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In 20x5, F1 was able to renegotiate its bank loan and replace it with a new loan without a restrictive covenant. The new bank requires

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In 20x5, F1 was able to renegotiate its bank loan and replace it with a new loan without a restrictive covenant. The new bank requires annual audited nancial statements. The loan is payable immediately if Fl exceeds a debt to equity ratio of .65. At the end of ZUXS the debt to equity ratio was .60. The old loan had unamortized transaction costs and nancing fees of

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