Common use of Total Systems Failure Clause in Contracts

Total Systems Failure. Xxxxx shall promptly notify the Administrative Agent and each Funding Agent of any total failure of any systems necessary for the performance of its servicing obligations under this Agreement or the other Related Documents (a “total systems failure”) and shall advise the Administrative Agent and each Funding Agent of the estimated time required to remedy such total systems failure and of the estimated date on which a Monthly Report can be delivered. Until a total systems failure is remedied, Xxxxx shall (i) furnish to the Administrative Agent and each Funding Agent such periodic status reports and other information relating to such total systems failure as the Administrative Agent and any Funding Agent may reasonably request and (ii) promptly notify the Administrative Agent and each Funding Agent if Xxxxx believes that such total systems failure cannot be remedied by the estimated date, which notice shall include a description of the circumstances which gave rise to such delay, the action proposed to be taken in response thereto, and a revised estimate of the date on which the Monthly Report can be delivered. Xxxxx shall promptly notify the Administrative Agent and each Funding Agent when a total systems failure has been remedied.

Total Systems Failure. Xxxxx The Servicer shall promptly notify the Administrative Agent and each Funding Managing Agent of any total failure of any systems necessary for the performance of its servicing obligations under this Agreement or the other Related Transaction Documents (a “total systems failure”) and shall advise the Administrative Agent and each Funding Managing Agent of the estimated time required to remedy such total systems failure and of the estimated date on which a Monthly Report can be delivered. Until a total systems failure is remedied, Xxxxx the Servicer shall (i) furnish to the Administrative Agent and each Funding Managing Agent such periodic status reports and other information relating to such total systems failure as the Administrative Agent and any Funding Managing Agent may reasonably request and (ii) promptly notify the Administrative Agent and each Funding Managing Agent if Xxxxx the Servicer believes that such total systems failure cannot be remedied by the estimated date, which notice shall include a description of the circumstances which gave rise to such delay, the action proposed to be taken in response thereto, and a revised estimate of the date on which the Monthly Report can be delivered. Xxxxx The Servicer shall promptly notify the Administrative Agent and each Funding Managing Agent when a total systems failure has been remedied.