TECHNICAL DEFAULT IN PAYMENT Clause Samples
TECHNICAL DEFAULT IN PAYMENT. Failure by the Borrower to pay an amount due will not constitute a Designated Event under Clause 21.1(a)(i) (NONPAYMENT DEFAULT EVENT) if:
(a) before the exercise of the Agent's powers under Clause 21.2 the Borrower demonstrates to the satisfaction of the Agent that it had sufficient available funds with its bankers and had given appropriate instructions to those bankers to make that payment and that the payment would have been made but for temporary technical or administrative difficulties outside the control of the Borrower; and
(b) payment is received in the manner required within 2 Business Days of the due date. The Agent need not wait for a demonstration under paragraph (a) before exercising its powers under Clause 21.2.
TECHNICAL DEFAULT IN PAYMENT. Failure by a Borrower to pay an amount due will not constitute an Event of Default under clause 18.1(a)(i) if:
(a) before the exercise of the Agent's powers under clause 18.4 or 18.5 the Borrower demonstrates to the satisfaction of the Agent that it had sufficient available funds with its bankers and had given appropriate instructions to those bankers to make that payment and that the payment would have been made but for temporary technical or administrative difficulties outside the control of the Borrower; and
(b) payment is received in the manner required within 3 Business Days of the due date. The Agent need not wait for a demonstration under paragraph (a) before exercising its powers under clause 18.4 or 18.5.
TECHNICAL DEFAULT IN PAYMENT. Failure by the Borrower to pay an amount due will not constitute an Event of Default under clause 18.1(a)(i) (NON-PAYMENT DEFAULT EVENT) if: