基于实物期权理论，限制竞争担保是一种看跌期权，具有一定价值。
According to real option theory, restrictive competition guarantee is a kind of put option with certain values.
第二部分是8年期的资金偿还，银行可以选择低比例的较高利率实物支付票据(PIK)，或是为防偿付不足而选择获得较高的担保。
On the second tranche of eight-year money, Banks can choose either a small proportion of higher interest payment-in-kind notes or a higher guarantee in the event of a repayment shortfall.
当时的债券以实物资产担保，此例中用的是一位贵族的领地。
Right from the start, the bond was covered by a real asset, in this case a noble's lands.
当时的债券以实物资产担保，此例中用的是一位贵族的领地。
Right from the start, the bond was covered by a real asset, in this case a noble's lands.
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