Waiver of Past Servicer Defaults. The Secured Noteholders may waive any default by the Servicer in the performance of its obligations hereunder and its consequences. 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 Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon.
Waiver of Past Servicer Defaults. The Trustee shall at the direction of the Controlling Party waive any Servicer Default or other default by the Servicer in the performance of its obligations hereunder and its consequences, except a default in making any required deposits to or payments from the Accounts in accordance with this Agreement or in respect of a covenant or provision of this Agreement that under Section 11.01 cannot be modified or amended without the consent of each Noteholder. 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 Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon except to the extent expressly so waived.
Waiver of Past Servicer Defaults. The Noteholders evidencing a majority of the Outstanding Amount of the Notes, in the case of any Servicer Default which does not adversely affect the Indenture Trustee or the Noteholders, may, on behalf of all Noteholders, waive in writing any default by the 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 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 Grad Partners, Inc., may be appointed, provided that a Rating Confirmation has been received with respect thereto.
Waiver of Past Servicer Defaults. The COLT 2007-SN1 Secured Noteholders may waive any default by the Servicer in the performance of its obligations hereunder and its consequences. 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 Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon.
Waiver of Past Servicer Defaults. The Trustee shall at the direction of the Controlling Party waive any Servicer Default or other default by the Servicer in the performance of its obligations hereunder and its consequences, except a default in making any required deposits to or payments from the Accounts in accordance with this Agreement or in respect of a covenant or provision of this Agreement that under Section 12.01 cannot be modified or amended without the consent of each
Waiver of Past Servicer Defaults. The Noteholders evidencing a majority of the aggregate principal balance of the Notes Outstanding, in the case of any Servicer Default which does not adversely affect the Indenture Trustee or the Noteholders, may, on behalf of all Noteholders, waive in writing any default by the Servicer in the performance of its obligations hereunder and any consequences thereof, except a default in making any required deposits to or payments (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 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 The Pennsylvania Higher Education Assistance Agency, may be appointed, provided that a Rating Confirmation has been received with respect thereto.
Waiver of Past Servicer Defaults. Certificateholders evidencing not less than 51% of the aggregate Percentage Interests of the Certificates, with the consent of the Certificate Insurer (which consent shall not be unreasonably withheld), may, on behalf of all Certificateholders, waive any Servicer Default by the Servicer in the performance of its obligations hereunder and its consequences, except a default in making any required deposits to the Certificate Account in accordance with this Agreement. Upon any such waiver of a past Servicer Default, such Servicer Default 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 default or impair any right consequent thereon.
Waiver of Past Servicer Defaults. 25 SECTION 8.06
Waiver of Past Servicer Defaults. The Administrative Agent shall at the direction of the Majority Lenders waive any Servicer Default or other default by the Servicer in the performance of its obligations hereunder and its consequences, except a default in making any required deposits to or payments from the Accounts in accordance with this Agreement. 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 Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon except to the extent expressly so waived.
Waiver of Past Servicer Defaults. The Holders of the majority of the Note Balance of the Controlling Class may, on behalf of all Noteholders, waive in writing any Servicer Default and its consequences. Upon any such waiver of a past Servicer Default, such Servicer Default 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 default or impair any right consequent thereto.
