When "fixed GAAP" is not permitted by the loan agreement,lenders still have the option to waive or renegotiate covenants that are harmed by a new accounting standard.

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This is true, lenders can still choose to waive or renegotiate covenants that are negatively impacted by a new accounting standard even if "fixed GAAP" is not permitted in the loan agreement.

When "Fixed GAAP" Is Not Permitted by the Loan Agreement,lenders