、可贖回牛熊證及其他結構性產品（「結構性產品」）的邀請或要約。
user: Please translate the following sentence from English to Chinese: Thus, for example when the variable interest rate of the financial asset is periodically reset on a frequency that does not match the duration for which the interest rate is established, the time value of money may be considered as modified and, depending on the significance of that modification, the cash flow criterion may not be met.

assistant: 因此，例如當金融資產的可變利率按與確定利率的期限不一致的頻率定期重設時，貨幣時間值可被視爲修正，且（視乎修正的重要性而定）可能不符合現金流標準。
user: Please translate the following sentence from English to Chinese: If and whenever the Company shall make a Cash Distribution credited as fully paid to the holders of Shares generally, the Entitlement shall be adjusted to take effect on the Business Day on which trading in the Shares becomes ex-entitlement (“Cash Distribution Adjustment Date”) in accordance with the following formula:

assistant: 如果公司向全體股份持有人派付列賬爲繳足之現金分派，則權利將按照以下算式於股份以除權形式進行買賣之營業日（「現金分派調整日期」）調整：
user: Please translate the following sentence from English to Chinese: See Note 12 to the consolidated financial statements in Part II, Item 8 of this Form 10-K for further information about assets held for sale.

assistant: 有關可供出售資產的進一步資料，請參閱本表格10-K第II部分第8項綜合財務報表附註12。
user: Please translate the following sentence from English to Chinese: The Bank, a Swiss bank and joint stock corporation established under Swiss law, is a whollyowned subsidiary of the Group.

assistant: 本銀行爲一家瑞士銀行及根據瑞士法例註冊成立的股份有限公司，併爲本集團的全資附屬公司。
user: Please translate the following sentence from English to Chinese: – the interim interest rates and expected dividend payments or other distributions on the underlying asset;

assistant: –中期利率及相關資產的預期股息分派或其他分派；
user: Please translate the following sentence from English to Chinese: (i) the suspension or material limitation of the trading of a material number of constituent securities that comprise the Index;

assistant: (i) 組成指數的成分證券大部分暫停交易或出現交易的重大限制；
user: Please translate the following sentence from English to Chinese: BANK REPUBLIC On 20th October 2016, The Group sold its majority shareholding in Bank Republic (93.64%), its Georgian subsidiary, to TBC Bank Group PLC, the second largest player in the Georgian banking industry.

assistant: BANK REPUBLIC 二零一六年十月二十日，集團向格魯吉亞銀行業第二大參與者 TBC Bank Group PLC 出售其於 Bank Republic（集團于格魯吉亞的附屬公司）的大多數股權 (93.64%)。
user: Please translate the following sentence from English to Chinese: It can be partially or fully bought-back by BNP Paribas at any time, subject to the approval of the Banking Commission's General Secretariat.

assistant: 法國巴黎銀行可在銀行監察委員會總祕書處批准的情況下，隨時購回部分或全部票據。
user: Please translate the following sentence from English to Chinese: Interest on impaired financial assets is recognised using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss.

assistant: 已減值金融資產的利息，乃採用計量減值虧損時用以折現日後現金流的利率確認。
user: Please translate the following sentence from English to Chinese: On October 6, 2014, GT filed for Chapter 11 bankruptcy. FireEye Securities Litigation. GS&Co. is among the underwriters named as defendants in several putative securities class actions, filed beginning in June 2014 in the California Superior Court, County of Santa Clara.

assistant: FireEye證券訴訟。 GS&Co.是數項於二零一四年六月起向聖塔克拉拉郡加州高級法院提起的推定證券集體訴訟中被列爲被告人的其中一名承銷商。
user: Please translate the following sentence from English to Chinese: As of the Launch Date, the funding rate was 13.35% (for stock code 59797) and 10.15% (for stock code 59804).

assistant: 於推出日，資金比率爲 13.35% (就證券代號 59797 而言）及 10.15% (就證券代號 59804 而言）。
user: Please translate the following sentence from English to Chinese: The Group continues to be exposed to related credit and foreign exchange risk on these assets.

assistant: 本集團繼續就該等資產承受信貸及外匯風險。
user: Please translate the following sentence from English to Chinese: On disposal of an investment, the accumulated unrealized gain or loss included in Equity is transferred to Net profit for the period and reported in Other income.

assistant: 於出售投資時，在權益項下的累計未變現收益或虧損轉撥入期內純利並列入其他收入。
user: Please translate the following sentence from English to Chinese: sation structure and design.

