Common use of Waiver of Events of Servicing Default Clause in Contracts

Waiver of Events of Servicing Default. The Note Insurer or, if a Note Insurer Default has occurred and is continuing, the Noteholders constituting Class A Noteholder Approval, or if the Aggregate Outstanding Principal Balance of the Class A Notes has been reduced to zero and all Reimbursement Obligations due to the Note Insurer shall have been paid in full, Noteholders constituting Class B Noteholder Approval may, on behalf of the Noteholders of all Notes Outstanding, waive any Event of Servicing Default. Upon any such waiver of an Event of Servicing Default, such default shall cease to exist, and any default arising therefrom shall be deemed to have been remedied for every purpose of this Servicing Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon except to the extent expressly so waived.

Waiver of Events of Servicing Default. The Note Insurer or, if a Note Insurer Default has occurred and is continuing, the Noteholders constituting Class A Noteholder Approval, or if the Aggregate Outstanding Principal Balance of the Class A Notes has been reduced to zero and all Reimbursement Obligations and reimbursement for all Swap Termination Payments paid under the Swap Policy due to the Note Insurer shall have been paid in full, Noteholders constituting Class B Noteholder Approval may, on behalf of the Noteholders of all Notes Outstanding, waive any Event of Servicing Default. Upon any such waiver of an Event of Servicing Default, such default shall cease to exist, and any default arising therefrom shall be deemed to have been remedied for every purpose of this Servicing Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon except to the extent expressly so waived.