billchoa/3036384256-COMP7607-data huggingface dataset:
user: Please translate the following sentence from English to Chinese: Interest and dividends revenue and Interest expense are a function of the level and mix of total assets and liabilities (primarily financial instruments owned and sold but not yet purchased, and collateralized borrowing and lending activities), the prevailing level of interest rates and the term structure of our financings. Interest and dividends revenue and Interest expense are integral components of our evaluation of our overall Capital Markets activities.

assistant: 利息和股息收入及利息開支，是總資產及負債水平和組合（主要爲擁有及已出售但尚未購買的金融工具、有抵押借貸及放款業務）、當時利率水平和本公司融資年期結構的函數。 利息和股息收入及利息開支爲評估我們整體資本市場活動的不可分割部份。
user: Please translate the following sentence from English to Chinese: Investment Objective The Fund aims to provide capital growth by investing in equity and equity related securities of frontier markets companies. Investment Policy The Fund invests at least two-thirds of its assets in equity and equity related securities of frontier markets companies.

assistant: 本基金將最少三分之二的資產投資於新領域市場的公司的股本和股本相關證券。
user: Please translate the following sentence from English to Chinese: We will not issue individual certificates for our notes, so you must arrange for your distributor to hold them in a securities or investment account at your distributor.

assistant: 本公司將不會爲票據發出個別證書，所以　閣下必須與　閣下的分銷商安排將票據存放於分銷商的證券或投資戶口內。
user: Please translate the following sentence from English to Chinese: Available to retail investors and any other investors to which the Pension Class Units, Investment Class Units and I6 Class Units are not made available.

assistant: 只提供給未獲提供退休金類單位、I6類單位及投資類單位的零售投資者及任何其他投資者。
user: Please translate the following sentence from English to Chinese: The offer of the Notes under the Programme is made solely on the basis of the information contained in the applicable Issue Prospectus and this Programme Prospectus.

assistant: 根據計劃提呈發售票據僅以適用發行章程及本計劃章程所載的資料爲基準而作出。
user: Please translate the following sentence from English to Chinese: Additionally, the former Grange stockholders have, subject to certain exceptions, agreed not to transfer the Shares for a period of three years, and in certain cases have pledged the shares to us to secure their obligations to repay certain amounts owed by them to Grange.

assistant: 此外，Grange原股東（除受限於若干例外情況）已同意於三年內不會轉讓該等股份，而若干人士已向本公司抵押該等股份，爲其於Grange的若干欠款提供償還保證。
user: Please translate the following sentence from English to Chinese: The Hang Seng China 50 Index (the “Index”)

assistant: 恒生神州 50 指數（「該指數」）
user: Please translate the following sentence from English to Chinese: Investment in A shares may also be made indirectly through ETFs listed on SEHK.

assistant: 本分支基金亦可透過在聯交所上市的ETF間接投資於A股。
user: Please translate the following sentence from English to Chinese:  HKAS 40 (Amendments), “Transfer of Investment Property”.

assistant: 香港會計準則第 40 號（經修訂）「投資物業的轉移」。
user: Please translate the following sentence from English to Chinese: The Sub-Fund will not acquire physical commodities directly, nor will it invest directly in any derivative that has physical commodities as an underlying asset.

assistant: 本子基金將不會直接購入實物商品，亦不會直接投資於任何相關資產爲實物商品的衍生工具。
user: Please translate the following sentence from English to Chinese: Initial Issue Price The first issue of units of JPMorgan Asia Growth (acc) - USD was made at a price of US$10.00 per unit, excluding the initial charge.

assistant: 首次發行價格 首次發行之摩根亞洲增長（美元）（累計）單位按價格每單位10.00美元發行，而當中並不包括首次認購費。
user: Please translate the following sentence from English to Chinese: and – no more than 10% of the assets of the Target Sub-Fund may, pursuant to its investment policy, be invested in aggregate in Shares of other Sub-Funds;

assistant: 及–根據其投資政策，目標附屬基金總體不得將多於10%的資產投資於其他附屬基金的股份；
user: Please translate the following sentence from English to Chinese: Allianz Global Investors GmbH Investment management performed by Management Company (Allianz Global Investors GmbH, UK Branch) State Street Bank Luxembourg S.C.A. Daily;

assistant: Allianz Global Investors GmbH 投資管理由管理公司（Allianz Global Investors GmbH，英國分行）執行 State Street Bank Luxembourg S.C.A. 每日；
user: Please translate the following sentence from English to Chinese: The Fund may hold both non-USD denominated Fixed Income Instruments and non-USD denominated currency positions. Non-USD currency exposure is limited to 20% of total assets.

