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 51% of the Notes Outstanding or the Holders of Certificates evidencing not less than 51% of the Certificate Balance (in the case of an Event of Servicing Termination which does not adversely affect the Indenture Trustee or the Noteholders) 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 and the Certificate Distribution Account in accordance with this Agreement. Upon any such waiver of a past Event of Servicing Termination, such event 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 arising therefrom, except to the extent expressly so waived.