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.
Appears in 12 contracts
Samples: Servicing Agreement (Ally Auto Assets LLC), Servicing Agreement (Ally Auto Assets LLC), Servicing Agreement (Ally Auto Assets LLC)
Waiver of Past Servicer Defaults. The COLT 20 -SN 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.
Appears in 2 contracts
Samples: Servicing Agreement (Central Originating Lease Trust), Servicing Agreement (Central Originating Lease Trust)
