违约

Investors said that the Greek bond market was now in effect pricing in a government default as two-year bond yields were trading more than 12 percentage points higher than German bunds, Europe's benchmark market.

投资者表示，希腊债市现在实际上是在计入政府违约的情况，该国两年期债券收益率比欧洲基准--德国国债的收益率高出了12个百分点。

According to the request of IRB system in NBCA, this paper analyzes the core factors of IRB system, combs and portrays the IRB process adding the step of risk precaution, describes several quantitative methods of risk precaution and compares them, then collets the methods of credit rating, does some deep researches in measurement of PD which are the core contents of IRB system, and does some empirical analysis using EDF model, finally gives the application of the IRB system and draws the chart of credit risk quantization in terms of portfolio theory, wishes to provide beneficial reference for the development and improvement of Chinese commercial banks'IRB system.

本文按照巴塞尔新资本协议中内部评级系统的要求，分析和解读了内部评级系统中的关键要素，梳理并描画了添加风险预警环节后的内部评级流程，分析了风险预警的各种定量方法并进行了比较，然后汇总了信用评级的方法，深入研究了违约概率的测度方法，用EDF模型作了些实证分析，最后归纳整理出了内部评级系统的应用，并描画了基于资产组合的信用风险量化流程图，以期为我国商业银行内部评级系统的发展和完善提供有益的参考。

The cost and structure of the capital, firm's wealth process and its default risk as well depend on firm's shareholders and debtees and etc.

融资结构、融资成本与企业的价值波动及债务违约风险之间的关系受到股东、债权人等各方的管制。

Without proper records, it has been impossible to trace defaulters, even if they gave correct information in the first place.

没有适当的信用记录，你不可能找到为违约者，尽管他们一上来给的信息是正确的。

Banks warn they may get tough with strategic defaulters by pursuing legal claims on a borrower's other assets.

银行界警告，它们可能会对策略违约者采取强硬措施，通过法律途径追索他们的其他资产。

Another risk for defaulters is that banks could sell the rights to pursue claims to collection agencies or other firms, which could then dun the borrowers for up to 20 years after a foreclosure.

违约者面临的另一个风险是，银行可能会把追索权出售给催收机构和其他公司，这些公司有可能在止赎后最长20年的时间里向借款人讨债。

The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: defaults on or non-renewal of leases by tenants or renewal at lower-than-expected rent or failure to lease at all or on favorable terms, decreases in real estate values and impairment losses, increased interest rates and operating costs or greater-than-expected capital expenditures, our failure to obtain, renew or extend necessary financing, re-financing risks, risks related to our obligations in the event of certain defaults under co-investment ventures and other debt, risks related to debt and equity security financings, difficulties in identifying properties to acquire and in effecting acquisitions, our failure to successfully integrate acquired properties and operations, our failure to divest properties we have contracted to sell or to timely reinvest proceeds from any divestitures, our failure to contribute properties to our co-investment ventures, risks and uncertainties affecting property development, value-added conversions, redevelopment and construction (including construction delays, cost overruns, our inability to obtain necessary permits and public opposition to these activities), our failure to qualify and maintain our status as a real estate investment trust, risks related to our tax structuring, failure to maintain our current credit agency ratings or to comply with our debt covenants, environmental uncertainties, risks related to natural disasters, financial market fluctuations, changes in general economic conditions, global trade or in the real estate sector, inflation risks, changes in real estate and zoning laws, a continued or prolonged downturn in the U.S., California or global economy, risks related to doing business internationally and global expansion, risks of opening offices globally, risks of changing personnel and roles, losses in excess of our insurance coverage, unknown liabilities acquired in connection with acquired properties or otherwise and increases in real property tax rates.

以下因素可能会导致实际结果和未来事件与前瞻性陈述产生重大出入：承租人拖欠租金或者不续租；利率以及经营成本的提高；我们未能获得必要的外部融资；再融资的风险；与合资项目和其它债务发生特定违约时我方承担的义务有关的风险；与债务和股权融资有关的风险；确定拟收购的物业以及完成收购过程中遇到的困难；我们未能成功整合收购的物业和业务；我们未能剥离已经签约出售的物业或未能及时将剥离带来的收益再投资；影响物业开发和建设的风险和不确定性（包括建设延期、费用超支、我们无法获得项目建设所需的必要批准以及公众对项目开发建设的反对等）；我们无法获得或者维持作为房地产投资信托公司的资质；与我们的税收策划有关的风险；无法保持我们目前的信用评级；环保方面的不确定性；与自然灾害有关的风险；金融市场的波动；整体经济状况或者房地产业的变化；房地产和城市规划法律的调整；美国、加利福尼亚州或者全球经济的衰退；与开展国际业务和全球扩张有关的风险；保险范围之外的损失；与被收购的物业有关的或者其它未知责任以及房地产税率的提高等。我们的成功还依赖于总体经济走向，包括利率、所得税法、政府监管、立法、人口总数变化以及我们在10-K表中作的截至2009年12月31日的季度报告中&风险因素&和其它标题项下阐述的其它问题。

Since the default frequency of this processor is 1.6GHz, its frequency multiplier is 8x.

自从这个处理器是1.6ghz违约频率，它是倍频

Financial distress will heavily damage going-concern value of firm with high growth opportunities.

本文对预期财务困境成本、财务政策与违约概率之关系进行了理论分析。

The going-concern warning could put GM in violation of covenants on billions of dollars in debt and allow banks to call back the money GM has borrowed.

无法&继续运营&的警告可能会使通用汽车在数十亿美元的债务上违约，让银行可以收回已经向它发放的贷款。

Plunder melds and run with this jewel!

掠夺melds和运行与此宝石！

My dream is to be a crazy growing tree and extend at the edge between the city and the forest.

此刻，也许正是在通往天国的路上，我体验着这白色的晕旋。