assistant: 本基金可同時持有非美元計價固定收益工具及非美元計價貨幣持倉。 非美元貨幣持倉以總資產的 20%爲限。
user: Please translate the following sentence from English to Chinese: Pursuant to the prevailing regulations in Mainland China, the CMU, being the offshore custody agent recognised by the HKMA, opens omnibus nominee accounts with the onshore custody agent recognised by the PBOC (i.e., the CCDC and Interbank Clearing Company Limited).

assistant: 根據中國內地現行規例，債務工具中央結算系統（作爲香港金管局認可的離岸託管代理）將於人民銀行認可的境內託管代理（即中債結算及銀行間市場清算所股份有限公司）開立綜合代名人賬戶。
user: Please translate the following sentence from English to Chinese: The appendix “Derivatives” to our programme prospectus gives more general information about swaps.

assistant: 計劃章程附錄「衍生產品」載有更多掉期的一般資料。
user: Please translate the following sentence from English to Chinese: (i) Any stock exchange in any EU Member State or in any of the following member countries of the OECD:

assistant: (i) 任何設於歐盟成員國或經合發組織下列任何成員國的證券交易所：
user: Please translate the following sentence from English to Chinese: The Depositary is liable to the Company or the Shareholders for the loss of a financial instrument held in custody by the Depositary or any of its delegates.

assistant: 保管人須就丟失由保管人或其任何代表保管的金融工具對本公司或股東負責。
user: Please translate the following sentence from English to Chinese: For example, exchange rates or interest rates may change so that when the termination amount is calculated it would be expensive to enter into swap arrangements at that time which give the parties the same cashflows as under the swap arrangements which we agreed at the time we issue our Notes.

assistant: 例如當計算終止款額時，匯率或利率可能更改而導致在當時須以偏高成本訂立掉期安排方可給予雙方等同於在發行本公司債券時所訂立掉期安排的現金流量。
user: Please translate the following sentence from English to Chinese: They in turn may exchange information (including personal data and financial information) with foreign tax authorities (including foreign tax authorities located outside the EEA).

assistant: 稅務局局長進而可能與外國稅務機關（包括位於歐洲經濟區以外的外國稅務機關）交換資料（包括個人資料及財務資料）。
user: Please translate the following sentence from English to Chinese: The Hong Kong representative has been appointed by an agreement dated 9 September 1999.

assistant: 香港代表人亦已根據 1999 年 9 月 9 日訂立的協議獲委任。
user: Please translate the following sentence from English to Chinese: The expected level of leverage of the Portfolio is estimated to be 0-400% of its Net Asset Value.

assistant: 本基金的預期槓桿水平估計將爲其資產淨值的0 至400%之間。
user: Please translate the following sentence from English to Chinese: Assets deposited as margin with the brokers and/or exchanges may not be held in segregated accounts by these counterparties and they may therefore become available to the creditors of such counterparties in the event of default by them.

assistant: 以保證金形式存放於經紀商及/或交易所的資產可能並非記入交易對手的獨立帳戶，故若這些交易對手違約，其債權人或可動用有關資產。
user: Please translate the following sentence from English to Chinese: The tables on the following pages provide UBS AG’s maximum exposure to credit risk by class of financial instrument and the respective collateral and other credit enhancements mitigating credit risk for these classes of financial instruments.

assistant: 以下數頁的表格載列按金融工具類別、各自的抵押品以及適用於這些金融工具類別的緩解信貸風險的其他信貸強化措施劃分的瑞士銀行最大信貸風險承擔。
user: Please translate the following sentence from English to Chinese: The Trustee will apply contributions made by or on behalf of a Member to acquire Units in the Constituent Funds for the account of such Member.

assistant: 由成員或代表成員支付的供款將由受託人運用於爲該名成員購入成分基金的基金單位。
user: Please translate the following sentence from English to Chinese: In case (ii), your purchase order will only be executed if the prevailing market price of the reference asset is at or below the price as agreed between us and you (through your distributor) (i.e. your purchase order will be cancelled if the prevailing market price of the reference asset is above the agreed price throughout the initial fixing date).

