Common use of Waiver of Past Master Servicer Defaults Clause in Contracts

Waiver of Past Master Servicer Defaults. The holders of Notes evidencing a majority of the Outstanding Amount of the Notes, in the case of any Master Servicer Default which does not adversely affect the Indenture Trustee or the holders of Notes, may, on behalf of all holders of Notes, waive in writing any default by the Master Servicer in the performance of its obligations hereunder and any consequences thereof, except a default in making any required deposits to or payments from any of the Trust Accounts (or giving instructions regarding the same) in accordance with this Agreement. Upon any such waiver of a past default, such default shall cease to exist, and any Master Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto. The Issuer may designate another servicer with respect to its student loans. Any servicer, other than Education Lending Services, Inc., may be appointed, provided that a Rating Confirmation has been received with respect thereto.

Waiver of Past Master Servicer Defaults. The holders of Notes Noteholders evidencing a majority of the Outstanding Amount of the Notes, in the case of any Master Servicer Default which does not adversely affect the Indenture Trustee or the holders of NotesNoteholders, may, on behalf of all holders of NotesNoteholders, waive in writing any default by the Master Servicer in the performance of its obligations hereunder and any consequences thereof, except a default in making any required deposits to or payments from any of the Trust Accounts (or giving instructions regarding the same) in accordance with this Agreement. Upon any such waiver of a past default, such default shall cease to exist, and any Master Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto. The Issuer may designate another servicer with respect to its student loans. Any servicer, other than Education Lending Services, Inc., may be appointed, provided that a Rating Confirmation has been received with respect thereto.

Waiver of Past Master Servicer Defaults. The holders of Notes evidencing a majority of the Outstanding Amount of the Notes, in the case of any Master Servicer Default which does not adversely affect the Indenture Trustee or the holders of Notes, may, on behalf of all holders of Notes, waive in writing any default by the Master Servicer in the Master Servicing Agreement performance of its obligations hereunder and any consequences thereof, except a default in making any required deposits to or payments from any of the Trust Accounts (or giving instructions regarding the same) in accordance with this Agreement. Upon any such waiver of a past default, such default shall cease to exist, and any Master Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto. The Issuer may designate another servicer with respect to its student loans. Any servicer, other than Education Lending Services, Inc., may be appointed, provided that a Rating Confirmation has been received with respect thereto.

Waiver of Past Master Servicer Defaults. The holders of Notes Noteholders evidencing a majority of the Outstanding Amount of the Notes, in the case of any Master Servicer Default which does not adversely affect the Indenture Trustee or the holders of NotesNoteholders, may, on behalf of all holders of NotesNoteholders, waive in writing any default by the Master Servicer in the performance of its obligations hereunder and any consequences thereof, except a default in making any required deposits to or payments from any of the Trust Accounts (or giving instructions regarding the same) in accordance with this Agreement. Upon any such waiver of a past default, such default shall cease to exist, and any Master Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto. The Issuer may designate another servicer with respect to its student loansthe Financed Student Loans. Any servicer, other than Education Lending Services, Inc., may be appointed, provided that a Rating Confirmation has been received with respect thereto.