assistant: 薪酬結構與設計。
user: Please translate the following sentence from English to Chinese: Derivative contracts.

assistant: 衍生工具合約。
user: Please translate the following sentence from English to Chinese: (i) report of system malfunction or other technical errors of HKEX (such as the setting up of wrong Call Level or other parameters) by the Stock Exchange to us;

assistant: (i) 聯交所向我們通報香港交易所出現系統故障或其他技術 錯誤（例如設定錯誤的贖回水平及其他參數）；
user: Please translate the following sentence from English to Chinese: A market downturn and weak macroeconomic conditions can be precipitated by a number of factors, including geopolitical events, changes in monetary or fiscal policy, trade imbalances, natural disasters, pandemics, civil unrest, acts of violence, war or terrorism. Macroeconomic and political developments can have unpredictable and destabilizing effects and, because financial markets are global and highly interconnected, even local and regional events can have widespread impact well beyond the countries in which they occur.

assistant: 多項因素可能加劇市場下滑及宏觀經濟狀況疲弱，包括地緣政治事件、貨幣或財政政策變化、貿易不平衡、天災、傳染病、民亂、暴力行爲、戰爭或恐怖主義活動。 宏觀經濟及政治發展可能具有無法預料及破壞性的影響，因爲金融市場具有全球性且相互關聯性極強，即使是地方及區域性事件亦可能具有遠超出發生所在國家的全球影響。
user: Please translate the following sentence from English to Chinese: Selling restrictions The Warrants have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and will not be offered, sold, delivered or traded, at any time, indirectly or directly, in the United States or to, or for the account or benefit of, any U.S. person (as defined in the Securities Act).

assistant: 銷售限制權證並無亦不會根據1933年美國證券法（經修訂）（「證券法」）登記，故此在任何時間不會在美國境內直接或間接發售、出售、交付或買賣，亦不會向任何美國人士（定義見證券法）或代其或爲其利益直接或間接發售、出售、交付或買賣。
user: Please translate the following sentence from English to Chinese: Therefore, such portfolios of loans are generally classified as Level 3 of the fair value hierarchy.

assistant: 因此，貸款組合一般分類爲公允價值層次的第三層。
user: Please translate the following sentence from English to Chinese: KEY AUDIT MATTERS Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period.

assistant: 關鍵審計事項 關鍵審計事項是根據我們的專業判斷，認爲對本期綜合財務報表的審計最爲重要的事項。
user: Please translate the following sentence from English to Chinese: Crédit du Nord Network The Crédit du Nord Group consists of eight regional banks (Courtois, Kolb, Laydernier, Nuger, Rhône-Alpes, Société Marseillaise de Crédit, Tarneaud and Crédit du Nord) and an investment services provider, brokerage firm Gilbert Dupont, specialised in the mid-caps segment. It develops a close relationship with its customers based on expertise, innovation and satisfaction.

assistant: Crédit du Nord 網絡 Crédit du Nord 集團包括八家地區銀行（Courtois、Kolb、Laydernier、Nuger、RhôneAlpes、Société Marseillaise de Crédit、Tarneaud 及 Crédit du Nord）及一家投資服務供應商、經紀公司 Gilbert Dupont，該公司專門服務中型公司，憑藉專業知識、創新及高滿意度，與客戶建立緊密關係，併爲客戶提供集地區銀行及全國集團優勢於一身的優勢。
user: Please translate the following sentence from English to Chinese: 7. Global CBBC Certificate A global callable bull/bear contract certificate (the “Global CBBC Certificate”) representing the CBBCs will be deposited within CCASS and registered in the name of HKSCC Nominees Limited or another nominee of Hong Kong Securities Clearing Company Limited.

assistant: 7. 總額牛熊證證書 代表牛熊證的總額可收回牛熊證證書（「總額牛熊證證書」）將被存入中央結算系統，並以香港中央結算（代理人）有限公司或香港中央結算有限公司之其他代理人之名義登記。
user: Please translate the following sentence from English to Chinese: responsible for the audit of GBIS activities in France as well as for the audit of all the Group’s activities in the United Kingdom, Luxembourg, the Americas, the Middle East and Asia;

assistant: 負責審覈 GBIS 在法國之業務，以及審覈集團在英國、盧森堡、美洲、中東及亞洲的所有業務；
user: Please translate the following sentence from English to Chinese: 6.2.3 Internal Control System All measures to control operational risks form part of the Internal Control System (ICS).