assistant: 在情況(ii)下，　閣下的認購指令僅會在參考資產的當前市價相等於或低於本行與　閣下（透過　閣下的分銷商）雙方協定的價格的情況下始予執行（即倘參考資產於整個初步定價日的當前市價皆高於協定價格，　閣下的認購指令將被取消）。
user: Please translate the following sentence from English to Chinese: The Investment Management Agreement may be terminated by either party upon six months’ written notice.

assistant: 任何一方如欲提前終止投資管理協議，可在六個月前事先向對方提出書面通知。
user: Please translate the following sentence from English to Chinese: The level of leverage of the Fund using the commitment approach is expressed as a ratio between the market value of the equivalent position in the underlying assets of the financial derivative instruments (taking into account the possible netting and hedging arrangements) and its net asset value.

assistant: 本基金採用承擔法計算的槓桿水平以金融衍生工具相關資產等同持倉的市值（計及可能的對銷及對沖安排）佔其資產淨值的比率表示。
user: Please translate the following sentence from English to Chinese: Our stress testing results and economic capital estimations are necessarily limited by the number of stress tests executed and that not all downside scenarios can be predicted and simulated.

assistant: 本銀行的壓力測試結果及經濟資本估計受本銀行所執行的壓力測試數目限制而並非所有價格下跌方案可予預測及模仿。
user: Please translate the following sentence from English to Chinese: 4.1 Credit Risk (continued) Credit risk measurement and control (continued)

assistant: 4.1 信貸風險（續）信貸風險評估及監控（續）
user: Please translate the following sentence from English to Chinese: › Collateral risk › Asset liquidity risk › Investment restriction risk › Currency risk › Equity risk › Volatility risk › Emerging market risk › Political risk › Tax risk › Risk of investing in Russia › QFII risk › RQFII risk › Stock Connect risk › Chinese currency exchange rate risk › Securities lending risk › Repurchase and reverse repurchase agreement risk › Financial derivative instruments risk › Structured Finance Securities risk The capital invested may fluctuate up or down, and investors may not recover the entire value of the capital initially invested. Risk management method:

assistant: ›抵押品風險›資產流動性風險›投資限制風險›貨幣風險›股票風險›波幅風險›新興市場風險›政治風險›稅務風險›投資於俄羅斯的風險› QFII 風險› RQFII 風險›滬港通及深港通風險›中國貨幣匯率風險›證券借貸風險›回購協議及反向回購協議風險›金融衍生工具風險›結構性融資證券風險 已投資資本的價值可升可跌，投資者亦未必能取回初始投資資本的全部價值。 風險管理方法：
user: Please translate the following sentence from English to Chinese: - A Management Company Services Agreement dated 29 January 2015 between the Fund and Wells Fargo Asset Management Luxembourg S.A.

assistant: - 本基金與 Wells Fargo Asset Management Luxembourg S.A. 於 2015 年 1 月 29日簽訂之管理公司服務協議；
user: Please translate the following sentence from English to Chinese: 2) The Manager may declare a distribution once a year on the date set out in the Prospectus and/or otherwise on the dates specified above.

assistant: (2) 基金經理可於發行章程所列的日子及／或於上文指定的日子每年宣派一次分派。
user: Please translate the following sentence from English to Chinese: The Scheme was launched in April 2010 and its performance for complete calendar years since its launch is shown below, based on accumulation Units (bid to bid).

assistant: 本計劃於 2010 年 4 月推出，其自推出日期起完整歷年的業績表現（根據累積基金單位 （買價對買價）計算）列示如下。
user: Please translate the following sentence from English to Chinese: 25.2 the Fund establishes and implements appropriate internal risk management measures and limits, irrespective of whether the Fund uses a commitment approach or the VaR approach or any other methodology to calculate global exposure.

assistant: 25.2 基金成立及實施適當的內部風險管理措施及限制，不論基金以承擔方針或風險值方針或任何其他計算全球風險的方法。
user: Please translate the following sentence from English to Chinese: ■■ can tolerate potentially high volatility in the value of their investment;

assistant: ■可承受其投資價值的潛在高波幅；
user: Please translate the following sentence from English to Chinese: Appendix A “Description of the Shares in the Basket” to this Issue Prospectus contains information on the company profile and historical performance of the Shares for each Company.

