Common use of Systems Failure Clause in Contracts

Systems Failure. It shall promptly notify the Administrative Agent and each Facility Agent of any material systems failure with respect to its servicing obligations hereunder and shall advise the Administrative Agent, and each Facility Agent of the estimated time required to remedy any such material systems failure and of the estimated date on which Periodic Reports can be delivered. Until any such material systems failure is remedied, Servicer (i) will furnish to the Borrower, the Administrative Agent and each Facility Agent such periodic status reports and other information relating to such material systems failure as such Financing Party may reasonably request and (ii) will promptly notify the Borrower, the Administrative Agent and each Facility Agent if Servicer believes that such material 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 Periodic Reports can be delivered. Servicer shall promptly notify the Borrower, the Administrative Agent and each Facility Agent when any such material systems failure has been remedied.

Systems Failure. It The Servicer shall promptly notify the Seller and the Administrative Agent and each Facility Agent of any material systems failure with respect to its servicing obligations hereunder and shall advise the Seller and the Administrative Agent, and each Facility Agent of the estimated time required to remedy any such material systems failure and of the estimated date on which Periodic Monthly Reports and Funding Reports can be delivered. Until any such material systems failure is remedied, the Servicer (i) will furnish to the Borrower, Seller and the Administrative Agent and each Facility Agent such periodic status reports and other information relating to such material systems failure as such Financing Party the Seller or the Administrative Agent may reasonably request and (ii) will promptly notify the Borrower, Seller and the Administrative Agent and each Facility Agent if Servicer believes that such material 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 Periodic Monthly Reports and Funding Reports can be delivered. The Servicer shall promptly notify the Borrower, Seller and the Administrative Agent and each Facility Agent when any such material systems failure has been remedied.