B,C选项翻译一下？

问题如下：

When the collateral manager fails pre-specified risk tests, a CDO is:

选项：

deleveraged by reducing the senior bond class.

restructured to reduce its most expensive funding source.

liquidated by paying off the bond classes in order of seniority.

解释：

A is correct. When the collateral manager fails pre-specified tests, a provision is triggered that requires the payoff of the principal to the senior class until the tests are satisfied. This reduction of the senior class effectively deleverages the CDO because the CDO’s cheapest funding source is reduced.

考点：CDO

解析：如果CDO manager没有通过事先指定的测试，就需要将senior层级的本金归还，直到通过测试为止。把senior层级本金归还可以降低CDO的杠杆，A正确。