Common use of Waiver of Past Events of Servicing Termination Clause in Contracts

Waiver of Past Events of Servicing Termination. The holders of Notes evidencing not less than a majority of the principal amount of the Notes (or, if no Notes are Outstanding, holders of Certificates evidencing not less than a majority of the Certificate Balance) may, on behalf of all Noteholders and Certificateholders, waive any Event of Servicing Termination hereunder and its consequences, except an event resulting from the failure to make any required deposits to or payments from any of the Trust Accounts or the Certificate Distribution Account in accordance with this Agreement, which shall require the unanimous vote of all Holders of Outstanding Securities. Upon any such waiver of a past Event of Servicing Termination, such Event of Servicing Termination shall cease to exist, and shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right consequent thereon. The Issuer shall provide written notice of any such waiver to the Rating Agencies.

Appears in 10 contracts

Samples: Sale and Servicing Agreement (Usaa Acceptance LLC Trust 2004-1), Sale and Servicing Agreement (Usaa Auto Owner Trust 2005-1), Sale and Servicing Agreement (Usaa Acceptance LLC)

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Waiver of Past Events of Servicing Termination. The holders Noteholders of Notes evidencing not less than a majority of the principal amount Note Balance of the Notes Controlling Note Class (or, if no Notes are Outstandingoutstanding, holders of the Owner Trustee or Certificates evidencing not less than a majority of the Certificate BalanceBalance of the Controlling Certificate Class) may, on behalf of all Noteholders and Certificateholders, waive any Event of Servicing Termination hereunder and its consequences, except an event resulting from the failure to make any required deposits to or payments from any of the Trust Accounts Accounts, either Certificate Distribution Account or the Certificate Distribution Payahead Account in accordance with this Agreement, which shall require the unanimous vote of all Holders of Outstanding Securities. Upon any such waiver of a past Event of Servicing Termination, such Event of Servicing Termination shall cease to exist, and shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right consequent thereon. The Issuer shall provide written notice of any such waiver to the Rating Agencies.

Appears in 9 contracts

Samples: Sale and Servicing Agreement (Ford Credit Auto Receivables Two L P), Sale and Servicing Agreement (Ford Credit Auto Receivables Two L P), Sale and Servicing Agreement (Ford Credit Auto Receivables Two LLC)

Waiver of Past Events of Servicing Termination. The holders of Notes evidencing not less than a majority of the principal amount of the Notes (or, if no Notes are Outstandingoutstanding, holders of Certificates evidencing not less than a majority of the Certificate Balance) may, on behalf of all Noteholders and Certificateholders, waive any Event of Servicing Termination hereunder and its consequences, except an event resulting from the failure to make any required deposits to or payments from any of the Trust Accounts or the Certificate Distribution Account in accordance with this Agreement, which shall require the unanimous vote of all Holders of Outstanding Securities. Upon any such waiver of a past Event of Servicing Termination, such Event of Servicing Termination shall cease to exist, and shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right consequent thereon. The Issuer shall provide written notice of any such waiver to the Rating Agencies.

Appears in 6 contracts

Samples: Sale and Servicing Agreement (Usaa Federal Savings Bank), Sale and Servicing Agreement (Usaa Acceptance LLC Auto Owner Trust 2002-1), Sale and Servicing Agreement (Usaa Federal Savings Bank)

Waiver of Past Events of Servicing Termination. The holders of Notes evidencing not less than a majority of the principal amount of the Notes Controlling Class (or, if no Notes are Outstanding, holders of Certificates evidencing not less than a majority of the Certificate BalancePercentage Interests evidenced by the Certificates) may, on behalf of all Noteholders and Certificateholders, waive any Event of Servicing Termination hereunder and its consequences, except an event resulting from the failure to make any required deposits to or payments from any of the Trust Accounts or the Certificate Distribution Account in accordance with this Agreement, which shall require the unanimous vote of all Holders of Outstanding Securities. Upon any such waiver of a past Event of Servicing Termination, such Event of Servicing Termination shall cease to exist, and shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right consequent thereon. The Issuer shall provide written notice of any such waiver to the Rating Agencies.

