BULK COLLECT %FOUND and %NOTFOUND behaviour

When using the BULK COLLECT feature in PL/SQL, a lot of programmers get confused on using the %FOUND and %NOTFOUND in their code. As it is said multiple times (On various sites by various people), it seems better to avoid this by using .count, but I think it is good to point out the behaviour of %FOUND and %NOTFOUND in these cases.

Usually, you will have a code block similar to this:

  OPEN c_cur;
  LOOP
    FETCH c_cur BULK COLLECT INTO t_cur [limit <n>];
    l_found := c_cur%FOUND;
    CLOSE c_dual;
    [PL/SQL code here...]
    EXIT WHEN NOT l_found;
  END LOOP;

When you are determined to use %FOUND or %NOTFOUND, note the meaning of these when using BULK COLLECT:

%FOUND will return TRUE if exactly [limit] rows were retrieved

If %FOUND returns TRUE than there might be more rows to be fetched

%FOUND will return FALSE if less than [limit] rows were retrieved

%FOUND will always return FALSE if [limit] is not set (you retrieve less than unlimited rows)

%NOTFOUND will always return the opposite as %FOUND (as is to be expected...)