Chapter Two: The Negative Pledge Clauses in Project Assets Security.
第二章：项目资产担保中的消极担保条款。
The covenants clause is composed of sub-clauses such as negative pledge, pari passu, financial covenant and so on.
＂约定事项＂包括众多分条款，如消极担保、比例平等、财务约定事项等。
Negative Pledge Clause A negative covenant in an indenture, it states that the corporation will not pledge any of its assets if doing so would give the lenders less security.
负抵押条款契约中的负面条款，声明若资产抵押会减少贷款方抵押价值，则借贷方不可进行这项抵押。
One potential pitfall is that it may mean that some bondholders have more rights than others, a provision that may break "negative pledge clauses" which specifically forbid such a situation.
一个潜在的陷阱是，这可能意味着一些债券持有人可以比其他人获得更多的权利，然而这明显违反了“取消抵押条款”，其中详细规定禁止这种情况发生。
One potential pitfall is that it may mean that some bondholders have more rights than others, a provision that may break "negative pledge clauses" which specifically forbid such a situation.
一个潜在的陷阱是，这可能意味着一些债券持有人可以比其他人获得更多的权利，然而这明显违反了“取消抵押条款”，其中详细规定禁止这种情况发生。
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