assistant: 6.2.3 內部監控系統監控營運風險的所有措施構成內部監控系統 (ICS) 的一部分。
user: Please translate the following sentence from English to Chinese: 18 April 2017

assistant: 2017 年 4 月 18 日
user: Please translate the following sentence from English to Chinese: Tencent Holdings Limited

assistant: 碧桂園控股有限公司
user: Please translate the following sentence from English to Chinese: The difference between the trading price and the settlement amount will reflect, among other things, a “time value” of the Structured Products.

assistant: 交易價與結算金額的差額會反映（其中包括）結構性產品的「時間價值」。
user: Please translate the following sentence from English to Chinese: Exercise Notice means a duly completed exercise notice substantially in the form set out in the Registrar’s Agreement;

assistant: 行使通知指大致按過戶登記處協議所載形式填妥的行使通知；
user: Please translate the following sentence from English to Chinese: 4 July 2018

assistant: 2018年7月4日
user: Please translate the following sentence from English to Chinese: In millions of euros Provisions for voluntary departure and early retirement plans

assistant: 以百萬歐元計算自願離職及提早退休計劃撥備
user: Please translate the following sentence from English to Chinese: We are a licensed bank regulated by the Hong Kong Monetary Authority.

assistant: 我們乃受香港金融管理局規管的持牌銀行。
user: Please translate the following sentence from English to Chinese: Similar to customer TOB trusts, the Company has concluded that the power over the non-customer TOB trusts is primarily held by the Residual holder, which may unilaterally cause the sale of the trust’s bonds.

assistant: 與客戶 TOB 信託相同，非客戶 TOB 信託的權力主要由剩餘證券持有人所持有，剩餘證券持有人可導致單方面出售信託債券。
user: Please translate the following sentence from English to Chinese: (ii) the funding rate will fluctuate throughout the term of the CBBCs as further described in the "Key Risk Factors" section in this document.

assistant: (ii) 資金比率將於牛熊證期內波動不定，詳見本文件「主要風險因素」一節。
user: Please translate the following sentence from English to Chinese: (5) Fixed rate home equity loans and loans extended under home equity lines of credit that are typically in junior lien positions.

assistant: (5) 一般具次級留置權的定息房屋淨值貸款及根據房屋淨值信貸額度授予的貸款。
user: Please translate the following sentence from English to Chinese: The Auditors do not own any of our shares or shares in any member of our group, nor do they have the right (whether legally enforceable or not) to subscribe for or to nominate persons to subscribe for our securities or securities of any member of our group. Authorisation of the CBBCs The issue of the CBBCs was authorised by our executive board on 19 November 2015.

assistant: 核數師並無擁有我們或我們集團的任何成員公司的股份，亦無權利（無論可依法執行與否）認購或提名他人認購我們集團的任何成員公司的任何證券。 授權發行牛熊證 我們的執行董事會已於 2015 年 11 月 19 日授權發行本牛熊證。
user: Please translate the following sentence from English to Chinese: or (c) a limitation or closure of the Stock Exchange due to any unforeseen circumstances;

assistant: 或 (c) 聯交所因任何不可預見的情況而限制交易或停市；
user: Please translate the following sentence from English to Chinese: On exercise of the Warrants, Warrantholders will be obliged to give an irrevocable authorisation to the Issuer to deduct all Exercise Expenses (as defined below) in accordance with Condition 4(A) or 4(B), as the case may be.

assistant: 權證持有人行使權證時，須不可撤銷地授權發行人按細則4(A)或 4(B（) 視乎情況而定）之規定扣除全部行使費用（定義見下文）。
user: Please translate the following sentence from English to Chinese: Hong Kong resolution regime The Financial Institutions (Resolution) Ordinance (“FIRO”) came into operation on 7 July 2017.

assistant: 香港處置機制 金融機構(處置機制)條例（「條例」）已於2017年7月7日生效。
user: Please translate the following sentence from English to Chinese: The other acquisitions are presented in aggregate per business group.

assistant: 其他收購按業務組別一併呈列。
user: Please translate the following sentence from English to Chinese: Neither we nor the guarantor is responsible for the lawfulness of your acquisition of the structured products, nor are we or the guarantor a source of advice or credit analysis with respect to the underlying assets.

assistant: 本公司或擔保人對閣下購入結構性產品的合法性毋須負責，本公司或擔保人亦非相關資產的意見或信用分析來源。
user: Please translate the following sentence from English to Chinese: The Bank and economic entity exercise judgement in determining whether deferred tax assets, particularly in relation to tax losses, are probable of recovery.