assistant: 本發行章程附錄甲「有關籃子股份的資料」載有公司資料及每間公司過往的股份表現的資料。
user: Please translate the following sentence from English to Chinese: For unquoted available-for-sale equity securities that are carried at cost, the impairment loss is measured as the difference between the carrying amount of the equity securities and the estimated future cash flows, discounted at the current market rate of return for a similar financial asset where the effect of discounting is material. Impairment losses recognised in the income statement in respect of other available-for-sale equity securities are not reversed through the income statement.

assistant: 就沒有市價而按成本列賬之可供出售股本證券而言，如折現的影響屬重大，減值虧損是按股本證券的賬面值與按類似金融資產的現行市場回報率折算估計未來現金流量的現值之間的差額計算。 在收益表所確認有關可供出售股本證券之減值虧損不會透過收益表撥回。
user: Please translate the following sentence from English to Chinese: (a) any EU Regulation adopted under Article 215 of the Treaty on the Functioning of the European Union, and any legal act adopted by a Member State of the European Union to implement, establish penalties in relation to or otherwise give full effect to such a Regulation;

assistant: （a）歐洲聯盟運作方式條約第 215 條下采用的任何歐盟條例、歐盟成員國採用將予執行的任何法律法案、就此等條例建立處罰或以其他方式全面執行此等條例；
user: Please translate the following sentence from English to Chinese: Foreign currency transactions that are not centrally cleared are subject to the creditworthiness of the counterparty to the foreign currency transaction (usually large commercial banks), and their values may decline substantially if the counterparty’s creditworthiness deteriorates.

assistant: 並非集中結算的外匯交易受外匯對手方（通常是大型商業銀行）的信譽制約，若對手方信譽惡化，其價值可能大幅下跌。
user: Please translate the following sentence from English to Chinese: Not less than 50% of the Sub-Fund’s Net Asset Value will be invested in investment grade fixed income securities.

assistant: 本分支基金不少於50%的資產淨值將投資於投資級別定息證券。
user: Please translate the following sentence from English to Chinese: 3. In investing the assets of the Company, the following restrictions must be observed:

assistant: 3. 投資於本公司的資產必須遵守下列限制：
user: Please translate the following sentence from English to Chinese: Denominator for basic earnings per share—weighted-average common shares Effect of dilutive securities:

assistant: 每股基本盈利的分母－加權平均普通股攤薄股份的影響：
user: Please translate the following sentence from English to Chinese: Information contained in the website of the Manager has not been reviewed by the SFC.

assistant: 基金經理的網頁所載資料並未經證監會審閱。
user: Please translate the following sentence from English to Chinese: (p) Income tax Income tax for the year comprises current tax and movements in deferred tax assets and liabilities.

assistant: (p) 利得稅項 利得稅項包括是年應繳稅項及遞延稅項資產及負債之增減。
user: Please translate the following sentence from English to Chinese: The sub-fund invests in normal market conditions a minimum of 75% of its net assets in Investment Grade, NonInvestment Grade, non-rated convertible bonds and other similar securities (including, but not limited to convertible notes and any other eligible convertible or exchangeable securities) denominated in Euro or hedged to Euro and issued by European issuers (which are domiciled in, based in, or carry out the larger part of their business in Europe).

assistant: 本附屬基金於正常市況下將其至少 75% 的淨資產投資於以歐元計價或用歐元對沖及由於歐洲註冊、設於歐洲或在歐洲進行大部分商業活動的歐洲發行人所發行的投資級別、非投資級別、未經評級可轉換債券及其他相近類型證券（包括但不限於可轉換票據及任何其他合資格可轉換或可交換證券）。
user: Please translate the following sentence from English to Chinese: There is a risk that investments made by those Funds may become less liquid in response to market developments or adverse investor perceptions.

assistant: 該等基金作出之投資或會面對因應市場發展及投資者之相反看法而變得流通性不足之風險。
user: Please translate the following sentence from English to Chinese: -- Global Private Client (GPC) net revenues for the second quarter of 2008 were $3.2 billion, down 3% from the prior-year period.

assistant: -- 二零零八年第二季的全球私人客戶(GPC)收入淨額爲32億元，比去年同期下降3%。
user: Please translate the following sentence from English to Chinese: Spot and forward foreign exchange contracts At each period end, spot foreign exchange contracts are valued at the spot exchange rate of the currency concerned.

