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Which of the following is true of debt covenants?
I. Limit the issuance of additional debt senior to the obligation.
II. Specify minimum levels of selected financial ratios.
III. Specify minimum levels of earnings coverage.
IV. Prohibit excessive dividends or stock repurchases.
Rule-making Authority
The power granted to governmental agencies or bodies to create regulations and standards.
Elite Democrats
A reference to members of the Democratic Party who hold significant influence, power, or status within the political, social, or economic spheres.
Popular Democrats
A group or movement within the Democratic Party that focuses on policies and ideas favored by the majority of the populace.
Bureaucracy
A system of government or organization in which decisions are made by state officials rather than by elected representatives, characterized by hierarchical structure and complex rules.
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