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Loan covenants may be either positive or negative. Which of the following is a negative...

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Accounting

Loan covenants may be either positive or negative. Which of the following is a negative covenant?

Select one:

a. The borrower's dividends must not exceed 50 per cent of the profit.

b. The borrower must maintain working capital of at least $1 million at all times.

c. The borrower must provide quarterly cash flow statements.

d. The borrower must provide audited accounts within 75 days of the end of each financial year.

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