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。

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What happens to debt when it goes from being pari passu to being junior?

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Western government creditors should, in all cases, be accorded equal or pari passu treatment with private bank creditors in debt rescheduling negotiations.

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Western government creditors should, in all cases, be accorded equal or pari passu treatment with private bank creditors in debt rescheduling negotiations, which is not now the case.

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