If a borrower violates a covenant the lender may:

Name: If a borrower violates a covenant the lender may:
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If a borrower violates a covenant, the lender may have various courses of action based on the agreement. The lender may demand immediate repayment of the outstanding balance, waive the violation and continue the loan on the existing terms, or waive the violation but modify the terms of the original debt agreement. Thus, any of the above options are possible.

If a Borrower Violates a Covenant the Lender May