41. Pledge
A method of passing Collateral transfer in which a Security Interest in Collateral is created. The Collateral Provider, the Pledgor, retains the legal ownership of the assets. The Collateral Pledgee has the right to keep the assets in the Event of Default by the Collateral Provider.
质押:
指一种通过转移担保品而在该担保品上设立担保物权的方法。担保提供人，即出质人，保留资产的法律上所有权 ，担保受让人，即质权人，有权在担保品的提供人违约时保留资产。
42. Pledgor
Under a NY law CSA, the party giving the Collateral; the Collateral Transferee being ‘the Secured Party’.
出质人:
在适用纽约州法律的信用支持附件项下, 指提供担保品的一方；担保品的受让人是“担保权人”。
43. Pledgee
Under a NY law CSA, Collateral granted by the Pledgor over its property to another, the Pledgee.
质权人:
在适用纽约州法律的信用支持附件项下, 提供其财产上的担保品的一方是出质人，接受担保品的一方是质权人。
44. Posting
Posting Collateral is a term associated with the NY law CSA, but still widely used to indicate a Collateral transfer.
提供:
“提供担保品”是一个与适用纽约州法律的信用支持附件相关的术语，但仍被广泛地用于表达担保品的转让。
45. Provider
The unexposed party. Referred to as Transferor in the English law CSA and Pledgor in the NY law CSA and other Pledge documentation.
提供人:
指无风险敞口的一方。在适用英格兰法律的信用支持附件中，指转让人；而在适用纽约州法律的信用支持附件和其它质押文件中，指出质人。
Q – R
46. Reconciliation
A trade-by-trade comparison which allows two parties to agree on the number of transactions and their mark to market value.
和解:
就每项交易逐个进行比较，以使双方对于交易的数目及其市值可以达成一致意见。
47. Rehypothecation / Re-Use
This allows a Pledgee under a Pledge agreement (Pledgee) to reuse Collateral received.
再质押/再使用:
允许质押协议项下的质权人再次使用收到的担保品。
48. Return Amount
In cases where the Transferee holds excess Collateral, the Provider may demand the return of this excess Collateral such that the value of Collateral held (Credit Support Balance) again equals the Exposure to be collateralised (Credit Support Amount).
返还金额:
若受让人持有多余的担保品，提供人可要求返还该等多余的担保品，以使受让人持有的担保品的价值（信用支持余额）与被担保的风险敞口金额（信用支持金额）相等。
49. Resolution Time
The deadline for resolution of a dispute following consultation between the parties. The CSA provides for a Dispute Resolution mechanism if the parties fail to solve a dispute by the Resolution Time.
See Dispute Resolution.
解决的期限:
指有关方在进行协商后解决争议的期限。信用支持附件规定了有关方未能在解决的期限解决争议情况下的争议解决机制。
请参考争议解决。
50. Rounding Amount
The process of rounding the Collateral transfer amounts up or down to incremental levels specified in the Collateral agreement. For example, if an agreement specifies an increment of US,000 and the calculated Delivery Amount is US5,000, the amount is rounded up to US0,000, the nearest multiple of US,000. Rounding Amounts are set to facilitate the operational aspects of managing Collateral agreements. Market standard is for Delivery Amounts to be rounded up with Return Amounts rounded down. A small Rounding Amount, to say Euro10,000 equivalent, is fairly standard market practice and has no real impact on credit utilisation.
取整金额:
指将担保转让金额按照担保协议规定的变化标准上下取整的过程。例如，若一份协议规定变化倍数为10,000 美元，而计算出的交付金额275,000 美元，则应按照最接近的10,000 美元的倍数将该金额取整为280,000 美元。取整金额的设定是为了便于管理担保协议的操作。市场的惯例是交付金额被向上取整，而返还金额被向下取整。采用小数值的取整金额（比如 10,000 欧元的等值额）是相当标准的市场惯例，这对信贷的使用没有实质影响。
S
51. Schedule
An attachment to the ISDA Master Agreement, which contains the variable nominations and amendments (or elections and
variables) to the ISDA Master Agreement. It allows the parties to customise the agreement.
See also Paragraph 11 and Paragraph 13.
