Multi-level principal-agency systems among share holder meeting, board of directors and managers realize the separation between ownership and actual control power.

股东会、董事会、经理层等之间的多重委托—代理制度，实现了所有权和实际控制权的分离。

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Payments received by Holder from Borrower shall be applied first to outstanding liquidated and other damages, then to accrued but unpaid interest and then to principal.

收到的款项由持有人从借款人应适用于第一，以杰出的清算和其他损害赔偿，然后累积但尚未领取的利息，然后向校长。

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The model can be used to explain some appearances when the principal is not the equity holder.

模型适用于解释当委托人不是产权所有人时出现的一些现象。

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