assistant: 現貨及遠期外匯合約於每個期間結束日期，現貨外匯合約以有關貨幣的現貨匯率計價。
user: Please translate the following sentence from English to Chinese: Valuation of Collateral Collateral that is received by a Fund will be valued on at least a daily basis and assets that exhibit high price volatility will not be accepted as collateral unless suitably conservative haircuts are in place.

assistant: 抵押品的估值 基金接獲的抵押品將至少每日估值，而價格波動大的資產，除非設有適當保守的扣減率，否則將不獲接受爲抵押品。
user: Please translate the following sentence from English to Chinese: The tax laws, regulations and practice in the PRC are constantly changing, and they may be changed with retrospective effect.

assistant: 中國的稅務法律、法規及慣例不斷轉變，以及其轉變可能具追溯效力。
user: Please translate the following sentence from English to Chinese: The prevailing VAT regulations do not specifically exempt VAT on interest received by foreign investors (including QFIIs and RQFIIs).

assistant: 現行增值稅規例沒有明確豁免海外投資者（包括QFII及RQFII）就所收取的利息繳納增值稅。
user: Please translate the following sentence from English to Chinese: 2. Such restrictions shall apply to each fund, as well as to the Fund as a whole.

assistant: 2. 此等限制適用於各項基金，以及本基金整體。
user: Please translate the following sentence from English to Chinese: You may be protected by the Financial Services Compensation Scheme.

assistant: 閣下亦可能受金融服務賠償計劃的保障。
user: Please translate the following sentence from English to Chinese: Financial derivative instruments may also be used for efficient portfolio management.

assistant: 金融衍生工具亦可用於投資組合的高效管理。
user: Please translate the following sentence from English to Chinese: The pricing supplement (in both English and Chinese language versions) for each series of structured products will be available for inspection at the offices of the product arranger and the relevant distributors on or after the relevant issue date.

assistant: 各系列結構性產品的定價補充文件（英文及中文版本）將於有關發行日期或之後在產品安排人及有關分銷商的辦事處可供查閱。
user: Please translate the following sentence from English to Chinese: The actually incurred costs are listed in the annual reports.

assistant: 實際引致的費用列載於年度報告中。
user: Please translate the following sentence from English to Chinese: The sub-fund's maximum exposure to China A-shares (through the Shanghai-Hong Kong Stock Connect the Shenzhen-Hong Kong Stock Connect or CAAP) and China B-shares is 20% of its net assets.

assistant: 本附屬基金對中國 A 股（透過滬港股票市場交易互聯互通機制及∕或深港股票市場交易互聯互通機制或中國 A 股連接產品）及中國 B 股的最大投資參與爲其淨資產的 20%。
user: Please translate the following sentence from English to Chinese: (A) in the case of sub-paragraph (i) above, the inability for the Issuer to obtain such firm quote due to issues relating to its creditworthiness;

assistant: (A) 在上文分段 (i) 的情況下，發行人由於有關其信用可靠性的問題而無法取得該確實報價；
user: Please translate the following sentence from English to Chinese: There were approximately 110,961 and 121,051 stock options outstanding under the Old Directors Plan at year-end 2007 and 2006, respectively.

assistant: 於二零零七年及二零零六年底，舊董事計劃項下分別約有 110,961 及 121,051 份購股權尚未行使。
user: Please translate the following sentence from English to Chinese: Issuer:

assistant: 發行人︰擔保人：
user: Please translate the following sentence from English to Chinese: Notwithstanding the individual limits laid down in paragraph 1. d) (i), a Fund may not combine:

assistant: 儘管有第 1. d)(i) 段所載的個別限額，個別基金將以下投資合併計算時，該等投資：
user: Please translate the following sentence from English to Chinese: For example, the Company cannot identify or detect excess and/or short term trading that may be facilitated by a Distribution Agent or made difficult to identify by the use of omnibus accounts by Distribution Agents that transmit purchase, exchange and redemption orders to the Company and hold Shares as nominee for underlying investors.

