Common use of Remedies for Failure to Meet Service Standards Clause in Contracts

Remedies for Failure to Meet Service Standards. (a) Each time a Service Event occurs, Bank shall: (i) promptly investigate the root cause(s) of the failure and deliver to Company a written report identifying such root cause(s); (ii) use commercially reasonable efforts to correct the problem and to begin meeting such Service Standard as soon as practicable; (iii) provide to Company a schedule and plan for correction of the root cause(s) of the Service Events, and (iv) at Company's request, advise Company of the status of such corrective efforts. (b) In the event more than three (3) Service Events occur during any calendar month, Bank will, in addition to those steps set forth in Section 9.7(a), arrange for a senior executive of Bank to meet with a senior executive of Company or Company's parent company's senior management to discuss the items delivered under Section 9.7(a). (c) A "Service Standard Termination Event" shall occur in the event: (i) a Service Event occurs for a specific Service Standard for three (3) consecutive months and Company notifies Bank in writing within five (5) Business Days after receiving Bank's Service Standards report of its intent to terminate this Agreement, then if the same Base Level Service Standard is failed by Bank in the fourth consecutive month, Company may terminate this Agreement; or (ii) a total of 10 Service Events occur during any three (3) consecutive months and Company notifies Bank in writing within five (5) Business Days after receiving Bank's Service Standards report of its intent to terminate this Agreement, then if a total of 6 Service Events occur at anytime in the three (3) consecutive months following Company's notice to Bank, then Company may terminate this Agreement. SECTION 10.