附录:
指ISDA 主协议的附录，其中包括针对ISDA 主协议条款作出的各种指定和变更（或选择与变量），使得各方可按实际需要定制协议。
请参阅第11 段和第13 段。
52. set-off
The discharge of opposite obligations to the extent of the smaller obligation; a right to set-off may exist generally at law or by agreement between the parties (contractual set-off); Netting has the same commercial result but may be achieved in different ways.
抵销:
指按照较小的责任金额解除相应的责任；抵销权通常由法律或有关方的协议(合约抵销 )而产生。净额结算具有同样的商业结果，但实现的方式可能不同。
53. Secured Party
Under the NY law CSA, the exposed party that takes in Collateral. Referred to as Transferee in the English law CSA and Pledgee in the NY law CSA and other Pledge documentation.
担保权人:
指适用纽约州法律的信用支持附件项下接受担保品的具有风险敞口的一方。在适用英格兰法律的信用支持附件中，被称为受让人，而在适用纽约法律的信用支持附件和其它质押文件中被称为质权人。
54. Security Interest
The method of creating a lien over Collateral. If the Pledgor fails to meet its obligations, the securities can be sold and the proceeds used by the Pledgee to offset any losses.
担保物权:
指在担保品上设立留置权的方法。如果出质人未能履行义务，可出售担保品，质权人就出售所得收益抵销任何损失。
55. Substitution
The Substitution of Collateral delivered for another piece of Collateral, of at least equal market value. Sometimes a party wants to get an asset back that it has delivered as Collateral. It may have to return it to where it was borrowed from, or it may have a better use for it. The Collateral Provider, or Pledgor, requests that the Pledgee switches Collateral it holds for a different agreed type. The CSA gives explicit guidelines of when the parties have to make their Collateral moves. New Collateral always has to be delivered before the Collateral to be substituted has to be returned. The Secured Party has to be able to satisfy itself that the new asset is in its control, and is of sufficient market value. This is a NY law CSA term. The equivalent term in the English Law CSA is “Exchange”.
替代:
指对于已经交付的担保品，以另一件至少市场价值与之相等的担保品来替代。有时，一方会希望将已被作为担保品交付的资产取回，可能是因为该一方应当将借来的担保品退还，或该一方可能有更好的方式利用该担保品。担保的提供人或者出质人就要求质权人将其持有的担保品转换为另一种双方同意的类型。信用支持附件载有双方何时必须变动担保品的明确指引。在被替代的担保品被退还之前，总是应先交付新的担保品。必须要使担保权人满意该等新的资产已在其控制之下并具有足够的市场价值。这是适用纽约州法律的信用支持附件所使用的术语。在适用英格兰法律的信用支持附件文件中使用的相等术语是交换(Exchange)。
T
56. Termination Events
Under the ISDA Master Agreement, events beyond the control of a party that allow for Close Out of either the transactions affected by the event or the entire portfolio.
终止事件:
在ISDA 主协议项下，指属于一方所无法控制的、将允许受影响的交易或所有交易被终止的事件。
57. Threshold Amount
This is a specified amount of current Exposure that the Collateral Provider is not required to secure by Posting Collateral. It reflects the unsecured Exposure that a party will take against its counterparty For example, if the net valuation of a
portfolio of trades outstanding between two parties was Euro 11M, but a Threshold of Euro 5M was specified, the Collateral requirement would be Euro 6M. If the Exposure fluctuates above the threshold, Collateral will be moved to reflect the Exposure less the threshold. Thresholds are usually either set at zero, a fixed level or linked to each party’s credit rating.
起点金额:
指当前风险敞口的某一确定数额，且在此情况下担保品的提供人无需提供担保品。这反映了交易一方就其交易对手而承担的不受担保保护的风险敞口。例如，如果双方现有交易组合的净值为1100 万欧元，规定的起点金额为500 万欧元，则担保要求应为600 万欧元。如果风险敞口扩大到起点金额之上的数额，担保金额将变动至风险敞口减去起点金额后的程度。起点通常或者被设定为零， 或为一个固定水平，或与每一方的信用评级挂钩。
58. Title Transfer
A Collateral Arrangement based on the transfer of title to Collateral by outright sale.
See also Outright Transfer.
所有权转让:
指根据担保品的所有权转让而作出的担保安排，以买断式出售方式进行。请参考买断式转让。
59. Transferee
The exposed party, or the party taking in Collateral as defined in the English law CSA. Referred to as Pledgee in the NY law CSA and other Pledge documentation.
