Common use of Total Systems Failure Clause in Contracts

Total Systems Failure. The Seller shall cause the Servicer to promptly notify the Administrative Agent and the Managing Agents of any total systems failure and to advise such parties of the estimated time required to remedy such total systems failure and of the estimated date on which a Settlement Statement can be delivered. Until a total systems failure is remedied, the Seller shall cause the Servicer (i) to furnish to the Administrative Agent and the Managing Agents such periodic status reports and other information relating to such total systems failure as the Administrative Agent may reasonably request and (ii) to promptly notify the Administrative Agent and the Managing Agents 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 a Settlement Statement can be delivered. The Seller shall cause the Servicer to promptly notify the Administrative Agent and the Managing Agents when a total systems failure has been remedied.

Total Systems Failure. The Seller shall cause the Servicer to promptly notify the Administrative Administrator and each Buyer Agent and the Managing Agents of any total systems failure and to advise such parties the Administrator and each Buyer Agent of the estimated time required to remedy such total systems failure and of the estimated date on which a Settlement Statement can be delivered. Until a total systems failure is remedied, the Seller shall cause the Servicer (i) to furnish to the Administrative Administrator and each Buyer Agent and the Managing Agents such periodic status reports and other information relating to such total systems failure as the Administrative Administrator and each Buyer Agent may reasonably request and (ii) to promptly notify the Administrative Administrator and each Buyer Agent and the Managing Agents 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 a Settlement Statement can be delivered. The Seller shall cause the Servicer to promptly notify the Administrative Administrator and each Buyer Agent and the Managing Agents when a total systems failure has been remedied.

Total Systems Failure. The Each Seller shall cause the Servicer to promptly notify the Administrative Agent Purchaser and the Managing Agents Lender of any total systems failure and to advise such parties Persons Purchaser of the estimated time required to remedy such total systems failure and of the estimated date on which a Settlement Statement Monthly Servicer Report can be delivered. Until a total systems failure is remedied, the each Seller shall cause the Servicer (i) to furnish to the Administrative Agent Purchaser and the Managing Agents Lender such periodic status reports and other information relating to such total systems failure as the Administrative Agent such Persons may reasonably request and (ii) to promptly notify the Administrative Agent Purchaser and the Managing Agents Lender 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 a Settlement Statement Monthly Servicer Report can be delivered. The Each Seller shall cause the Servicer to promptly notify the Administrative Agent Purchaser and the Managing Agents Lender when a total systems failure has been remedied.