Appears in 4 contracts

Samples: Sale and Servicing Agreement (USAA Auto Owner Trust 2006-4), Sale and Servicing Agreement (USAA Auto Owner Trust 2006-3), Sale and Servicing Agreement (USAA Auto Owner Trust 2006-2)

Waiver of Past Events of Servicing Termination. The holders of Notes evidencing not less than a majority of the principal amount of the Notes Controlling Class (or, if no Notes are Outstanding, holders of Certificates evidencing not less than a majority of the Certificate BalancePercentage Interests evidenced by the Certificates) may, on behalf of all Noteholders and Certificateholders, waive any Event of Servicing Termination hereunder and its consequences, except an event resulting from the failure to make any required deposits to or payments from any of the Trust Accounts or the Certificate Distribution Account in accordance with this Agreement, which shall require the unanimous vote of all Holders of Outstanding Securities. Upon any such waiver of a past Event of Servicing Termination, such Event of Servicing Termination shall cease to exist, and shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right consequent thereon. The Issuer shall provide written notice of any such waiver to the Rating Agencies.

Appears in 3 contracts

Samples: Sale and Servicing Agreement (USAA Auto Owner Trust 2007-1), Sale and Servicing Agreement (USAA Auto Owner Trust 2008-1), Sale and Servicing Agreement (USAA Auto Owner Trust 2007-2)

Waiver of Past Events of Servicing Termination. The holders of Notes evidencing not less than a majority of the principal amount of the Notes Controlling Class (or, if no Notes are Outstandingoutstanding, holders of Certificates evidencing not less than a majority of the Certificate BalancePercentage Interests) may, on behalf of all Noteholders and Certificateholders, waive any Event of Servicing Termination hereunder and its consequences, except an event resulting from the failure by the Servicer to make any required deposits to or payments from any of the Trust Accounts or the Certificate Distribution Account in accordance with this Agreement, which shall require the unanimous vote of all Holders of Outstanding Securities. Upon any such waiver of a past Event of Servicing Termination, such Event of Servicing Termination shall cease to exist, and shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event Event of Servicing Termination or impair any right consequent thereon. The Issuer Indenture Trustee shall provide written notice of any such waiver to the Rating Agencies.

Appears in 3 contracts

Samples: Sale and Servicing Agreement (GS Auto Loan Trust 2006-1), Sale and Servicing Agreement (Gs Auto Loan Trust 2004-1), Sale and Servicing Agreement (GS Auto Loan Trust 2007-1)

Waiver of Past Events of Servicing Termination. The holders of Notes evidencing not less than a majority of the principal amount of the Notes (or, if no Notes are Outstandingoutstanding, holders of Certificates evidencing not less than a majority of the Certificate BalancePercentage Interests aggregating at least 51%) may, on behalf of all Noteholders and Certificateholders, waive any Event of Servicing Termination hereunder and its consequences, except an event resulting from the failure to make any required deposits to or payments from any of the Trust Accounts or the Certificate Distribution Account in accordance with this Agreement, which shall require the unanimous vote of all Holders of Outstanding Securities. Upon any such waiver of a past Event of Servicing Termination, such Event of Servicing Termination shall cease to exist, and shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right consequent thereon. The Issuer shall provide written notice of any such waiver to the Rating Agencies.

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Bear Stearns Asset Backed Fund Inc Whole Auto Loan Tr 2002-1), Sale and Servicing Agreement (Bear Stearns Asset Backed Funding Ii Inc)

Waiver of Past Events of Servicing Termination. The holders of Notes evidencing not less than a majority of the principal amount of the Notes (or, if no Notes are Outstandingoutstanding, holders of Certificates evidencing not less than a majority of the Certificate BalancePercentage Interests aggregating at least 51%) may, on behalf of all Noteholders and Certificateholders, waive any Event of Servicing Termination hereunder and its consequences, except an event resulting from the failure to make any required deposits to or payments from any of the Trust Accounts or the Certificate Distribution Account in accordance with this Agreement, which shall require the unanimous vote of all Holders of Outstanding Securities. Upon any such waiver of a past Event of Servicing Termination, such Event of Servicing Termination shall cease to exist, and shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event Event of Servicing Termination or impair any right consequent thereon. The Issuer shall provide written notice of any such waiver to the Rating Agencies.