assistant: 舉例而言，本公司不能識別或察知可能由分銷代理人促成的過度及／或短期交易，或難以識別因分銷代理人使用綜合賬戶向本公司傳送購買、轉換及贖回指示的過量及／或短期交易，以及以代名人身份爲相關投資者持有股份。
user: Please translate the following sentence from English to Chinese: In addition, the CSDCC may apply all or any securities (in lieu of the securities that are the subject of the delivery obligations) from the following sources to satisfy the obligations and liabilities of such participant to the CSDCC:

assistant: 此外，CSDCC 可動用來自以下來源的全部或部份證券(代替交付責任所涉及的證券)，以償還交付方結欠 CSDCC 的責任及負債：
user: Please translate the following sentence from English to Chinese: Net interest income recorded a high singledigit increase, while investment product revenue grew significantly due to the buoyant global stock markets.

assistant: 淨利息收入錄得高單位數的增幅，而銷售投資產品的收入亦因全球股市暢旺而大幅上升。
user: Please translate the following sentence from English to Chinese: Net gain on available-for-sale securities Others

assistant: 可供出售證券之淨收益其他
user: Please translate the following sentence from English to Chinese: The number of the laggard shares to be delivered in respect of each series of Notes on the maturity date will be equal to:

assistant: 就各系列票據將於到期㈰交付之表現最落後股份之數目將等於：
user: Please translate the following sentence from English to Chinese: As at 31 December 2006, the trading issuer risk came to approximately EUR2.3 billion (31 December 2005: EUR3.1 billion);

assistant: 於二零零六年十二月三十一日，交易發行人風險大約爲23億歐元（二零零五年十二月三十一日： 31億歐元）；
user: Please translate the following sentence from English to Chinese: Hong Kong The Fund is not expected to be subject to Hong Kong tax in respect of any of its authorized activities.

assistant: 香港預期本基金毋需就其任何獲批准的活動繳納香港稅項。
user: Please translate the following sentence from English to Chinese: In addition, the term “emerging market issuers” shall include those issuers included from time-to-time in any of the following indices:

assistant: 此外，「新興市場發行人」一詞應包括不時列入任何下列指數的發行人：
user: Please translate the following sentence from English to Chinese: asset backed Transferable Securities (not exceeding 20% of the Portfolio’s Net Asset Value);

assistant: 資產保證可轉讓證券（不超過組合基金資產淨值的 20%）；
user: Please translate the following sentence from English to Chinese: 2) Conditions for Holding the General Meeting of Unitholders Upon the satisfaction of all of the following conditions, the general meeting that requires attendance in person may be held:

assistant: 2) 召開基金份額持有人大會的條件在同時符合以下條件時，現場會議方可舉行：
user: Please translate the following sentence from English to Chinese: The Sub-Fund may be subject to the economic, political and social development risks in the PRC.

assistant: 本分支基金可能須承受中國的經濟、政治及社會發展等風險。
user: Please translate the following sentence from English to Chinese: The capital of the Fund is equal to the Net Asset Value.

assistant: 本基金的資本額相等於資產淨值。
user: Please translate the following sentence from English to Chinese: Any accrued interest will be paid on each interest payment date every three months.

assistant: 我們將每三個月於各付息日支付任何累計利息。
user: Please translate the following sentence from English to Chinese:  providing suitable criteria for the selection of companies in whose securities the Shariah compliant sub-funds may invest;

assistant: 提供選擇符合伊斯蘭教法附屬基金可能投資的公司的適當標準 ;
user: Please translate the following sentence from English to Chinese: 3.3. Taxation\n

assistant: 3.3. 稅務\n
user: Please translate the following sentence from English to Chinese: In October, Blue Cross sponsored travel insurance for more than 60 students with special needs and volunteers from the Special Education & Rehabilitation Service of the Hong Kong Red Cross, as they embarked on a 3-day cultural tour of Nanhai, Guangdong.

assistant: 10 月，藍十字爲 60 多名有特殊需要的學生以及香港紅十字會特殊教育及復康服務的義工提供旅遊保險贊助，爲他們前往 3 天廣東南海文化之旅提供保障。
user: Please translate the following sentence from English to Chinese: or (ii) the holders of the Subordinated Obligation will not be entitled to receive or retain payments in respect of their claims against the Company or, as the case may be, the Sovereign Entity at any time that the Company or, as the case may be, the Sovereign Entity is in payment arrears or is otherwise in default under the Senior Obligation. “Subordinated” will be construed accordingly.

assistant: 或 (ii) 在公司或（視乎情況而定）主權實體拖欠付款或違反優先債項下責任時，後償債項持有人將無資格收取或保留其對公司或（視乎情況而定）主權實體的索賠。 「後償化」亦按此詮釋。