assistant: 本行及經濟實體運用判斷以確定遞延稅務資產（尤以稅損而言）是否有可能收回。
user: Please translate the following sentence from English to Chinese: (2) The performance conditions are described in the "corporate governance" section.

assistant: (2) 表現條件已載於「企業管治」部份。
user: Please translate the following sentence from English to Chinese: (e) Exercise Expenses.

assistant: (e) 行使費用。
user: Please translate the following sentence from English to Chinese: diversifying businesses, standardizing the management, modernizing the operation and internationalizing the operation.

assistant: 業務多元化、管理規範化、運作現代化、經營國際化。
user: Please translate the following sentence from English to Chinese: This document is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subsribe for the Warrants.

assistant: 本文件僅供參考，並不構成向公衆提出收購、購買或認購權證的邀請或要約。
user: Please translate the following sentence from English to Chinese: and (c) where the underlying asset pool or index or market that the ETF tracks is subject to restricted access, the efficiency in the unit creation or redemption to keep the price of the ETF in line with its net asset value may be disrupted, causing the ETF to trade at a higher premium or discount to its net asset value. Hence, the market price of the Structured Products will also be indirectly subject to these risk.

assistant: 及 (c) 倘ETF追蹤的相關資產組合或指數或市場受到限制，設立或贖回單位以維持ETF的價格與其資產淨值一致的效率可能會受到干擾，導致ETF按較其資產淨值有溢價或折讓的價格買賣。 因此，結構性產品的市價亦會間接受該等風險影響。
user: Please translate the following sentence from English to Chinese: The Bank uses the portfolio exemption in AASB 13 Fair Value Measurement to measure the fair value of certain groups of financial assets and financial liabilities.

assistant: 本行使用 AASB 13 公允價值計量的組合豁免來計量若干組別的金融資產及金融負債的公允價值。
user: Please translate the following sentence from English to Chinese: Save as disclosed in the Listing Documents, there has been no material adverse change in the Issuer's and our Guarantor’s financial or trading position since 31 December 2016 that would have a material adverse effect on the Issuer's and our Guarantor’s ability to perform their respective obligations in respect of the Warrants.

assistant: 除上市文件披露者外，發行人及我們的擔保人的財務或經營狀況自 2016 年 12 月 31 日起並無重大不利變動，同時亦不會對發行人及我們的擔保人履行各自有關認股權證的義務造成重大不利影響。
user: Please translate the following sentence from English to Chinese: S&P Global Ratings

assistant: 評級機構標普環球評級公司
user: Please translate the following sentence from English to Chinese: You will have to rely on the records of CCASS and/or the statements you receive from your brokers as evidence of your beneficial interest in the CBBCs. Can we adjust the terms or early terminate the CBBCs?

assistant: 閣下將須倚賴中央結算系統的記錄及／或閣下自經紀收取的結單，作爲閣下於牛熊證的實益權益的憑證。 我們可否調整牛熊證的條款或提早終止牛熊證?
user: Please translate the following sentence from English to Chinese: Any Exercise Expenses which have not been determined by the Agent on the Exercise Date shall be notified as soon as practicable after determination thereof by the Agent to the Warrantholder and shall be paid by the Warrantholder forthwith in immediately available funds no later than 3 Business Days after the Warrantholder receives notice of any unpaid expenses.

assistant: 代理人於行使日期並無釐定任何行使費用須於代理人釐定該費用後儘快知會認股權證持有人，而認股權證持有人最遲須於其接獲任何未繳付費用通知後三個營業日內以即時可動用之資金支付。
user: Please translate the following sentence from English to Chinese: gains or losses transferred to the income statement due to fair value hedge accounting;

assistant: 因公平價值對沖會計處理而轉移至收益表之溢利或虧損；
user: Please translate the following sentence from English to Chinese: Compliance Risk Management\n

assistant: 合規風險管理\n
user: Please translate the following sentence from English to Chinese: Warrants are not principal protected and may expire worthless Although the cost of a Warrant may cost a fraction of the value of the underlying Unit, the Warrant’s price may change more rapidly than the price of the underlying Unit.

assistant: 權證並非保本且於到期時可能毫無價值雖然權證的成本可能相當於相關基金單位價值的一部分，但權證的價格變動可能較相關基金單位的價格變動更迅速。
user: Please translate the following sentence from English to Chinese: E. Gut was appointed Honorary Chairman of the Group in 2000 after he retired as Chairman, a position he had held since 1986.

