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Which of the following descriptions is appropriate to explain what is meant by the $5$th C $"$ of Credit Conditions?

The condition of an applicants office space, warehouse, or distribution center.

The financial condition of an applicant based on its financial statements. ption $2$

Those moral qualities and actions of a credit applicant which oblige the applicant to pay as debts are due.

The current and expected general economic situations as they might affect the applicant.