Common use of Default by Borrowers or PFIs; Enforcement Clause in Contracts

Default by Borrowers or PFIs; Enforcement. (a) The parties are entitled to assume that no Borrower or PFI default or event which, with the giving of notice or lapse of time, or both, would constitute such a default, has occurred and is continuing unless the parties (i) have actual knowledge of such default or event, or (ii) have been notified in writing that such a default or event has occurred.

Default by Borrowers or PFIs; Enforcement. (a) The Each of the parties are is entitled to assume that no Borrower or PFI default or event which, with the giving of notice or lapse of time, or both, would constitute such a default, has occurred and is continuing unless the parties such party (i) have has actual knowledge of such default or event, or (ii) have has been notified in writing that such a default or event has occurred.