assistant: 於二零零零年，Rainer E. Gut退出自一九八六年以來擔任的主席一職後被任命爲集團的名譽主席。
user: Please translate the following sentence from English to Chinese: He has been a member of the Board since 1997 and a member of the Chairman’s and Governance Committee since 2008.

assistant: 他自一九九七年起一直是董事會成員，自二零零八年起一直爲主席及管治委員會的成員。
user: Please translate the following sentence from English to Chinese: Each loan and advance to customer that is individually significant is reviewed for indication of impairment at the end of each reporting period.

assistant: 每項給予客戶的個別重大貸款及墊款於各報告期末覆核是否有減值跡象。
user: Please translate the following sentence from English to Chinese: The BOCI Group:

assistant: 中銀國際集團：
user: Please translate the following sentence from English to Chinese: The Hongkong and Shanghai Banking Corporation Limited Hong Kong, 19 December 2012 –1–

assistant: 香港上海滙豐銀行有限公司香港，二零一二年十二月十九日 –1–
user: Please translate the following sentence from English to Chinese: In order to recognise revenue, it will be necessary to apply five steps between the identification of a contract and the recognition of the revenue when a performance obligation is satisfied:

assistant: 爲確認收益，當履行表現責任時，有必要在識別合約至確認收益之間採取五個步驟：
user: Please translate the following sentence from English to Chinese: (a) with respect to the exercise of Warrants on the Expiry Date in accordance with Product Conditions 3.2.4 or 3.4, each of the five Business Days immediately preceding the Expiry Date, provided that if the Issuer determines, in its sole discretion, that on any Valuation Date a Market Disruption Event has occurred in respect of any Share, then that Valuation Date for that Share shall be postponed until the first succeeding Business Day on which there is no Market Disruption Event irrespective of whether that postponed Valuation Date would fall on a Business Day that is already or is deemed to be a Valuation Date.

assistant: (a) 就根據產品條件3.2.4或3.4於期滿日行使之權證而言，指緊接期滿日前五個營業日 之每一日，惟倘若發行人全權酌情釐定在任何估值日發生涉及股份之干擾市場事件，則該股份之該估值日將押後至隨後第一個並無發生干擾市場事件之營業日，而不論經押後之估值日是否已是或已被視爲估值日之營業日。
user: Please translate the following sentence from English to Chinese: Maximum exposure to loss in significant unconsolidated VIEs(1)

assistant: 重大未綜合可變權益實體虧損的最大風險敞口 (1)
user: Please translate the following sentence from English to Chinese: See our interim report for further information on the basis of the preparation of our consolidated interim financial statements.

assistant: 有關本行綜合中期財務報表的編制基準的更多資料，見本行的中期報告。
user: Please translate the following sentence from English to Chinese: Individual credit exposures are evaluated based on the borrower’s character, overall financial condition, resources and payment record;

assistant: 個人信貸風險以借方的信譽、整體財務狀況、收入來源及付款往績；
user: Please translate the following sentence from English to Chinese: (ii) the Exercise Price of the Warrants;

assistant: (ii) 權證的行使價；
user: Please translate the following sentence from English to Chinese: In addition, independent risk groups monitor market risk, credit risk, liquidity risk and operational risk.

assistant: 此外，獨立風險管理小組別監管市場風險、信貸風險、資金流通性風險及營運風險。
user: Please translate the following sentence from English to Chinese: December 31, 2012 $

assistant: 二零一二年十二月三十一日 $
user: Please translate the following sentence from English to Chinese: The Cash Settlement Amount will be despatched no later than the Settlement Date by crediting that amount in accordance with the CCASS Rules, to the Designated Bank Account.

assistant: 現金結算額將不遲於交收日根據中央結算系統規則存入指定銀行戶口。
user: Please translate the following sentence from English to Chinese: Investment strategy is set with the objective of providing a return that is sufficient to meet at least the minimum guarantee.

assistant: 制訂投資策略之目標，是提供至少足以達致最低保證水平之回報。
user: Please translate the following sentence from English to Chinese: Number of shares held (share)

assistant: 持有的股份數目 （股）
user: Please translate the following sentence from English to Chinese: The First Department also reversed the lower court's ruling with respect to the interpretation of the “materially and adversely affects” language of the transactional documents, holding that MBIA was entitled to a finding that a loan need not be in default in order to trigger Countrywide's obligation to repurchase that loan.

assistant: 第一法庭亦推翻下級法院對交易性文件內「重大不利變動」詮釋的裁決，並判決 MBIA 有權被裁定一項貸款無須違約才能觸發 Countrywide 購回該貸款的責任。