Common use of Action on Manifest Error Clause in Contracts

Action on Manifest Error. The Asset Monitor shall promptly notify the Issuer, the CBC, the Administrator, the Security Trustee and, if the Rating Agency was notified of the results of the agreed upon procedures in accordance with Clause 3.5.1 above, the Rating Agency, if the information provided to the Asset Monitor in accordance with Clause 4 contains what appears to be a Manifest Error or Manifest Errors. Following such notification, and within three (3) Business Days of receipt of such notification, the Issuer or the CBC (or the Administrator on its behalf) shall provide such further or amended information to the Asset Monitor as is necessary to remedy such Manifest Error(s) or shall confirm the accuracy of the information provided in accordance with Clause 4. By no later than five (5) Business Days following the receipt of such further or amended information or confirmation, the Asset Monitor shall test the arithmetic accuracy of the relevant calculations and shall notify the CBC, the Administrator, the Security Trustee, the Issuer and, if the Rating Agency was notified of the results of the agreed upon procedures in accordance with Clause 3.5.1 above, the Rating Agency, of the results of its tests in accordance with Clause 3.5.

Action on Manifest Error. The Asset Monitor shall promptly notify the Issuer, the CBC, the Administrator, the Security Trustee and, if the Rating Agency was notified of the results of the agreed upon procedures tests in accordance with Clause 3.5.1 Clause 3.5 above, the Rating Agency, if the information provided to the Asset Monitor in accordance with Clause 4 contains what appears to be a Manifest Error or Manifest Errors. Following such notification, and within three (3) Business Days of receipt of such notification, the Issuer or the CBC (or the Administrator on its behalf) shall provide such further or amended information to the Asset Monitor as is necessary to remedy such Manifest Error(s) Error or Manifest Errors or shall confirm the accuracy of the information provided in accordance with Clause 4. By no later than five (5) Business Days following the receipt of such further or amended information or confirmation, the Asset Monitor shall test the arithmetic accuracy of the relevant calculations and shall notify the CBC, the Administrator, the Security Trustee, the Issuer and, if the Rating Agency was notified of the results of the agreed upon procedures tests in accordance with Clause 3.5.1 3.5 above, the Rating Agency, of the results of its tests in accordance with Clause 3.5.