Illustrate the negative covenants those are normally part of the loan agreement that is entered between a financial institution and a borrower.

Following are the possible negative covenants those are normally part of the loan agreement that is entered between a financial institution and a borrower: Restriction on the company to pay commission to promoters, directors, managers or other persons for furnishing guarantee or indemnity or for undertaking any other liability in connection with any financial assistance obtained and/or to be obtained by the borrower for the purpose of the project; Restriction to pay dividend to the equity share holders if default has been committed in payment of interest or repayment of installments of principal to the lenders; Restriction to create charge or lien on its assets; Restriction to enter into any partnership, profit-sharing or royalty agreements or enter into any similar arrangements whereby the business or operations of the company are affected; Restriction to create any subsidiary or become subsidiary to any other existing concern; Restriction to recognize or register any transfer of shares in the borrowers' share capital by the promoter directors, their relatives and associates who are required to furnish "Undertaking for non-disposal of shares" to the Financial Institutions; Restriction to permit withdrawal of unsecured loans and deposits brought in or to be brought in by the Promoter Directors Group or Associates to finance capital cost of the project and to meet the working capital needs unless such withdrawal or payment of interest on such unsecured loan and deposit is permitted by the lenders. Not to carry out the amendment of the Memorandum of Association and articles of association or alteration in the capital structure of the Company i.e. borrower. No transfer of undertaking, trading activity other than the activities permitted by the Lenders. No payment of directors remuneration, in addition to what has been approved by the Central Government and the Institution.