Common use of Technical Errors Clause in Contracts

Technical Errors. The following proviso will be inserted at the end of Section 5(a)(vi):- “Provided, however, that notwithstanding the foregoing, an Event of Default shall not occur under either (1) or (2) above if (aa) the event or condition referred to in (1) or the failure to pay referred to in (2) is a failure to pay caused by an error or omission of an administrative or operational nature; and (bb) funds were available to such party to enable it to make the relevant payment when due; and (cc) such relevant payment is made within three Business Days following receipt of written notice from an interested party of such failure to pay.”

Technical Errors. The following proviso will be inserted at the end of Section 5(a)(vi):- “Provided, however, that notwithstanding the foregoing, an Event of Default shall not occur under either (1) or (2) above if if: (aa) the event or condition referred to in (1) or the failure to pay referred to in (2) is a failure to pay caused by an error or omission of an administrative or operational nature; and (bb) funds were available to such party to enable it to make the relevant payment when due; and (cc) such relevant payment is made within three Business Days following receipt of written notice from an interested party of such failure to pay.”