Waiver of Defaults and Events of Default. (a) The Noteholders of a majority of the Note Balance of the Controlling Class may waive any Default or Event of Default, except an Event of Default (i) in the payment of principal of or interest on any of the Notes (other than an Event of Default relating to failure to pay principal due only by reason of acceleration) or (ii) in respect of a covenant or provision of this Indenture that cannot be amended, supplemented or modified without the consent of all Noteholders. (b) Upon any such waiver, such Default or Event of Default will be deemed not to have occurred for every purpose of this Indenture. No such waiver will extend to any other Default or Event of Default or impair any right relating to any other Default or Event of Default.
Appears in 17 contracts
Samples: Indenture (Ford Credit Auto Owner Trust 2014-A), Indenture (Ford Credit Auto Owner Trust 2014-A), Indenture (Ford Credit Auto Owner Trust 2013-D)
Waiver of Defaults and Events of Default. (a) The Noteholders of at least a majority of the Note Balance of the Controlling Class may waive any Default or Event of Default, Default and its consequences except an Event of Default (i) in the payment of principal of or interest on any of the Notes (other than an Event of Default relating to failure to pay principal due only by reason of acceleration) or (ii) in respect of a covenant or provision of this Indenture that cannot be amended, supplemented or modified without the consent of all Noteholders.
(b) Upon any such waiver, such Default or Event of Default will be deemed not to have occurred for every purpose of this Indenture. No such waiver will extend to any other Default or Event of Default or impair any right relating to any other Default or Event of Default.
Appears in 17 contracts
Samples: Indenture (Ford Credit Auto Owner Trust 2010-B), Indenture (Ford Credit Auto Owner Trust 2010-A), Indenture (Ford Credit Auto Owner Trust 2007-A)
Waiver of Defaults and Events of Default. (a) The Noteholders of a majority of the Note Balance of the Controlling Class may waive any Default or Event of Default, Default except an Event of Default (i) in the payment of principal of or interest on any of the Notes (other than an Event of Default relating to failure to pay principal due only by reason of acceleration) or (ii) in respect of a covenant or provision of this Indenture that cannot be amended, supplemented or modified without the consent of all Noteholders.
(b) Upon any such waiver, such Default or Event of Default will be deemed not to have occurred for every purpose of this Indenture. No such waiver will extend to any other Default or Event of Default or impair any right relating to any other Default or Event of Default.
Appears in 10 contracts
Samples: Indenture (Ford Credit Auto Lease Trust 2014-A), Indenture (Ford Credit Auto Lease Trust 2014-A), Indenture (Ford Credit Auto Lease Trust 2013-B)
Waiver of Defaults and Events of Default. (a) The Noteholders of a majority of the Note Balance of the Controlling Class may waive any Default or Event of Default, Default and its consequences except an Event of Default (i) in the payment of principal of or interest on any of the Notes (other than an Event of Default relating to failure to pay principal due only by reason of acceleration) or (ii) in respect of a covenant or provision of this Indenture that cannot be amended, supplemented or modified without the consent of all Noteholders.
(b) Upon any such waiver, such Default or Event of Default will be deemed not to have occurred for every purpose of this Indenture. No such waiver will extend to any other Default or Event of Default or impair any right relating to any other Default or Event of Default.
Appears in 10 contracts
Samples: Indenture (Ford Credit Auto Owner Trust 2012-A), Indenture (Ford Credit Auto Owner Trust 2012-A), Indenture (Ford Credit Auto Lease Trust 2011-B)
Waiver of Defaults and Events of Default. (a) The Noteholders of a majority of the Note Balance of the Controlling Class may waive any Default or Event of Default, except an Event of Default (i) in the payment of principal of or interest on any of the Notes (other than an Event of Default relating to failure to pay principal due only by reason of acceleration) or (ii) in respect of a covenant or provision of this Indenture that cannot be amended, supplemented or modified without the consent of all Noteholders.
(b) Upon any such waiver, such the Default or Event of Default will be deemed not to have occurred for every purpose of this Indenture. No such The waiver will not extend to any other Default or Event of Default or impair any right relating to any other Default or Event of Default.
Appears in 8 contracts
Samples: Indenture (Ford Credit Auto Owner Trust 2015-B), Indenture (Ford Credit Auto Owner Trust 2015-B), Indenture (Ford Credit Auto Owner Trust 2015-A)
Waiver of Defaults and Events of Default. (a) The Noteholders of a majority of the Note Balance of the Controlling Class may waive any Default or Event of Default, Default except an Event of Default (i) in the payment of principal of or interest on any of the Notes (other than an Event of Default relating to failure to pay principal due only by reason of acceleration) or (ii) in respect of a covenant or provision of this Indenture that cannot be amended, supplemented or modified without the consent of all Noteholders.
(b) Upon On any such waiver, such the Default or Event of Default will be deemed not to have occurred for every purpose of this Indenture. No such waiver will extend to any other Default or Event of Default or impair any right relating to any other Default or Event of Default.
Appears in 7 contracts
Samples: Indenture (Ford Credit Auto Lease Trust 2015-B), Indenture (Ford Credit Auto Lease Trust 2015-B), Indenture (Ford Credit Auto Lease Trust 2015-A)
Waiver of Defaults and Events of Default. (a) The Noteholders of a majority of the Class A Note Balance of the Controlling Class may waive any potential Event of Default or Event of Default, Default and its consequences except an Event of Default (i) in the payment of principal of or interest on any of the Notes (other than an Event of Default relating to failure to pay principal due only by reason of acceleration) or (ii) in respect of a covenant or provision of this Indenture that cannot be amended, supplemented or modified without the consent of all Noteholders.
(b) Upon any such waiver, such potential Event of Default or Event of Default will be deemed not to have occurred for every purpose of this Indenture. No such waiver will extend to any other potential Event of Default or Event of Default or impair any right relating to any other potential Event of Default or Event of Default.
Appears in 1 contract
Samples: Indenture (Commercial Credit, Inc.)