Which of the following is NOT likely to be a bond covenant?$($Choose the correct response.$)$Question content area bottomPart $1$A$.$Mergers are allowed only if the combined firm has a maximum ratio of net tangible assets to debt.B$.$A maximum amount of assets can be sold, and$/$or a minimum amount of assets must be maintained.C$.$Dividend payouts can be made only from earnings generated after the bond issue.D$.$New debt must be subordinate to existing debt.