In a debt agreement, of course the existence of collateral is very important so that the creditor can feel safe about the loan given to the debtor. Shares are one of the valuable and valuable intangible moving objects. Arrangements relating to shares are regulated in Law Number 40 of 2007 concerning Limited Liability Companies. Although it is not yet known the exact and clear definition of shares in Law Number 40 of 2007 concerning Limited Liability Companies, the regulation provides several provisions which are presumably related to shares. One of the interesting guarantees discussed in relation to shares is fiduciary. Fiduciary provides several arrangements related to fiduciary based on Law Number 42 of 1999 concerning Fiduciary Guarantees.

The relationship between creditors and debtors is unique. Creditors need debtors as customers and bind them in credit agreements. Creditors tend to be suspicious of debtors as debtors selectively disclose information. This relationship follows the agency theory. Creditors always want a fair and equal position with other creditors. This research is unique in discussing the situation between creditors in the concept of negative pledge and pari passu pro-rata parte. Aside from that, the study also observes the relationship between creditors and debtors in credit agreements and discusses solutions that can be given by debtors to creditors so that the pari passu pro-rata parte principle can be achieved. The pari passu pro-rata parte principle is regulated in the Indonesian Civil Code article 1131 - 1132 and Law on Bankruptcy article 176 jo. 189. The methodology used is the normative juridical method, specifically hermeneutics and idiographic from the economic and financial perspective. The research concluded that debtors and creditors could ensure a fair and equal position by implementing negative pledge through Master Credit Agreement and Security Sharing Agreement. Future research should study on the role of curators and judges as key people to keep the concept of negative pledge running well.