这种证券是优先债务形式的一种，发行者需要用自己的现金流来偿还，并且要有一定隔离的资产池作为保障，比如说抵押贷款，以免发生不能履行责任的情况。
The instrument is a form of senior debt that is paid back from the issuer's cash flows but is also secured against a ring-fenced pool of assets, such as mortgage loans, in the event of default.
当债务人不履行债务时，抵押权人有权依法以抵押的房地产拍卖所得的价款优先受偿。
When the debtor does not fulfill the debt, the mortgagee is authorized the real estate auction obtained cost which mortgages legally first to receive recompenses.
债务人不履行债务时，债权人有权依法以抵押的房地产拍卖所得的价款优先受偿。
If the debtor fails to pay the debt, the creditor shall have the right to get prior compensation from the proceeds obtained from the auction of the mortgaged real estate.
债务人不履行债务时，债权人有权依法以抵押的房地产拍卖所得的价款优先受偿。
If the debtor fails to pay the debt, the creditor shall have the right to get prior compensation from the proceeds obtained from the auction of the mortgaged real estate.
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