There are two main doctrines on the legal character of securities counter-purchase: doctrine of collateral loan and doctrine of conditional sale .

关于证券回购的法律性质，主要有抵押贷款说和附条件买卖说等两种做法和观点。

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There are two main doctrines on the legal character of securities counter. purchase: doctrine of collateral loan and dextrine of conditional sale.

关于证券回购的法律性质，主要有抵押贷款说和附条件买卖说等两种做法和观点。

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The securities purchased are the firm's collateral for the loan to you.

你买入的证券将成为公司贷款给你的抵押。

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Landow took out a 90% loan against securities he put up as collateral.

FORBES: A Lannister Always Pays His Debts (Or IRS Would Tax Them)

Investors can typically borrow 50% to 95% of the value of the stocks and bonds they pledge, but if the value of those securities falls below a certain level, brokerages often demand investors immediately pay back the loan or pony up additional collateral.

WSJ: Putting Stocks in Hock: Securities Back More Big Loans