Which of the Following Best Describes an Agency Problem

Which of the following best describes an agency problem?

A) Occurs when foreign exchange brokers buy and sell currencies at two different rates.
B) A potential conflict of interest between managers and (1) outside stockholders, (2) creditors, and (3) stockholders and debtholders in times of financial distress.
C) Arises when the other party to a contractual arrangement will not be able to carry out its obligations as specified in the contract.
D) Arises when a firm has to pay a higher interest rate when renewing maturing credit.
E) Occurs when there are more exposed liabilities than exposed assets.