RAID: one failed hard drive and a second hard drive failing

One hard drive is already on red
Second hard drive is yet on green but reporting problems
First of all don’t do anything without consideration.
In most of the cases you don’t want to replace the hard drives yet or all the more restart the server.
Make sure you have considered to do live migration of the virtual machines to another healthy host, before the server crashes for good. This will save you lots of time, trouble and mitigate downtime.