Some may reckon that covenants are no longer necessary. First, they can now sell loans in the secondary market, an option that did not exist 20 years ago.
可能他们认为严格的条款没有必要，首先他们可以在二级市场上交易贷款，这在20年前是不可能的。
Since banks that specialise in consumer loans usually sell them to other institutions in order to free up capital to make more loans, the secondary market in this form of credit has been growing fast.
由于从事消费贷款的银行通常把贷款卖给其他机构，从新获得资金，放更多贷款，所以这种形式的二级信贷市场成长很快。
The economy is vulnerable to what economists of the Austrian school of economics terms a "secondary deflation," where Banks call in loans and are stingy about extending credit.
而经济很容易遭受奥地利学派经济学家们所说的“再通货紧缩”(secondary deflation)的冲击，即银行急于收回贷款，紧缩信贷。
The economy is vulnerable to what economists of the Austrian school of economics terms a “secondary deflation,” where banks call in loans and are stingy about extending credit.
而经济很容易遭受奥地利学派经济学家们所说的“再通货紧缩”（secondary deflation）的冲击，即银行急于收回贷款，紧缩信贷。
As the price of the loans falls in the secondary market-to below 85% of their value in some cases-a number of Banks could face big losses.
随着贷款的价格在二级市场下跌—在某些情况下，跌至低于其实际价值的85% -一些银行就可能面临巨大损失。
This secondary market provides money for lenders to make new loans.
这一次级市场为放款人提供发放新贷款的资金。
Also, with regard to liquidity, secondary trading is very prevalent among High Yield bonds. On the other hand, the secondary market for online consumer loans is still in its infancy stage.
而且，考虑到流动性，二级市场交易在高收益债券中非常盛行，而互联网消费贷款的二级市场仍处于起步阶段。
Many countries have classified loans into five categories-normal, interest, secondary, doubt and loss.
把贷款划分为正常、关注、次级、可疑、损失五类是很多国家的做法。
Asa result, the promissory notes are more transparent and thoroughly documented, and a secondary market allows lenders to sell their loans to other investors, if they wish to do so.
因此，票付承兑更加透明并且会有详细记录，同时二级市场允许借贷方将他们的贷款卖给其他投资人。
Asa result, the promissory notes are more transparent and thoroughly documented, and a secondary market allows lenders to sell their loans to other investors, if they wish to do so.
因此，票付承兑更加透明并且会有详细记录，同时二级市场允许借贷方将他们的贷款卖给其他投资人。
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