Waiver of Master Servicer Events of Termination. The Holders representing at least 66% of the Voting Rights (with the consent of the NIMS Insurer) evidenced by all Classes of Certificates affected by any default or Master Servicer Event of Termination hereunder may waive such default or Master Servicer Event of Termination; provided, however, that a default or Master Servicer Event of Termination under clause (i) or (vii) of Section 7.01 may be waived only by all of the Holders of the Regular Certificates (with the consent of the NIMS Insurer). Upon any such waiver of a default or Master Servicer Event of Termination, such default or Master Servicer Event of Termination shall cease to exist and shall be deemed to have been remedied for every purpose hereunder. No such waiver shall extend to any subsequent or other default or Master Servicer Event of Termination or impair any right consequent thereon except to the extent expressly so waived. Notice of any such waiver shall be given by the Trustee to the Rating Agencies and the NIMS Insurer.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2005-Wf1), Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2005-He2), Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2005-He1)
