Common use of Default by Borrower Clause in Contracts

Default by Borrower. (1) Chase may assume (unless it has actual knowledge to the contrary) that any representations made by a Borrower in connection with any Loan are true, that no event which is or may become an Event of Default (as defined in the applicable MSLA) has occurred and that a Borrower has complied with its obligations under the applicable MSLA. Subject to Sections 7(b)-(d), Chase shall have no responsibility for the accuracy or completeness of any information supplied, or for any breach of any obligation, by any Borrower under or in connection with any MSLA or Loan. Chase shall not be liable as a result of taking or omitting to take any action provided that Chase shall have carried out its responsibilities hereunder in good faith.

Default by Borrower. (1) Chase may assume (unless it has actual knowledge to the contrary) that any representations made by a Borrower in connection with any Loan are true, that no event which is or may become an Event of Default (as defined in the applicable MSLA) has occurred and that a Borrower has complied with its obligations under the applicable MSLA. Subject to Sections 7(b)-(d), Chase shall have no responsibility for the accuracy or completeness of any information 9 supplied, or for any breach of any obligation, by any Borrower under or in connection with any MSLA or Loan. Chase shall not be liable as a result of taking or omitting to take any action provided that Chase shall have carried out its responsibilities hereunder in good faith.