Pay-to-play provisions are designed to provide a strong incentive for investors to participate in future financings. In their simplest form, such provisions require existing investors to invest on a pro rata basis in subsequent financing rounds or they will lose some or all of their preferential rights (such as anti-dilution protection, liquidation preferences or certain voting rights).

Pay-to-play provisions可以理解成购买参与条款或者继续参与条款。从上面这一段文字，可以得出下列大致结论：Pay-to-play条款是为鼓励现有投资者参与后续投资，可以按照其当前的投资比例参与后续投资，如果未参与则一般丧失一些优先权，比如反稀释保护权、清算优先权或者特定的表决权。

看一个例子：

Pay-to-play: [Unless the holders of [       ]% of the Series A elect otherwise,] on any subsequent down round all [Major] Investors are required to participate to the full extent of their participating rights (as described below under "Investor Rights Agreement-Right to Participate Pro Rata in Future Rounds"), unless the participation requirement is waived for all [Major] Investors by the Board [(including vote of a majority of the Series A Director(s)]. All shares of Series A Preferred of all [Major] Investors failing to do so will automatically [lose anti-dilition rights] [lose right to participate in future rounds] [convert to Common Stock and lose the right to a Board seat if applicable].

参考译文：【除非持有【 】%A序列优先股的股东另行选择，】在后续融资中，所有【主要】投资者均要求在其参与权许可的最大范围内（如下文中的“投资者权利协议—按比例参与未来融资的权利”所述）进行参与，除非董事会（包括【大多数】A系列优先股董事投票）对所有【主要】投资者放弃该参与要求。任何未如此行事的【主要】投资者持有的所有A序列优先股将自动【丧失反稀释保护权】【失去参与未来融资的权利】【转为普通股并丧失董事席位权，如适用】。