Common use of WAIVER OF PAST DEFAULTS AND COMPLIANCE WITH INDENTURE PROVISIONS Clause in Contracts

WAIVER OF PAST DEFAULTS AND COMPLIANCE WITH INDENTURE PROVISIONS. Subject to Sections 8.07 and 13.02 hereof, the Holders of a majority in aggregate principal amount of the Outstanding Securities of any series by notice to the Trustee may waive an existing Default or Event of Default and its consequences (including waivers obtained in connection with a tender offer or exchange offer for Securities), except a continuing Default or Event of Default in the payment of the principal of or interest on any Security of such series. Upon any such waiver, such Default will cease to exist, and any Event of Default arising therefrom will be deemed to have been cured for every purpose of this Indenture, but no such waiver will extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.