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Source Timing Rules and Deadlines Complete Civil Procedure List Showing the closest available flashcard practice.

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0 tracked cards Supplemental - Not MEE July 2026

A borrower is current on monthly payments but fails to provide required quarterly financial statements and falls below a borrowing-base covenant. The loan agreement defines each breach as an event of default after notice and cure.
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A financial-reporting or borrowing-base covenant can be a default trigger if the agreement makes it one, even when scheduled payments are current. A borrowing-base default is the same thing as attachment. Being current on payments always prevents default under every other covenant. A lender may invent a financial covenant after default even if none appears in the agreement.

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