Common use of Total Systems Failure Clause in Contracts

Total Systems Failure. The Servicer shall promptly notify the Administrator (which shall promptly forward a copy to each Purchaser Agent) of any total systems failure and shall advise the Administrator of the estimated time required to remedy such total systems failure and of the estimated date on which a Settlement Report can be delivered. Until a total systems failure is remedied, the Servicer (i) will furnish to the Administrator (which shall promptly forward a copy to each Purchaser Agent) such periodic status reports and other information relating to such total systems failure as the Administrator or any Purchaser Agent may reasonably request and (ii) will promptly notify the Administrator (which shall promptly forward a copy to each Purchaser Agent) if 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 information required for a Settlement Report can be delivered. The Servicer shall promptly notify the Administrator (which shall promptly forward a copy to each Purchaser Agent) when a total systems failure has been remedied.

Total Systems Failure. The Servicer shall promptly notify the Administrator (which shall promptly forward a copy to Trustee and each Purchaser Agent) Enhancement Provider of any total systems failure Total Systems Failure and shall advise the Administrator Trustee of the estimated time required in order to remedy such total systems failure Total Systems Failure and of the estimated date on which a Settlement Monthly Servicer's Report can be delivered. Until a total systems failure Total Systems Failure is remedied, the Servicer will (i1) will furnish to the Administrator (which shall promptly forward a copy to Trustee and each Purchaser Agent) Enhancement Provider such periodic status reports and other information relating to such total systems failure Total Systems Failure as the Administrator or any Purchaser Agent Trustee and each Enhancement Provider may reasonably request and (ii2) will promptly notify the Administrator (which shall promptly forward a copy to Trustee and each Purchaser Agent) Enhancement Provider if the Servicer believes that such total systems failure 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, and the action proposed to be taken in response thereto, and a revised estimate of the date on which the information required for a Settlement Monthly Servicer's Report can be delivered. The Servicer shall promptly notify the Administrator (which shall promptly forward a copy to Trustee and each Purchaser Agent) Enhancement Provider when a total systems failure Total Systems Failure has been remedied.