Systems Failure Sample Clauses
A Systems Failure clause defines the parties' rights and responsibilities in the event of a malfunction or breakdown of essential technological systems or infrastructure. Typically, this clause outlines what constitutes a systems failure, the procedures for notifying the other party, and any temporary relief or suspension of obligations until the issue is resolved. Its core function is to allocate risk and provide a clear process for handling disruptions caused by technical failures, thereby minimizing disputes and ensuring business continuity.
Systems Failure. Edison shall promptly notify the Buyer of any total systems failure for more than one Business Day with respect to itself and shall advise the Buyer of the estimated time required to remedy such total systems failure. Until such a total systems failure is remedied, Edison (i) will furnish to the Buyer such periodic status reports and other information relating to such total systems failure as the Buyer may reasonably request and (ii) will promptly notify the Buyer if Edison 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 and the action proposed to be taken in response thereto. Edison shall promptly notify the Buyer when such a total systems failure has been remedied.
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. ATC’s strategies are highly dependent on the proper functioning of its internal computer systems. Accordingly, systems failure, whether due to third party failures upon which such systems are dependent or the failure of ATC’s hardware or software, could disrupt trading or make trading impossible until such failure is remedied. Any such failure, and consequential inability to trade (even for a short period of time), could, in certain market conditions, cause an account to experience significant trading losses or to miss opportunities for profitable trading.