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

Waiver of Past Events of Default. Either the Trustee or the Majority Holders may, on behalf of all Holders of Notes, waive any Servicer Default hereunder and its consequences; PROVIDED, that in the absence of written instructions from all Holders the Trustee shall not waive any Servicer Default (i) consisting of the failure to remit or deposit any interest on the Notes as required by it hereunder or (ii) in respect of a covenant or provision hereunder that under Article IX hereof cannot be modified or amended without the consent of each Holder. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of this Indenture. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon.