在程序启动前被彻底转让的应收款
Receivables subject to an outright transfer before commencement
175. 破产法应当规定，在债务人破产程序启动前债务人对应收款作彻底转让的，该应收款与破产法对程序启动前债务人所作彻底转让的资产同样处理。
The insolvency law should provide that, if the debtor makes an outright transfer of a receivable before the commencement of the debtor's insolvency proceedings, the receivable is treated in the same way that the insolvency law would treat an asset that has been the subject of an outright transfer by the debtor before commencement.
如同程序启动前债务人所作任何其他资产的转让一样，该应收款的彻底转让将须服从破产法任何相关的撤销规则。
Like a pre-commencement transfer by the debtor of any other asset, the outright transfer of the receivable would be subject to any relevant avoidance rules of the insolvency law.
程序启动后获得的资产
Assets acquired after commencement
176. 除建议177规定的以外，破产法应当规定，破产财产中在破产程序启动后获得的资产不连带设保人在破产程序启动前设定的担保权。
Except as provided in recommendation 177, the insolvency law should provide that an asset of the estate acquired after the commencement of insolvency proceedings is not subject to a security right created by the debtor before the commencement of the insolvency proceeding.
177. 破产法应当规定，破产财产中在债务人破产程序启动后获得的资产，凡为程序启动前原属债务人资产的担保资产所生成的收益的（无论是否为现金），均随附债务人在破产程序启动前设定的担保权。
The insolvency law should provide that an asset of the estate acquired after the commencement of insolvency proceedings with respect to the debtor is subject to a security right created by the debtor before the commencement of the insolvency proceedings to the extent the asset is proceeds (whether cash or non-cash) of an encumbered asset that was an asset of the debtor before commencement.
破产程序中的自动终止条款
Automatic termination clauses in insolvency proceedings
178. 如一项合同条款规定在破产程序启动或发生另一个与破产有关的事件时，合同项下的任何义务自动终止或合同项下任何义务的到期日提前，而破产法规定该条款对破产管理人或债务人不能强制执行的，则破产法还应当规定，遇有合同条款解除债权人为债务人发放贷款或提供信贷或其他融资便利的义务的，破产法上述规定并不导致此项合同条款不可强制执行或无效。
If the insolvency law provides that a contract clause that, upon the commencement of insolvency proceedings or the occurrence of another insolvency-related event, automatically terminates any obligation under a contract or accelerates the maturity of any obligation under a contract, is unenforceable as against the insolvency representative or the debtor, the insolvency law should also provide that such provision does not render unenforceable or invalidate a contract clause relieving a creditor from an obligation to make a loan or otherwise extend credit or other financial accommodations to the benefit of the debtor.
破产程序中担保权的第三方效力
Third-party effectiveness of a security right in insolvency proceedings
179. 破产法应当规定，如担保权在破产程序启动时具有对抗第三方的效力，则可以在破产程序启动后采取行动，在担保交易法规定的范围内并按照其规定的方式，延续、保留或维持担保权对抗第三方的效力。
The insolvency law should provide that, if a security right is effective against third parties at the time of the commencement of insolvency proceedings, action may be taken after the commencement of the insolvency proceedings to continue, preserve or maintain the effectiveness against third parties of the security right to the extent and in the manner permitted under the secured transactions law.
破产程序中担保权的优先权
Priority of a security right in insolvency proceedings
180. 破产法应当规定，如果根据破产法以外的法律一项担保权有权享有优先权，则该优先权在破产程序中继续保留，不受影响，除非依照破产法，另一项债权被赋予优先权。
The insolvency law should provide that, if a security right is entitled to priority under law other than insolvency law, the priority continues unimpaired in insolvency proceedings except if, pursuant to insolvency law, another claim is given priority.
这种例外情形应当尽量减少，并在破产法中明确列出。
Such exceptions should be minimal and clearly set forth in the insolvency law.
本条建议须服从《贸易法委员会破产指南》的建议188。
This recommendation is subject to recommendation 188 of the UNCITRAL Insolvency Guide.
排序居次协议在破产程序中的效力
Effect of a subordination agreement in insolvency proceedings
181. 破产法应当规定，如破产财产中某一资产上担保权的持有人单方面或通过协议将其优先权排序退居于现有或未来竞合债权人之后，则这类排序居次安排在债务人的破产程序中具有约束力。
The insolvency law should provide that, if a holder of a security right in an asset of the insolvency estate subordinates its priority unilaterally or by agreement in favour of any existing or future competing claimant, such subordination is binding in insolvency proceedings with respect to the debtor.
破产程序中维持担保资产价值而支出的成本和费用
Costs and expenses of maintaining value of the encumbered asset in insolvency proceedings
182. 破产法应当规定，破产管理人有权从担保资产的价值中收回破产管理人为了有担保债权人的利益而在维持、保留或增加担保资产价值时所发生的合理成本或费用（酌情包括的一般管理费用）。
The insolvency law should provide that the insolvency representative is entitled to recover on a first priority basis from the value of an encumbered asset reasonable costs and expenses (including overhead as appropriate) incurred by the insolvency representative in maintaining, preserving or increasing the value of the encumbered asset for the benefit of the secured creditor.
重组程序中对担保资产的估值
Valuation of encumbered assets in reorganization proceedings
183. 破产法应当规定，在重组程序中确定担保资产的清算价值时，应当考虑这些资产的用途和估值目的。
The insolvency law should provide that, in determining the liquidation value of encumbered assets in reorganization proceedings, consideration should be given to the use of those assets and the purpose of the valuation.
这些资产的清算价值可按其作为经营中企业的一部分所具有的价值计算。
The liquidation value of those assets may be based on their value as part of a going concern.
十二. 购置款融资权
Acquisition financing rights
[委员会注意：委员会似宜注意到，本章包含两套不同的建议，其中一套建议针对的是希望规定担保权统一处理法的国家，另一套针对的是希望采取非统一处理法的国家。
[Note to the Commission: The Commission may wish to note that this chapter contains two parallel sets of recommendations, one set for States that wish to enact a unitary approach to security rights and an alternative set for States that wish to adopt a non-unitary approach.
为了与非统一处理法建议的编号保持一致，虽然有关统一处理法的某些建议重复了一般规则，并因此而可能多余，但也仍然予以保留（见建议185、186、188和197）。]
To maintain a parallel numbering with the non-unitary approach recommendations, certain recommendations in the context of the unitary approach were retained although they repeat general rules and may thus be redundant (see recommendations 185, 186, 188 and 197). ]