Jan 02 - Company negotiated a $20,000 operating line with BNS. Interest will be charged at 4% per annum and the loan covenants limit the amount of the operating line to 60% of good receivables (accounts less than 60 days old). No money is advanced at this time. 28/01 - the company received $10,000 advance 15/02 - the company received $6,000 advance 01/03 - the company received $4,000 advance 61 to 90 91+ 0.00 0.00 0.00 0.00 On March 31, the following are the accounts receivable: Name Total Current 31 to 60 City of Ottawa 6,780.00 6,780.00 0.00 Lomond Inc. 3,955.00 0.00 3,955.00 Ottawa Redblacks 5,085.00 5,085.00 0.00 Ottawa Senators 10.735.00 10,735.00 0.00 Renfrew County 5,034.15 5,034.15 0.00 Ville du Gatineau 4,407.00 4,407.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total outstanding: 35,996.15 32,041.15 3.955.00 0.00 0.00 Calculate whether the company meets the bank's lending restrictions (covenants). Please provide an explanation of why or why not