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Which of the following would be considered as a positive protective covenant? Select one: a....

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Finance

Which of the following would be considered as a positive protective covenant?

Select one:

a. The firm must pay dividends to shareholders on time.

b. The firm must not pay dividends to common stockholders.

c. The firm must not issue additional long-term debt.

d. The firm must ensure its annual financial statements are audited.

e. The firm cannot pledge any assets to other lenders.

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