受让人:
指适用英格兰法律的信用支持附件中定义的风险承受方或接受担保品的一方。在适用纽约州法律的信用支持附件或其它质押文件中被称为“质权人”。
60. Transferor
The unexposed party or Collateral Provider as defined in the English law CSA. Referred to as Pledgor in the NY law CSA and other Pledge documentation.
转让人:
指适用英格兰法律的信用支持附件中定义的非风险承受方或担保提供人。在适用纽约州法律的信用支持附件或其它质押文件中被称为“出质人”。
U
61. Unpaid Amount
Under the ISDA Master Agreement, an Unpaid Amount that should have been paid before Close Out was effected. Under the English Law CSA, the Collateral held is also deemed an Unpaid Amount.
未付金额:
在ISDA 主协议项下，指在终止生效之前应付而未付的金额。 在适用英格兰法律的信用支持附件项下，被持有的担保品也被视作一笔未付金额。
V
62. Valuation Agent
The Valuation Agent is the party responsible for calculating the Delivery and Return Amounts and notifying the other party. The Valuation Agent may be either party, or both parties. The market standard is that, on any given Valuation Date, the party
calling for Collateral is the Valuation Agent, while the exposed party is the Valuation Agent during Dispute Resolutions. Parties to an agreement, however, may nominate a party as the sole Valuation Agent. That party then takes responsibility
for notifying of deliveries and returns of Collateral for both parties.
估值代理人:
估值代理人是负责计算交付金额和返还金额并通知另一方的有关当事方。可以由一方或者双方担任估值代理人。根据市场标准，在任何给定的估值日，要求提供担保品的一方是估值代理人；在争议解决期间，风险承受方是估值代理人。某协议的双方也可提名一方作为唯一的估值代理人，该方随后将承担通知双方交付和返还担保品的责任。
63. Valuation Date
A date on which transactions are valued for Collateral purposes. In the majority of agreements, each business day is a Valuation Date. This determines the frequency of Margin calling. Daily valuation is strongly preferred.
估值日:
指为了担保目的而对交易进行估值之日。在大部分协议中，每一个营业日均为估值日。这一定义决定提出保证金要求的频率。恳切建议进行每日估值。
64. Valuation Frequency The Valuation Frequency is determined by the Valuation Date and means how often a Margin Call can be made by parties.
估值的频率:
估值的频率由估值日决定，估值的频率决定了双方可以提出保证金要求的间隔时间。
65. Valuation Percentage
Valuation Percentage – commonly referred to as Haircut - may be applied to Collateral held to give the (Collateral) Transferee additional protection from a fall in the value of the Collateral held during the Close Out period. It indicates what percentage of the actual market value of the asset will be used to calculate the value allowed for Credit Support Balance e.g. 95%. (A“Haircut” would indicate what percentage to reduce the value by e.g. 5%.) The size of the Valuation
Percentage is usually based on the volatility of the security, the expected holding period and its market liquidity. A typical Valuation Percentage range for G10 government bonds would be: Government bonds with a remaining maturity less than one year: 98% With a remaining maturity greater than one, but less than 10 years: 95% With a remaining maturity greater than 10, but less than 30 years: 90% Cash normally has a Valuation Percentage of 100%.
估值百分比:
估值百分比通常被称为“折减”，可以适用于被持有的担保品，以便在终止期间一旦被持有的担保品价值下跌时，为（担保品的）受让人提供额外的保护。它表示的是用资产的实际市值的多少个百分率（例如95%）来计算信用支持余额的价值。（“折减”所表示的是在价值基础上应该减去的百分率，例如5%。）估值百分比的大小通常根据担保品的价值波动幅度、预期持有期间和市场流通性确定。典型的G10 （十大工业国）政府债券的估值百分比范围是：剩余到期期限少于一年的G10 政府债券：98%；剩余到期期限多于一年但少于十年的：95%；剩余到期期限多于十年但少于三十年的：90%现金的估值百分比通常是 100%。
66. Valuation Time
The Valuation Time is the time at which the Valuation Agent must Mark to Market the transactions and value any Collateral. Typically, the Valuation Time is the close of business in the relevant market on the local business day immediately preceding the Valuation Date.
估值时间:
指估值代理必须按市值计算确定交易在当时的价值以及对任何担保品进行估值的时间。估值时间通常为有关市场在估值日前一当地营业日收市的时间。
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