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Bear Stearns Asset Backed Whole Auto Loan Trust 2003-1), Sale and Servicing Agreement (Bear Stearns Asset Backed Whole Auto Loan Trust 2004-1)

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Waiver of Past Events of Servicing Termination. The holders of Notes evidencing not less than a majority of the principal amount Outstanding Amount of the Notes (or, if no Notes are Outstandingoutstanding, holders of Certificates evidencing not less than a majority of the Certificate BalancePercentage Interests aggregating at least 75%) may, on behalf of all Noteholders and Certificateholders, waive any Event of Servicing Termination hereunder and its consequences, except an event resulting from the failure to make any required deposits to or payments from any of the Trust Accounts or the Certificate Distribution Account in accordance with this Agreement, which shall require the unanimous vote of all Holders of Outstanding Securities. Upon any such waiver of a past Event of Servicing Termination, such Event of Servicing Termination shall cease to exist, and shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event Event of Servicing Termination or impair any right consequent thereon. The Issuer shall provide written notice of any such waiver to the Rating Agencies.

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Merrill Auto Trust Securitization 2008-1), Sale and Servicing Agreement (Merrill Auto Trust Securitization 2007-1)

Waiver of Past Events of Servicing Termination. The holders of Notes evidencing not less than a majority of the principal amount of the Notes (or, if no Notes are Outstandingoutstanding, holders of Certificates evidencing not less than a majority of the Certificate BalancePercentage Interests aggregating at least 75%) may, on behalf of all Noteholders and Certificateholders, waive any Event of Servicing Termination hereunder and its consequences, except an event resulting from the failure to make any required deposits to or payments from any of the Trust Accounts or the Certificate Distribution Account in accordance with this Agreement, which shall require the unanimous vote of all Holders of Outstanding Securities. Upon any such waiver of a past Event of Servicing Termination, such Event of Servicing Termination shall cease to exist, and shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event Event of Servicing Termination or impair any right consequent thereon. The Issuer shall provide written notice of any such waiver to the Rating Agencies.

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Ml Asset Backed Corp), Sale and Servicing Agreement (Merrill Auto Trust Securitization 2005-1)

Waiver of Past Events of Servicing Termination. The holders of Notes evidencing not less than a majority of the principal amount of the Notes Controlling Class Outstanding (or, if no Notes are Outstanding, holders of Certificates evidencing not less than a majority of the Certificate BalancePercentage Interests evidenced by the Certificates) may, on behalf of all Noteholders and Certificateholders, waive any Event of Servicing Termination hereunder and its consequences, except an event resulting from the failure to make any required deposits to or payments from any of the Trust Accounts or the Certificate Distribution Account in accordance with this Agreement, which shall require the unanimous vote of all Holders of Outstanding Securities. Upon any such waiver of a past Event of Servicing Termination, such Event of Servicing Termination shall cease to exist, and shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right consequent thereon. The Issuer shall provide written notice of any such waiver to the Rating Agencies.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Usaa Acceptance LLC)

Waiver of Past Events of Servicing Termination. The holders of Notes evidencing not less than a majority of the principal amount of the Notes Controlling Class (or, if no Notes are Outstandingoutstanding, holders of Certificates evidencing not less than a majority of the Certificate BalancePercentage Interests) may, on behalf of all Noteholders and Certificateholders, waive any Event of Servicing Termination hereunder and its consequences, except an event resulting from the failure by the Servicer to make any required deposits to or payments from any of the Trust Accounts or the Certificate Distribution Account in accordance with this Agreement, which shall require the unanimous vote of all Holders of Outstanding Securities. Upon any such waiver of a past Event of Servicing Termination, such Event of Servicing Termination shall cease to exist, and shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event Event of Servicing Termination or impair any right consequent thereon. The Issuer Indenture Trustee shall provide written notice of any such waiver to the Rating Agencies.. Sale and Servicing Agreement

Appears in 1 contract

Samples: Sale and Servicing Agreement (GS Auto Loan Trust 2005-1)

Waiver of Past Events of Servicing Termination. The holders of Notes evidencing not less than a majority of the principal amount of the Notes (or, if no Notes are Outstandingoutstanding, holders of Class D Certificates evidencing not less than a majority of the Certificate Balance) may, on behalf of all Noteholders and Certificateholders, waive any Event of Servicing Termination hereunder and its consequences, except an event resulting from the failure to make any required deposits to or payments from any of the Trust Accounts or the Certificate Distribution Account in accordance with this Agreement, which shall require the unanimous vote of all Holders of Outstanding Securities. Upon any such waiver of a past Event of Servicing Termination, such Event of Servicing Termination shall cease to exist, and shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right consequent thereon. The Issuer shall provide written notice of any such waiver to the Rating Agencies.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Bear Stearns Asset Backed Funding Inc)

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